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 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 organization 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 19 historic property owners who used private funds for the renovation. It administered the ward 13 - project area i and ii bond issue funds and a capital pool with the west broadway neighborhood association (wbna) to assist development on westminster street. In addition to these earmarked capital pools, the organization administered 8 other capital pools for the neighborhood loan program. At year end, a total of $46,700 in neighborhood loan commitments were pending closing.”

“Technical assistance was provided to sixteen 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 was rehabbed and now has 3 residential rental units and 2 commercial units. 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 2019, two units sold. 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 2019.”

“There have been no changes to the organization's oversight process with respect to its audited financial statements.”