Mile High Community Loan Fund Inc

“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 key employees (i.e. 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 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 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 2021 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.”

“In may 2021, the fund entered into an agreement with colorado housing and financing authority for the administration of path grant program. The path grant program aims to remove barriers to homeownership among black and african-americans in colorado through down-payment assistance of up to $20,000. The grant fund will serve borrowers in search of their first home and primary residence. During the year, the organization distributed total of $640,000 grant funds. In july 2021, the fund entered into an agreement with the colorado office of economic development and international trade ("oedit") for the administration of payments and application review and grant underwriting for the community revitalization colorado ("crc") grant program. Pursuant to the agreement, oedit determines the awarded organizations per an application process implemented by oedit and provides the grant funds and the fund is responsible for paying out the grant funds to the awarded organizations. The fund earns an administrative fee for administering the crc program. At december 31, 2021, grant funds held to be disbursed to awarded organizations amounted to $33,468,290.”

“The process has not changed from the prior year.”