Mile High Community Loan Fund Inc

“In 2024, impact development fund (idf) overhauled their bylaws to update the style, formatting, and language, as well as necessary updates to align better with the current state of needs for the board and idf. This included removing language already listed in the colorado revised nonprofit corporation act (act) to eliminate redundancies and the need for constant updates when the act language is revised. Focus was instead placed on defining components the act stipulates are up to the discretion of a board and the organization. 1. Primary mission - new statement: removed "colorado" from the statement. - purpose: required for cdfi (community development financial institution) recertification. 2. Election and tenure (board of directors) - term length: extended from 2 to 3 years. - term limits: increased consecutive terms to include or 12 years, whichever is greater" for board members who leave and come back. 3. Officers - number of officer roles: reduced from a max of 25 to 15. 4. Executive board role descriptions - board president: removed language previously defining this as the chief executive officer with general control over operations and supervision of staff. - board treasurer: removed language previously defining this as the chief financial officer responsible for funds, securities, and financial assets. - immediate past president: added this defined role, who is the most recent past president. Role is not elected, rather automatically assigned. Role is meant to onboard and provide guidance to the new president. 7. Removal (officers) - ceo authority: added ceo authority to quickly remove officers only under the condition it is necessary to maintain certifications/compliance, with prior board notification. 8. Agent updates - executive director title changed to chief executive officer (ceo). - added a governance coordinator: responsible for board coordination, communication, scheduling, and compliance with the ability to adjust the duties and title, as needed.”

“The form 990 is presented to the board members through a secured website prior to filing. Before presented to the board, executive management reviews with the finance committee and the finance committee then recommends for acceptance by the board of directors.”

“The conflict of interest policy (cip) applies to all members and employees (i.e. Ceo). The cip is discussed annually at a board of directors meeting and board members sign annually to attest to their review and agreement to abide by the policy. The policy discusses in depth that board members and related parties may not obtain material gain, expectations of board members if/when their employer is an applicant for a loan, what constitutes a conflict of interest, disclosure requirements, expectations of board members, and penalties. The executive committee of the board, with input from the ceo, monitors for potential or actual conflicts of interests. The volume of vendor transactions is small and on sizeable purchases, multiple bids (either verbal or written) are obtained. On loan requests, staff disclose any potential conflicts to the credit committee as part of the credit committee presentation. The cip discusses the circumstances and process for a board member to disclose and not participate in or influence a decision. If there are any questions, disputes, or issues related to a conflict of interest matter, the board would make a final determination (legal counsel is also available if needed). Restrictions on a board member's participation are outlined in the policy.”

“The process for determining the ceo's salary includes a review of an industry group survey, the opportunity finance network survey, and the colorado nonprofit association's annual survey. The process was last taken at the end of 2024 and is performed annually. Annual performance increases are reviewed and compared with the two resources mentioned above.”

“Impact development fund's governing documents, conflict of interest policy, and financial statements are available upon request.”