A1-7-ZL /2^ - Foundation Center990s.foundationcenter.org/990_pdf_archive/760/760474318/...A Forthe 2007 calendar year, ortax year beginning April 01 , 2007, and ending March31 , 20

05

J

w

0

Form 990 Return of Organization Exempt From Income TaxUnder section 501(c), 527, or 4947 (a)(1) of the Internal Revenue Code (except black lung

benefit trust or private foundation)DeeInt ern alDepartment the TreasuryIntema^ Revenue Serv

iceze 10- The organization may have to use a copy of this return to satisfy state reporting requirements

OMB No 1545-0047

1 007

A For the 2007 calendar year, or tax year beginning April 01 , 2007, and ending March 31 , 20 08

B Check if applicable Please C Name of organization D Employer identification number

use gaorF-1 Address change labels

Emission Reduction Credit Corporation 76 0474318

F-1 Name changeprint or Number and street (or P 0 box if mail is not delivered to street address) Rwte E Telephone numberoom/stype

P.O. Box 22777E] Initial return See P.O ( 713 627-3200Specific

City or town, state or count and ZIP + 4q Termination tnstruc- ^ ' F Accounting method © Cash q Accrual

tons Houston , TX 77227-2777q Amended return Other (specify) ►1 Elq Application pending • Section 501 (c)(3) organizations and 4947 (a)(1) nonexempt charitable H and I are not applicable to section 527 organizations

ff ? q qtrusts must attach a completed Schedule A (Form 990 or 990-E2). H(a) Is this a group return for a iliates Yes No

G Website : ► H(b) If "Yes," enter number of affiliates ► ---------------

H(c) Are all affiliates included q Yes q No

J Organization type (check only one) ► 3q 501(c) ( ) .4 (insert no) q 4947(a)(1) or q 527 (If "No," attach a list See instructions )

K Check here ► q if the organization is not a 509(a)(3) supporting organization and its grossH(d) Is this a separate return filed by an

organization covered by a group ruling' q Yes Noreceipts are normally not more than $25,000 A return is not required, but if the organization chooses

to file a return, be sure to file a complete return I Group Exemption Number ►

M Check ► q if the organization is not required

L Gross receipts Add lines 6b, 8b, 9b, and 10b to line 12 ► to attach Sch B (Form 990, 990-EZ, or 990-PF)

Revenue . Expenses . and Chanaes in Net Assets or Fund Balances (See the instructions.)

For Privacy Act and Paperwork Reduction Act Notice , see the separate instructions . Cat No 11282Y Form 990 (2007)

A 1-7- ZL /2^

1 Contributions, gifts, grants , and similar amounts received

a Contributions to donor advised funds . . . is

b Direct public support (not included on line 1 a) 1 b

c Indirect public support (not included on line 1a) . is

d Government contributions (grants) (not included on line 1a) 1d 1188070 _

e Total (add lines 1a through 1d) (cash $ 1188070 noncash e, ) , 1e 1188070,

line 93)2 Program service revenue including government fees and contracts (from Part VII 2,

3 Membership dues and assessments 3. . . . . . . . . . . .

4 Interest on savings and temporary cash investments 4. . . . . .

5 Dividends and interest from securities 5 15973. . . . . .

6a Gross rents 6a. .

. . . . . . . . . .

b Less : rental expenses 6b. . . .

c Net rental income or (loss). Subtract line 6b from line 6a . . . . . 6c.

7 Other investment income (describe ► ) 7

8a Gross amount from sales of assets other (A) securit i es (B) OtherW

than inventory 8a.

b Less cost or other basis and sales expenses 8b.

c Gain or (loss) (attach schedule) 8c. . .

columns (A) and (B)d Net gain or (loss) Combine line 8c 8d, . . . . . . . . .

9 Special events and activities (attach schedule) If any amount is from gaming , check here ► q

a s-r^` flu (ra t luding-$ of

ontnb^lho^n -erepQ i line b) . . 9a

b es . direct expenses of e n fundraising expenses 9b

ss)ffrt or ( lo from sc14

nc al events Subtract line 9b from line 9a 9c^ ^oracy10a Pas AIre le turns and allowances 10a

. . .

b es ost of-Qeods sol M 10b. . .

rot tires of ventory (attach schedule) Subtract line 1 Ob from line 1 Oac ross r It,q`r EiNf 10C.r

11 a 103) . . . . . . . . . . . . 11

12 Total revenue. Add lines le, 2, 3, 4, 5, 6c, 7 , 8d, 9c , 10c, and 11 12 1204043

column ( B))13 Program services (from line 44 13 3377, . . . . .

column (C))14 Management and general (from line 44 14. . . . .,

column ( D))15 Fundraising (from line 44 15X , . . . . . . . . . . . ,

16 Payments to affiliates (attach schedule) . . . . . . . . . 16

17 Total expenses . Add lines 16 and 44, column (A) 17 3377

% Subtract line 17 from line 1218 Excess or (deficit) for the year 18 1200665

Q

.

19 Net assets or fund balances at beginning of year (from line 73 column (A)) 19 283922

d

,

20 Other changes in net assets or fund balances (attach explanation) 20

Z 21 Net assets or fund balances at end of year Combine lines 18 , 19, and 20 21 1484587

Form 990'(2007) Page 2

Statement of All organizations must complete column (A) Columns (B), (C), and (D) are required for section 501(c)(3) and (4)

Functional Expenses organizations and section 4947(a)(1) nonexempt charitable trusts but optional for others (See the instructions)

Do not include amounts reported on line

6b, 8b, 9b, 10b, or 16 of Part I(A) Total (B) Program

services(C) Management

and general(D) Fundraising

22a Grants paid from donor advised funds (attach schedule)

(cash S noncash $ )

If this amount includes foreign grants, check here ► q 22a

22b Other grants and allocations (attach schedule)

(cash S noncash $ )check here ► qIf this amount includes foreign grants 22b,

23 Specific assistance to individuals (attach

schedule) . . . . 23. .

24 Benefits paid to or for members (attach

schedule) 24. . . . . .

25a Compensation of current officers, directors,

etc. listed in Part V-Akey employees 25a. .,

b Compensation of former officers, directors,

etc listed in Part V-B .key employees 25b.,

c Compensation and other distributions, not

included above, to disqualified persons (as

defined under section 4958(f)(1)) and persons

described in section 4958(c)(3)(B) . 5c

26 Salaries and wages of employees not included

on lines 25a b and c 26, , . . . . . . .

27 Pension plan contributions not included on

lines 25a, b, and c . . . . . 27

28 Employee benefits not included on lines

25a-27 . . . . . . . . . . 28

29 Payroll taxes . . . . . . . . . 29

30 Professional fundraising fees . . . . . 30

31 Accounting fees . . . . . . . . . 31

32 Legal fees . . . . . . . . . 32

33 Supplies . . . . . . . . 33

34 Telephone . . . . . . . . . . . 34

35 Postage and shipping . . . . . . . 35

36 Occupancy 36. . . .

37 Equipment rental and maintenance . . . . 37

. . .38 Printing and publications 38. .

39 Travel . . . . . . . . . . 39

40 Conferences, conventions, and meetings 40

41 Interest . . . . . . . . 41

42 Depreciation depletion etc. (attach schedule) 42, ,

43 Other expenses not covered above (itemize):a Operation Expense 43a 3377 3377

b43b

43c

d43d

e 43e-----------------------------------------------------

f ---- -43f

------------------------------------------------43g

44 Total functional expenses. Add lines 22athrough 43g (Organizations completingcolumns (B)-(D), carry these totals to lines13-15) 4

Joint Costs . Check ► q if you are following SOP 98-2Are any joint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services? . ► q Yes EI No

If "Yes," enter (i) the aggregate amount of these joint costs $ (ii) the amount allocated to Program services $(iii) the amount allocated to Management and general $ , and (iv) the amount allocated to Fundraising $

Form 990 (2007)

Form 990,(2007) Page 3

FUREF Statement of Program Service Accomplishments (See the instructions.)

Form 990 is available for public inspection and, for some people, serves as the primary or sole source of information about aparticular organization How the public perceives an organization in such cases may be determined by the information presentedon its return. Therefore, please make sure the return is complete and accurate and fully describes, in Part III, the organization'sprograms and accomplishments.

What is the organization's primary exempt purpose? ► _______________________________________________________________ Program Service

All organizations must describe their exempt purpose achievements in a clear and concise manner State the numberExpenses

(Required for 501(c)(3) and

of clients served, publications issued, etc. Discuss achievements that are not measurable. (Section 501 (c)(3) and (4) (4) orgs, and 4947(a)(1)

organizations and 4947(a)(1) nonexempt charitable trusts must also enter the amount of grants and allocations to others. )trusts but

othersrssionai for

a fee paid to Texas Dept. of Transportation for Air Quality Program Services --------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------(Grants and allocations $ ) If this amount includes foreign grants, check here ► q 377.

b ---------------------------------------------------------------------------------------------------------------------------

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---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------(Grants and allocations $ ) If this amount includes foreign grants, check here ► q

C ---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

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d ---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

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e Other program services (attach schedule)

(Grants and allocation s $ ) If this amount includes foreign grants, check here ► q

f Total of Program Service Expenses (should equal line 44, column (B), Program services). . ► 3377

Form 990 (2007)

Form 990-(2007) Page 4

Balance Sheets (See the instructions.)

Note : Where required, attached schedules and amounts within the descnption (A) (B)column should be for end-of-year amounts only Beginning of year End of year

45 Cash-non-interest-bearing . . . . . . .. 45. .

.46 Savings and temporary cash investments . 291402 46 1484587. . . . . . .

47a Accounts receivable . . . . . . . 47a

b Less: allowance for doubtful accounts 47b 47c

48a Pledges receivable 48a. .


49 Grants receivable 49. . . . . . . . . . . .

50a Receivables from current and former officers, directors, trustees, and

key employees (attach schedule) 50a. . . . . . . .

b Receivables from other disqualified persons (as defined under section

4958(f)(1)) and persons described in section 4958(c)(3)(B) (attach schedule) 50b

51a Other notes and loans receivable (attach

schedule) 51a. ,


52 Inventories for sale or use 52. . . . . . . . . .

53 Prepaid expenses and deferred charges 53. .

54a Investments-publicly-traded securities ► q Cost q FMV 54a. . .

b Investments-other securities (attach schedule) ► q Cost El FMV 54b

55a Investments-land, buildings, and

equipment: basis . . . . . 55a

b Less: accumulated depreciation (attach55bschedule) 55. . . . . . .

56 Investments-other (attach schedule) . . . 56

buildings and equipment: basis57a Land 57a.

., ,

reciation (attachb Less: accumulated dep

schedule) 57b 57c.

58 Other assets, including program-related investments

(describe ► --------------------------------------------------------------- 58

59 Total assets (must equal line 74). Add lines 45 through 58 291402 59 1484587

.60 Accounts payable and accrued expenses 7480 60 0. . . . . . . .

61 Grants payable . . . . . . . . .. 61. . . .

62 Deferred revenue 62. . . . . . . . . . . . . . .

and key employees (attachdirectors trustees63 Loans from officers ,, ,

schedule) 63. . . . . . . . . . . . . . . .

64a Tax-exempt bond liabilities (attach schedule) 64a

'j

. . . . . .

b Mortgages and other notes payable (attach schedule) 64b. .

65 Other liabilities (describe ► -------------------------------------------- 65

66 Total liabilities . Add lines 60 through 65 7480 66

Organizations that follow SFAS 117 , check here ► q and complete lines

67 through 69 and lines 73 and 74.

0 67 Unrestricted 283922 67 1484587. . . . . . . . . . . . . . .

68 Temporarily restricted 68

M

. . . . . . . . . . .

69 Permanently restricted 69

c

. . . . . . . . . . . . .

Organizations that do not follow SFAS 117, check here ► q and

Li complete lines 70 through 74

0 70 Capital stock trust principal or current funds 70

0

,, . . . . . . .

71 Paid-in or capital surplus or land building and equipment fund 71,, ,

72 Retained earnings or other fundsendowment accumulated income 72,, ,

73 Total net assets or fund balances . Add lines 67 through 69 or lines

z 70 through 72 (Column (A) must equal line 19 and column (B) mustequal line 21 ) . . . . . . . . . . . . 283922 73 1484587

74 Total liabilities and net assets/fund balances . Add lines 66 and 73 291402 74 1484587

Form 990 (2007)

Form 990'(2007) Page 5

Reconciliation of Revenue per Audited Financial Statements With Revenue per Return (See theinstructions.)

a Total revenue, gains, and other support per audited financial statements . . . . . . . . a 1204043

b Amounts included on line a but not on Part I, line 12

1 Net unrealized gains on investments . . . . . . . . b1

2 Donated services and use of facilities . . . . . . . b2

3 Recoveries of prior year grants . . . . W

4 Other (specify) - ---------------------------------------------------------- -----

------------------------------------------------------------------------------ -----b4

-Add lines b1 through b4 . . . . . . . . . . . . . . . . . . . b

c Subtract line b from line a . . . . . . . . . . . . . . . . . c

d Amounts included on Part I, line 12, but not on line a:

1 Investment expenses not included on Part I, line 6b . . . . . d1

2 Other (specify) ---------------------------------------------------------- ----

------------------------------------------------------------------------------ -----d2

Add lines d1 and d2 . . . . . . . . . . . . . . . de Total revenue (Part I, line 12). Add lines c and d . ► e 1204043

Reconciliation of Expenses per Audited Financial Statements With Expenses per Return

a Total expenses and losses per audited financial statements . . . . . . . . . a 3377

b Amounts included on line a but not on Part I, line 17:

1 Donated services and use of facilities . . . . . . . . . . . b1

2 Prior year adjustments reported on Part I, line 20 . . . . . . . b2

3 Losses reported on Part I, line 20 . . . . . . . . . . . b3

4 Other (specify) - ---------------------------------------------------------- ----------------------------------------------------------------------------------- -----

b4 -Add lines b1 through b4 . . . . . . . . . . . . . . . . . . . . . . . b

c Subtract line b from line a . . . . . . . . . . . . . . . . . . c

d Amounts included on Part I, line 17, but not on line a:

1 Investment expenses not included on Part I, line 6b . . . . . . d1

2 Other (specify) ----------------------------------------------------------- ---

------------------------------------------------------------------------------ -----d2

Add lines di and d2 . . . . . . . . . . . . d 0

e Total expenses (Part I, line 17). Add lines c and d

-

. ► e 3377

IM Current Officers, Directors , Trustees , and Key Employees (List each person who was an officer, director, trustee,MMor key employee at any time during the year even if they were not compensated ) (See the instructions.)

(A) Name and address(B)

Title and average hours perweek devoted to position

(C) Compensation(If not paid , enter

-0-.

(D) Contributions to employeebenefit plans & deferredcom ensation plans

(E) Expense accountand other allowances

Ed Fiesin er , Chairman

Brazoria Count , TX

0

0

Tom Beck , Secretary ----------------------------------------Walter County, TX

00

-------------------Jack

-Steel-, Execu-

tive-Director

---------------------------------------Houston, TX

0.5 hr. per wk0

Nanc- - ------ ------------------------------------------------- 0.5 hr. per wk0

----------------------------------------------------------------

----------------------------------------------------------------

----------------------------------------------------------------

----------------------------------------------------------------

----------------------------------------------------------------

----------------------------------------------------------------

Form 990 (2007)

Form 990'(2007) Page 6

Current Officers , Directors , Trustees, and Key Employees (continued) Yes No

75a Enter the total number of officers, directors, and trustees permitted to vote on organization business at boardmeetings . . ►. . . . . . . . . .10

Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensatedemployees listed in Schedule A, Part I, or highest compensated professional and other independentcontractors listed in Schedule A, Part II-A or II-B, related to each other through family or business - -relationships? If "Yes," attach a statement that identifies the individuals and explains the relationship(s) 75b 3

c Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highestcompensated employees listed in Schedule A, Part I, or highest compensated professional and otherindependent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any otherorganizations, whether tax exempt or taxable, that are related to the organization'? See the instructions forthe definition of "related organization " . . . . . . . . . . . . . . . ► 75c

If "Yes," attach a statement that includes the information described in the instructionsd Does the organization have a written conflict of interest policy? . . . . . 75d

i r Ye:i Former Officers, Directors , Trustees , and Key Employees That Received Compensation or Other Benefits (If any formerofficer, director, trustee, or key employee received compensation or other benefits (described below) during the year, list thatperson below and enter the amount of compensation or other benefits in the appropriate column. See the instructions )

(A) Name and address (B) Loans and Advances(C) Compensation

(if not paid,enter -0- )

(D) Contnbutens to employeebenefit plans & deferredcom pe nsation plans

(E) Expenseaccount and other

allowances

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

----- -----------------------------------------------------------

Other Information (See the instructions. ) Yes No

76 Did the organization make a change in its activities or methods of conducting activities? If "Yes," attach adetailed statement of each change . . . . . . . . . . . . . . . . . . . .

--76---^

3

77 Were any changes made in the organizing or governing documents but not reported to the IRS? . . 77 3

78a

If "Yes," attach a conformed copy of the changes.

Did the organization have unrelated business gross income of $1 000 or more during the year covered by,this return? . . . . . . . . . . . . . . . . . . . . . 78a 3

b If "Yes," has it filed a tax return on Form 990-T for this year? . . . . . . . . . . . . 78b

79 Was there a liquidation dissolution termination or substantial contraction during the year? If "Yes " attach, , , ,a statement . . . . . . . . . . . 79 3

80a Is the organization related (other than by association with a statewide or nationwide organization) throughcommon membership, governing bodies, trustees, officers, etc., to any other exempt or nonexemptorganization? . . . . . . . . . . . . . . . . . .

_80a

.__ - -_J3

b

B1ab

If "Yes," enter the name of the organization ► .--------------------------------------------------------------------

-------------------------------------------------------- and check whether it is El exempt or q nonexemptEnter direct and indirect political expenditures (See line 81 instructions.) . . 81aDid the organization file Form 1120-POL for this year? . . 1b 3

Form 990 (2007)

Form 990,(2007) Page 7

Other Information (continued) Yes No

82a Did the organization receive donated services or the use of materials, equipment , or facilities at no charge

or at substantially less than fair rental value ? 82a 3. . . . . . . . . . .

b If "Yes ," you may indicate the value of these items here Do not include this

amount as revenue in Part I or as an expense in Part II82b(See instructions in Part III ). . . . . . . . . . . . .

83a Did the organization comply with the public inspection requirements for returns and exemption applications? 83a 3

.b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? 83b 3.

84a Did the organization solicit any contributions or gifts that were not tax deductible? 84a 3. . . . . . .

anization include with every solicitation an express statement that such contributions orb If "Yes " did the org,.gifts were not tax deductible'? 84b 3. . . . . . . . . . . . . .

or (6) Were substantially all dues nondeductible by members?85a 501 (c)(4) (5) 85a. . . . . ., ,

000 or less?b Did the organization make only in-house lobbying expenditures of $2 85b. ,,

If "Yes" was answered to either 85a or 85b , do not complete 85c through 85h below unless the organization

received a waiver for proxy tax owed for the prior year

c Dues, assessments , and similar amounts from members . . . . . 85c

d Section 162(e ) lobbying and political expenditures . . . . . . . - 85d

e Aggregate nondeductible amount of section 6033 (e)(1)(A) dues notices - 85e

f Taxable amount of lobbying and political expenditures (line 85d less 85e) 85f

g Does the organization elect to pay the section 6033 (e) tax on the amount on line 85f? 85g. . . . .

h If section 6033 (e)(1)(A) dues notices were sent, does the organization agree to add the amount on line 85f

enditures for thein and olitical exreasonable estimate of dues allocable to nondeductible lobbt it g py po sfollowing tax year? 85h. . . . . . . . . . . . . . .

ital contributions included on line 12Enter a Initiation fees and ca86 501 (c)(7) or s 86a. . . .

pg .for public use of club facilitiesincluded on line 12b Gross receipts 86b. . . .,,

a Gross income from members or shareholdersEnter87 501 (c)(12) orgs 87a. ...

b Gross income from other sources . (Do not net amounts due or paid to other

sources against amounts due or received from them .) . . . . . 87b

88a At any time during the year, did the organization own a 50% or greater interest in a taxable corporation or

partnership, or an entity disregarded as separate from the organization under Regulations sections --

301 7701-2 and 301.7701-3'? If "Yes," complete Part IX . . . . . . . . . . . . . . . 88a 3

b At any time during the year, did the organization, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," complete Part XI . . . . . . . . . . . . . . ► 88b

89a 501(c)(3) organizations. Enter: Amount of tax imposed on the organization during the year under:

section 4911 ; section 4912 , section 4955

b 501(c)(3) and 501(c)(4) orgs. Did the organization engage in any section 4958 excess benefit transaction

during the year or did it become aware of an excess benefit transaction from a prior year? If "Yes," attach

a statement explaining each transaction . . . . . . . . . . . . . . . . . . . . . 89b 3

c Enter. Amount of tax imposed on the organization managers or disqualified

persons during the year under sections 4912, 4955, and 4958 . . . . . ►d Enter: Amount of tax on line 89c, above, reimbursed by the organization . . ►

e All organizations. At any time during the tax year, was the organization a party to a prohibited tax shelter

transaction'? . . . . . . . . . . . . . . . . . . . . . . . . 89e 3

f All organizations. Did the organization acquire a direct or indirect interest in any applicable insurance contract'? 89f 3

g For supporting organizations and sponsoring organizations maintaining donor advised funds. Did the

supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings - ----- -

at any time during the year? 89g 3

90a List the states with which a copy of this return is filed ► ---------------------------------------------------------- -------------------

b Number of employees employed in the pay period that includes March 12, 2007 (Seeinstructions.) . . . . . . . . . . . . . 190b I 0

91a The books are in care of ► Houston .Galveston Area Council Telephone no. ► _(..713. ) 627-3200

Located at ► .P• O.Box 22777 Houston , TX 77227-2777--------------------------------------------------------- ZIP + 4 ► -- ...................................

b At any time during the calendar year, did the organization have an interest in or a signature or other authority

over a financial account in a foreign country (such as a bank account, securities account, or other financial Yes No

account)? . . . . . . . . 91b 3

If "Yes," enter the name of the foreign country 00- ------------------------------------------------------------------See the instructions for exceptions and filing requirements for Form TD F 90-22.1, Report of Foreign Bankand Financial Accounts

Form 990 (2007)

Form 990•(2007) Page 8

FUNW-0ther Information (continued) Yes No

c At any time during the calendar year, did the organization maintain an office outside of the United States? 91c

If "Yes," enter the name of the foreign country ► __________________________________________________________________

92 Section 4947(a)(1) nonexempt charitable trusts filing Form 990 in lieu of Form 1041-Check here . . . . . . ► qand enter the amount of tax-exempt interest received or accrued during the tax year ► 92

17103-Analysis of Income-Producing Activities (See the instructions.)

Note : Enter gross amounts unless otherwise Unrelated business income Excluded by section 512, 513, or 514 (E)Related or

indicated. (A) (B) (C) (D ) exempt function

93 Program service revenue-Business code Amount Exclusion code Amount income

a Harris County MUD No . 150 6000

b El Paso Corp. 50000

c SEP Fund Contribution (See Attached) 1132070

d

e

f Medicare/Medicaid payments . . . .

g Fees and contracts from government agencies

94 Membership dues and assessments . .

95 Interest on savings and temporary cash investments

96 Dividends and interest from securities . . 15973

97 Net rental income or (loss) from real estate:

a debt-financed property . . . .

b not debt-financed property . . .

98 Net rental income or (loss) from personal property

99 Other investment income .

100 Gain or (loss) from sales of assets other than inventory

101 Net income or (loss) from special events .

102 Gross profit or (loss) from sales of inventory

103 Other revenue. a

b

c

d

e

104 Subtotal (add columns (B), (D), and ( E)) 1204043

105 Total (add line 104, columns (B), (D), and ( E)) . . . . . . . . . . . . . . . ► 1204043Note : Line 105 plus line le, Part I, should equal the amount on line 12, Part I.

FMMWM Relationshi p of Activities to the Accomplishment of Exempt Purposes (See the instructions. )

Line No . Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishmentV of the organization's exempt purposes (other than by providing funds for such purposes).

FTIM. Information Reaardina Taxable Subsidiaries and Disregarded Entities (See the instnjctinn.c l

Name, address, and

A)EIN of corporation,

partnershi p , or disregarded entityPercentage of

ownership interest Natureof

activities Total incomeEnd(of-year

assets

0 :F.-dii.W inrormanon rtegaramg i ransrers i ssoclatea witn rersonal rsenerlt contracts (bee the instructions)

(a) Cad the organization, during the year, receive any funds, directly or indirectly, to par p - muTs on a personal bertefrt crntrad? . q Yes 0 No(b) Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? q Yes 121 NoNote : If "Yes" to (b), file Form 8870 and Form 4720 (see instructions).

Form 990 (2007)

Form 990•(2007) Page 9

Information Regarding Transfers To and From Controlled Entities . Complete only if the organization

is a controlling organization as defined in section 512(b)(13).

Yes No

106 Did the reporting organization make any transfers to a controlled entity as defined in section 512(b)(13) of

the Code? If "Yes," complete the schedule below for each controlled entity.

(A)Name, address , of each

controlled entity

(B)Employer Identification

Number

(C)Description of

transfer

(D)

Amount of transfer

a------------------------------------------

------------------------------------------

b-----------------------------------------------------------------------------------

c------------------------------------------

------------------------------------------

Totals

Yes No

107 Did the reporting organization receive any transfers from a controlled entity as defined in section

512(b)(13) of the Code? If "Yes," complete the schedule below for each controlled entity.

(A)Name, address , of each

controlled entity

(B)Employer Identification

Number

(ADescription of

er(D)

Amount of transfer

a------------------------------------------

------------------------------------------

b------------------------------------------------------------------------------------

c------------------------------------------------------------------------------------

Totals

Yes No

108 Did the organization have a binding written contract in effect on August 17, 2006, covering the interest,

rents, royalties, and a ultles described in question 107 above'?

Please

Under Ities of perjury,an elief

it is true, correc

_ -

declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledget, and c plete Declaration of preparer (other than officer) is based on all information of whiEh pr parerf as any knowledge

I '^f^//^ / If 91

SCHEDULE A I Organization Exempt Under Section 501(c)(3)jForm 990 or 990-EZ) (Except Private Foundation) and Section 501(e), 501(f), 501(k), 501(n),

or 4947(a)(1) Nonexempt Charitable Trust

Supplementary Information-(See separate instructions.)Department of the TreasuryInternal Revenue Service ► MUST be completed by the above organizations and attached to their Form 990 or 990-EZ

OMB No 1545-0047

2007Name of the organization Employer identification number

Emission Reduction Credit Corporation 76 ; 0474318

&j0W compensation of the Five Highest Pala tmployees other I nan otricers , ulrectors , ana If rustees

(See oaae 1 of the instructions. List each one. If there are none. enter "None.")

(a) Name and address of each employee paid more

than $50,000

(b) Title and average hours

per week devoted to position(c) Compensation

(d) Contributions toemployee benefit plans &deterred compensation

(e) Expenseaccount and other

allowances

------------------- --------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

----------------------------------------------------------

Total number of other employees paid over $50,000 . ►

Compensation of the Five Highest Paid Independent Contractors for Professional Services(See page 2 of the instructions. List each one (whether individuals or firms). If there are none, enter "None.")

(a) Name and address of each independent contractor paid more than $50,000 (b) Type of service (c) Compensation

--------------- ----------------------------------------------------------------------^ne

Total number of others receiving over $50,000 forprofessional services . . . . , I I

^j Compensation of the Five Highest Paid Independent Contractors for Other Services(List each contractor who performed services other than professional services, whether individuals orfirms. If there are none, enter "None." See page 2 of the instructions.)

(a) Name and address of each independent contractor paid more than $50,000 (b) Type of service (c) Compensation

Total number of other contractors receiving over$50,000 for other services . . . . . ►

For Paperwork Reduction Act Notice, see the Instructions for Form 990 and Form 990-EZ. Cat No 11285F Schedule A (Form 990 or 990-EZ) 2007

Schedule A (Form 990 or 990-EZ) 2007 Page 2

Statements About Activities (See page 2 of the instructions.) Yes No

1 During the year, has the organization attempted to influence national, state, or local legislation, including any

attempt to influence public opinion on a legislative matter or referendum? If "Yes," enter the total expenses paid

or incurred in connection with the lobbying activities ► $ (Must equal amounts on line 38,

Part VI-A, or line i of Part VI- B) . . . . . . . . . . . . . . . . . . . . . . . . 1

Organizations that made an election under section 501(h) by filing Form 5768 must complete Part VI-A. Other

organizations checking "Yes" must complete Part Vl-B AND attach a statement giving a detailed description of

the lobbying activities

2 During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any

substantial contributors, trustees, directors, officers, creators, key employees, or members of their families, or

with any taxable organization with which any such person is affiliated as an officer, director, trustee, majority

owner, or principal beneficiary'? (If the answer to any question is "Yes," attach a detailed statement explaining the

transactions )

a Sale , exchange, or leasing of property? . . . . .

b Lending of money or other extension of credit? . . . . . . . . . . . . . . . . .

c Furnishing of goods, services, or facilities? . . . . . . . . . . . .

d Payment of compensation (or payment or reimbursement of expenses if more than $1,000)"

e Transfer of any part of its income or assets? . . . . . . . . .

3a Did the organization make grants for scholarships, fellowships, student loans, etc.? (If "Yes," attach an explanation

of how the organization determines that recipients qualify to receive payments ) . . . . . . . . 3a

b Did the organization have a section 403(b) annuity plan for its employees? . . . . . . . . . . 3b

c Did the organization receive or hold an easement for conservation purposes, including easements to preserve open

space, the environment, historic land areas or historic structures? If "Yes," attach a detailed statement . . .

d Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?

4a Did the organization maintain any donor advised funds" If "Yes," complete lines 4b through 4g If "No," complete

lines 4f and 4g . . . . . . . . . . . . . . . . . . . . . . . . . .

b Did the organization make any taxable distributions under section 4966? . . . . . . . . . .

c Did the organization make a distribution to a donor, donor advisor, or related person? . . . . .

d Enter the total number of donor advised funds owned at the end of the tax year . . . . . . . . . . ►

e Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year . . ►

f Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised

funds included on line 4d) where donors have the right to provide advice on the distribution or investment of

amounts in such funds or accounts . . . . . . . . . . . . . . . . . . ►

3d

0

g Enter the aggregate value of assets held in all funds or accounts included on line 4f at the end of the tax year ► 1484587

Schedule A (Form 990 or 990-EZ) 2007

Schedult' A (Form 990 or 990-EZ) 2007 Page 3

Reason for Non- Private Foundation Status (See pages 4 through 8 of the instructions.)

I certify that the organization is not a private foundation because it is (Please check only ONE applicable box )

5 q A church , convention of churches, or association of churches . Section 170(b)(1)(A)(i)

6 q A school. Section 170(b)(1)(A)(il). (Also complete Part V)

7 q A hospital or a cooperative hospital service organization Section 170(b)(1)(A)(ni)

8 q A federal, state, or local government or governmental unit Section 170(b)(1)(A)(v)

9 q A medical research organization operated in conjunction with a hospital Section 170(b)(1)(A)(iii) Enter the hospital ' s name, city,

and state ► ------------------------------------------------------------------------------------------------------------------------------

10 q An organization operated for the benefit of a college or university owned or operated by a governmental unit Section 170(b)(1)(A)(iv).

(Also complete the Support Schedule in Part IV-A)

11a 3q An organization that normally receives a substantial part of its support from a governmental unit or from the general public Section170(b)(1)(A)(vi) (Also complete the Support Schedule in Part IV-A)

11b q A community trust Section 170(b)(1)(A)(vi) (Also complete the Support Schedule in Part IV-A.)

12 q An organization that normally receives- (1) more than 331/3% of its support from contributions, membership fees, and gross receipts

from activities related to its charitable, etc , functions-subject to certain exceptions, and (2) no more than 331/3% of its supportfrom gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the

organization after June 30, 1975 See section 509(a)(2) (Also complete the Support Schedule in Part IV-A)

13 q An organization that is not controlled by any disqualified persons (other than foundation managers) and otherwise meets therequirements of section 509(a)(3) Check the box that describes the type of supporting organization.

q Type I q Type II III-Functionally Integrated III-Other

Provide the following information about the supported organizations . (See oaae 8 of the instructions)

(a)

Name(s) of supported organization(s)

(b)

Employer

identification

number (EIN)

(c)

Type of

organization

(described in lines

5 through 12

above or IRC

section)

(d)

Is the supported

organization listed in

the supporting

organization's

governing documents?

(e)

Amount of

support

Yes No

Total. . . . . . . . . . . . . . . . . . . . . ► 1

14 q An organization organized and operated to test for public safety. Section 509(a)(4). (See page 8 of the instructions )


Schedulb A (Form 990 or 990-EZ) 2007 Page 4

Support Schedule (Complete only if you checked a box on line 10, 11, or 12 ) Use cash method of accounting.

Note : You may use the worksheet in the instructions for converting from the accrual to the cash method of accounting

Calendar year (or fiscal year beginning in ) ► (a) 2006 (b) 2005 (c) 2004 (d) 2003 (e) Total

15 Gifts, grants, and contributions received. (Donot include unusual grants. See line 28 .) . 196637 0 0 0 196637

16 Membership fees received 0 0 0 0 0

17 Gross receipts from admissions, merchandisesold or services performed, or furnishing offacilities in any activity that is related to theorganization's chartable, etc , purpose 0 0 0 0 0

18 Gross income from interest, dividends,amounts received from payments on securitiesloans (section 512(a)(5)), rents, royalties,income from similar sources, and unrelatedbusiness taxable income (less section 511taxes) from businesses acquired by theorganization after June 30, 1975. 3457 1234 1355 1474 7520

19 Net income from unrelated businessactivities not included in line 18 0 0 0 0 0

20 Tax revenues levied for the organization'sbenefit and either paid to it or expended onits behalf . .. 0 0 0 0 0

21 The value of services or facilities furnished tothe organization by a governmental unitwithout charge Do not include the value ofservices or facilities generally furnished to thepublic without charge 0 0 0 0 0

22 Other Income. Attach a schedule. Do not

include gain or (loss) from sale of capital assets 0 0 0 0 0

23 Total of lines 15 through 22 . 200094 , 1234 , 1355 1474 204157

24 Line 23 minus line 17 200094 1234 1355 1474 204157

25 Enter 1 % of line 23

26 Organizations described on lines 10 or 11 : a Enter 2% of amount in column (e), line 24 . . ► 26a 4083

b Prepare a list for your records to show the name of and amount contributed by each person (other than agovernmental unit or publicly supported organization) whose total gifts for 2003 through 2006 exceeded the --amount shown in line 26a. Do not file this list with your return . Enter the total of all these excess amounts ► 26b 191467

c Total support for section 509(a)(1) test- Enter line 24, column (e) ► 26c 204157

d Add- Amounts from column (e) for lines: 18 7520 19 0

►22 0 26b 191467 . . 26d 198987.

e Public support (line 26c minus line 26d total ) . . . . . . . . . . . . . . . ► 26e 5170

f Public support percentage (line 26e (numerator) divided by line 26c (denominator)) ► 26f 2.53 %

27 Organizations described on line 12: a For amounts included in lines 15, 16, and 17 that were received from a "disqualifiedperson," prepare a list for your records to show the name of, and total amounts received in each year from, each "disqualified person "Do not file this list with your return . Enter the sum of such amounts for each year.

(2006) -------------------------- (2005) ........................... (2004) --------------------------- (2003) --------------------------

b For any amount included in line 17 that was received from each person (other than "disqualified persons"), prepare a list for your records toshow the name of, and amount received for each year, that was more than the larger of (1) the amount on line 25 for the year or (2) $5,000.(Include in the list organizations described in lines 5 through 11 b, as well as individuals ) Do not file this list with your return . After computingthe difference between the amount received and the larger amount described in (1) or (2), enter the sum of these differences (the excessamounts) for each year

(2006) -------------------------- (2005) --------------------------- (2004) --------------------------- (2003) --------------------------

c Add: Amounts from column (e) for lines 15 16

17 20 21

d Add- Line 27a total and line 27b total

e Public support (line 27c total minus line 27d total). . . . . . . . .

f Total support for section 509(a)(2) test: Enter amount from line 23, column (e) . . ►g Public support percentage (line 27e (numerator) divided by line 27f (denominator))h Investment income percentaqe ( line 18, column (e) (numerator) divided by line 27f

27f

1110.

111.

10.

. . ► 279 %

!nominator)). ► 27h %

28 Unusual Grants : For an organization described in line 10, 11, or 12 that received any unusual grants during 2003 through 2006,prepare a list for your records to show, for each year, the name of the contributor, the date and amount of the grant, and a briefdescription of the nature of the grant Do not file this list with your return . Do not include these grants in line 15


Schedulb A (Form 990 or 990-EZ) 2007 Page 5

Private School Questionnaire (See page 9 of the instructions.)(To be completed ONLY by schools that checked the box on line 6 in Part IV)

29 Does the organization have a racially nondiscriminatory policy toward students by statement in its charter bylaws Yes No, ,

or in a resolution of its governing body? . . . . .other governing instrument 29,

30 Does the organization include a statement of its racially nondiscriminatory policy toward students in all its

and other written communications with the public dealing with student admissionscataloguesbrochures ,, ,

. . .programs and scholarships? 30. .. . . . . . . . . . . . . . . . . . .,

31 Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during

or during the registration period if it has no solicitation program in a waythe period of solicitation for students ,,

that makes the policy known to all parts of the general community it serves? . . . . . . . . 31

If "Yes," please describe; if "No," please explain (If you need more space, attach a separate statement.)

----------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------32 Does the organization maintain the following

and administrative staff? . .a Records indicating the racial composition of the student body faculty 32a., ,

b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory

basis? . . . . . .. . . . . . . . . 32b. . . . . . . . . .

c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing

and scholarships?with student admissions programs . . . . . .. . 32c, , . . . . . . . . . .

d Copies of all material used by the organization or on its behalf to solicit contributions? . . . , 32d

If you answered "No" to any of the above, please explain (If you need more space, attach a separate statement)

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------33 Does the organization discriminate by race in any way with respect to

a Students' rights or privileges' . . . . . . . . . jja

b Admissions policies? . . . . . . . . . . . . . . . . . . . . . . . . 33b

c Employment of faculty or administrative staff? . . . . . . . . . . . . . . . . . . , 33c

d Scholarships or other financial assistance? . . . . . . . . . . . . . . . . . . . 33d

e Educational policies? . . . . . . . . . . . . . . . . . . . . . . . . 33e

f Use of facilities ? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33f

g Athletic programs? . . . . . . . . . . . . . . . . . . .

h Other extracurricular activities? . . . . . . . . . . . . . . . . . . 33h

If you answered "Yes" to any of the above, please explain (If you need more space, attach a separate statement.)

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

34a Does the organization receive any financial aid or assistance from a governmental agency?

b Has the organization's right to such aid ever been revoked or suspended? . . .

If you answered "Yes" to either 34a or b, please explain using an attached statement

35 Does the organization certify that it has complied with the applicable requirements of sections 4.01 through 4 05

of Rev. Proc 75-50, 1975-2 C B 587, covering racial nondiscrimination? If "No," attach an explanation 35



Lobbying Expenditures by Electing Public Charities (See page 11 of the instructions.)

(To be completed ONLY by an eligible organization that filed Form 5768)

Check ► a r1 if the organization belongs to an affiliated group Check ► b q if you checked "a" and "limited control" provisions apply

Limits on Lobbying Expenditures

(The term "expenditures" means amounts paid or incurred)

Affiliated grouptotals

(b)To be completedfor all electingorganizations

36 Total lobbying expenditures to influence public opinion (grassroots lobbying) . 36

37 Total lobbying expenditures to influence a legislative body (direct lobbying) 37. .

38 Total lobbying expenditures (add lines 36 and 37) 38. . . . . . . . . . .

39 Other exempt purpose expenditures . 39. . . . . . . . . . . . .

40 Total exempt purpose expenditures (add lines 38 and 39) 40. . . . . . . .

41 Lobbying nontaxable amount. Enter the amount from the following table-

If the amount on line 40 is- The lobbying nontaxable amount is-

Not over $500,000 . . 20% of the amount on line 40 . . .

$100 000 plus 15% of the excess over $500 000Over $500 000 but not over $1 000 000 ,,, , .,

000 plus 10% of the excess over $1 000 000000 $175Over $1 000 but not over $1 500000 41, ,,, , ,,Over $1,500,000 but not over $17,000,000. $225,000 plus 5% of the excess over $1,500,000

. . $1,000,000. . . . . . .Over $17 000000, , . . . . . .42 Grassroots nontaxable amount (enter 25% of line 41). . . . . . . . . . . . 4

43 Subtract line 42 from line 36. Enter -0- if line 42 is more than line 36. . . . . . . 43

44 Subtract line 41 from line 38. Enter -0- if line 41 is more than line 38. . . . . . . 44

Caution : If there is an amount on either line 43 or line 44, you must file Form 4720

4-Year Averaging Period Under Section 501(h)(Some organizations that made a section 501(h) election do not have to complete all of the five columns below

See the instructions for lines 45 through 50 on page 13 of the instructions)

Lobbying Expenditures During 4-Year Averaging Period

Calendar year (or

fiscal year beginning in) ►(a)

2007

(b)

2006

(c)

2005

(d)

2004

(e)

Total

45 Lobbying nontaxable amount . . .

46 Lobbying ceiling amount (150% of line 45(e))

47 Total lobbying expenditures . . . .

48 Grassroots nontaxable amount . . . .

49 Grassroots ceiling amount (150% of line 48(e))

50 Grassroots lobbying expenditures . . . .

Lobbying Activity by Nonelecting Public Charities(For reporting only by organizations that did not complete Part VI-A) (See page 14 of the instr uctions.)

During the year, did the organization attempt to influence national, state or local legislation, including any Yes No Amountattempt to influence public opinion on a legislative matter or referendum, through the use of

a Volunteers . . . . . . . . . . . . . . . . . . . . . .

b Paid staff or management (Include compensation in expenses reported on lines c through h.) .

c Media advertisements . . . . . . . . . . . . . . . . . . . .

d Mailings to members, legislators, or the public . . . . . . . . . . . .

e Publications, or published or broadcast statements . . . . . . . . . . . . . . .

f Grants to other organizations for lobbying purposes . . . . . . . . . . . .

g Direct contact with legislators, their staffs, government officials, or a legislative body. . . . . .

h Rallies, demonstrations, seminars, conventions, speeches, lectures, or any other meansi Total lobbying expenditures (Add lines c through h.) . . . . . . .

If "Yes" to any of the above, also attach a statement giving a detailed description of the lobbying activities



JIU]M Information Regarding Transfers To and Transactions and Relationships With NoncharitableExempt Organizations (See page 14 of the instructions)

51 Did the reporting organization directly or indirectly engage in any of the following with any other organization descnbed in section

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations9

a Transfers from the reporting organization to a noncharitable exempt organization of Yes No

3(i) Cash . . . . . . . . . . . . . . . . . . . . . 51 a ( i)

(ii) Other assets . . . . . . . . . . . . . . . . . . . . . . a (H)

b Other transactions3(i) Sales or exchanges of assets with a nonchantable exempt organization b ( i )

(ii) Purchases of assets from a nonchantable exempt organization . . . . . . . . . . . b ii 3

3(iii) Rental of facilities, equipment, or other assets . . . . . . . . . . . . . . . . . . b (M)

3(iv) Reimbursement arrangements . . . . . . . . . . . . . . . . . b ( iv)

3(v) Loans or loan guarantees . . . . . . . . . . . . . . . b (y)

(vi) Performance of services or membership or fundraising solicitations . . . . . . . b vi 3

c Sharing of facilities, equipment, mailing lists, other assets, or paid employees . . . . c

d If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value of thegoods, other assets, or services given by the reporting organization If the organization received less than fair market value in anytransaction or shanng arrangement, show in column (d) the value of the goods, other assets, or services received.


52a Is the organization directly or indirectly affiliated with, or related to, one or more tax-exempt organizations

described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527? . . . . . . ► q Yes ®. No

2:50 PM EMISSION REDUCTION CREDIT ORGANIZATION

07/14/08 ' Income by Customer SummaryAccrual Basis April 2007 through March 2008

Apr'07 - Mar 08

AKZO NOBEL 50,108 00Chevron Phillips Chem Co LP 51,672 50EL PASO CORP. FOUNDATION 50,000 00ENSR CORP 2,128 00Equistar 86,605 00Exxon Mobil Corp. 131,397 50GULF CHEMICAL METALLURGICAL CORP. 136,387 00HARRIS COUNTY MUD NO. 150 6,00000HOUSTON REFINING 60,352 00INEOS USA LLC 137,100 00KATY ISD 2,51200KINDER MORGAN 5,00000LONESTAR PRESTRESS MFG., INC. 5,000 00Lyondell 2,210 00PENRECO 27,434 00SOUTIA, INC. 70,543 00TEXAS PETOCHEMICALS LP 16,106 00TEXMARK CHEMICALS, INC. 30,227 00THE DOW CHEMICAL CO. 43,596 00THE GOODYEAR TIRE & RUBBER CO. 6,52200The Methodist Hospital System 25,600 00Total PetroChemicals USA, Inc. 2,820 00UTMB 9,120 00VALERO REFINING -TEXAS, LP 207,499 00VOPAK NORTH AMERICA & SUB. 22,131.00

TOTAL 1,188,070.00

Page 1

EMISSION REDUCTION CREDIT ORGANIZATIONSEP Fund Detail

April 2007 through March 2008

4020 • Income -SEP Fund

Date Name Memo Amount

04/05/2007 VALERO REFINING -TEXAS, LP SEP FUND 59,574 00

04/20/2007 Exxon Mobil Corp SEP FUND 3,480 00

04/25/2007 The Methodist Hospital System SEP FUND 25,600 00



06/11/2007 VOPAK NORTH AMERICA & SUB SEP FUND 22,131 00

06/26/2007 ENSR CORP SEP FUND 2,128 00

07/06/2007 Chevron Phillips Chem Co LP SEP FUND 17,437 50


07/20/2007 Equistar SEP FUND 20,000 00



08/20/2007 THE GOODYEAR TIRE & RUBBER CO SEP FUND 4,742 00


08/21/2007 AKZO NOBEL SEP FUND 5,000 00

08/29/2007 HOUSTON REFINING SEP FUND 25,226 00


08/30/2007 PENRECO SEP FUND 27,434 00

09/10/2007 TEXAS PETOCHEMICALS LP SEP FUND 8,00000







10/11/2007 UTMB SEP FUND 9,120 00


10/12/2007 Lyondell SEP FUND 2,21000


10/30/2007 AKZO NOBEL SEP FUND 45.108 00

Page 1 of 2

EMISSION REDUCTION CREDIT ORGANIZATION

SEP Fund Detail

Date ARTame007 through March 2008Memo Amount

11/05/2007 GULF CHEMICAL METALLURGICAL CORP SEP FUND 59,250 00

11/06/2007 THE DOW CHEMICAL CO SEP FUND 43,596 00

11/19/2007 Total PetroChemicals USA, Inc SEP FUND 2,82000


11/29/2007 INEOS USA LLC SEP FUND 28,600 00

12/05/2007 SOUTIA, INC SEP FUND 47,745 00

12/07/2007 LONESTAR PRESTRESS MFG, INC SEP FUND 5,000 00

12/11/2007 THE GOODYEAR TIRE & RUBBER CO. SEP FUND 1,78000

01/08/2008 KATY ISD SEP FUND 2,512 00

01/17/2008 TEXAS PETOCHEMICALS LP SEP FUND 4,000 00



01/31/2008 TEXAS PETOCHEMICALS LP SEP FUND 4,106 00


02/04/2008 GULF CHEMICAL METALLURGICAL CORP SEP FUND 77,137 00

02/12/2008 KINDER MORGAN SEP FUND 5,000.00

02/13/2008 INEOS USA LLC SEP FUND 108,500 00

02/21/2008 VALERO REFINING -TEXAS, LP SEP FUND 3,44000




03/12/2008 Exxon Mobil Corp. SEP FUND 5,00000

03/13/2008 SOUTIA, INC SEP FUND 22,798 00

03/17/2008 TEXMARK CHEMICALS, INC SEP FUND 30,227 00

03/27/2008 VALERO REFINING -TEXAS, LP SEP FUND 4,00000

Total 4020 Income -SEP Fund 1,132,070 00

Page 2 of 2


07/14/08 Balance SheetAccrual Basis As of March 31, 2008

Mar 31, 08

ASSETSCurrent Assets

Checking /Savings1010 • Cash in bank - operating 1,482,075 31

Total Checking/Savings 1 ,482,075 31

Other Current Assets1299 • Undeposited Funds 2,512 00

Total Other Current Assets 2,512 00

Total Current Assets 1,484,587 31

TOTAL ASSETS 1,484 , 587.31

LIABILITIES & EQUITYEquity

3001 • Opening Bal Equity 98,176 733010 • Unrestrict ( retained earnings ) 991,401 27Net Income 395,009 31

Total Equity 1,484,587 31

TOTAL LIABILITIES & EQUITY 1,484,587.31

Page 1

10:12 AM EMISSION REDUCTION CREDIT ORGANIZATION

07/14/08 Balance SheetAccrual Basis As of April 1, 2007

Apr 1, 07

ASSETSCurrent Assets

Checking/Savings1010 • Cash in bank - operating 291,401 88

Total Checking/Savings 291,401 88

Total Current Assets 291,401 88

TOTAL ASSETS 291,401.88

LIABILITIES & EQUITYLiabilities

Current LiabilitiesAccounts Payable

2010 • Accounts payable 7,480 00

Total Accounts Payable 7,480 00

Total Current Liabilities 7,480 00

Total Liabilities 7,480 00

Equity3001 • Opening Bal Equity 98,176 733010 • Unrestrict ( retained earnings ) 143,138 81Net Income 42,606 34

Total Equity 283,921 88

TOTAL LIABILITIES & EQUITY 291,401.88

Page 1


07/14/08 Profit & Loss

Accrual Basis April 2007 through March 2008

Apr'07 - Mar 08

Income4010 • Income - Private Donation 56,000 004020 • Income -SEP Fund 1,132,070 004060 • Interest Income 15,972 87

Total Income 1,204,042 87

Expense7010 • Pass Thru - Clean Air 3,377 44

Total Expense 3,377 44

Net Income 1,200,665.43

Page 1


07/14/08 Profit & Loss DetailAccrual Basis April 2007 through March 2008

Type Date Num Name Memo Clr Split Amount Balance

Income4010 • Income - Private DonationSales Receipt 4/25/2007 23 HARRIS COUNTY Adopt a Scho 1299 Undepo 6,000 00 6,00000Sales Receipt 6/22/2007 28 EL PASO CORP F 1299 Undepo 50,000 00 56,000 00

Total 4010 Income - Private Donation 56,000 00 56,000 00

4020 • Income -SEP FundSales Receipt 4/5/2007 21 VALERO REFININ SEP FUND 1299 Undepo 59,574 00 59,574 00Sales Receipt 4/20/2007 22 Exxon Mobil Corp SEP FUND 1299 Undepo 3,48000 63,054 00Sales Receipt 4/25/2007 24 The Methodist Hosp . SEP FUND 1299 Undepo 25,600 00 88,654 00Sales Receipt 5/22/2007 25 VALERO REFININ SEP FUND 1299 Undepo 75,000 00 163,654 00Sales Receipt 5/31/2007 26 Exxon Mobil Corp SEP FUND 1299 Undepo 10,000 00 173,654 00Sales Receipt 6/11/2007 27 VOPAK NORTH A SEP FUND 1299 Undepo 22,131 00 195,785 00Sales Receipt 6/26/2007 29 ENSR CORP SEP FUND 1299 Undepo 2,12800 197,913 00Sales Receipt 7/6/2007 30 Chevron Phillips Ch SEP FUND 1299 Undepo 17,437 50 215,350 50Sales Receipt 7/9/2007 31 Exxon Mobil Corp SEP FUND 1299 • Undepo 5,00000 220,350 50Sales Receipt 7/20/2007 32 Equistar SEP FUND 1299 Undepo 20,000 00 240,350 50Sales Receipt 7/26/2007 34 Exxon Mobil Corp SEP FUND 1299 Undepo 25,073 50 265,424 00Sales Receipt 8/7/2007 35 VALERO REFININ SEP FUND 1299 Undepo. 19,000 00 284,424 00Sales Receipt 8/20/2007 36 THE GOODYEAR SEP FUND 1299 Undepo 4,742 00 289,166 00Sales Receipt 8/20/2007 37 Exxon Mobil Corp SEP FUND 1299 Undepo 1,83000 290,996 00Sales Receipt 8/21/2007 33 AKZO NOBEL SEP FUND 1299 Undepo 5,000 00 295,996 00Sales Receipt 8/29/2007 38 HOUSTON REFINI SEP FUND 1299 Undepo 25,226 00 321,222 00Sales Receipt 8/30/2007 39 Exxon Mobil Corp SEP FUND 1299 Undepo 5,247 00 326,469 00Sales Receipt 8/30/2007 40 PENRECO SEP FUND 1299 Undepo 27,434 00 353,903 00Sales Receipt 9/10/2007 41 TEXAS PETOCHE SEP FUND 1299 Undepo 8,00000 361,903 00Sales Receipt 9/12/2007 42 Equistar SEP FUND 1299 Undepo 5,00000 366,903 00Sales Receipt 9/17/2007 60 Equistar SEP FUND 1299 Undepo 11,510 00 378,413 00Sales Receipt 9/24/2007 43 Equistar SEP FUND 1299 Undepo. 40,095 00 418,508 00Sales Receipt 9/27/2007 44 Exxon Mobil Corp SEP FUND 1299 Undepo 10,000 00 428,508 00Sales Receipt 9/27/2007 45 Exxon Mobil Corp SEP FUND 1299 Undepo 22,287 00 450,795 00Sales Receipt 10/9/2007 46 Equistar SEP FUND 1299 Undepo 10,000 00 460,795 00Sales Receipt 10/11/2007 47 UTMB SEP FUND 1299 Undepo 9,12000 469,915 00Sales Receipt 10/11/2007 48 Exxon Mobil Corp SEP FUND 1299 Undepo 3,28000 473,195 00Sales Receipt 10/12/2007 49 Lyondell SEP FUND 1299 Undepo 2,21000 475,405 00Sales Receipt 10/15/2007 50 HOUSTON REFINI SEP FUND 1299 Undepo 10,226 00 485,631 00Sales Receipt 10/30/2007 51 AKZO NOBEL SEP FUND 1299 Undepo 45,108 00 530,739 00Sales Receipt 11/5/2007 52 GULF CHEMICAL SEP FUND 1299 Undepo 59,250 00 589,989 00Sales Receipt 11/6/2007 53 THE DOW CHEMI SEP FUND 1299 Undepo 43,596 00 633,585 00Sales Receipt 11/19/2007 54 Total PetroChemica SEP FUND 1299 Undepo 2,82000 636,405 00Sales Receipt 11/27/2007 55 VALERO REFININ SEP FUND 1299 Undepo 23,075 00 659,480 00Sales Receipt 11/29/2007 56 INEOS USA LLC SEP FUND 1299 Undepo 28,600 00 688,080 00Sales Receipt 12/5/2007 57 SOUTIA, INC SEP FUND 1299 Undepo 47,745 00 735,825 00Sales Receipt 12/7/2007 58 LONESTAR PRES SEP FUND 1299 Undepo 5,00000 740,825 00Sales Receipt 12/11/2007 59 THE GOODYEAR SEP FUND 1299 Undepo 1,78000 742,605 00Sales Receipt 1/8/2008 61 KATY ISD SEP FUND 1299 Undepo 2,512 00 745,117 00Sales Receipt 1/17/2008 62 TEXAS PETOCHE SEP FUND 1299 Undepo 4,000 00 749,117 00Sales Receipt 1/17/2008 63 Exxon Mobil Corp SEP FUND 1299 Undepo 35,200 00 784,317 00Sales Receipt 1/28/2008 64 Chevron Phillips Ch SEP FUND 1299 Undepo 30,141 00 814,458 00

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07/14/08 Profit & Loss DetailAccrual Basis April 2007 through March 2008

Type Date

Sales Receipt 1/31/2008Sales Receipt 2/4/2008Sales Receipt 2/4/2008Sales Receipt 2/12/2008Sales Receipt 2/13/2008Sales Receipt 2/21/2008Sales Receipt 3/3/2008Sales Receipt 3/4/2008Sales Receipt 3/10/2008Sales Receipt 3/12/2008Sales Receipt 3/13/2008Sales Receipt 3/17/2008Sales Receipt 3/27/2008

Total 4020 Income -SEP Fund

4060 • Interest IncomeDeposit 4/30/2007Deposit 4/30/2007Deposit 6/30/2007Deposit 7/31/2007Deposit 7/31/2007Deposit 9/30/2007Deposit 10/31/2007Deposit 11 /30/2007Deposit 12/31/2007Deposit 1/31/2008Deposit 2/29/2008Deposit 3/31/2008

Total 4060 Interest Income

Total Income

Expense7010 • Pass Thru - Clean AirBill 4/30/2007

Total 7010 Pass Thru - Clean Air

Total Expense

Net Income

Num Name Memo Clr Sp li t Amount Ba l a nce

65 TEXAS PETOCHE SEP FUND 1299 Undepo 4,106 00 818,564 0066 HOUSTON REFINI SEP FUND 1299 Undepo 24,900 00 843,464 0067 GULF CHEMICAL SEP FUND 1299 Undepo 77,137 00 920,601 0068 KINDER MORGAN SEP FUND 1299 Undepo 5,000 00 925,601 0069 INEOS USA LLC SEP FUND 1299 Undepo 108,500 00 1,034,101 0070 VALERO REFININ SEP FUND 1299 Undepo 3,44000 1,037,541 0071 VALERO REFININ SEP FUND 1299 Undepo 23,410 00 1,060,951 0072 Exxon Mobil Corp SEP FUND 1299 Undepo 5,00000 1,065,951 0073 Chevron Phillips Ch SEP FUND 1299 Undepo 4,09400 1,070,045 0074 Exxon Mobil Corp SEP FUND 1299 Undepo 5,000 00 1,075,045 0075 SOUTIA, INC SEP FUND 1299 Undepo 22,798 00 1,097,843 0076 TEXMARK CHEMI SEP FUND 1299 Undepo 30,227 00 1,128,070 0077 VALERO REFININ SEP FUND 1299 Undepo 4,00000 1,132,070 00

1,132,070 00 1,132,070 00

JP MORGAN CHASE 04/2007 1010 Cash in 651 76 651 76JP MORGAN CHASE 05/2007 1010 Cash in 775 92 1,42768JP MORGAN CHASE 06/2007 1010 Cash in 880 24 2,307 92JP MORGAN CHASE 07/2007 1010 Cash in 1,129 73 3,43765JP MORGAN CHASE Deposit 1010 Cash in 1,203 94 4,641 59JP MORGAN CHASE Deposit 1010 Cash in 1,211 14 5,85273JP MORGAN CHASE Deposit 1010 Cash in 1,49099 7,34372JP MORGAN CHASE Deposit 1010 Cash in 1,47391 8,81763JP MORGAN CHASE Deposit 1010 Cash in 1,61093 10,428 56JP MORGAN CHASE 01/2008 1010 Cash in 1,48857 11,917 13JP MORGAN CHASE 02/2008 1010 Cash in 1,203 05 13,120 18JP MORGAN CHASE 03/2008 1010 Cash in 2,85269 15,972 87

15,972 87 15,972 87

1,204,042 87 1,204,042 87

HOUSTON-GALVE 2010 Accoun 3,37744 3,37744

3,377 44 3,377 44

3,377 44 3,377 44

1, 200 , 66 5.43 1, 200 , 665.43

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07/14/08 Income by Customer DetailAccrual Basis April 2003 th rough March 2007

Type Date Num Memo Account CIr Split Amount Balance

Air ProductsSales Receipt 9/11/2006 3 AERCO Cont 4020 Income -SE 1299 Undepo 2,080 00 2,08 0

Total Air Products 2,080 00 080 00

Chevron Phillips Chem Co LPSales Receipt 9/5/2006 2 AERCO Cont 4020 Income -SE 1299 Undepo 7,920 00 7,92000

Total Chevron Phillips Chem Co LP 7,920 00 7,920 00

Education Foundation of Harris CountySales Receipt 3/12/2007 20 SEP Fund 4020 Income -SE 1299 Undepo 39,584 83 39,584 83

Total Education Foundation of Harris County 39,584 83 39,584 83

EquistarSales Receipt 11/8/2006 7 AERCO Cont 4020 Income -SE 1299 Undepo 5,000 00 5,000 00Sales Receipt 11/15/2006 6 AERCO Cont 4020 Income -SE 1299 Undepo 15 00 5,015 00Sales Receipt 12/22/2006 12 AERCO Cont 4020 Income -SE 1299 Undepo 4,21200 9,22700

Total Equistar 9,227 00 9,227 00

Exxon Mobil Corp.Sales Receipt 10/10/2006 16 AERCO Cont 4020 Income -SE 1299 Undepo 2,67000 2,67000Sales Receipt 10/10/2006 17 AERCO Cont 4020 Income -SE 1299 Undepo 6,81300 9,48300Sales Receipt 10/13/2006 5 AERCO Cont 4020 Income -SE 1299 Undepo 22,300 00 31,783 00Sales Receipt 11/3/2006 9 AERCO Cont 4020 Income -SE 1299 Undepo 10,000 00 41,783 00Sales Receipt 11/6/2006 10 AERCO Cont 4020 Income -SE 1299 Undepo 5,00000 46,783 00Sales Receipt 1/29/2007 18 SEP FUND 4020 Income -SE 1299 Undepo 10,362 00 57,145 00

Total Exxon Mobil Corp 57,145 00 57,145 00

HARRIS COUNTY MUD NO. 150Sales Receipt 1/29/2007 19 Adopt a Scho 4010 . Income - Pri 1299 - Undepo 6,00000 6,00000

Total HARRIS COUNTY MUD NO 150 6,00000 6,00000

LubrizolSales Receipt 11/6/2006 11 AERCO Cont 4020 Income -SE 1299 Undepo 21,360 00 21,360 00

Total Lubrizol 21,360 00 21,360 00

LyondellSales Receipt 10/10/2006 14 AERCO Cont. . 4020 Income -SE 1299 Undepo 7,48000 7,48000

Total Lyondell 7,480 00 7,480 00

Millennium ChemicalsSales Receipt 11/15/2006 8 AERCO Cont 4020 Income -SE 1299 Undepo 6,42000 6,42000

Total Millennium Chemicals 6,420 00 6,420 00

NOVA Chemicals (USA) Inc.Sales Receipt 10/10/2006 15 AERCO Cont 4020 Income -SE 1299 Undepo 1,00000 1,000 0'

Total NOVA Chemicals (USA) Inc 1,00000 0 00

Page 1


07/14/08 Income by Customer DetailAccrual Basis April 2003 through March 2007

Type Date Num Memo Account Clr Split

Stan Trans Partners, L.P.Sales Receipt 12/20/2006 13 AERCO 4020 Income -SE 1299 Undepo

Total Stan Trans Partners, L P

Total Petrochemicals USA, Inc.Sales Receipt 8/18/2006 1

Total Total PetroChemicals USA, Inc

Varco, L.P.Sales Receipt 10/3/2006 4

Total Varco, L P

TOTAL

AERCO Cont 4020 Income -SE 1299 Undepo

AERCO Cont 4020 Income -SE 1299 Undepo

Amount Balance

2,680 00 26

2,680 00 680 00

1,490 00 1,490

1,49000 90 00

34,250 00 34,250 00

34,250 00 34,250 00

196,636.83 196,636.83

/y/, 40, °"

Page 2

A1-7-ZL /2^ - Foundation Center990s.foundationcenter.org/990_pdf_archive/760/760474318/...A Forthe 2007 calendar year, ortax year beginning April 01 , 2007, and ending March31 , 20

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