Los Angeles Development Fund

“The organization does not have committees with authority to act on behalf of the governing body.”

“Form 990 is presented to the los angeles development fund's governing board prior to filing. Any board comments are incorporated and the revised form presented at the following governing board meeting.”

“Most board members and officers are required to file form 700, statement of economic interest, annually. The remainder are required to file form cec 11 annually. These forms are reviewed by the city ethics commission, who would report any violations to los angeles development fund (ladf). Ladf would then present any violations to the ladf governing board.”

“Compensation for sandy rahimi, secretary and manager, was determined by market comparison to the position at the community redevelopment agency (cra) that was created to manage ladf, vis a vis the management services contract between ladf and cra effective from feb. 2009 to feb. 2013. The compensation was reviewed and approved by the ladf president, and subsequently reviewed and approved by the ladf governing board.”

“The organization's governing documents, conflict of interest policy and financial statements are available for public inspection upon request during regular business hours.”

“Description of organization's mission: the specific purpose of the organization is to assist in carrying out the economic development program and objectives of the city of los angeles to promote the development, establishment or expansion of industries and commerce by, among other things, generating private investment capital through the new markets tax credit ("nmtc") program that can be made available for investments in "low-income communities" (as defined in the law and regulations governing the nmtc program). The primary mission of the organization shall be to assist in the implementation of economic development programs and activities of the municipal corporation of los angeles, including its departments and offices, and to serve, or provide investment capital for, low-income communities or "low-income persons" (as defined in the laws and regulations governing the nmtc program). At least sixty percent (60%) of the products and services of the organization shall be directed toward low-income communities or low-income persons. The organization's activities shall target particularly economically distressed communities within the city of los angeles. In order to fulfill this purpose, the organization has been certified as a community development entity. The organization has applied and shall continue to apply for allocations of nmtcs under the nmtc program. Upon receipt of an allocation of nmtcs, the organization will sub-allocate such nmtcs to one or more for-profit subsidiaries established in accordance with the laws and regulations governing the nmtc program for purposes of making "qualified low-income community invvestments" (as defined in the laws and regulations governing the nmtc program) in low-income communities in the city of los angeles.”

“Consultants - compliance: program service expenses 80,984. Management and general expenses 0. Fundraising expenses 0. Total expenses 80,984. Consultants - loan servicing: program service expenses 63,450. Management and general expenses 0. Fundraising expenses 0. Total expenses 63,450. Consultants - nmtc application: program service expenses 15,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,000.”

“Investment income - ladf management, inc. -3,645.”