2021-11-10T10:18:58-06:00 2020-12-31 221478099 COHNREZNICK LLP 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 990 2020-01-01 133641265 GROW AMERICA FUND INC GROW 2126821106 325 GOLD STREET NO 501 BROOKLYN NY 11201 DANIEL MARSH III CHAIRMAN 2126821106 2021-11-08 1 DANIEL MARSH III 999009999 LORI ROTHE YOKOBOSKY CPA P01273422 2122970400 2021-11-03 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X DANIEL MARSH III 325 GOLD STREET NO 501 BROOKLYN NY 11201 4973286 0 X WWW.GROWAMERICAFUND.ORG X 1971 DE THE GROW AMERICA FUND, INC. ("GAF") HAS A PRIMARY MISSION TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW-INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN THOSE DISADVANTAGED COMMUNITIES, AND/OR CREATE JOBS FOR LOW-INCOME UNEMPLOYED AND UNDER-EMPLOYED INDIVIDUALS. GAF, A LICENSED U.S. SBA SMALL BUSINESS LENDING COMPANY, AND U.S. DEPARTMENT OF THE TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDES ACCESS TO CAPITAL FOR BUSINESS EXPANSION STRUCTURED WITH LONGER AMORTIZATION TERMS AND LOWER INTEREST RATES. THESE LENDING TERMS SERVE TO DECREASE DEBT SERVICE COSTS AND IMPROVE THE BORROWER'S OPERATING CASH FLOW, GIVING BUSINESSES A FINANCIAL ADVANTAGE THAT HELPS STRENGTHEN BOTH THE ECONOMIC BASE OF THE BUSINESS, AND THE COMMUNITY. 8 1 0 1 0 0 644968 1125850 3019575 3829055 0 0 56579 18381 3721122 4973286 0 20001 0 0 2514506 2227403 0 0 0 3170261 2190401 5684767 4437805 -1963645 535481 47711988 138000715 35736316 125489562 11975672 12511153 X THE GROW AMERICA FUND, INC. ("GAF") HAS A PRIMARY MISSION TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW-INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN THOSE DISADVANTAGED COMMUNITIES, AND/OR CREATE JOBS FOR LOW-INCOME UNEMPLOYED AND UNDER-EMPLOYED INDIVIDUALS. GAF, A LICENSED U.S. SBA SMALL BUSINESS LENDING COMPANY, AND U.S. DEPARTMENT OF THE TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDES ACCESS TO CAPITAL FOR BUSINESS EXPANSION STRUCTURED WITH LONGER AMORTIZATION TERMS AND LOWER INTEREST RATES. THESE LENDING TERMS SERVE TO DECREASE DEBT SERVICE COSTS AND IMPROVE THE BORROWER'S OPERATING CASH FLOW, GIVING BUSINESSES A FINANCIAL ADVANTAGE THAT HELPS STRENGTHEN BOTH THE ECONOMIC BASE OF THE BUSINESS, AND THE COMMUNITY. 0 0 3636260 20001 3847436 GAF PROVIDES LONGER TERM, LOWER INTEREST RATE SMALL BUSINESS LOANS THAT ENABLE SMALL BUSINESSES TO CREATE JOBS, STIMULATE INVESTMENT, AND EXPAND THE ENTREPRENEURIAL AND SMALL BUSINESS BASE IN LOW-INCOME COMMUNITIES. GAF HAS ASSISTED MORE THAN 3,200 SMALL BUSINESSES OWNED BY INDIVIDUALS PREVIOUSLY LACKING ACCESS TO APPROPRIATELY STRUCTURED FINANCING. SEVENTY-ONE PERCENT OF OUR LOANS HAVE BEEN MADE IN CDFI-ELIGIBLE CENSUS TRACTS OR TO MINORITY BORROWERS. GAF NOT ONLY PROVIDES LOANS WITH FAVORABLE BELOW MARKET TERMS BUT ALSO PROVIDES INDIVIDUAL BUSINESS COUNSELING AT APPLICATION AND CONTINUING THROUGH THE ENTIRE TERM OF THE LOAN. LOANS MADE THROUGH THIS PROGRAM TOTAL OVER $462 MILLION. IN 2020, GAF VOLUME INCREASED AS A RESULT OF ITS LENDING ACTIVITY UNDER THE PAYCHECK PROTECTION PROGRAM (PPP). GAF PROVIDED $130 PLUS MILLION TO BORROWERS NATION-WIDE. LOANS WERE MADE TO BOTH FOR PROFIT AND NONPROFIT BORROWERS. OVER 60% OF THE BORROWERS WERE EITHER MINORITY OR LOCATED WITHIN A CDFI ELIGIBLE CENSUS TRACT. LOANS OTHER THAN PPP ARE STRUCTURED TO FIT THE FINANCING NEEDS OF THE INDIVIDUAL BUSINESS AND CARRY BELOW MARKET RATES AND TERMS. TO ASSIST THE BORROWER, GAF CAPS CLOSING COSTS AND PROVIDES BUSINESS COUNSELING AT NO COST TO THE SMALL BUSINESSES. GAF LENDS IN DISTRESSED COMMUNITIES IN AN ELEVEN-STATE MARKET WHERE THE POVERTY LEVEL IS DOUBLE THE NATIONAL AVERAGE. ADDITIONALLY, GAF OPERATES ITS SMALL BUSINESS-LENDING PROGRAM IN FIVE OF THE TEN MOST DISTRESSED CITIES IN AMERICA. CLEVELAND OHIO, BUFFALO NEW YORK, NEWARK NEW JERSEY, CINCINNATI OHIO, AND SAN BERNARDINO CALIFORNIA, HAVE DISTRESS RATINGS RANGING FROM 93.6 TO 99.9 OUT OF 100 ACCORDING TO THE ECONOMIC INNOVATION GROUP DISTRESSED COMMUNITY INDEX. BUSINESSES RECEIVING FINANCING FROM GAF HAVE CREATED AND/OR RETAINED OVER 42,000 JOBS, AND 30,250 OF THOSE JOBS ARE CONSIDERED FILLED BY LOW AND MODERATE-INCOME INDIVIDUALS. OVER THE PAST SEVERAL YEARS, GAF HAS RECEIVED NATIONAL RECOGNITION FROM A VARIETY OF INSTITUTIONS:- THE U.S. SMALL BUSINESS ADMINISTRATION HAS ACKNOWLEDGED GAF AS A MISSION-BASED LENDER FOR CARRYING OUT OUR MISSION TO MAKE CREDIT AVAILABLE TO DISADVANTAGED BUSINESSES AND HELPING THOSE BUSINESSES TO SUCCEED THROUGH OUR TECHNICAL ASSISTANCE. GAF IS AN SBA PREFERRED LENDER. - IN RECOGNITION OF OUR WORK, THE CDFI FUND AWARDED OUR LOAN FUND MORE THAN $10 MILLION IN COMMUNITY FACILITY GRANTS TO CARRY OUT OUR MISSION.- IN THE EARLY 2000'S JPMORGAN CHASE MADE A $7 MILLION GRANT TO A CONSORTIUM OF SMALL BUSINESS LENDERS WORKING WITH DISADVANTAGED BUSINESSES IN LOW-INCOME COMMUNITIES IN CHASE'S COMMUNITY REINVESTMENT AREAS. GAF IS A MEMBER OF THE LENDING CONSORTIUM AND RECEIVED $2.3 MILLION OF THE $7 MILLION GRANT.- JP MORGAN CHASE, PNC BANK AND DISCOVER BANK SUPPORT OUR EFFORTS BY MAKING VERY LOW INTEREST LOANS AND GRANTS AVAILABLE TO US TO CARRY OUT OUR MISSION IN LOW-INCOME COMMUNITIES AND WITH DISADVANTAGED BUSINESSES.- THE LONGWOOD FOUNDATION, BALLMER GROUP, GREATER TACOMA COMMUNITY FOUNDATION, INHERENT FOUNDATION AND THE SEATTLE FOUNDATION HAVE MADE GRANTS AND PROGRAM RELATED INVESTMENTS (PRIS) AND GRANTS TO OUR SMALL BUSINESS LOAN FUND TOTALING MORE THAN $6.5 MILLION. BELOW ARE EXAMPLES OF DISADVANTAGED BUSINESSES THAT GAF'S SMALL BUSINESS LOAN FUND HAS RECENTLY ASSISTED:INTERIOR INNOVATIONS: INTERIOR INNOVATIONS (CUEVA CONTRACT) IS A RETAILER OF OFFICE FURNITURE. THE COMPANY SELLS COMMERCIAL FURNITURE DIRECT TO CONSUMERAND SERVICES A SERIES OF NEW YORK STATE AGENCIES WITH THEIR OFFICE DESIGN AND FURNITURE NEEDS. FOR YEARS INTERIOR INNOVATIONS OPERATED FROM UTICA, NY, BUT SOUGHT TO PURCHASE THEIR OWN FACILITY TO STORE LARGE INVENTORY AND CREATE A SHOWROOM. AFTER CAREFUL EXPLORATION OF THE LOCAL MARKET, THE SBC WAS ABLE TO IDENTIFY A 35,000 SQUARE FOOT SPACE IN SYRACUSE, NY THAT PROVIDES AMPLE SPACE FOR THE COMPANY TO GROW, WITH A LOADING DOCK, ELEVATOR, AND OTHER UNIQUE FEATURES. THE NEW FACILITY ALLOWS INTERIOR INNOVATIONS OFFICE SPACE, A SHOWROOM AND STORAGE.GAF WAS ABLE TO PROVIDE A $660,000 LOAN WITH A LOW RATE OVER A 25-YEAR TERM ENABLING INTERIOR INNOVATIONS TO ACQUIRE THE SYRACUSE PROPERTY. HARNESS CYCLE: WOMAN OWNED HARNESS CYCLE, LOCATED IN CLEVELAND, OH WAS FORMED IN 2012 AS A BEAT-DRIVEN CYCLE STUDIO OFFERING EXERCISE FOR MIND AND BODY. GAF PROVIDED A LOAN OF $205,000 TO REFINANCE DEBT SAVING THE COMPANY OVER $9,300 A MONTH IN DEBT PAYMENTS AND PROVIDE PERMANENT WORKING CAPITAL. ORION SYSTEMS INTEGRATION, INC.: ORION SYSTEMS INTEGRATION, INC. WAS ESTABLISHED IN 2006 AS AN IT CONSULTING FIRM BASED OUT OF PEMBROKE PINES, FLORIDA. THE COMPANY PROVIDES OUTSOURCED INFORMATION TECHNOLOGY (IT) SOLUTIONS TO SMALL AND MID-SIZE BUSINESSES THAT DO NOT HAVE OR CANNOT AFFORD AN IN-HOUSE IT STAFF.DURING THE PANDEMIC GAF PROVIDED A $25,870 PPP LOAN. ONCE THE ECONOMY SHIFTED TO RECOVERY GAF MADE A $108,000 7A LOAN TO ASSIST THE SBC IN ACQUIRING A COMMERCIAL SPACE.AFRICAN AND CARIBBEAN MARKET: AFRICAN & CARIBBEAN CENTRAL MARKET (ACCM) IS AN AFRICAN MARKET LOCATED IN SYRACUSE, NY AND WAS FOUNDED IN 2008. THE WBE WAS FOUNDED BY AN IMMIGRANT FROM GHANA WHO RELOCATED TO UPSTATE NY WHERE THERE IS A LARGE POPULATION OF WEST AFRICAN IMMIGRANTS. REALIZING A NEED, THE SBC PROVIDES BOTH HOT FOODS AND FOOD STAPLES NATIVE TO GHANA AND OTHER WEST AFRICAN COUNTRIES.GAF PROVIDED A $325,000 LOAN TO ACQUIRE A 12,300 SQUARE FOOT BUILDING TO OPERATE THE SBC IN DOWNTOWN SYRACUSE. COLOR RIN INC.: COLOR RIN INC., LOCATED IN VERNON, CA, IS A WHOLESALE APPAREL MANUFACTURER WITH SPECIALTY IN COLOR DEVELOPMENT AND FABRIC DYEING. THE BUSINESS WAS ESTABLISHED IN JANUARY 2016 AS A MINORITY OWNED BUSINESS, AND 100% OWNED BY ITS FOUNDER MR. YOUNG H. LEE. SINCE ITS INCEPTION, THE COMPANY HAS EMERGED AS AN INDUSTRY LEADER IN THE SOUTHERN CALIFORNIA GARMENT DYEING INDUSTRY, PROVIDING ITS EXPERTISE IN THE AREAS OF DYEING, TEXTILE, AND FABRIC SERVICES.GAF PROVIDED A LOAN OF $325,000 TO FUND PERMANENT WORKING CAPITAL. WIREBIDS: FORMED IN 2011, WIREBIDS LLC IS AN ONLINE AUCTION PLATFORM FOR COMMERCIAL PRINTERS, BOOKBINDERS, AND OTHER RELATED TRADES WHO WISH TO DISPOSE OF OR ACQUIRE EQUIPMENT FOR THEIR OPERATIONS. IT DEVELOPS AND MAINTAINS ITS OWN SOFTWARE, WHICH IS NOW ON ITS THIRD GENERATION. PRESENTLY, IT HAS 13,000 ACTIVE USERS AND FACILITATE SALES OF OVER $5 MILLION PER YEAR. WIREBIDS DOES NOT BUY OR SELL EQUIPMENT ITSELF IT FACILITATES SALES BY PROVIDING THE PLATFORM AND CHARGING A COMMISSION TO SELLERS OF 5%-10% OF THE SALE PRICE, WHICH THE SELLER MAY CHOOSE TO PASS ON TO THE BUYER AS A BUYER'S PREMIUM. WIREBIDS ALSO CREATES A COMBINED AUCTION EVENT ONCE A MONTH WHEREIN A SELLER OF A FEW ITEMS MAY PARTICIPATE IN A LARGER EVENT WITH SEVERAL SELLERS TO MAXIMIZE EXPOSURE AND CREATE A NETWORK EFFECT. GAF FINANCED A LOAN OF $610,000 TO PURCHASE A BUILDING TO HOUSE ITS BUSINESS. VIRTAIR: VIRTAIR INC. (VAI) WAS ESTABLISHED IN 2014 AND PROVIDES HOSPITALS AND OTHER MEDICAL CLINICS WITH THE TIMELY DELIVERY OF OXYGEN AND OXYGEN TANKS. THE COMPANY SUPPLIES TO NEW YORK CITY METROPOLITAN HOSPITALS, CLINICS, AND NURSING HOMES. GAF PROVIDED A LOAN OF $660,000 TO REFINANCE USURY DEBT AND PROVIDE THE COMPANY WITH PERMANENT WORKING CAPITAL TO FUND ITS GROWING INVENTORY. 3636260 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 1 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X DANIEL CHOI 2126821106 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 PATRICIA THOMSON BOARD MEMBER 0.25 X 0 0 0 RAQUEL FAVELA BOARD MEMBER 1.00 49.00 X 0 268909 36646 KEVIN GREMSE BOARD MEMBER 1.00 49.00 X 0 231392 80234 JOHN PALYO PRESIDENT 36.50 13.50 X X 0 254723 74753 CHUCK DEPEW BOARD MEMBER 1.00 49.00 X 0 240629 73019 STEPHANIE DUGAN MEMBER AND SECRETARY 6.00 44.00 X X 0 232429 70697 DANIEL MARSH III CHAIRMAN 2.75 52.25 X X 0 305082 173261 ADAM ENNIS MEMBER AND TREASURER 3.00 47.00 X 0 235830 74809 DANIEL CHOI CFO 25.00 25.00 X 0 154475 65369 0 1923469 648788 0 0 1 0 COHNREZNICK LLP 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 AUDITING 134400 SHALLO GALLUSCIO & BIANCHI CPAS 21 NORTH SEVENTH STREET HUDSON NY 12534 ACCOUNTING 130000 2 200000 925850 1125850 INTEREST INCOME 523000 3069857 3069857 LOAN SERVICE FEES 523000 419209 419209 PREMIUM ON SALE OF LOA 523000 322619 322619 FEE INCOME 523000 17370 17370 3829055 MISCELLANEOUS INCOME 900099 13259 13259 LATE FEES 523000 5122 5122 18381 4973286 3847436 0 0 20001 20001 1653034 1352099 300935 166855 136324 30531 283736 231818 51918 123778 101129 22649 166548 166548 274900 274900 129854 115604 14250 46870 39242 7628 138703 116130 22573 76187 68640 7547 800514 800514 6882 6882 EQUIPMENT LEASES AND MA 130273 120424 9849 PROVISION FOR LOAN LOSS 108676 108676 PROJECT AND OTHER FEES 102386 102386 AMORTIZATION 101404 101404 107204 48439 58765 4437805 3636260 801545 0 446911 32717914 72164 62764 45455295 39512338 445794 398058 1291824 65309641 47711988 138000715 1252556 2180845 13901766 102293385 20581994 21015332 35736316 125489562 X 3109096 3200621 8866576 9310532 11975672 12511153 47711988 138000715 535481 0 X X 0 1 X 1 0 X 2139172 2657359 1742203 644968 1125850 8309552 2608558 2831220 3520737 3019575 3829055 15809145 4747730 5488579 5262940 3664543 4954905 24118697 200000 200000 0 200000 200000 23918697 70235 227610 20759 56579 18381 393564 4817965 5716189 5283699 3721122 4973286 24512261 0.97580 0.98390 0.00000 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LATE FEES - 2016 AMOUNT: $ 53,427. 2017 AMOUNT: $ 17,996. 2018 AMOUNT: $ 17,976. 2019 AMOUNT: $ 29,592. 2020 AMOUNT: $ 5,122. NYS CORPORATION TAX REFUND - 2016 AMOUNT: $ 16,808. BAD DEBT RECOVERY - 2017 AMOUNT: $ 209,614. MISCELLANEOUS INCOME - 2018 AMOUNT: $ 2,783. 2019 AMOUNT: $ 26,987. 2020 AMOUNT: $ 13,259. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM LOAN RECEIVABLES 39512338 C 39512338 RESTRICTED DEPOSITS 628876 ESCROW HELD FOR BORROWERS AND OTHER AMOUNTS DUE FROM BORROWERS 455653 INTEREST RECEIVABLE 651394 SERVICE FEE RECEIVABLE 566036 PPP LOANS RECEIVABLE 63007682 65309641 CLIENT INVESTMENT LIABILITIES 11362578 DUE TO RELATED ENTITIES 7352754 RECOVERABLE GRANT/INHERENT FOUNDATION 1500000 SUBORDINATED DEBT 800000 21015332 X 4215980 -757306 -757306 4973286 0 4973286 3680499 0 3680499 757306 757306 4437805 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION IS ALSO EXEMPT FROM STATE AND LOCAL TAXES. THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION, AMONG OTHERS. THERE WERE NO UNCERTAIN TAX POSITIONS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019. THE ORGANIZATION FILES FORM 990S, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, WITH THE INTERNAL REVENUE SERVICE ("IRS") ANNUALLY. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOAN EXPENSES -800,514. PROVISION FOR LOAN LOSSES 43,208. PART XII, LINE 4B - OTHER ADJUSTMENTS: LOAN EXPENSES 800,514. PROVISION FOR LOAN LOSSES -43,208. 1 THE INNONCENCE PROJECT INC 40 WORTH STREET SUITE 701 NEW YORK NY 10013 320077563 501(C)(3) 6667 OPERATING SUPPORT HOLA OHIO PO BOX 3066 ASHTABULA OH 44005 832039252 501(C)(3) 6667 OPERATING SUPPORT BOND EDUCATIONAL GROUP 5546 AUTH WAY CAMP SPRINGS MD 20746 844156572 501(C)(3) 6667 OPERATING SUPPORT 3 PART I, LINE 2: THE ORGANIZATION MONITORS THE USE OF GRANT FUNDS BY REQUIRING THE GRANTEE TO PROVIDE PERIODIC REPORTS THAT DESCRIBE THE USE OF THE GRANT FUNDS. 0 1 0 0 0 0 0 0 0 DANIEL MARSH III CHAIRMAN 0 298224 0 0 0 6858 0 151420 0 21841 0 478343 0 0 JOHN PALYO PRESIDENT 0 253647 0 0 0 1076 0 32016 0 42737 0 329476 0 0 CHUCK DEPEW BOARD MEMBER 0 238015 0 0 0 2614 0 35182 0 37837 0 313648 0 0 KEVIN GREMSE BOARD MEMBER 0 230481 0 0 0 911 0 29136 0 51098 0 311626 0 0 ADAM ENNIS MEMBER AND TREASURER 0 235415 0 0 0 415 0 25360 0 49449 0 310639 0 0 RAQUEL FAVELA BOARD MEMBER 0 268315 0 0 0 594 0 15714 0 20932 0 305555 0 0 STEPHANIE DUGAN MEMBER AND SECRETARY 0 229815 0 0 0 2614 0 34660 0 36037 0 303126 0 0 DANIEL CHOI CFO 0 154259 0 0 0 216 0 15277 0 50092 0 219844 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, NO CONTRIBUTIONS WERE MADE DURING THE YEAR. - DANIEL MARSH III FORM 990, PART VI, SECTION A, LINE 6 THE NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT, INC D/B/A THE NATIONAL DEVELOPMENT COUNCIL IS THE SOLE MEMBER OF GROW AMERICA FUND, INC. FORM 990, PART VI, SECTION A, LINE 7A THE NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT, INC D/B/A THE NATIONAL DEVELOPMENT COUNCIL AS THE SOLE MEMBER IT HAS THE RIGHT TO ELECT THE DIRECTORS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY OUTSIDE TAX PREPARERS IN CONSULTATION WITH MANAGEMENT AND AUDITORS. A DRAFT OF THE FULL FORM 990 WAS PROVIDED TO ENTIRE BOARD FOR REVIEW. A COMPLETE COPY OF THE FINAL FORM 990 WAS PROVIDED TO THE ORGANIZATION'S ENTIRE BOARD BEFORE IT WAS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE GROW AMERICA FUND, INC. ("GAF") BOARD OF DIRECTORS AND EXECUTIVE EMPLOYEES ARE REQUIRED TO ANNUALLY EXECUTE A CONFLICT OF INTEREST AND COMPENSATION GUIDELINES ACKNOWLEDGEMENT STATING THAT THEY HAVE RECEIVED, READ AND UNDERSTAND, AND AGREE TO COMPLY WITH THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES. THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES REQUIRES BOARD MEMBERS AND EXECUTIVE EMPLOYEES TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST IMMEDIATELY. THE CHAIRPERSON OF THE BOARD WILL UPON NOTIFICATION OF SUCH AN EVENT APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION. VIOLATIONS OF THE CONFLICT OF INTEREST POLICY CAN RESULT IN APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. ALSO, ALL BOARD MEMBERS, BY EXECUTING THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES, ACKNOWLEDGE THAT THEY SHARE THE RESPONSIBILITY OF GAF TO REMAIN FAITHFUL TO THE ORGANIZATION'S CHARITABLE PURPOSES. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE AVAILABLE BY REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART IX, LINES 7-9: THE AMOUNTS REPORTED ON LINES 7-9 RELATED TO EXPENSES PAID BY THE PARENT COMPANY (NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT EIN 13-6532871) AND ALLOCATED TO THE ORGANIZATION. PART VI, 1B: ALL OF THE ORGANIZATION'S BOARD MEMBERS WORK FOR THE PARENT ORGANIZATION NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT. WHILE ONE IS INDEPENDENT THE INDEPENDENT BOARD OF DIRECTORS OF THE PARENT OVERSEES THE ORGANIZATION'S OPERATIONS AND ACTIONS. MAIN STREET PROPERTIES NEW YORK LLC 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 273923128 REAL ESTATE HOLDING COMPANY NY 0 0 GROW AMERICA FUND INC MAIN STREET PROPERTIES CONNECTICUT LLC 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 433318761 REAL ESTATE HOLDING COMPANY NY 0 0 GROW AMERICA FUND INC NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION-GROUP RETURN 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 911884698 ECON DEV/ASSIST GOV/HOUSING VA 501(C)(3) LINE 10 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NDC SUPPORT I INC 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 134156877 SUPPORT NDC NY 501(C)(3) LINE 12A, I NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 112933129 ECON DEV/ASSIST GOV/HOUSING VA 501(C)(3) LINE 10 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 KINGSBOROUGH HOUSING DEVELOPMENT FUND COMPANY INC 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 141734500 HOUSING NY 501(C)(3) LINE 10 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 136532871 ASSIST GOV NY 501(C)(3) LINE 10 N/A 0 NDC GREEN RENEWABLE ENERGY ENTERPRISE NEXUS 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 273820841 ECONOMIC DEVELOPMENT NY 501(C)(3) LINE 10 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NDC RESOURCES 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 460674188 ECON DEV/HOUSING/ASSIST GOV'T DC 501(C)(3) LINE 12A, I NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NDC CORPORATE EQUITY FUND III 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 134071776 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND IV 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 134151268 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND V 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 134195127 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND VI 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 050585420 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND VII 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 203273264 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND VIII 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 261481355 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND IX 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 264226439 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND X 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 454281155 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND XI 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 462764258 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND XII 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 473762588 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND XIII 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 813113490 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND XV 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 831506679 LOW INCOME HOUSING NY N/A 0 0 NDC CORPORATE EQUITY FUND XVII LP 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 851350461 LOW INCOME HOUSING NY N/A 0 0 COMMUNITY DEVELOPMENT GROUP HOLT 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 201643188 HOUSING NY N/A C 0 COMMUNITY DEVELOPMENT GROUP ILLINOIS INC 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 201644052 ECONOMIC DEVELOPMENT NY N/A C 0 COMMUNITY DEVELOPMENT GROUP KENTUCKY INC 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 133555220 ECONOMIC DEVELOPMENT NY N/A C 0 COMMUNITY DEVELOPMENT GROUP RENEWABLE ENERGY 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 262989445 ECONOMIC DEVELOPMENT NY N/A C 0 COMMUNITY DEVELOPMENT GROUP WALLA WALLA INC 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 133615889 ECONOMIC DEVELOPMENT NY N/A C 0 COMMUNITY DEVELOPMENT INVESTOR BROOKLYN 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 461534076 ECONOMIC DEVELOPMENT NY N/A C 0 HOUSING DEVELOPMENT GROUP III 325 GOLD STREET SUITE 501 BROOKLYN NY 11201 203673695 HOUSING NY N/A C 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 1 0 0 0