Nef Community Investments Inc

“National equity fund, inc, is the parent and sole voting member of nef community investments, 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 nef community investments, inc's board.”

“Same as line 6 explanation.”

“The form 990 for nef community investments, 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 and budget committee of the board of directors of national equity fund, inc., the parent organization of nef community investments, inc. The directors of nef community investments, inc. Have delegated responsibility to review the form 990 to the audit and budget committee of the parent organization. A copy of the final form 990 was sent to each member of the full board of nef community investments, inc. Prior to filing with the internal revenue service.”

“Nef community investments, 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 organization's conflict of interest policy, and disclose any potential conflicts annually. Any changes in status during the year should immediately be reported to the general counsel. 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 and budget 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.”

“Nef community investments, 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. Nef community investments, inc. Does not reimburse national equity fund, inc. For the compensation related to these employees. Compensation for senior management is determined by the talent development and compensation 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. Annually engages independent compensation consultants to provide comparability data for similarly qualified persons in functionally comparable positions at similarly situated organizations. The minutes of the talent development and compensation 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.”

“Nef community investments, inc's consolidated annual report is 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.”

“Consulting fees: program service expenses 57,292,369. Management and general expenses 12,968,828. Fundraising expenses 0. Total expenses 70,261,197.”

“Capital contributions to national equity fund, inc. -5,600,000.”