2025-11-17T07:05:12-06:00 2024-12-31 873707167 CBIZ ADVISORS LLC 685 THIRD AVENUE NEW YORK NY 10017 990 2024-01-01 134052259 MEDIA DEVELOPMENT INVESTMENT FUND INC MEDI 2128071304 37 WEST 20TH STREET SUITE 804 NEW YORK NY 10011 HARLAN MANDEL CEO 2128071304 2025-11-15 1 1 MAGDALENA CZERNIAWSKI P00535099 2125038800 2025-11-15 2024 2025-03-06 01:10:19Z HARLAN MANDEL 37 WEST 20TH STREET SUITE 804 NEW YORK NY 10011 14728288 0 X WWW.MDIF.ORG X 1995 NY SEE SCHEDULE O. 8 7 10 7 0 0 15583422 11530955 1763624 2287963 481401 604402 -106814 304968 17721633 14728288 3637732 3148995 0 0 5093169 6035725 0 0 247285 6125595 4697306 14856496 13882026 2865137 846262 55733188 53784766 18383343 19495459 37349845 34289307 X MDIF PROVIDES AFFORDABLE FINANCING AND TECHNICAL ASSISTANCE TO INDEPENDENT NEWS AND INFORMATION ORGANIZATIONS IN CHALLENGING ENVIRONMENTS, HELPING THEM TO BECOME FINANCIALLY SUSTAINABLE. SEE SCHEDULE O FOR CONTINUATION. 0 0 8520691 2183803 2437138 MDIF PROVIDES LOAN AND EQUITY FINANCING BY WAY OF "PROGRAM RELATED INVESTMENTS" (PRIS) TO FURTHER ITS CHARITABLE MISSION. MDIF MAINTAINS A SEGREGATED POOL OF FUNDS FROM WHICH IT MAKES PRIS. RETURN OF INVESTED CAPITAL IS RECYCLED THROUGH THE POOL FOR REINVESTMENT.WITH EVERY PRI, MDIF PROVIDES CUSTOMIZED TRAINING AND TECHNICAL ASSISTANCE TO MEDIA ORGANIZATIONS AT VARYING STAGES OF THE BUSINESS LIFE CYCLE. IN ADDITION, MDIF TRAINS MEDIA ORGANIZATIONS IN THE USE OF DIGITAL AND TRANSFORMATIONAL TECHNOLOGY FOR ENHANCING THE SUSTAINABILITY OF THE MEDIA ORGANIZATION.SEE SCHEDULE O FOR CONTINUATION. 949589 568061 THE MYANMAR MEDIA PROGRAM ("SIDA MYANMAR") PROVIDES A RANGE OF HIGHLY TAILORED MEDIA BUSINESS-ORIENTED TECHNICAL ASSISTANCE TO MYANMAR'S INDEPENDENT MEDIA COMPANIES, INCLUDING ONE-TO-ONE EXPERT CONSULTING, GROUP WORKSHOPS, PEER-TO-PEER KNOWLEDGE SHARING AND DIRECT GRANTS FOR BUILDING MANAGEMENT CAPACITY. 816621 40203 IN ITS GLOBAL PROGRAM, SUPPORTED BY SIDA, ("SIDA GLOBAL") MDIF UTILIZES ITS FINANCING AND CAPACITY BUILDING EXPERTISE TO IDENTIFY, DEVELOP, AND TRANSFORM MEDIA COMPANIES IN NEED, GLOBALLY, COMBINED WITH SIDA'S SUPPORT, TO PROVIDE LOAN AND EARLY STAGE EQUITY FINANCING, AND TECHNICAL ASSISTANCE, PARTICULARLY IN BUILDING DIGITAL CAPACITY AND STRENGTHENING MEDIA BUSINESS DEVELOPMENT. 1303068 356928 ADVISORY PROGRAMS. 1303068 356928 11589969 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 X 32 0 1 10 1 0 1 EZ PL UK LO RI GM 0 0 0 0 0 0 0 0 0 0 X 8 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X MIKE LEE CONTROLLER 2128071304 37 WEST 20TH STREET SUITE 804 NEW YORK NY 10011 ADRIAAN STOOP VICE CHAIR 2.00 X X 0 0 0 CATHERINE GICHERU DIRECTOR 2.00 X 0 0 0 HARLAN MANDEL CHIEF EXECUTIVE OFFICER 40.00 X X 319448 0 92547 KERSTIN MOGULL DIRECTOR 2.00 X 0 0 0 MARC DA COSTA DIRECTOR 2.00 X 0 0 0 MARIA-TERESA RONDEROS DIRECTOR 2.00 X 0 0 0 MICHAEL DEL NIN DIRECTOR 2.00 X 0 0 0 SHEILA CORONEL CHAIR 2.00 X X 0 0 0 DAN MARGOSHES CHIEF FINANCIAL OFFICER 40.00 X 246419 0 37501 ELENA POPOVIC SECRETARY/GENERAL COUNSEL 40.00 X 201637 0 54988 MARIE NEMCOVA CHIEF OPERATING OFFICER 40.00 X 103354 0 0 JOANNA ROZYCKA CHIEF INVESTMENT OFFICER 40.00 X 192317 0 5481 BILAL RANDEREE PROGRAM DIRECTOR 40.00 X 158075 0 988 GRZEGORZ KOSSAKOWSKI INVESTMENT DIRECTOR OF EUROPE 40.00 X 160074 0 0 MEREDITH MOLOUGHNEY CHIEF OF STAFF 40.00 X 131893 0 49919 PATRICE SCHNEIDER CHIEF STRATEGY OFFICER 40.00 X 215296 0 0 PREMESH CHANDRAN SENIOR ADVISOR TO CEO (OUTGOING) 40.00 X 176000 0 0 1904513 0 241424 19 0 1 0 0 1040663 10490292 11530955 MANAGEMENT FEES 900099 1665643 1665643 PROGRAM RELATED INVEST. INCOME 900099 622320 622320 2287963 604402 604402 FOREIGN REALIZED GAIN 900099 155793 155793 MISCELLANEOUS 900099 149175 149175 304968 14728288 2437138 0 760195 3148995 3148995 1253692 1002954 250738 4059737 2857162 977194 225381 115647 62512 50545 2590 331140 211194 115308 4638 275509 184213 88172 3124 444688 432780 11908 157731 134575 23156 139360 85882 53478 27736 27736 1067552 998086 69425 41 43041 19724 21538 1779 89637 62602 26673 362 256256 139946 114022 2288 248992 114655 134337 986783 948496 31205 7082 312854 312854 14807 7359 7448 47676 21454 26222 PROV. FOR PRI LOSSES 809856 809856 MISCELLANEOUS 49732 34272 15460 TAXES AND FEES 605 398 207 13882026 11589969 2044772 247285 9225526 6200658 4345562 3229004 5358457 2411373 86684 84286 50328 154524 286125 256309 44623 29816 5872977 6536501 28344403 28850876 2404628 6287728 55733188 53784766 953500 1073416 5837779 11169228 10411758 6423945 1180306 828870 18383343 19495459 X 27945552 28883838 9404293 5405469 37349845 34289307 55733188 53784766 X 846262 -1000770 -2906030 X X 0 1 X 1 0 X 8637641 7194961 22753357 15583422 11530955 65700336 8637641 7194961 22753357 15583422 11530955 65700336 40854405 24845931 196493 82398 107220 481401 604402 1471914 53110 1083 189054 9710 304968 557925 67730175 10175408 0.36680 0.35140 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2020 AMOUNT: $ 12,618. 2021 AMOUNT: $ 1,083. 2022 AMOUNT: $ 3,470. 2023 AMOUNT: $ 9,710. 2024 AMOUNT: $ 149,175. FOREIGN REALIZED GAIN/LOSS - 2020 AMOUNT: $ 40,492. 2022 AMOUNT: $ 185,584. 2024 AMOUNT: $ 155,793. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 38154 37365 789 247971 218944 29027 29816 PRINT 4804345 F TELEVISION 1766728 F RADIO 522665 F NATIVE DIGITAL 29255231 F UNREMITTED EQUITY IN NET -2243775 C ALW FOR DOUBTFUL ACCOUNTS -5797447 C OTHER 543129 F 28850876 RESTRICTED CASH 5453082 SECURITY DEPOSITS 133404 RECEIVABLE FROM AFFILIATES 3951 OPERATING LEASE RIGHT OF USE 302043 DUE FROM AFFILIATES 395248 6287728 DEFERRED CAPITAL GAIN ON PRIS 518891 OPERATING LEASE 309979 828870 X 9755250 -1000770 -3944532 -4945302 14700552 27736 27736 14728288 14923360 1069070 1069070 13854290 27736 27736 13882026 PART X, LINE 2: THE FUND BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023 IN ACCORDANCE WITH FASB ASC TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITIES' REVENUE 219,458. CONSOLIDATING ELIMINATION -1,257,960. EQUITY IN NET LOSSES OF INVESTEES -2,906,030. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITIES' EXPENSES 1,568,939. CONSOLIDATING ELIMINATION -1,312,884. GRANT RECONCILIATION 813,015. 1 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 2 29 PROGRAM RELATED INVESTMENTS 90000 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 PROGRAM RELATED INVESTMENTS 1250000 SOUTHEAST ASIA - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, CHINA 0 0 PROGRAM RELATED INVESTMENTS 1340000 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 PROGRAM SERVICE GRANTMAKING 25620 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 PROGRAM SERVICE GRANTMAKING 36971 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 PROGRAM SERVICE GRANTMAKING 488506 EASTERN EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AU 0 0 PROGRAM SERVICE GRANTMAKING 1458332 SOUTHEAST ASIA - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, CHINA 0 0 PROGRAM SERVICE GRANTMAKING 1952579 2 29 0 0 2 29 6642008 0 6642008 AFRICA TA GRANT 25000 0 AFRICA TA GRANT 25000 0 AFRICA TA GRANT 25000 0 AFRICA TA GRANT 20000 0 AFRICA TA GRANT 24000 0 AFRICA TA GRANT 24000 0 AFRICA TA GRANT 15000 0 AFRICA TA GRANT 19000 0 AFRICA TA GRANT 10000 0 AFRICA TA GRANT 15000 0 AFRICA TA GRANT 10000 0 AFRICA TA GRANT 29625 0 AFRICA TA GRANT 25000 0 AFRICA TA GRANT 10000 0 AFRICA TA GRANT 14000 0 AFRICA TA GRANT 10000 0 AFRICA TA GRANT 19000 0 EASTERN EUROPE/EUROPE TA GRANT 29379 0 EASTERN EUROPE/EUROPE TA GRANT 35699 0 EASTERN EUROPE/EUROPE TA GRANT 12618 0 EASTERN EUROPE/EUROPE TA GRANT 5371 0 EASTERN EUROPE/EUROPE TA GRANT 16063 0 EASTERN EUROPE/EUROPE TA GRANT 6000 0 EASTERN EUROPE/EUROPE TA GRANT 18090 0 EASTERN EUROPE/EUROPE TA GRANT 24064 0 EASTERN EUROPE/EUROPE TA GRANT 19774 0 EASTERN EUROPE/EUROPE TA GRANT 26278 0 EASTERN EUROPE/EUROPE TA GRANT 24634 0 EASTERN EUROPE/EUROPE TA GRANT 26332 0 EASTERN EUROPE/EUROPE TA GRANT 16355 0 EASTERN EUROPE/EUROPE TA GRANT 22500 0 EASTERN EUROPE/EUROPE TA GRANT 14720 0 EASTERN EUROPE/EUROPE TA GRANT 20679 0 EASTERN EUROPE/EUROPE TA GRANT 15488 0 EASTERN EUROPE/EUROPE TA GRANT 20762 0 EASTERN EUROPE/EUROPE TA GRANT 25000 0 EASTERN EUROPE/EUROPE TA GRANT 20000 0 EASTERN EUROPE/EUROPE TA GRANT 18593 0 EASTERN EUROPE/EUROPE TA GRANT 12000 0 EASTERN EUROPE/EUROPE TA GRANT 25164 0 EASTERN EUROPE/EUROPE TA GRANT 21218 0 EASTERN EUROPE/EUROPE TA GRANT 5329 0 EASTERN EUROPE/EUROPE TA GRANT 22617 0 EASTERN EUROPE/EUROPE TA GRANT 22754 0 EASTERN EUROPE/EUROPE TA GRANT 20000 0 EASTERN EUROPE/EUROPE TA GRANT 12000 0 EASTERN EUROPE/EUROPE TA GRANT 21300 0 EASTERN EUROPE/EUROPE TA GRANT 9000 0 EASTERN EUROPE/EUROPE TA GRANT 22000 0 SOUTH AMERICA TA GRANT 10000 0 SOUTH ASIA TRAVEL GRANT 9180 0 SOUTH ASIA TA GRANT 7475 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 22700 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 12500 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 5400 0 SOUTHEAST ASIA TA GRANT 6750 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA TA GRANT 5440 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA TA GRANT 8300 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 18085 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 12500 0 SOUTHEAST ASIA TA GRANT 7450 0 SOUTHEAST ASIA TA GRANT 29335 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 12500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 12500 0 SOUTHEAST ASIA TA GRANT 46085 0 SOUTHEAST ASIA TA GRANT 9250 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 30830 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 200000 0 SOUTHEAST ASIA TA GRANT 7460 0 SOUTHEAST ASIA TA GRANT 10200 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 48975 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 12500 0 SOUTHEAST ASIA TA GRANT 10185 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 7500 0 SOUTHEAST ASIA TA GRANT 12500 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA TA GRANT 7165 0 SOUTHEAST ASIA TA GRANT 6000 0 SOUTHEAST ASIA PASS-THROUGH GRANT 373200 0 SOUTHEAST ASIA PASS-THROUGH GRANT 536782 0 SUB SAHARAN AFRICA TA GRANT 5677 0 SUB SAHARAN AFRICA TA GRANT 5907 0 SUB SAHARAN AFRICA TA GRANT 5080 0 SUB SAHARAN AFRICA TA GRANT 5734 0 SUB SAHARAN AFRICA TA GRANT 10584 0 SUB SAHARAN AFRICA TRAVEL GRANT 5450 0 SUB SAHARAN AFRICA TA GRANT 8308 0 SUB SAHARAN AFRICA TA GRANT 5109 0 SUB SAHARAN AFRICA TA GRANT 8943 0 SUB SAHARAN AFRICA TA GRANT 6742 0 322 1 0 1 0 1 0 PART I, LINE 2: APPLYING FOR MDIF FINANCING IS A DETAILED PROCESS THAT USUALLY TAKES SEVERAL MONTHS. MDIF UNDERTAKES A RIGOROUS PROCESS TO FULLY UNDERSTAND A BENEFICIARY'S BUSINESS AND THE INTENDED USE OF THE FUNDS TO BE GRANTED OR INVESTED IN THE ORGANIZATION. POTENTIAL BENEFICIARIES NEED TO UNDERSTAND THE DEMANDS THAT MDIF WILL MAKE ON THEM SHOULD THEIR APPLICATION BE SUCCESSFUL, SUCH AS INTENDED AND ACTUAL USE OF FUNDS. TO BE ELIGIBLE TO APPLY FOR MDIF FINANCING, A MEDIA OUTLET MUST HAVE BEEN OPERATING LEGALLY IN ITS HOME COUNTRY FOR AT LEAST A YEAR, ALTHOUGH THE BOARD MAY WAIVE THE ONE-YEAR REQUIREMENT WHEN THE MISSION SO REQUIRES, HAVE AN ESTABLISHED REPUTATION FOR PROMOTING DEMOCRATIC INSTITUTIONS AND PRACTICES AND EXERCISING THE PRINCIPLES OF A FREE, INDEPENDENT AND RESPONSIBLE PRESS, DEVOTE A SIGNIFICANT PART OF EDITORIAL CONTENT OR PROGRAMMING TO FACT-BASED NEWS AND DOCUMENTARIES, INDEPENDENT FROM THE INFLUENCE OF THE GOVERNMENT OR ANY OTHER INTEREST GROUP, OFFER COVERAGE OF DIFFERENT POLITICAL OPINIONS AND PROMOTE HUMAN RIGHTS, THE RIGHTS OF ETHNIC MINORITIES AND INTER-ETHNIC CO-EXISTENCE, NOT BE OWNED BY THE GOVERNMENT, A STATE AGENCY, A FOREIGN LEGAL ENTITY, OR AN OLIGARCH BUSINESS INTEREST THAT MAY INTERFERE WITH EDITORIAL INDEPENDENCE FOR ITS OWN INTERESTS, PRESENT A DETAILED PROJECT AIMED AT BROADENING AND STRENGTHENING THE OUTLET'S OPERATION, HAVE STRONG PROSPECTS OF BEING ABLE TO BECOME SELF SUSTAINING, ENSURE THAT FUNDS WILL BE USED AS STIPULATED, AND PROVIDE MDIF WITH UNRESTRICTED ACCESS TO ACCOUNTING RECORDS. SCHEDULE F, PART I, LINE 3, COLUMN F: MDIF HAS REPORTED TWO DIFFERENT TYPES OF TRANSACTIONS ON SCHEDULE F: 1. GRANTS MADE TO FOREIGN ORGANIZATIONS. THESE ARE DETAILED IN PART OF SCHEDULE F AND THE SUM REPORTED IN PART I TIES BACK TO FORM 990, PART IX, LINE 3. 2. LOAN AND EQUITY DISBURSEMENTS MADE TO FOREIGN ORGANIZATIONS DURING THE CURRENT YEAR. THE AMOUNTS REPORTED IN PART I, LINE 3, COLUMN (F) REPRESENT THE PROGRAM RELATED INVESTMENTS MDIF DISBURSED IN THE FORM OF LOANS, FINANCE LEASES AND EQUITY INVESTMENTS TO NEWSPAPER PUBLISHERS, TV, RADIO STATIONS, PRINTING HOUSES, NEWS AGENCIES AND ONLINE PUBLISHERS IN VARIOUS COUNTRIES. THE AMOUNTS LISTED REPRESENT THE CURRENT YEAR EXPENDITURES AND NOT THE CUMULATIVE VALUE OF MDIF'S INVESTMENTS. X X 0 0 0 0 0 0 0 0 0 HARLAN MANDEL CHIEF EXECUTIVE OFFICER 315222 0 0 0 4226 0 44943 0 47604 0 411995 0 0 0 DAN MARGOSHES CHIEF FINANCIAL OFFICER 243172 0 0 0 3247 0 37501 0 0 0 283920 0 0 0 ELENA POPOVIC SECRETARY/GENERAL COUNSEL 199900 0 0 0 1737 0 30311 0 24677 0 256625 0 0 0 PATRICE SCHNEIDER CHIEF STRATEGY OFFICER 215296 0 0 0 0 0 0 0 0 0 215296 0 0 0 JOANNA ROZYCKA CHIEF INVESTMENT OFFICER 192317 0 0 0 0 0 0 0 5481 0 197798 0 0 0 MEREDITH MOLOUGHNEY CHIEF OF STAFF 131677 0 0 0 216 0 13631 0 36288 0 181812 0 0 0 PREMESH CHANDRAN SENIOR ADVISOR TO CEO (OUTGOING) 176000 0 0 0 0 0 0 0 0 0 176000 0 0 0 GRZEGORZ KOSSAKOWSKI INVESTMENT DIRECTOR OF EUROPE 160074 0 0 0 0 0 0 0 0 0 160074 0 0 0 BILAL RANDEREE PROGRAM DIRECTOR 158075 0 0 0 0 0 0 0 988 0 159063 0 0 0 FORM 990, PART I, LINE I MEDIA DEVELOPMENT INVESTMENT FUND, INC. (MDIF) INVESTS IN INDEPENDENT MEDIA AROUND THE WORLD PROVIDING THE NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD FREE, THRIVING SOCIETIES. FORM 990 PART III, LINE 1, DESCRIPTION OF MDIF'S MISSION CONTINUATION: WE INVEST IN MEDIA THAT PROVIDE THE NEWS, INFORMATION AND DEBATE THAT PEOPLE NEED TO BUILD FREE, THRIVING SOCIETIES. MDIF HAS INVESTED MORE THAN $325 MILLION IN 154 INDEPENDENT NEWS BUSINESSES IN 49 COUNTRIES SINCE 1996. WHY WE ARE HERE: TIMELY, ACCURATE, RELEVANT INFORMATION IS CRITICAL TO FREE SOCIETIES. IT ENABLES FULLER PARTICIPATION IN PUBLIC LIFE, HOLDS THE POWERFUL TO ACCOUNT AND PROTECTS THE RIGHTS OF THE INDIVIDUAL. HOW WE CHOOSE CLIENTS AND AREAS OF OPERATIONS: MDIF INVESTS IN INDEPENDENT MEDIA COMPANIES IN A RANGE OF COUNTRIES WHERE ACCESS TO FREE AND INDEPENDENT MEDIA IS UNDER THREAT. CLIENTS ARE SELECTED BASED ON THREE BROAD CRITERIA: MISSION IMPACT IN RELATION TO INVESTMENT; POTENTIAL FOR LONG-TERM VIABILITY; EDITORIAL INTEGRITY. HOW WE WORK: MDIF FINANCIAL INVESTMENTS INCLUDE AFFORDABLE LOANS, EQUITY INVESTMENTS, LOAN GUARANTEES AND TECHNICAL ASSISTANCE GRANTS. MDIF MOBILIZES OTHER INVESTORS TO MAXIMIZE THE IMPACT OF ITS FINANCING. MDIF SEEKS TO ESTABLISH LONG-TERM RELATIONSHIPS WITH ITS CLIENTS, WHICH MAY INVOLVE ADVICE AND ASSISTANCE IN BUSINESS PLANNING, MEDIA MANAGEMENT AND OTHER TECHNICAL SUPPORT. PROVIDING ACCESS TO CAPITAL: MDIF CLIENTS ARE STARVED OF CAPITAL BECAUSE THEY WORK IN ENVIRONMENTS WITH POORLY DEVELOPED BANKING SYSTEMS, DISTORTED MARKETS AND UNFAVORABLE INVESTMENT CLIMATES. OFTEN, THEY WORK IN TRANSITION ECONOMIES OR UNDER GOVERNMENTS THAT ARE HOSTILE TO THE IDEA OF FREE AND INDEPENDENT MEDIA. IN ALL CASES, A LACK OF FUNDS IS THE MAIN OBSTACLE TO THEIR GROWTH AND DEVELOPMENT AND SERIOUSLY HAMPERS THEIR ABILITY TO BE COMMERCIALLY VIABLE AND SELF-SUSTAINING. THE CHANGING LANDSCAPE OF MEDIA AND INVESTMENT IN THE LAST DECADE: A TECHNOLOGICAL REVOLUTION HAS TRANSFORMED THE MEDIA BUSINESS AND THE WAY PEOPLE ACCESS NEWS AND INFORMATION ACROSS THE WORLD. DIGITAL NEWS VENTURES (DNV), A SUBSIDIARY OF MDIF, IS INVESTED IN EXPERIMENTAL DIGITAL PRODUCTS AND BUSINESSES THAT CONTRIBUTE TO THE PROVISION OF INFORMATION IN THE PUBLIC INTEREST. FORM 990, PART III, LINE 4A CONTINUATION: IN DETERMINING WHETHER TO MAKE A PRI, MDIF FACES BOTH COUNTRY AND LEGAL RISKS. MDIF MAKES PRIS IN COUNTRIES WHERE POLITICAL AND ECONOMIC STABILITY MAY BE OF CONCERN. THIS TYPE OF RISK IS ASSESSED BEFORE THE ORGANIZATION STARTS OPERATIONS IN A CERTAIN COUNTRY. THE LEGAL RISK MAY ARISE AS A RESULT OF MAKING LOANS AND OTHER PROGRAM RELATED INVESTMENTS IN COUNTRIES WITH DIFFERING LEGAL SYSTEMS THAN THOSE OF THE UNITED STATES OF AMERICA. THOSE SYSTEMS ARE SOMETIMES CHARACTERIZED BY UNCERTAINTY AND A LACK OF INDEPENDENT LEGAL INSTITUTIONS, INCLUDING THE JUDICIARY. FORM 990, PART V, LINE 2A: THE ORGANIZATION USES A PROFESSIONAL EMPLOYMENT ORGANIZATION TO REPORT PAYROLL. THE W-2S ARE REPORTED UNDER TRINET INC., AND UNDER THEIR EIN # 48-1304650. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 HAS BEEN PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS FOR APPROVAL PRIOR TO FILING. ONCE APPROVED, A COPY OF THE FORM 990 WAS PROVIDED TO THE FULL BOARD. THE FORM 990 WAS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED IN DETAIL BY THE FUND'S CEO, CFO, AND GENERAL COUNSEL. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER, DIRECTOR, AND KEY EMPLOYEE OF MDIF IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF THEIR EMPLOYMENT, BOARD SERVICE, OR POSITION WITH MDIF. MDIF MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THESE INDIVIDUALS. POTENTIAL CONFLICTS ARE INVESTIGATED IMMEDIATELY. FORM 990, PART VI, SECTION B, LINE 15 MEDIA DEVELOPMENT INVESTMENT FUND'S BOARD OF DIRECTORS HAS AUTHORIZED THE COMPENSATION COMMITTEE TO CONDUCT A REVIEW OF THE CHIEF EXECUTIVE OFFICER'S PERFORMANCE AND DETERMINE HIS COMPENSATION PACKAGE. THE COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS (THE CHAIR AND THE VICE-CHAIR) WHO ESTABLISH THE CEO'S COMPENSATION COMMENSURATE WITH THE SALARIES PAID BY SIMILAR ORGANIZATIONS IN BOTH THE NOT-FOR-PROFIT AND IMPACT INVESTING SECTORS. THE COMMITTEE THEN REPORTS ITS FINDINGS TO THE FULL BOARD OF DIRECTORS AND RECOMMENDS A COMPENSATION PACKAGE. THE FULL BOARD REVIEWS THE COMMITTEE'S RECOMMENDATIONS AND APPROVES THE FINAL COMPENSATION PACKAGE. FORM 990, PART VI, LINE 15B: THE BOARD OF DIRECTORS HAS FULLY DELEGATED THE AUTHORITY TO REVIEW PERFORMANCE AND SET THE COMPENSATION OF MDIF'S OTHER OFFICERS TO THE CHIEF EXECUTIVE OFFICER. IN MAKING THE DETERMINATION, THE CEO EMPLOYS THE SAME COMPARABILITY METRICS AS THE COMPENSATION COMMITTEE UTILIZES (AS OUTLINED IN PART VI, SECTION B, LINE 15A NARRATIVE). FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE PUBLIC REQUEST AND AT MANAGEMENT'S DISCRETION. FORM 990, PART XI, LINE 9: EQUITY IN NET GAINS OF INVESTEES -2,906,030. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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