Trf Enterprise Fund Inc.

“Except for the initial board of directors, which was constituted in the articles of incorporation, the board of directors shall be elected by the sole member. The sole member of this corporation shall be the reinvestment fund, inc. The reinvestment fund, inc. Is a related 501(c)(3) organization that trf enterprise fund, inc. Supports.”

“The organization has engaged an independent firm (rsm us llp) to prepare form 990 in accordance with our audited consolidated financial statements. The form 990 is then reviewed by the governing body before filing the form.”

“Comprehensive conflict of interest questionnaire is distributed annually to all board members. Upon receipt of the questionnaire, all board members have 60 days to return the completed questionnaire to the reinvestment fund's corporate secretary. The completed questionnaires are reviewed and monitored by the reinvestment fund's corporate secretary and any potential conflicts are communicated to the organization's management and board.”

“The compensation committee of the board of directors of the reinvestment fund, inc. Determines the compensation of the organization's ceo through a variety of sources, including competitor data and surveys. Additionally, every couple of years the organization engages the services of an independent consultant to provide an opinion on the reasonableness of the compensation plan for the ceo and senior management using comparative data and survey date. The opinion letter for the ceo and senior management compensation is sent directly to the chairman of the board. The organization will have this service and opinion letter performed again in 2021.”

“The organization makes it's governing documents, conflict of interest statement, form(s) 1023, 990 and financial statement available for public inspection upon request for the same period of disclosure as set forth in section 6104(d). Availability is made through its offices at 1700 market street, 19th floor, philadelphia, pa 19103. The organization's consolidated financial statements are also available on the reinvestment fund's website.”

“During 2020, the organization also originated paycheck protection program ("ppp") loans. In accordance with federal law, efi is regulated by the pennsylvania department of banking and securities and is licensed to do business under the consumer discount company act.”

“Capital contributions 450,000.”

“Contributions of operating capital from parent organization (the reinvestment fund, inc.). The reinvestment fund, inc. (trf) contributed capital to trf enterprise fund, inc. (efi) so efi would have cash available to fund ppp loans. As efi receives forgiveness payments from the sba, efi has been distributing the funds back to trf. Trf is a 501(c)(3) public charity described in section 170(b)(1)(a)(viii). This has been denominated as a fund balance transfer because it would be an unusual grant if denominated as a contribution from one tax exempt entity to another.”