2022-04-26T12:49:29-05:00 2021-12-31 390859910 BAKER TILLY US LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2021-01-01 411380923 FAMILY HOUSING FUND FAMI 6123759644 310 4TH AVENUE SOUTH 9000 MINNEAPOLIS MN 55415 ELLEN K SAHLI PRESIDENT 6123759644 2022-04-18 1 ELLEN SAHLI XXX-XX-XXXX LAWRENCE H MOHR CPA P00447603 6128764500 2022-04-18 X 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ELLEN K SAHLI 310 4TH AVENUE SOUTH 9000 MINNEAPOLIS MN 55415 42356474 0 X WWW.FHFUND.ORG X 1980 MN TO HELP THE AFFORDABLE HOUSING NETWORK ADAPT TO THE NEEDS OF FAMILIES IN COMPLEX AND CONSTANTLY CHANGING CONDITIONS. 23 23 7 24 0 0 4860950 41647462 1082625 701504 59591 4890 8227 1593 6011393 42355449 2419312 35969743 0 0 1107666 1050624 0 0 148246 1471845 4009637 4998823 41030004 1012570 1325445 49630073 55836528 5663536 9017058 43966537 46819470 X THE FAMILY HOUSING FUND IS A NONPROFIT INTERMEDIARY ORGANIZATION WHOSE MISSION IS TO HELP THE AFFORDABLE HOUSING NETWORK ADAPT TO THE NEEDS OF FAMILIES IN COMPLEX AND CONSTANTLY CHANGING CONDITIONS. 0 0 31175220 31175220 DURING 2021, THE FUND ENTERED INTO SUBRECIPIENT AGREEMENTS WITH MULTIPLE JURISDICTIONS TO DISTRIBUTE FEDERAL EMERGENCY RENTAL ASSISTANCE FUNDS TO ASSIST TENANTS AFFECTED BY THE COVID-19 PANDEMIC. THE FUND MANAGED A LANDLORD-BASED PROGRAM CALLED THE ZERO BALANCE PROJECT FOR FIVE JURISDICTIONS (MINNEAPOLIS, SAINT PAUL AND HENNEPIN, RAMSEY AND DAKOTA COUNTIES) THAT ALLOWED LANDLORDS TO SUBMIT MULTIPLE APPLICATIONS ON BEHALF OF TENANTS ALL AT ONCE. LANDLORDS WERE ABLE TO SUBMIT REQUIRED DOCUMENTATION (SUCH AS LEASE OR RENT LEDGER) BEFORE THE TENANTS PROVIDED THEIR REQUIRED DOCUMENTATION (SUCH AS INCOME). THIS PROVIDED GREATER EFFICIENCY FOR LANDLORDS WITH MULTIPLE BUILDINGS AND TENANTS AND EASED THE BURDEN FOR TENANTS WHO WERE IN FINANCIAL DISTRESS. THE FUND ALSO ADMINISTERED A TENANT BASED PROGRAM FOR DAKOTA COUNTY. RENTAL ASSISTANCE FOR TENANTS PROVIDED FROM THE ZERO BALANCE PROJECT IN 2021 TOTALED $27,520,227. RENTAL ASSISTANCE FOR TENANTS FROM THE DAKOTA COUNTY PROGRAM IN 2021 TOTALED $3,654,993. 3786224 3394000 INCREASE SUPPLY: THE OVERARCHING GOAL OF THE INCREASE SUPPLY PROGRAM AREA IS TO ENSURE A FULL RANGE OF HOUSING CHOICES ACROSS THE REGION BY INCREASING THE AVAILABLE SUPPLY OF AFFORDABLE HOUSING UNITS. TO ACCOMPLISH THIS, THE FUND LEADS AND COORDINATES ACTIVITIES RELATED TO THE NEW PRODUCTION AND PRESERVATION OF GOVERNMENT ASSISTED AND UNSUBSIDIZED AFFORDABLE HOUSING, IN PARTNERSHIP WITH PUBLIC AND PRIVATE PARTNERS. 1593108 1168000 EXPAND OPPORTUNITIES: THE OVERARCHING GOAL OF THE EXPAND OPPORTUNITIES PROGRAM AREA IS TO IMPROVE FAMILIES' ACCESS TO HEALTHY, AFFORDABLE HOMES THROUGHOUT THE REGION. TO ACCOMPLISH THIS, THE FUND LEADS AND COORDINATES ACTIVITIES THAT ADDRESS LIMITS TO FAMILIES' CHOICES IN HOUSING AND IMPROVE FAMILIES' INTERACTION WITH THE AFFORDABLE HOUSING SYSTEM, IN PARTNERSHIP WITH PUBLIC AND PRIVATE PARTNERS. 3798265 232523 701504 ACTIVATE MORE HOUSING CHAMPIONS: EXPENSES: $402,735, GRANTS: $32,523THE FUND EXPANDS PUBLIC UNDERSTANDING OF THE VALUE OF AFFORDABLE HOUSING AND PUBLIC WILL TO WORK TOGETHER TOWARD HOUSING SOLUTIONS IN THE CONTEXT OF A COMPREHENSIVE REGIONAL APPROACH THAT SERVES ALL COMMUNITIES AND THEIR RESIDENTS.OTHER: EXPENSES: $3,395,530, GRANTS: $200,000, REVENUE: $701,504THE FUND CONTINUES TO SERVE AS THE FISCAL SPONSOR FOR SEVERAL INITIATIVES TO END HOMELESSNESS. THE FUND ALSO CONTINUES TO WORK WITH LOCAL GOVERNMENTS, NONPROFIT ORGANIZATIONS, AND THE MORTGAGE COMPANY INDUSTRY TO HELP LOW AND MODERATE-INCOME FAMILIES BECOME SUCCESSFUL HOMEOWNERS. THE FUND MAINTAINS RESOURCES TO IDENTIFY EMERGING ISSUES THAT AFFECT THE AFFORDABLE HOUSING NETWORK AND TO HELP DEVELOP STRATEGIES TO ADDRESS THESE ISSUES. 3798265 232523 701504 40352817 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 439 0 7 1 0 0 0 0 0 0 0 0 0 0 0 0 X 23 23 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X X X ELLEN K SAHLI 6123759644 310 4TH AVE SOUTH STE 9000 MINNEAPOLIS MN 55415 ALENE TCHOURUMOFF CHAIRPERSON 2.00 X X 0 0 0 JENNIFER ANDERSON VICE PRESIDENT/TREASURER 3.00 X X 0 0 0 JOHN QUINCY VICE PRESIDENT 3.00 X X 0 0 0 REBECCA NOECKER VICE PRESIDENT 3.00 X X 0 0 0 ANDREA BRENNAN VICE PRESIDENT 3.00 X X 0 0 0 AMY MCCULLOCH DIRECTOR 2.00 X 0 0 0 AMY STETZEL DIRECTOR 2.00 X 0 0 0 NICHOL L BECKSTRAND DIRECTOR 2.00 X 0 0 0 MITRA JALALI DIRECTOR 2.00 X 0 0 0 LISA GOODMAN DIRECTOR 2.00 X 0 0 0 LAURA HELMER DIRECTOR 2.00 X 0 0 0 CRAIG KLAUSING DIRECTOR 2.00 X 0 0 0 AMANDA KOONJBEHARRY DIRECTOR 2.00 X 0 0 0 ELENA GAARDER DIRECTOR 2.00 X 0 0 0 KAYLA SCHUCHMAN DIRECTOR 2.00 X 0 0 0 JONATHAN WEINHAGEN DIRECTOR 2.00 X 0 0 0 MOLLY CUMMINGS DIRECTOR (OUTGOING) 2.00 X 0 0 0 WILLIAM DROSTE DIRECTOR 2.00 X 0 0 0 D'ANGELOS SVENKESON DIRECTOR 2.00 X 0 0 0 CAM GORDON DIRECTOR 2.00 X 0 0 0 AARICA COLEMAN DIRECTOR 2.00 X 0 0 0 CHRIS FERGUSON DIRECTOR 2.00 X 0 0 0 DANIELLE GRANT DIRECTOR 2.00 X 0 0 0 KIZZY DOWNY DIRECTOR 2.00 X 0 0 0 ELLEN K SAHLI PRESIDENT 40.00 X 218454 0 43893 COLLEEN EBINGER VICE PRESIDENT 40.00 X 169794 0 19012 388248 0 62905 0 0 1 0 CLIFTON LARSON ALLEN 220 S 6TH ST STE 300 MINNEAPOLIS MN 55402 ACCOUNTING & ADMINISTRATIVE SERVICES FOR 2840908 HOUSING LINK 1400 VAN BUREN ST NE SUITE 215 MINNEAPOLIS MN 55413 GRANTS & CONSULTING ON RENTAL PROPERTY S 191321 2 34825964 6821498 41647462 INTEREST-HOUSING LOAN 624200 694869 694869 FEE INCOME 541610 6635 6635 701504 4890 4890 1025 1025 0 MISCELLANEOUS 624200 1593 1593 1593 42355449 701504 0 6483 4794523 4794523 31175220 31175220 451153 279817 122219 49117 444410 275634 120392 48384 46268 28697 12534 5037 53616 33254 14525 5837 55177 34222 14948 6007 74368 72231 2137 109305 109305 84000 84000 3790098 3744340 45758 128079 79437 34698 13944 53863 33407 14592 5864 12711 11237 1474 79996 79996 211026 181455 21094 8477 51246 31784 13883 5579 REPORTS AND COMMUNICATI 1622 240 1382 INTEREST FORGIVEN 721 721 PROVISION FOR LOAN LOSS -238148 -238148 RELEASE OF LOAN GUARANT -350000 -350000 750 750 41030004 40352817 528941 148246 715457 3458662 8816717 13135249 3650000 1552000 16601 1267491 48753 55733 494333 326451 245745 167882 36136800 36199511 49630073 55836528 64147 1109475 964000 3633000 178962 165641 3879377 3870140 577050 238802 5663536 9017058 X 39895865 41628323 4070672 5191147 43966537 46819470 49630073 55836528 X 1325445 -213 1527701 X 0 1 X 1 0 X X 4 CITY OF ST PAUL 416005521 6 1 0 0 CITY OF MINNEAPOLIS 416005375 6 1 0 0 METROPOLITAN COUNCIL 416008898 6 1 0 0 MINNESOTA HOUSING FINANCE AGENCY 411599130 6 1 0 0 4 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 PART IV, SECTION B, LINE 2: AS A SUPPORTING ORGANIZATION OF GOVERNMENT, THE FAMILY HOUSING FUND WORKS COLLABORATIVELY WITH MINNESOTA HOUSING, THE METROPOLITAN COUNCIL, AND THE CITIES OF MINNEAPOLIS AND ST. PAUL, SUPPORTING THEIR HOUSING POLICIES AND PROGRAMS AND DELIVERING TESTED SOLUTIONS TO HOUSING CHALLENGES. THE FOUR GOVERNMENT ENTITIES APPOINT FOUR MEMBERS EACH TO THE FAMILY HOUSING FUND BOARD OF DIRECTORS. APPOINTMENTS BY GOVERNMENT PARTNERS RANGE FROM AGENCY LEADERSHIP, TO ELECTED OFFICIALS, TO COMMUNITY MEMBERS. THROUGH THEIR APPOINTED REPRESENTATION, EACH GOVERNMENT AGENCY PARTICIPATES IN GOVERNANCE OF THE FAMILY HOUSING FUND, INCLUDING FINANCIAL OVERSIGHT AND SETTING THE STRATEGIC DIRECTION. THIS INCLUDES THE APPROVAL OF GRANTS BEING AWARDED TO ORGANIZATIONS OTHER THAN THE SUPPORTED ORGANIZATIONS MENTIONED ABOVE. DETAILED DISCUSSIONS DURING BOARD MEETINGS SURROUNDING EACH GRANT AWARD CONSIDERED ENSURES THAT GRANTS AWARDED BY THE FAMILY HOUSING FUND FURTHER THE EXEMPT PURPOSE OF THE FAMILY HOUSING FUND AND ITS SUPPORTED ORGANIZATIONS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 84000 84000 40120571 40204571 1000000 250000 0 0 316643 323049 412197 1000000 2051889 3077834 73116 84101 84000 84000 325217 79161 80762 103049 250000 512972 769458 0 0 0 0 285471 151295 134176 208862 175156 33706 167882 NET LOAN RECEIVABLE 36199511 F 36199511 LOAN PAYABLE - HENNEPIN COUNTY 238802 238802 X 43882937 -213 1527701 1527488 42355449 0 42355449 41030004 0 41030004 0 41030004 PART X, LINE 2: THE FUND FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY THE FUND FOR UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2021 AND 2020. THE FUND'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN FROM DECREASE IN PRESENT VALUE DISCOUNT OF LOANS RECEIVABLE 1,527,701. 1 MN COALITION FOR THE HOMELESS 2233 UNIVERSITY AVE W STE 434 SAINT PAUL MN 55114 411601248 501(C)(3) 20000 0 N/A N/A GENERAL OPERATIONS AND HOMELESSNESS/FUND REDIRECT HHMFC MINNESOTA HOMEOWNERSHIP CENTER 1000 PAYNE AVE SUITE 200 SAINT PAUL MN 55130 411741817 501(C)(3) 175000 0 N/A N/A HECAT HOPE COMMUNITY 611 E FRANKLIN AVE MINNEAPOLIS MN 55404 411292817 501(C)(3) 65000 0 N/A N/A BUILDING EQUITY LAND BANK TWIN CITIES 2401 LOWRY AVE NE SUITE 206 MINNEAPOLIS MN 55418 270260037 501(C)(3) 1750000 0 N/A N/A LENDING AND ACQUISITION CAPITAL GREATER MINNESOTA HOUSING FUND 332 MINNESOTA ST SUITE 1650-WEST SAINT PAUL MN 55101 411836919 501(C)(3) 29523 0 N/A N/A BUILDING EQUITY AMHERST WILDER FOUNDATION 451 LEXINGTON PKWY N SAINT PAUL MN 55104 410693889 501(C)(3) 20000 0 N/A N/A EVALUATION OF BUILDING EQUITY IN SMALL MULTIFAMILY OWNERSHIP COMMUNIDADES LATINAS UNIDAS EN SERVICIO INC (CLUES) 797 E 7TH ST SAINT PAUL MN 55106 831128319 501(C)(3) 50000 0 N/A N/A EXPANDED HOUSING ACCESS HOUSINGLINK 275 MARKET STREET SUITE 509 MINNEAPOLIS MN 55405 411873314 501(C)(3) 65000 0 N/A N/A GENERAL OPERATIONS, BEYOND BACKGROUNDS EXPANSION MID-MINNESOTA LEGAL ASSISTANCE INC 430 1ST AVE N STE 300 MINNEAPOLIS MN 55401 411412710 501(C)(3) 250000 0 N/A N/A SUPPORT HEALTH AND SAFETY LITIGATION COMMUNITY MEDIATION AND RESTORATIVE SERVICES 9220 BASS LAKE RD SUITE 270 NEW HOPE MN 55428 411484089 501(C)(3) 50000 0 N/A N/A EVICTION PREVENTION CONFLICT RESOLUTION CENTER 2101 HENNEPIN AVE SUITE 100 MINNEAPOLIS MN 55405 363421329 501(C)(3) 50000 0 N/A N/A EVICTION PREVENTION BUILD WEALTH MINNESOTA 2100 PLYMOUTH AVE N MINNEAPOLIS MN 55411 251918239 501(C)(3) 873000 0 N/A N/A GENERAL OPERATIONS, AFFORDABILITY AND DOWNPAYMENT ASSISTANCE NEW AMERICAN DEVELOPMENT CENTER 2614 NICOLLET AVE S 207 MINNEAPOLIS MN 55408 320241006 501(C)(3) 50000 0 N/A N/A RENTAL HOUSING ACCESS AND OPPORTUNITY VOLUNTEER LAWYERS NETWORK 600 NICOLLET MALL 390A MINNEAPOLIS MN 55402 410988459 501(C)(3) 20000 0 N/A N/A REGIONAL EVICTION PREVENTION MEDIATION SERVICES OF ANOKA COUNTY 3200 MAIN ST NW SUITE 210 COON RAPIDS MN 55448 411574959 501(C)(3) 30000 0 N/A N/A EVICTION PREVENTION SOUTHERN MINNESOTA REGIONAL LEGAL SERVICES 55 5TH ST E SUITE 1000 SAINT PAUL MN 55101 411316151 501(C)(3) 325000 0 N/A N/A HOUSING STABILITY AND LITIGATION WORK DISPUTE RESOLUTION CENTER 91 ARCH ST SAINT PAUL MN 55130 411441352 501(C)(3) 25000 0 N/A N/A EVICTION PREVENTION PREPARE AND PROSPER 2610 UNIVERSITY AVENUE W 450 SAINT PAUL MN 55411 237131829 501(C)(3) 54000 0 N/A N/A BUILDING EQUITY CENTER FOR ENERGY AND ENVIRONMENT 212 3RD AVE N 560 MINNEAPOLIS MN 55401 411647799 501(C)(3) 750000 0 N/A N/A LENDING AND ACQUISITION CAPITAL HOUSING JUSTICE CENTER 275 E 4TH ST 590 SAINT PAUL MN 55101 411930525 501(C)(3) 135000 0 N/A N/A LAUNCH OF RENTERS RECLAIM THE RECORD PROGRAM AND EVICTION PREVENTION 20 0 EMERGENCY RENTAL ASSISTANCE 3455 31175220 PART I, LINE 2: FILES ARE KEPT ON GRANTEES AND GRANTS ARE AWARDED TO ORGANIZATIONS SPONSORING HOUSING BENEFITING LOW TO MODERATE INCOME PERSONS. PART III, EMERGENCY RENTAL ASSISTANCE: DURING 2021, THE FUND ENTERED INTO SUBRECIPIENT AGREEMENTS WITH MULTIPLE JURISDICTIONS TO DISTRIBUTE FEDERAL EMERGENCY RENTAL ASSISTANCE FUNDS TO ASSIST TENANTS AFFECTED BY THE COVID-19 PANDEMIC. THE FUND MANAGED A LANDLORD-BASED PROGRAM CALLED THE ZERO BALANCE PROJECT FOR FIVE JURISDICTIONS (MINNEAPOLIS, SAINT PAUL AND HENNEPIN, RAMSEY, AND DAKOTA COUNTIES) THAT ALLOWED LANDLORDS TO SUBMIT MULTIPLE APPLICATIONS ON BEHALF OF TENANTS ALL AT ONCE. LANDLORDS WERE ABLE TO SUBMIT REQUIRED DOCUMENTATION (SUCH AS LEASE OR RENT LEDGER) BEFORE THE TENANTS PROVIDED THEIR REQUIRED DOCUMENTATION (SUCH AS INCOME). THIS PROVIDED GREATER EFFICIENCY FOR LANDLORDS WITH MULTIPLE BUILDINGS AND TENANTS AND EASED THE BURDEN FOR TENANTS WHO WERE IN FINANCIAL DISTRESS. THE FUND ALSO ADMINISTERED A TENANT-BASED PROGRAM FOR DAKOTA COUNTY. RENTAL ASSISTANCE FOR TENANTS PROVIDED FROM THE ZERO BALANCE PROJECT IN 2021 TOTALED $27,520,227. RENTAL ASSISTANCE FOR TENANTS FROM THE DAKOTA COUNTY PROGRAM IN 2021 TOTALED $3,654,993. THE FUND INCURRED DIRECT COSTS FOR THE ADMINISTRATION OF BOTH PROGRAMS. THESE REIMBURSED COSTS ARE INCLUDED IN GOVERNMENT GRANTS REVENUE IN THE 2021 STATEMENT OF ACTIVITIES. X 0 0 0 0 0 0 0 0 0 ELLEN K SAHLI PRESIDENT 213454 0 5000 0 0 0 23217 0 20676 0 262347 0 0 0 COLLEEN EBINGER VICE PRESIDENT 169794 0 0 0 0 0 17212 0 1800 0 188806 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS MAY DESIGNATE AN EXECUTIVE COMMITTEE CONSISTING OF AT LEAST THREE DIRECTORS OF THIS CORPORATION. THE EXECUTIVE COMMITTEE HAS THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE BUSINESS OF THE CORPORATION IN THE INTERVAL BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, AND THE EXECUTIVE COMMITTEE IS AT ALL TIMES SUBJECT TO THE CONTROL AND DIRECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS CONSISTS OF 24 MEMBERS, 4 MEMBERS ARE APPOINTED BY THE CITY OF SAINT PAUL (ONE OF WHOM IS A PERSONAL REPRESENTATIVE OF THE MAYOR), 4 BY THE CITY OF MINNEAPOLIS (ONE OF WHOM IS A PERSONAL REPRESENTATIVE OF THE MAYOR), 4 BY THE METROPOLITAN COUNCIL AND 4 BY THE MINNESOTA HOUSING FINANCE AGENCY. THE REMAINING 8 MEMBERS ARE APPOINTED BY THE FAMILY HOUSING FUND BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED IN DETAIL BY MANAGEMENT AND THE FINANCE COMMITTEE. THE FINANCE COMMITTEE CHAIR WILL THEN PRESENT THE FORM 990 TO THE BOARD AT THE NEXT REGULAR MEETING, BEFORE THE FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12C FAMILY HOUSING FUND'S CONFLICT OF INTEREST POLICY REQUIRES THAT, PRIOR TO ACTION ON A CONTRACT OR TRANSACTION INVOLVING A CONFLICT OF INTEREST, A DIRECTOR OR RESPONSIBLE PERSON WHO HAS A CONFLICT OF INTEREST DISCLOSE ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. A PERSON WHO HAS A CONFLICT OF INTEREST SHALL NOT PARTICIPATE IN THE BOARD'S DISCUSSION ON THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND TO RESPOND TO QUESTIONS. SUCH PERSONS SHALL NOT ATTEMPT TO EXERT HIS OR HER PERSONAL INFLUENCE WITH RESPECT TO THE MATTER, EITHER AT OR OUTSIDE THE MEETING. SUCH DISCLOSURES WILL BE REFLECTED IN THE MINUTES OF THE MEETING. IF IT WAS NOT ENTIRELY CLEAR WHETHER OR NOT A CONFLICT OF INTEREST EXISTS, THEN THE PERSON WITH THE POTENTIAL CONFLICT WILL DISCLOSE THE CIRCUMSTANCES TO THE PRESIDENT, THE CHAIR OR THE CHAIR'S DESIGNEE, WHO SHALL DETERMINE WHETHER THERE EXISTS A CONFLICT OF INTEREST. EACH RESPONSIBLE PARTY IS REQUIRED TO ANNUALLY SUBMIT A DISCLOSURE FORM IDENTIFYING THE BUSINESSES AND NONPROFIT ORGANIZATIONS OF WHICH SUCH RESPONSIBLE PERSON IS A DIRECTOR, OFFICER, EMPLOYEE OR PARTNER OR IN WHICH SUCH PERSON HAS AN OWNERSHIP INTEREST OF FIVE PERCENT OR MORE. THE POLICY IS REVIEWED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS SHALL HAVE THE AUTHORITY TO ADJUST THE PRESIDENT'S COMPENSATION ON AN ANNUAL BASIS, AT THEIR DISCRETION, THROUGH ANY COMBINATION OF A PERFORMANCE-BASED SALARY INCREASE. THE EXECUTIVE COMMITTEE SHALL BASE THE PRESIDENT'S COMPENSATION ADJUSTMENTS ON CONSIDERATION OF THE PRESIDENT'S PERFORMANCE, THE ORGANIZATION'S BUDGET, MARKET CONDITIONS AND FHFUND'S FINANCIAL POSITION. THE PRESIDENT HAS THE AUTHORITY TO ESTABLISH COMPENSATION FOR ALL OTHER STAFF AND THE COMPENSATION IS BASED ON JOB DESCRIPTIONS AND PERFORMANCE REVIEWS. COMPENSATION LEVELS ARE SET BY THE PRESIDENT AND APPROVED BY THE BOARD AS PART OF THE ANNUAL BUDGET. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF THESE DOCUMENTS ARE PROVIDED UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN FROM DECREASE IN PRESENT VALUE DISCOUNT OF LOANS RECEIVABLE 1,527,701.