Trufund Financial Services Inc

“During the year, the organization's bylaws were amended to (i) eliminate the "member" class and clarify that governance is conducted solely through the board of directors, (ii) expand the maximum potential board size and extend director terms from one to two years, and (iii) update the committee structure to add governance, investment, and resource development committees while modernizing oversight roles.”

“The form 990 is prepared by the director of finance and other related staff, in conjunction with external tax advisory support. It is the policy of the organization to circulate a draft version of the form 990 for review by the executive staff and the governing board prior to its submission to the irs.”

“In order to conform to our conflict of interest policy, all officers, directors and key employees are required on an annual basis to sign an acknowledgment which states that they are not aware of any conflicts of interest. The acknowledgments are reviewed by the director of finance. If it was determined there was a conflict the individual would recuse themselves from all discussions regarding the matter.”

“The ceo compensation is reviewed by the board of directors, using comparable data, including form 990 of other organizations, and this process is documented in the board minutes. For all other officers, and key employees of the organization, tfs reviews available compensation data, including employee compensation surveys and salary levels in relevant job postings by its competitors. Tfs also assigns an internal job grade to each job position within each job grade tfs applies an allowable salary range.”

“The organization's form 990, conflict of interest policy, and governing documents are available upon request at its headquarters.”

“To provide financing and technical assistance to small businesses, principally minority and women-owned business enterprises, and non-profit organizations.”

“Trufund financial services' (tfs) mission is to promote & foster economic development in underserved communities & among disadvantaged populations by offering affordable capital and capacity building technical assistance (ta) to small businesses and not-for-profit organizations that have difficulty accessing conventional capital markets.”

“Trufund has also developed a strong track record of working with state and local government agencies to design and implement small business loan programs to help them recover from natural and man-made disasters. Trufund has successfully operated several small business disaster recovery programs following both natural and man-made disasters in new york city and louisiana. Trufund's wholly-controlled subsidiary, empowerment reinvestment fund llc (erf), utilizes new market tax credits (nmtc) to finance largescale projects in underserved markets that act as catalysts for community development and generate significant community impacts in the form of new or retained jobs, community services or increased economic opportunity. When possible, trufund combines the availability of the organization's leverage loan program with the use of nmtcs in an effort to maximize support for financially viable, high impact projects, with an emphasis on projects that create opportunity for surrounding small businesses.”

“Change in investment in erf -1,621,576. Unrecoverable grant funding -1,059,165. Government recoveries -41,480.”