New York Equity Fund Inc

“Section a. Lines 6 & 7a national equity fund, inc. Is the parent and sole voting member of nyef, inc. National equity fund, inc. Is a section 501(c)(4) tax-exempt organization whose mission is to facilitate low-income housing development and community development. National equity fund, inc. Approves and appoints all board members to nyef, inc.'s board.”

“Section b. Line 11b the form 990 for new york equity fund, inc. Is prepared by an independent accounting firm based on information provided by the organization. The draft return is then reviewed by the finance and legal departments, and any appropriate changes are made. The final draft of the return is then sent for review and approval to the audit committee of the board of directors of national equity fund, inc., the parent organization of new york equity fund, inc. The directors of new york equity fund, inc., who all also serve as directors of national equity fund, inc., have delegated responsibility to review the form 990 to the audit committee of the parent organization. A copy of the final form 990 is made available to the full board of directors of new york equity fund, inc. Prior to filing with the internal revenue service.”

“Section b. Line 12c nyef, inc. 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. Any changes in status during the year should immediately be reported to the individual's supervisor or the legal department. 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.”

“Section b. Line 15a new york equity fund, inc. Does not have any employees. Its operations are carried out by employees of its parent organization, national equity fund, inc., a section 501(c)(4) tax-exempt organization. New york equity fund, inc. Does not reimburse national equity fund for the compensation related to these employees. Compensation for senior management is determined by the personnel committee of national equity fund, inc.'s board of directors. No individuals with a conflict of interest may be involved in the compensation determination process. National equity fund, inc. 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. Due to the instructions for line 15, the organization must answer "no" since compensation is not paid directly from the organization.”

“SECTION C. LINE 19 NYEF, INC.'S CONSOLIDATED FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBSITE OF ITS PARENT ORGANIZATION, NATIONAL EQUITY FUND, INC. IT DOES NOT CURRENTLY MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. Part IX Functional Expenses Line 11G, Column A NEF Consulting Fees $844,332 ----------- Total Other Fees $844,332”