The Community Economic Development Fund

“The organization has three classes of members; the public investment class, the private investment class, and the community investment class. Members are appointed in accordance with the organization's bylaws and public act chapter 133a establishing a community economic development program, as described below. No part of the income or net earnings of the organization is distributable to, or shall inure to the benefit of, any member.”

“Chapter 133a community economic development program - "sec. 8-240l. Board of directors. Duties. Goals. Establishment of affiliates. Provision of financial assistance. (a) the entity created pursuant to subsection (b) of section 8-240k shall be governed by a state-wide board of directors appointed as follows: five members shall be representatives of relevant state agencies and quasi-public agencies, appointed by the governor; one member shall be appointed by each investor who has committed an amount of money to the program established by subsection (a) of section 8-240k; and six members shall be persons of low or moderate income residing in public investment communities or targeted investment communities or representatives of nonprofit organizations the primary purpose of which is to serve low and moderate income, unemployed or underemployed residents of targeted neighborhoods, except that such members shall comprise not less than one third of the membership, one appointed by the speaker of the house of representatives, one by the president pro tempore of the senate, one by the majority leader of the house of representatives, one by the majority leader of the senate, one by the minority leader of the house of representatives and one by the minority leader of the senate. The board shall appoint the additional members. E) the entity may establish one or more local or state-wide affiliates to participate in implementation of the program established under subsection (a) of section 8-240k. Each affiliate shall be governed by a board of directors appointed by the entity. The board of the affiliate shall reflect the categories of membership as the membership of the board of directors of the entity."”

“A draft of the 990 is prepared and reviewed internally by the ceo, cfo and appropriate finance staff. A final draft is subsequently submitted to the joint executive committee, a committee comprised of the officers of both the community economic development fund foundation and community economic development fund corporation board, for review and discussion via email. The ceo and cfo are then authorized to sign and file the return. The final 990 return is submitted via email to the commnunity economic development fund foundation board of directors prior to signing and filing the return.”

“The board of directors meets on a regular basis and requires all new members to sign a conflict of interest statement which requires the director to promptly notify the board of any conflicts. The conflict of interest statement is also reviewed and signed annually by all employees, management and existing and continuing board members.”

“Personnel committees review and evaluate the executive director's performance. They also obtain listing of compensation for executive directors in similar type organizations and compensation for other non-profit organizations in the local area then present to the full board for comment and approval.”

“Cedf manages an account with guidestar.org and uploads the 990 post filing.”

“Governing documents are provided upon request and uploaded to cedf's profile on www.guidestar.org for public viewing.”

“Investment income cedf corp 75,644. Cummulative effect of change in accounting principle -1,723.”

“The organization has not changed it process from the prior year.”