Grow America Fund Inc

“The national council for community development, inc d/b/a the national development council is the sole member of grow america fund, inc.”

“The national council for community development, inc d/b/a the national development council as the sole member it has the right to elect the directors of the corporation.”

“The form 990 was prepared by outside tax preparers in consultation with management and auditors. A draft of the full form 990 was provided to entire board for review. A complete copy of the final form 990 was provided to the organization's entire board before it was filed with the irs.”

“All members of the grow america fund, inc. ("gaf") board of directors and executive employees are required to annually execute a conflict of interest and compensation guidelines acknowledgement stating that they have received, read and understand, and agree to comply with the conflict of interest and compensation guidelines. The conflict of interest and compensation guidelines requires board members and executive employees to disclose any potential conflicts of interest immediately. The chairperson of the board will upon notification of such an event appoint a disinterested person or committee to investigate alternatives to the proposed transaction. Violations of the conflict of interest policy can result in appropriate disciplinary and corrective action. Also, all board members, by executing the conflict of interest and compensation guidelines, acknowledge that they share the responsibility of gaf to remain faithful to the organization's charitable purposes.”

“The documents are available by request.”

“All of the organization's board members work for the parent organization national council for community development. While one is independent the independent board of directors of the parent oversees the organization's operations and actions.”

“The grow america fund, inc. ("gaf") has a primary mission to create economic opportunity, stimulate investment, and to encourage entrepreneurship in low-income communities by financing businesses and entrepreneurs that invest in those disadvantaged communities, and/or create jobs for low-income unemployed and under-employed individuals. Gaf, a licensed u.s. Sba small business lending company, and u.s. Department of the treasury certified community development financial institution, provides access to capital for business expansion structured with longer amortization terms and lower interest rates. These lending terms serve to decrease debt service costs and improve the borrower's operating cash flow, giving businesses a financial advantage that helps strengthen both the economic base of the business, and the community.”

“Gaf provides longer term, lower interest rate small business loans that enable small businesses to create jobs, stimulate investment, and expand the entrepreneurial and small business base in low-income communities. To date gaf has provided more than 3,300 loans with total lending volume in excess of $512 million. Gaf not only provides loans with favorable below market terms but also provides individual business counseling at application and continuing through the entire term of the loan. Loans are matched to the needs of the individual business and carry below market rates and terms. To assist the borrower, gaf caps closing costs and provides business counseling at no cost to the small businesses. Gaf lends in distressed communities in an eleven-state market where the poverty level is double the national average.”

“The amounts reported on lines 7-9 related to expenses paid by the parent company (national council for community development ein 13-6532871) and allocated to the organization.”