Mile High Community Loan Fund Inc

“The Form 990 is presented to the board members through a secured website prior to filing.”

“The conflict of interest policy (CIP) applies to all members and key employees (ie Executive Director). 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 Executive Director, monitors for potential or actual conflicts on 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 Loan Committee as part of the Loan 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 Executive Director, in consultation with the Executive Committee, 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 Executive Director'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 undertaken for the Executive Director position in 2020 and is performed biennially. 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.”

“No changes have been made from the prior year.”