Community Reinvestment Fund Inc

“Executive committee is made up of the officer trustees and chairs of the other committees. Executive committees is delegated specific authority by the full board. The committee shall be comprised of the following board officers: chairperson, chief executive officer, and the chairs of the audit committee, finance and risk committee, and development, program and impact committee. The board chairperson shall be the chairperson of the committee. The chairperson shall preside at meeting of the committee and may invite various officers of crf to participate or provide reports on an occasional or standing basis to the committee.the committee shall exercise the power and authority as delegated by the board. As part of the committee's delegated authority to set the compensation and review the performance of the ceo and such other officers as it deems appropriate, the committee is responsible for setting the incentive pool through its review of the performance of the ceo in accordance with crf's compensation policy.”

“Subsequent to the initial board of trustees, a majority of the board shall consist of individuals appointed or elected by beneficiary organizations. As provided in the articles of incorporation, the class of beneficiary organization supported by the corporation is limited to local economic development organizations and units of federal, state, county or municipal government, or duly constituted agencies thereof, that focus their lending activities at economically distressed or declining areas, disadvantaged persons, neighborhood or community revitalization, or other section 501(c)(3) charitable purposes and that are classified as section 509(a)(1) or (2) organizations under the internal revenue code.”

“The form 990 is reviewed in detail by senior management before filing with the irs. A final copy of the return is sent to the board for a high level review prior to filing.”

“Because crf is a 509(a)(3) supporting organization, a majority of the governing board could qualify as potential clients. The board has chosen not to review individual loans. As a result, there is no longer a potential conflict issue in that area. Certain trustees are affiliated with financial institutions that may be involved with a crf transaction, and in those cases, the trustee abstains from any related vote. All trustees are covered under the conflict of interest policy. All employees are also covered under a conflict of interest policy and are required to disclose any actual or potential conflicts of interest as soon as possible. Trustee annually affirm conflict of interest policy and duty to disclose at each board meeting if subject of discussion or decision is potential conflict.”

“The board has approved a compensation policy to set the framework for executive and staff compensation based on a study performed by an independent compensation consultant. The executive committee of board approves compensation for the ceo based on a compensation study. The executive committee reviews a compensation study for senior executives. The most recent executive compensation study was completed during fiscal year 2017. The ceo approves compensation for other executive officers in accordance with the compensation policy. Compensation decisions are documented with the human resources department. Human resources worked with the ceo, president and a third party consultant to benchmark employee compensation to industry standards. The process described here was last completed in 2025.”

“The governing documents and conflict of interest policy are available to the public upon request. Audited financial statements are available on the organization's website.”