Cleveland Development Advisors Community Reinvestment Fund Inc.

“The Organization has entered into a Management Agreement with The Greater Cleveland Partnership (GCP) to provide professional staffing, office space, back office services, and IT services for the day to day operating needs of the organization. The following officers were employees of GCP and therefore were compensated by GCP as employees during 2021: - Yvette M. Ittu, President. Ms. Ittu received $39,174 of reportable compensation and $6,150 of other compensation from GCP for services provided to the organization. -Joseph D. Roman, Second Vice Chairman. Mr. Roman receives compensation as an employee of GCP, but serves on the board of the Organization in the same capacity as all other volunteer board members. - Debra Janik, Treasurer. Ms. Janik receives compensation as an employee of GCP, but serves on the board of the Organization in the same capacity as all other volunteer board members.”

“The Organization's sole member is Cleveland Development Advisors, Inc. (CDA).”

“The CDA Board Members and Officers serve as the Directors and Officers of the Organization.”

“Staff, in conjunction with tax preparers, compiles the information needed to complete the Form 990. Upon completion, management conducts a detailed review of the return and makes final adjustments, if necessary. The returns are provided to the Audit Committee for detailed review and comment. The final version of the Form 990 is provided electronically and/or by hard copy to each board member for review prior to submission.”

“The board of Directors and staff of the organization are expected to maintain the highest ethical standards in conducting the business of the Organization. The board and staff conflict of interest policies are intended to provide clear guidance to ensure that the Organization's business is conducted with integrity, and in compliance with all applicable laws, and in a manner that excludes considerations of personal advantage or gain. All board and staff members shall annually receive a reminder of their agreement to comply with the policy and sign a declaration indicating their acceptance. Any violation of the board policy will subject a board member to appropriate action, up to and including removal from the board. When questions arise concerning any aspect of this policy, board members are encouraged to contact the board chair. Violations of this policy should be reported to the board chair or the confidential and independent 24-hour helpline provider, Navex Global. The members of the Governance Committee shall make a determination as to whether a conflict exists and what subsequent action, if any, is appropriate. The Governance Committee shall inform the Board of such determination and action. The Board shall retain the right to modify or reverse such determination and action, and shall retain the ultimate enforcement authority with respect to the interpretation and application of this policy. The President and/or designee shall make a determination regarding staff members as to whether a conflict exists and what subsequent action, if any, is appropriate. Any violation of the staff policy will subject the employee to discipline, up to and including immediate discharge. When questions arise concerning any aspect of this policy, or to report violations, employees should contact the human resources department or the confidential and independent 24-hour helpline provider.”

“No documents are made available to the public. The organization provides information upon request by the public.”

“Through the work and experience CDA-CRF has focused on since 2019 as part of the Opportunity CLE Neighborhood Collaborative, significant gaps in Cleveland's development ecosystem have been highlighted, especially for emerging developers of color. In 2021, CDA-CRF focused on building its own development services platform, known as CDA's Advancing Equitable Development Program, which will help to promote equitable development through the following ways i) educate and train new and diverse community based developers to build capacity; ii) guide and mentor emerging and underserved developers with their projects directly through third party experts, which would include financial support to pay for the third party experts; and iii) provide financial products that will provide predevelopment access to capital to combat racial wealth gap.”

“The expenses under Line 11a, Management, represent the expenses incurred by Greater Cleveland Partnership ("GCP"), an Ohio non-profit corporation that is a section 501(c)(6) organization. CDA-CRF has contracted with GCP to assist it in providing management services for day to day operations including employees, facility space, IT, computers, etc.”

“The expenses listed under line 11g represent consulting expenses paid to various companies, none of which exceeded $100,000.”

“Line 2(b): The Organization has an independent audit completed by independent accountants approved by the Board of Directors. The audit is prepared on a consolidated basis, which includes the combined activity of the Organization and the activity of Cleveland New Markets Investment Fund II, LLC (CNMIF II). On July 31, 2017, the organization became a 99.9% owner of CNMIF II, which requires the consolidation of CNMIF II under GAPP. The audit includes supplemental schedules breaking out the activity between the Organization and CNMIF II. Line 2(c): Audit Committee Role: The organization has established an Audit, Finance and Compliance committee for oversight of audits and independent accountants. The committee is responsible for the oversight of the audit and selection of the independent accountants each year. Line 3(a) & 3(b) In 2021, CDA-CRF received two federal awards from the Community Development Financial Institutions Fund (CDFI Fund) totaling $2,383,265. This includes $1,826,265 from CDFI Fund Rapid Responses Program and $557,000 from CDFI Financial Assistance Program. CDA-CRF did expense more than $750,000 of federal awards in 2021 and as a result, CDA-CRF was required to have a Single Audit as required by the Uniform Guidance. The audit was conducted by independent auditor in accordance with Government Auditing Standards (GAAS) and the Uniform Guidance.”