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1/22/2020 Metro districts in Colorado have little transparency on transfer fees, community funds <br />"I found out that every time a house was sold in the Ranch, basically a <br />royalty fee went to Oakwood Homes, the developer, and a tiny bit to this <br />foundation. That money was literally just sitting there," Gertson said. "So <br />we thought, why not use it for the community? We were shot down. Not <br />only that, we had no say in how it was spent or on what." <br />Gertson still doesn't know how much money sits within the Thompson <br />River Ranch Foundation and no public record yet exists to let anyone <br />know. Nonprofits are only required to file tax returns if their revenue <br />exceeds $50,000 and the foundation hasn't filed any since it was formed in <br />2014. <br />Colorado incorporation records offer no names for the foundation's board <br />of directors, there is no website and there are no reports offered to <br />Thompson residents for how much has been collected. <br />Tax records generated when the foundation was created show a board <br />member, Eric Montoya, is also on the board of another Oakwood Homes - <br />associated foundation for the Green Valley Ranch community. An <br />Oakwood Homes spokeswoman said the other board members are Amy <br />Schwartz and company CEO Pat Hamill. <br />Two other Oakwood Homes executives — Bruce Rau and Brandon <br />Wyszynski — sat on the Thompson Crossing metro district board of <br />directors with Gertson, so he asked them about the foundation money. <br />VOL _,.. mmd <br />Joe Amon, The Denver Post <br />https://www.denverpost.com/20l9/l2/O9/metro-districts-transfer-fees-nonprofits-foundations/ 47 3/9 <br />