National Equity Fund Inc

“Section a, lines 6 & 7a local initiatives support corporation ("lisc") is the parent and sole voting member of nef, inc. Lisc is a section 501(c)(3) public charity whose mission is to transform distressed urban and rural communities into healthy and sustainable communities. Lisc carries out this charitable mission by marshaling public and private sector resources to provide local community development organizations with technical and management assistance and financial support. Lisc approves and appoints all board members to nef inc.'s board.”

“Section b, line 11b nef's form 990 is prepared by an independent accounting firm based on information provided by the organization and in consultation with nef staff members. The draft prepared by the accounting firm is then reviewed by nef's finance and legal departments. The final draft is then sent to the audit committee of the board of directors. Nef's board of directors has delegated responsibility to review and approve the form 990 to the audit committee. A copy of the final version of the form 990 is provided to each member of the full board of directors prior to filing with the internal revenue service.”

“Section b, line 12c nef has a conflict of interest policy covering its board members and officers. All directors and officers are required to certify their compliance with the company's conflict of interest policy and disclose any potential conflicts annually. The general counsel is responsible for reviewing the certifications and any disclosures. If a potential conflict of interest is reported, it is the general counsel's responsibility to determine whether or not a conflict does, in fact, exist and to review the situation with the ceo, the chairman of the board, and the chairman of the audit committee to determine how the issue should be resolved. A conflicted officer or board member would be excluded from participating in deliberations and decisions concerning the matter.”

“Form 990, part vi, section b, lines 15a and 15b compensation for senior management is determined by the personnel committee of nef's board of directors. No individuals with a conflict of interest may be involved in the compensation determination process. Nef periodically engages independent compensation consultants to provide comparability data for similarly qualified persons in functionally comparable positions at similarly situated organizations. The minutes of the personnel committee document the committee's deliberations and decisions regarding compensation.”

“Section c, line 19 nef makes its financial statements available to the public on its website. It does not currently make its governing documents or conflict of interest policy available to the public.”

“Organization's mission national equity fund, inc. ("nef, inc.") is dedicated to supporting the development and preservation of high-quality affordable rental housing that underpins the sustainable revitalization of disinvested communities. Nef, inc. Is a leading national syndicator of low-income housing tax credits. It serves as the general partner or managing member of investment funds that place equity investments in project limited partnerships and limited liability companies that acquire, construct, operate and rehabilitate low-income housing projects. In addition, nef, inc. Provides and/or facilitates predevelopment grants and loans, permanent and construction financing and various levels of technical assistance and asset management to support our partners' development efforts. Nef, inc. Was created in 1987 by local initiatives support corporation (lisc), a section 501(c)(3) public charity, in the wake of the tax reform act of 1986, which enacted the low-income housing tax credit. Lisc wanted to make sure that the capital attracted by the credit made its way to the areas that needed it most. In the intervening years, nef inc.'s success has helped transform the credit into a mainstream investment tool with a lasting impact on both individuals and their communities. The fundamental tenet with which nef began still holds true: strong, vibrant communities flow from the efforts of developers, residents, community groups and others focused on the unique needs of their neighborhoods. Those needs may differ from state to state and from town to town but the importance of quality affordable housing to community revitalization and stability is a constant. Nef, inc. Understands how the concept of "home" anchors a community, how it helps nurture local culture and support long-term stability. That's why, together with our parent lisc, we are helping neighbors build communities. Nef, inc.'s portfolio includes over 2,494 low-income projects that respond to a diversity of local housing concerns. In both urban and rural communities, we invest tax-credit equity in multifamily and single-family developments, as well as in supportive housing, public housing revitalization, assisted living and historic rehabilitation. The nef, inc. Track record ---invested more than $13.3 billion to support over 2,494 projects. ---financed the development of 158,907 homes. ---partnered with more than 1,018 non-profit and for-profit developers ---helped revitalize communities in 46 states + the district of columbia, puerto rico, and the virgin islands. How we work nef, inc. Is an intermediary. Each year, we raise capital to create multi-investor pools and single-investor funds. We then invest that equity in affordable housing projects that have been allocated low-income housing tax credits by their state or local housing finance agency. Our projects nef, inc.'s portfolio includes over 2,494 projects that respond to a diversity of local housing concerns. In both urban and rural communities, we invest tax-credit equity in multifamily and single-family developments, as well as in supportive housing, public housing revitalization, assisted living and historic rehabs. Our sponsor partners for 30 years, nef inc has collaborated with local and national affordable housing developers in 776 cities and towns across the country. Our partners are as diverse as our projects, including local community development corporations, public housing authorities, national non-profit groups and for-profit developers with a commitment to community development. Because of our roots as a nonprofit, we share their passion for developing high-quality, affordable housing that is responsive to community needs; as a seasoned financial intermediary, we have the technical and financial tools to support those efforts.”

“OTHER CHANGES IN NET ASSETS Capital Contributions to Related Orgs - $ (62,500) CAPITAL CONTRIBUTIONS FROM RELATED ORGS - $ 3,000,000 RECOVERY OF PRIOR YEAR GRANT - $ 47,200 ---------- $ 2,984,700”