SEC letter - How BOK and Cimarron Business Capital obtained unearned tax credits (cont)
Evidence - examination and results
As a part of the ongoing investigating into tax credit abuses (see "Ongoing tax credit investigation and achievements" below), interest includes determining, if the investments' met eligibility requirements, as claimed. A private citizen dealing with excessive secrecy can only go so far. In this case the information available, is far more than adequate to justify, and demands an investigation.
Tax credit eligibility: Oklahoma's "Venture Capital" tax credit program returns 20% of qualified investments, to incentivized risks inherent in investing as opposes to secured loans.
Note: Various forms of "debt and equity funds" such as "unsecured loans" may qualify with proper "evidence of ownership" in the business.
BOK's list of investments includes:
1. BOK's 2008 SEC filings "disclosing loans to related parties" BOK reported a $25 million loan commitment with the Tulsa Community Foundation ("TCF") to be secured by tax-exempt bonds purchased from an Oklahoma public trust, of which the City of Tulsa is the sole beneficiary.
In addition, to entities in industries prohibited from qualifying for tax credits, e.g., real estate.
The examination suggests the following likely occurred:
2. Tulsa Community Foundation. 2008 and 2009 SEC filings disclosing "related parties" activities, BOK reported a $25 million loan commitment with the Tulsa Community Foundation ("TCF") to be secured by tax-exempt bonds purchased from an Oklahoma public trust, of which the City of Tulsa is the sole beneficiary. Then claimed investing $16.4 million in the Tulsa Community Foundation, to received tax credits.