2020-05-13T13:47:09-05:00 2019-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2019-01-01 411380923 FAMILY HOUSING FUND FAMI 6123759644 310 4TH AVENUE SOUTH NO 9000 MINNEAPOLIS MN 55415 ELLEN K SAHLI PRESIDENT 6123759644 2020-04-29 1 LAWRENCE H MOHR CPA P00447603 6128764500 38.88.188.75 2020-04-29 07:52:27 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 42991B41A32A13F77B110C5B470B2D73D8292482 2019 2021-01-29 14:40:06Z ELLEN K SAHLI 310 4TH AVENUE SOUTH NO 9000 MINNEAPOLIS MN 55415 9942360 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. 17 17 9 22 0 0 5043840 832006 1018512 834230 101095 172113 13015 63141 6176462 1901490 1485995 2160950 0 0 909029 928737 0 0 79003 1001913 450304 3396937 3539991 2779525 -1638501 58587534 51513466 16813829 10048128 41773705 41465338 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 1944 175000 443614 HOMEOWNERSHIP: THE FUND'S HOME OWNERSHIP PROGRAMS WORK WITH LOCAL GOVERNMENTS, NONPROFIT ORGANIZATIONS, AND THE MORTGAGE INDUSTRY TO HELP LOW AND MODERATE-INCOME FAMILIES BECOME SUCCESSFUL HOMEOWNERS. THE FUND SUPPORTS PROGRAMS TO ASSIST FAMILIES BEFORE THEY PURCHASE THEIR HOMES, AT THE TIME OF PURCHASE, AND AFTER THE FAMILY HAS PURCHASED A HOME.THE HOME PROSPERITY FUND IS ONE OF THE FAMILY HOUSING FUNDS MOST SIGNIFICANT HOME OWNERSHIP PROGRAMS. LAUNCHED IN 2007, THE HOME PROSPERITY FUND WAS CREATED WITH $15 MILLION OF LOANS FOR STRATEGIC ACQUISITION, REHABILITATION AND PROGRAMS TO ASSIST AFFORDABLE, SUSTAINABLE HOME OWNERSHIP. INVESTORS INCLUDE MINNESOTA HOUSING FINANCE AGENCY, MCKNIGHT FOUNDATION, WELLS FARGO BANK, US BANK, POHLAD FOUNDATION AND THRIVENT FOUNDATION. 357142 32000 REGIONAL INITIATIVES: THE FUND IS COMMITTED TO INCREASING REGIONAL SUPPORT FOR AFFORDABLE HOUSING AND WORKS TO EXPAND PUBLIC UNDERSTANDING OF THE VALUE OF AFFORDABLE HOUSING. AND PUBLIC WILL TO PRESERVE AND PRODUCE AFFORDABLE HOUSING IN THE CONTEXT OF A COMPREHENSIVE REGIONAL DEVELOPMENT APPROACH THAT SERVES ALL CITIZENS AND COMMUNITIES.THE FUND HAS SUPPORTED THE URBAN LAND INSTITUTE AND THE REGIONAL COUNCIL OF MAYORS REGIONAL HOUSING INITIATIVES, FINANCED STUDIES AND TOOLS TO SUPPORT THE FEASIBILITY OF MIXED INCOME PROJECTS, AND FUNDED WORK TO IDENTIFY CRITICAL OUTSTANDING ISSUES AND OPPORTUNITIES TO HELP ADVANCE THE UNDERSTANDING OF THE IMPORTANCE OF TRANSIT ORIENTED HOUSING POLICIES AND INVESTMENT DECISIONS AT STATE, LOCAL, AND REGIONAL LEVELS.BUILD AND PRESERVE - THE OVERARCHING GOAL OF THE BUILD AND PRESERVE PROGRAM AREA IS TO ENSURE A FULL RANGE OF HOUSING CHOICES ACROSS THE REGION BY INCREASING AFFORDABLE HOUSING OPPORTUNITIES. TO DO 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. ACCESS & OPPORTUNITY - THE OVERARCHING GOAL OF THE ACCESS & OPPORTUNITY PROGRAM AREA IS TO IMPROVE FAMILIES' INTERACTION WITH THE AFFORDABLE HOUSING SYSTEM. TO DO THIS, THE FUND LEADS AND COORDINATES ACTIVITIES THAT ADDRESS LIMITS TO FAMILIES' CHOICE IN HOUSING, IN PARTNERSHIP WITH PUBLIC AND PRIVATE PARTNERS. 2253866 1803500 338111 RENTAL: THE FUND'S RENTAL HOUSING ACTIVITIES FOCUS ON WORKING WITH PUBLIC AGENCIES, NONPROFIT ORGANIZATIONS, AND PRIVATE DEVELOPERS TO PRESERVE AND EXPAND THE SUPPLY OF AFFORDABLE RENTAL HOUSING IN THE METROPOLITAN AREA. THE FUND SUPPORTS THE DEVELOPMENT OF SEARCH TOOLS TO HELP LOW-INCOME INDIVIDUALS AND FAMILIES FIND AFFORDABLE HOUSING. IN 2019, THE FUND CONTINUED TO FOCUS ON EFFORTS TO MAXIMIZE THE BENEFIT OF HOUSING CHOICE VOUCHERS, REDUCE THE NEGATIVE IMPACT OF EVICTION ON FAMILIES AND TO DEVELOP STRATEGIES TO PRESERVE NATURALLY OCCURRING AFFORDABLE HOUSING. 281803 150450 52505 THE FUND CONTINUES TO SERVE AS THE FISCAL SPONSOR FOR SEVERAL INITIATIVES TO END HOMELESSNESS. THE FUND MAINTAINS RESOURCES TO IDENTIFY EMERGING ISSUES THAT AFFECT THE AFFORDABLE HOUSING NETWORK AND TO HELP DEVELOP STRATEGIES TO ADDRESS THESE ISSUES. 281803 150450 52505 2894755 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 25 0 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 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 JIM ROTH CHAIRPERSON 4.00 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 KAREN J ANDERSON DIRECTOR THROUGH 4/2019 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 GAIL DORFMAN 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 MARGARET LOVEJOY DIRECTOR THROUGH 4/2019 2.00 X 0 0 0 JONATHAN WEINHAGEN DIRECTOR 2.00 X 0 0 0 DOUG VAN METRE DIRECTOR 2.00 X 0 0 0 MOLLY CUMMINGS DIRECTOR 2.00 X 0 0 0 WILLIAM DROSTE DIRECTOR 2.00 X 0 0 0 THOMAS STREITZ DIRECTOR 2.00 X 0 0 0 D'ANGELOS SVENKESON DIRECTOR 2.00 X 0 0 0 ALENE TCHOURUMOFF DIRECTOR 2.00 X 0 0 0 ELLEN K SAHLI PRESIDENT 40.00 X 212738 0 39867 COLLEEN EBINGER VICE PRESIDENT 40.00 X 155114 0 19189 367852 0 59056 2 0 1 0 0 832006 832006 INTEREST-HOUSING LOAN 624200 831165 831165 FEE INCOME 541610 3065 3065 834230 172113 172113 8040870 8040870 0 MISCELLANEOUS 624200 63141 63141 63141 1901490 834230 0 235254 2160950 2160950 426909 259763 139434 27712 379049 230641 123802 24606 30511 18565 9965 1981 43060 26202 14064 2794 49208 29942 16072 3194 60666 54214 6452 102249 102249 84101 84101 138639 99686 38953 122044 74261 39861 7922 49771 30284 16256 3231 62054 42914 19140 274191 274191 -130252 -161010 25658 5100 37947 23090 12394 2463 REPORTS AND COMMUNICATI 6250 4317 1933 MISCELLANEOUS 2594 2594 PROVISION FOR LOAN LOSS -359950 -359950 3539991 2894755 566233 79003 359884 570248 15775723 11063694 3921665 2145000 5668 10594 42264 42771 494333 170726 393965 323607 38088365 37357552 58587534 51513466 126232 108174 542000 1087000 208609 194337 15301544 8092734 635444 565883 16813829 10048128 X 37113296 38920909 4660409 2544429 41773705 41465338 58587534 51513466 X -1638501 825 1329309 X 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 150000 0 4 150000 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 84101 84101 3376887 3460988 323049 80762 0 0 584188 416016 316643 323049 1639896 2459844 72000 72000 73116 84101 301217 146047 104004 79161 80762 409974 614961 0 0 0 0 285471 74622 210849 208862 96104 112758 323607 NET LOAN RECEIVABLE 37357552 F 37357552 LOAN GUARANTY 350000 LOAN PAYABLE - HENNEPIN COUNTY 215883 565883 X 3231624 825 1329309 1330134 1901490 0 1901490 3539991 0 3539991 0 3539991 PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE FUND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THEY ARE ALSO EXEMPT FROM STATE INCOME TAXES UNDER APPLICABLE STATE OF MINNESOTA PROVISIONS. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. 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, 2019 AND 2018. 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 1,329,309. 1 URBAN LAND INSTITUTE 81 SOUTH 9TH STREET SUITE 310 MINNEAPOLIS MN 55402 530159845 501(C)(3) 55000 N/A N/A REGIONAL HOUSING PRESERVATION AND PRODUCTION NEIGHBOURHOOD HOUSE 179 ROBIE ST E SAINT PAUL MN 55107 410693916 501(C)(3) 120000 N/A N/A RAMSEY COUNTY EVICTION PREVENTION HOUSINGLINK 275 MARKET STREET SUITE 509 MINNEAPOLIS MN 55405 411873314 501(C)(3) 170000 N/A N/A GENERAL OPERATING SUPPORT MID-MINNESOTA LEGAL AID 430 1ST AVE N STE 300 MINNEAPOLIS MN 55401 411412710 501(C)(3) 90000 N/A N/A HEALTH AND SAFETY LITIGATION PROJECT IN HENNEPIN AND ANOKA COUNTIES MN COALITION FOR THE HOMELESS 2233 UNIVERSITY AVE W STE 434 SAINT PAUL MN 55114 411601248 501(C)(3) 10000 N/A N/A HOUSING STABILITY DISPUTE RESOLUTION CENTER 91 ARCH ST SAINT PAUL MN 55130 411441352 501(C)(3) 60000 N/A N/A RAMSEY COUNTY EVICTION PREVENTION MINNESOTA HOUSING FINANCE AGENCY 400 WABASHA ST N SUITE 400 SAINT PAUL MN 55102 411599130 GOVERNMENT 150000 N/A N/A HOMEOWNER EDUCATION SERVICES MINNESOTA HOMEOWNERSHIP CENTER 1000 PAYNE AVE SUITE 200 SAINT PAUL MN 55130 411741817 501(C)(3) 25000 N/A N/A GENERAL OPERATING SUPPORT CONFLICT RESOLUTION CENTER 2101 HENNEPIN AVE SUITE 100 MINNEAPOLIS MN 55405 363421329 501(C)(3) 110000 N/A N/A MEDIATION IN PREVENTING EVICTION SOUTHERN MINNESOTA REGIONAL LEGAL SERVICES 55 5TH ST E SUITE 1000 SAINT PAUL MN 55101 411316151 501(C)(3) 294000 N/A N/A HEALTH AND SAFETY LITIGATION PROJECT IN HENN. AND ANOKA COUNTIES, EXPANSION OF RAMSEY CTY HOUSING COURT CLINIC CLEVELAND MEDIATION CENTER 2012 W 25TH ST 412 CLEVELAND OH 44113 341369412 501(C)(3) 30000 N/A N/A DIVERT SHELTER USE IN THE TWIN CITIES METRO AREA DAYTON'S BLUFF 823 7TH ST E SAINT PAUL MN 55106 411386097 501(C)(3) 50000 N/A N/A ADU DESIGN AND IMPLEMENTATION AMHERST WILDER FOUNDATION 451 LEXINGTON PKWY N SAINT PAUL MN 55104 410693889 501(C)(3) 250000 N/A N/A TENANT SCREENING, EVALUATION OF ST. PAUL'S RENT SUPPLEMENT PROGRAM BUILD WEALTH MINNESOTA 2100 PLYMOUTH AVE N MINNEAPOLIS MN 55411 251918239 501(C)(3) 75000 N/A N/A TENANT SCREENING NEIGHBORHOOD DEVELOPMENT ALLIANCE 481 WABASHA ST S SAINT PAUL MN 55107 411658636 501(C)(3) 75000 N/A N/A TENANT SCREENING TWIN CITIES HABITAT FOR HUMANITY 1954 UNIVERSITY AVE W SAINT PAUL MN 55104 363363171 501(C)(3) 100000 N/A N/A ANALYSIS OF ADU APPROACHES, IMPLEMENTATION, AND PLANNING TASKS UNLIMITED 2419 NICOLLET AVE MINNEAPOLIS MN 55404 237087205 501(C)(3) 50000 N/A N/A ENVISION COMMUNITY DEMONSTRATION PROJECT CENTRAL MINNESOTA LEGAL SERVICES 111 N 5TH ST SUITE 402 MINNEAPOLIS MN 55403 411299151 501(C)(3) 30000 N/A N/A EXPANSION OF RAMSEY CTY HOUSING COURT CLINIC JUDICARE 1201 89TH AVE NE SUITE 310 BLAINE MN 55434 411273521 501(C)(3) 30000 N/A N/A EXPANSION OF RAMSEY CTY HOUSING COURT CLINIC VOLUNTEER LAWYERS NETWORK 600 NICOLLET MALL 390A MINNEAPOLIS MN 55402 410988459 501(C)(3) 30000 N/A N/A EXPANSION OF RAMSEY CTY HOUSING COURT CLINIC MEDIATION SERVICES OF ANOKA COUNTY 3200 MAIN ST NW SUITE 210 COON RAPIDS MN 55448 411574959 501(C)(3) 30000 N/A N/A EXPANSION OF RAMSEY CTY HOUSING COURT CLINIC LEGAL ASSISTANCE OF DAKOTA COUNTY 7300 147TH ST W SUITE 401 APPLE VALLEY MN 55124 410996581 501(C)(3) 23000 N/A N/A EXPANSION OF RAMSEY CTY HOUSING COURT CLINIC 360 COMMUNITIES 501 STATE HWY 13 SUITE 112 BURSNVILLE MN 55337 410987708 501(C)(3) 50000 N/A N/A EXPANSION OF RAMSEY CTY HOUSING COURT CLINIC 23 0 PART I, LINE 2: FILES ARE KEPT ON GRANTEES AND GRANTS ARE AWARDED TO ORGANIZATIONS SPONSORING HOUSING BENEFITING LOW TO MODERATE INCOME PERSONS. X 0 0 0 0 0 0 0 0 0 ELLEN K SAHLI PRESIDENT 207738 0 5000 0 0 0 21665 0 18202 0 252605 0 0 0 COLLEEN EBINGER VICE PRESIDENT 155114 0 0 0 0 0 15842 0 3347 0 174303 0 0 0 FORM 990, PART VI, SECTION A, LINE 1 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 1,329,309. PART XII, LINE 2C THE AUDIT PROCESS HAS NOT CHANGED IN THE CURRENT YEAR.