2025-08-10T19:04:13-05:00 2024-09-30 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2023-10-01 342015566 THE IRAQ MIDDLE MARKET DEVELOPMENT FOUNDATION IRAQ 2029863300 DORN KLAMP 2000 P STREET NW 70 WASHINGTON DC 20036 MAZEN ABOU-SHABAN GENERAL MANAGER 2029863300 2025-08-10 1 0 RICHARD J LOCASTRO CPA P00288314 3019519090 2023 2025-03-06 01:10:19Z MAZEN ABOU-SHABAN DORN KLAMP 2000 P STREET NW 708 WASHINGTON DC 20036 0 0 X WWW.IMMDF.ORG X 2004 TX SEE PART III, LINE 1 2 2 0 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 357365 410875 0 0 0 416826 248876 774191 659751 -774191 -659751 1144690 61349 3921501 3497911 -2776811 -3436562 IMMDF MAKES DEVELOPMENT LOANS AT BELOW MARKET INTEREST RATES WITH NON-COMMERCIAL TERMS TO SMALL AND MEDIUM SIZED BUSINESSES IN AREAS OF IRAQ WITH LOW INCOME AND HIGH UNEMPLOYMENT TO CREATE JOBS, LESSEN POVERTY, AND FOSTER ECONOMIC GROWTH. 0 0 659751 CAPITAL ASSISTANCE: IMMDF MADE DEVELOPMENT LOANS AT BELOW MARKET INTEREST RATES WITH NON-COMMERCIAL TERMS TO SMALL AND MEDIUM SIZED BUSINESSES IN AREAS OF IRAQ.IMMDF MADE LOANS TO IRAQ SMALL AND MEDIUM SIZE COMPANIES THAT DO NOT HAVE ACCESS TO THE CREDIT UNDER AFFORDABLE INTEREST RATES FOR PROJECTS THAT GENERATE EMPLOYMENT AND ECONOMIC GROWTH. 659751 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 JO IZ 0 0 0 0 0 0 0 0 0 0 X 2 2 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X MAZEN ABOU-SHABAN 2022234600 2000 P ST NW STE 708 WASHINGTON DC 20036 CHRIS SALE CHAIRMAN 3.00 X X 0 0 0 DENNIS FLANNERY DIRECTOR 3.00 X 0 0 0 ABHISHEK BHASIN DIRECTOR, (UNTIL 07/2024) 3.00 X 0 0 0 JORGE R VILA GENERAL MANAGER, (UNTIL 08/2024) 40.00 X 189084 0 0 MAZEN ABOU-SHABAN CFO/GENERAL MANAGER, (FROM 08/2024) 40.00 X 123671 0 0 312755 0 0 2 0 1 0 0 0 0 0 0 385134 385134 25741 25741 63548 63548 1389 1389 3814 3814 16860 16860 839 839 5939 5939 2612 2612 270 270 137650 137650 6708 6708 RESIDENCY FEES 4520 4520 REGISTRATIONS 2244 2244 TEMPORARY HELP 1907 1907 EQUIPMENT & MACHINERY 913 913 -337 -337 659751 659751 0 0 X 431441 60431 124865 50000 8493 918 529891 0 1144690 61349 143346 586050 2911861 2911861 866294 0 3921501 3497911 X -2776811 -3436562 -2776811 -3436562 1144690 61349 -659751 0 X 0 0 0 X 107537 107537 107537 107537 107537 107537 402230 1.00000 1.00000 X FORM 990, SCHEDULE A, PART II, LINE 1 FOR FINANCIAL STATEMENT PURPOSES, U.S. GOVERNMENT REVENUE HAS HISTORICALLY BEEN RECOGNIZED AS TEMPORARILY RESTRICTED REVENUE IN THE YEAR OF THE GRANT. AMOUNTS ARE THEN RELEASED FROM TEMPORARILY RESTRICTED AS EXPENSES ARE INCURRED. SCHEDULE A REPORTS THESE U.S. GOVERNMENT GRANTS AS DEFERRED REVENUE, WITH INCOME RECOGNIZED AS EXPENSES ARE INCURRED. THE ACCOUNTING LITERATURE SUGGESTS THAT EITHER PRESENTATION IS ACCEPTABLE. MIDDLE EAST AND NORTH AFRICA 1 1 PROGRAM SERVICES PROVIDE LOANS TO IRAQI BUSINESSES 659751 1 1 0 0 1 1 659751 0 659751 0 0 0 0 0 1 X X X 0 0 0 0 0 0 0 0 0 JORGE R VILA GENERAL MANAGER, (UNTIL 08/2024) 189084 0 0 0 0 0 0 0 0 0 189084 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS AND REVIEWED BY THE GENERAL MANAGER. THE 990 WAS DISTRIBUTED TO THE BOARD OF DIRECTORS PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS HAVE APPROVED A POLICY REQUIRING EACH DIRECTOR TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AS THEY ARISE. ANNUAL FRAUD DISCLOSURE FORMS ARE REQUIRED OF EACH BOARD MEMBER. IF THERE ARE TRANSACTIONS INVOLVING A DIRECTOR, THAT DIRECTOR LEAVES THE RELEVANT PORTION OF THE BOARD MEETING AND DOES NOT PARTICIPATE IN THE DECISION. NO IMMDF EMPLOYEE IS ALLOWED TO ENGAGE IN CONDUCT RESULTING IN A POTENTIAL CONFLICT OF INTEREST. EMPLOYEES MUST STRICTLY AVOID ANY CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. THE ORGANIZATION MONITORS THE CONFLICT OF INTEREST POLICY ANNUALLY. EMPLOYEES MAKE FULL DISCLOSURE OF THEIR ACTIONS OR RELATIONSHIPS WITH PERSPECTIVE VENDORS, CONTRACTORS, OR CONSULTANTS. FORM 990, PART VI, SECTION B, LINE 15A THE INITIAL SALARY OF THE GENERAL MANAGER OF IMMDF WAS APPROVED BY THE GOVERNMENT AGENCY FUNDING IMMDF. RAISES ARE DETERMINED BY THE BOARD OF DIRECTORS AFTER A PERFORMANCE REVIEW, A COMPARISON WITH SIMILAR ORGANIZATIONS, AND A DISCUSSION BY THE BOARD WITHOUT THE GENERAL MANAGER PRESENT. THE DECISION IS DOCUMENTED IN THE WRITTEN MINUTES OF THE BOARD. THE LAST SALARY REVIEW FOR THE GENERAL MANAGER WAS DONE IN AUGUST 2024. FORM 990, PART VI, SECTION C, LINE 19 IMMDF DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART X, LINE 27: IMMDF HAS A DEFICIT NET ASSET BALANCE OF $3,436,562 AS OF SEPTEMBER 30, 2024. HOWEVER, CERTAIN INTEREST AND PRINCIPAL PAYMENTS ON THE NOTES PAYABLE ARE NOT DUE UNLESS PRINCIPAL PAYMENTS ON OUTSTANDING LOANS RECEIVABLE ARE COLLECTED. SINCE MANAGEMENT OF IMMDF IS SOLELY FOCUSED ON THE COLLECTION OF THE OUTSTANDING LOANS RECEIVABLE, THE CURRENT LIQUIDITY, IN ADDITION TO COLLECTIONS MADE IN 2025, PROVIDES ENOUGH CASH FLOW TO SUSTAIN OPERATIONS THROUGH FISCAL YEAR 2025. ADDITIONALLY, MANAGEMENT OF IMMDF IS NEGOTIATING SETTLEMENTS WITH SEVERAL BORROWERS FOR OUTSTANDING PRINCIPAL AND INTEREST PAYMENTS. UPON SUCCESSFUL SETTLEMENTS AND COLLECTION OF THE PRINCIPAL AND INTEREST PAYMENTS, THE MANAGEMENT OF IMMDF INTENDS TO SHUT-DOWN OPERATIONS.