"> BOK tax credits for buying interest in Tulsa U, Tribes, YMCAs, Roman Catholic Diocese?
BOK tax credits for buying interest in Tulsa U, Tribes, YMCAs, Roman Catholic Diocese?
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Below is a partial list of more than 300 BOK investment claims, totaling $445 million, BOK received $91 million in tax credits, by claiming it obtained an ownership interest. Obtaining an ownership interest is necessary to qualify as an investment.

University of Tulsa, Roman Catholic Diocese of Tulsa, several Tribal governments, Oklahoma State Fair, YMCAs, Foundations, various other non-profits and private individuals.

Additional BOK's investment claims, that appear to be ineligible1 for tax credits, include this partial list.

Altus Real Estate, ASC Realty, Auburn Properties, DSCO Real Estate, Edmond DSCO Real Estate, Plantaion Real Estate, Warren Real Estate Holdings

Altus Investments Partners, 130 Investments, Bull Horn Investments, Business Ventures & Investments LLC, C&S Edwards Investments, DFG Investments, Healthcare Partners Investments, Hodgen Investments, J.E. Bradford Investments, JDP Senior Housing Investments, Investments, LLC, KEEPM Investments, Komar Properties of Oklahoma2, Tranam Investments, Trident Investments.

(1) Investments not eligible for tax credits include: real estate, retail sales, lending or investing funds, farming, ranching, oil and gas exploration. Disqualifying lending or investing funds prevents passing an investment through another entity such as those listed above.

(2) ProwlingOwl.com recently reported Komar Properties of Oklahoma investing in the rural tax credit program an amount similar to what BOK claimed to have invested in Komar Properties of Oklahoma, both during 2006.

This list of BOK investment claims looks suspiciously like BOK has been claiming loans and ineligible businesses, as qualified investments, receiving $91 million in tax credits. The suspicions were substantiated when an examination of reports to four federal agencies, could find no evidence BOK disclosed ownership interest, as required. Agencies are: SEC, FDIC, Federal Reserve Board and Comptroller of the Currency

The only mention of tax credits found was a vague statement BOK received $19 million for tax credits sold to BOK officers and directors. The vagueness and failure to account for the remaining tax credits leaves us only to conclude the officers and directors paid a mere fraction of the amount they would avoid paying in state income tax.

Other evidence raising additional questions about BOK claims.

ProwlingOwl.com recently reported, the Oklahoma Tax Commission allowed BOK, through a subsidiary, Cottonwood Valley Ventures, to file an $800 million amended claim and continue taking tax credits through a program that had ended, December 31, 2008. View

The secrecy surrounding this and other programs prevents access to information required to demonstrate to a level required to bring charges BOK filed false claims; the fact remains this information does more than raises sufficient questions to warrant these tax credits programs be brought out of secrecy allowing the public to see how its taxes are being used; allowing the evidence to be properly evaluated to determine if wrong was involved. Information that should have never been withheld from the public.

As a reminder, this information was to remain in secrecy, preventing the public from learning what was occuring; has remained guarded in secrecy as far back as could be researched. In 2000, the oversight of this program was outsourced to a private firm controlled by Robert Heard. Robert Heard controls the only other firm, Cimarron Capital Business, allowed to participate, other than a BOK subsidiary. Robert Heard receives 99% of the tax credits taken by Cimarron Capital Business. More

Follow on articles will reveal additional insight that should raise even more questions.

Note: BOK or Bank of Oklahoma, Cottonwood Valley Ventures and CVV Partnership are subsidiaries of BOK Financial Corporation

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