Providence Revolving Fund Inc.

“The organization provides a draft copy of the form 990 to the management who reviews it in detail with the assistance of the external auditors. The committee then provides a copy to the board for discussion and approval at the next board meeting. Only after approval by the entire board is the form 990 filed with the irs.”

“Each year the organization's conflict of interest policy is provided to all officers, directors and key employees. These people are asked to review the policy and sign a statement indicating that they understand the policy and have reported all potential conflicts during the past year evaluated by the board to determine if a conflict actually exists. In those instances where the potential transaction is a conflict, the board examines the transaction and a vote is taken (with those recusing themsleves) as to whether the organization will enter into the transaction.”

“Annually the board conducts a performance review and evaluation of the executive director. The review also establishes the individual's compensation for the following year. This process involves the evaluation of the individual and a review of compensation of comparable positions obtained from the form 990 of similar organizations. The board's deliberation and decision is noted in the minutes of the meeting.”

“The organization does not make it governing documents, policies or financial statements available to the public as it does not believe a business purpose would be served. The oranization believes that sufficient information about programs and financial condition is available in the form 990 and will address any specific questions upon request.”

“The organization also provided technical assistance to seven homeowners who renovated their houses with private funds, totaling more than $128,835 of private investment. It administered the ward 13 - project area 1 and ii bond issue funds and a capital pool with the west broadway neighborhood association (wbna) to assist development on westminister street. In addition to these earmarked capital pools, the organization administered four other capital pools for the neighborhood loan program. At year end, a total of $293,000 in neighborhood loan commitments were pending and awaiting closing. In addition, $50,000 was committed to perform a limited scope of construction repairs on the property at 514 broadway.”

“The organization continued to implement the downcity storefront grant program. The program offers a matching grant of $5,000 per storefront to proprietors in downtown for storefront improvement. Four storefront grants totaling $37,000 were distributed during 2015, with an additional $89,780 in grants pending. Technical assistance was provided to 8 downtown properties in the form of tax credit, design, or storefront assistance. The organization also contracted with the providence foundation for downcity fund coordination, marketing and promotional activities.”

“Arnold building, 94-100 washington street: the fund is a member of 100 washington street, llc, which acquired this three-story historic property downtown. The building will be rehabbed and will result in 3 residential rental units and 2 commercial units. 46 moore street: this vacant foreclosed property was acquired in november 2014, and will be rehabilitated for a single-family homeowner earning less than 80% ami. Monohasset mill: the partnership between the organization and monohasset mill, llc continued in this fiscal year. The organization continues to monitor the ten home units and qualifies potential new buyers when the units come up for sale. In 2015, the organization was actively engaged in assisting two owners plan for sale of their units. Two of the units sold within the fiscal year. Pearl street lofts: the organization continues to monitor the four home units and qualifies potential new buyers when the units come up for sale. There were no units for sale in 2015.”