2020-02-20T07:45:27-06:00 2019-06-30 410746749 CLIFTONLARSONALLEN LLP 220 SOUTH SIXTH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2018-07-01 411616861 COMMUNITY REINVESTMENT FUND INC COMM 6123383050 801 NICOLLET MALL 1700W MINNEAPOLIS MN 554022903 JENNIFER ANDERSON PRESIDENT & CFO 6123383050 2020-02-13 1 KAREN GRIES P00078514 6123764500 2020-02-13 67.137.57.251 2020-02-13 12:41:14 CS P 9C1DED54EE6A56468881F41BE7A7DD662CF8FCB7 58F2D0DD0879FA3AB054D05BB1806533834C1440 2018 2020-09-23 17:36:50Z FRANK ALTMAN 801 NICOLLET MALL 1700W MINNEAPOLIS MN 554022903 23357764 0 X WWW.CRFUSA.COM X 1988 MN TO EMPOWER PEOPLE TO IMPROVE THEIR LIVES AND STRENGTHEN THEIR COMMUNITIES THROUGH INNOVATIVE FINANCIAL SOLUTIONS. 17 16 79 17 695271 -421363 5181063 4399264 16358622 18948530 0 0 11072 9970 21550757 23357764 58020 36000 0 0 9308386 8998090 0 0 772162 13200704 12408127 22567110 21442217 -1016353 1915547 150933655 121270124 148288676 118257679 2644979 3012445 TO EMPOWER PEOPLE TO IMPROVE THEIR LIVES AND STRENGTHEN THEIR COMMUNITIES THROUGH INNOVATIVE FINANCIAL SOLUTIONS. 0 0 15281377 36000 17302257 LENDING - AS A NONPROFIT, MISSION DRIVEN ORGANIZATION, COMMUNITY REINVESTMENT FUND (CRF) PROVIDES OTHERWISE UNAVAILABLE LOAN CAPITAL TO COMMUNITIES, SMALL BUSINESSES, ENTREPRENEURS, NONPROFIT ORGANIZATIONS AND HOUSING ORGANIZATIONS. DURING THE FISCAL YEAR 2019, CRF PROVIDED FINANCING TOTALING $189 MILLION IN 11 STATES. THE LOANS PROVIDED BY CRF RESULTING IN THE CREATION OR RETENTION OF MORE THAN 800 JOBS. 1615863 0 1646273 LOAN SERVICING - CRF IS AN ACTIVE FANNIE MAE SERVICER AND IS RATED BY STANDARD AND POOR'S AS AN EXPERIENCED, MISSION-DRIVEN ORGANIZATION. CRF SPECIALIZES IN CUSTOMIZED PROJECTS FOR NON-TRADITIONAL PORTFOLIOS AND ORGANIZATIONS. DURING THE FISCAL YEAR 2019, CRF PROVIDED CONTRACT LOAN SERVICING FOR 56 COMMUNITY DEVELOPMENT LENDERS OF A VOLUME OF APPROXIMATELY 5,600 LOANS AMOUNTING TO $433 MILLION. ADDITIONALLY, WE SERVICED 62 AFFORDABLE HOUSING LOANS FOR $72 MILLION. 16897240 1 1 0 1 0 0 0 0 1 0 1 0 0 1 0 1 0 1 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 1 0 0 0 1 55 0 79 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 17 16 0 0 1 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 AL AR CA CT FL GA HI KS KY ME MD MA MN MS NH NJ NM NY NC OK OR PA SC TN UT VA WA WV WI AK CO IL ND OH X JENNIFER ANDERSON 6122249586 801 NICOLLET MALL SUITE 1700W MINNEAPOLIS MN 55402 KIMBERLY LATTIMER-NELLIGAN CHAIR 1.00 X X 0 0 0 REZA AGHAMIRZADEH VICE CHAIR 1.00 X X 0 0 0 LAURA TRUDEAU SECRETARY 1.00 X X 0 0 0 EILEEN FITZGERALD TREASURER 1.00 X X 0 0 0 DAVID ADAME TRUSTEE 1.00 X 0 0 0 MICHAEL BANNER TRUSTEE 1.00 X 0 0 0 JANIE BARRERA TRUSTEE 1.00 X 0 0 0 GAVIN BOROWIAK TRUSTEE 1.00 X 0 0 0 TONY BROWN TRUSTEE 1.00 X 0 0 0 DON GRAVES TRUSTEE 1.00 X 0 0 0 CALVIN HOLMES TRUSTEE 1.00 X 0 0 0 STEVE KENT TRUSTEE 1.00 X 0 0 0 BILL KRUGLER TRUSTEE 1.00 X 0 0 0 WILLIE F LOGAN TRUSTEE 1.00 X 0 0 0 SALLI MARTYNIAK TRUSTEE 1.00 X 0 0 0 ANDY POSNER TRUSTEE 1.00 X 0 0 0 LUTHER RAGIN JR TRUSTEE 1.00 X 0 0 0 DANIEL SPILLER TRUSTEE 1.00 X 0 0 0 GERALD THOLE TRUSTEE 1.00 X 0 0 0 FRANK ALTMAN CEO 40.00 X X 436468 0 111563 JENNIFER ANDERSON PRESIDENT AND CFO 40.00 X 272275 0 31195 DANIEL KOMAREK SVP AND CRO 40.00 X 234066 0 32046 KEITH RACHEY SVP AND CHIEF IMPACT OFFIC 40.00 X 241791 0 20418 JENNIFER NOVAK SVP CAPITAL MARKETS 40.00 X 222768 0 31607 MICHELLE PAGE VP LOAN SERVICING 40.00 X 191971 0 20264 DAWN JOHNSON VP AND CPO 40.00 X 226850 0 13948 NICHOLAS ELDERS VP TECHNOLOGY SOLUTIONS 40.00 X 183735 0 29396 JUDY JANDRO SVP SMALL BUSINESS LENDING 40.00 X 0 0 0 ROBERT TREADWAY LARGE LOAN PROCESS TEAM LEAD 40.00 X 159283 0 28188 ERIC CHAPIN GENERAL COUNSEL 40.00 X 172545 0 28835 PETER BERNACIAK DIRECTOR OF STRUCTURED FIN 40.00 X 148127 0 27635 GARY HOLMQUIST REGIONAL DIRECTOR OF BUSINESS DEVELOPMENT 40.00 X 200460 0 30364 ERIC MAU PRINCIPAL ARCHITECT 40.00 X 163134 0 28502 HYEOK JAE KANG CAPITAL MARKETS CONTROLLER 40.00 X 138992 0 27291 JENNIFER ERICSON REGIONAL DIRECTOR OF BUSINESS DEVELOPMENT 40.00 X 209012 0 23214 3201477 0 484466 29 0 1 0 NEXT STREET FINANCIAL 184 DUDLEY STREET SUITE 200 ROXBURY MA 02119 CONSULTING 533191 PERKINS COIE LLP 131 S DEARBORN STREET CHICAGO IL 60609 LEGAL 279345 CLIFTON LARSON ALLEN LLP 200 SOUTH SIXTH ST SUITE 1400 MINNEAPOLIS MN 55402 ACCOUNTING 203423 IDEO ORG 444 SPEAR STREET SUITE 213 SAN FRANCISCO CA 94105 CONSULTING 198500 NOVOGRADIC & COMPANY LLP PO BOX 7833 SAN FRANCISCO CA 94120 ACCOUNTING 184019 7 700000 3699264 4399264 LOAN SERVICING INTEREST INCOME 525990 8140167 8140167 OTHER LENDING INCOME 525990 7811852 7811852 LOAN SERVICING TRANSACTION FEES 525990 2301240 2301240 SPARK SOFTWARE SALES 900099 695271 0 695271 18948530 MISCELLANEOUS INCOME 900099 9970 9970 9970 23357764 18253259 695271 9970 36000 36000 2562970 1633654 713147 216169 4622109 3224560 1117299 280250 1249250 898735 287312 63203 563761 384178 142853 36730 95126 95126 286750 195411 91339 159089 159089 121819 121819 1805856 1253642 479699 72515 23731 23731 93257 75050 16000 2207 197758 111260 80806 5692 301291 206452 83343 11496 280570 148490 69851 62229 77604 3737 70867 3000 6254325 6254325 393108 324729 60091 8288 207665 147442 49840 10383 PROVISION FOR LOAN LOSS 955329 955329 AMORTIZATION OF SERVICI 579578 579578 REFERRAL FEES 308735 308735 DUES AND SUBSCRIPTIONS 163308 80049 83259 103228 75884 27344 21442217 16897240 3772815 772162 28957244 26161034 928917 628167 577759 564467 111171238 85376204 7172968 6234452 1178967 938516 1406196 1406196 6713334 6195540 150933655 121270124 9444148 9696399 12110042 10694729 500000 0 126234486 97866551 148288676 118257679 X 270573 1329646 2374406 1682799 2644979 3012445 150933655 121270124 1915547 -1548081 0 X 0 1 X 1 1 1 X X 13 LOW INCOME INVESTMENT FUND 942952578 7 0 0 0 LOS ANGELES LDC INC 953532380 10 0 0 0 FORWARD COMMUNITY INVESTMENTS INC 391815578 7 0 0 0 GREATER METROPOLITAN HOUSING CORPORATION 410968007 7 0 0 0 CHICAGO COMMUNITY LOAN FUND 363762123 7 0 0 0 WAR ON POVERTY - FLORIDA INC 208631269 7 0 0 0 STEWARD OF AFFORDABLE HOUSING FOR THE FUTURE 061697213 7 0 0 0 LIFTFUND INC 742712770 7 0 0 0 INVEST DETROIT FOUNDATION 271927369 7 0 0 0 CHICANOS POR LA CAUSA 860227210 7 0 0 0 CAPITAL GOOD FUND 800348382 10 0 0 0 MILWAUKEE COMMUNITY BUSINESS COLLABORATIVE INC 463689224 7 0 0 0 OPA-LOCKA COMMUNITY DEVELOPMENT CORPORATION 592106635 7 0 0 0 13 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 PART IV, SECTION A, LINE 1 ORGANIZATIONS LISTED IN GOVERNING DOCUMENTS CRF IS A NOT-FOR-PROFIT FINANCIAL SERVICES CORPORATION THAT PROVIDES SERVICES AND NEW LOAN CAPITAL FOR COMMUNITY BASED DEVELOPMENT ORGANIZATIONS, INCLUDING 501(C)3 ENTITIES AND GOVERNMENTAL ENTITIES. CRF SUPPORTS A CLASS OF BENEFICIARY ORGANIZATIONS THAT INCLUDE SECTION 501(C)(3) LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS AND UNITS OF FEDERAL, STATE, COUNTY OR MUNICIPAL GOVERNMENT, OR DULY CONSTITUTED AGENCIES THEREOF THAT FOCUS THEIR LENDING ACTIVITIES AT ECONOMICALLY DISTRESSED OR DECLINING AREAS, DISADVANTAGED PERSONS, NEIGHBORHOOD OR COMMUNITY REVITALIZATION, OR OTHER SECTION 501(C)(3) CHARITABLE PURPOSES AND THAT ARE CLASSIFIED AS SECTION 509(A)(1) OR (2) ORGANIZATIONS UNDER THE INTERNAL REVENUE CODE. THE GOVERNING INSTRUMENTS OF THE ORGANIZATION PROVIDE THAT ITS SUPPORTED ORGANIZATIONS INCLUDE LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS THAT ARE CLASSIFIED AS PUBLIC CHARITIES AND GOVERNMENTAL UNITS. PART IV, SECTION A, LINE 5A SUPPORTED ORGANIZATIONS LISTING THE FOLLOWING ORGANIZATION WAS ADDED FROM THE REPORTABLE LIST OF SUPPORTED ORGANIZATIONS FOR PURPOSES OF SCHEDULE A: CHICANOS POR LA CAUSA: 86-0227210, BOARD MEMBER IS AFFILIATED WITH THIS SUPPORTED ORGANIZATION CAPITAL GOOD FUND: 80-0348382, BOARD MEMBER IS AFFILIATED WITH THIS SUPPORTED ORGANIZATION MILWAUKEE COMMUNITY BUSINESS COLLABORATIVE, INC.: 46-3689224, BOARD MEMBER IS AFFILIATED WITH THIS SUPPORTED ORGANIZATION OPA-LOCKA COMMUNITY DEVELOPMENT CORPORATION: 59-2106635, BOARD MEMBER IS AFFILIATED WITH THIS SUPPORTED ORGANIZAITON PART IV, SECTION C, LINE 1 ORGANIZATIONS LISTED IN GOVERNING DOCUMENTS THE GOVERNING INSTRUMENTS OF THE ORGANIZATION REQUIRE THAT A MAJORITY OF ITS TRUSTEES SHALL BE REPRESENTATIVES OF SUPPORTED ORGANIZATIONS. THE ORGANIZATION SERVES A CLASS OF SUPPORTED ORGANIZATIONS AS DESCRIBED ABOVE. THE ORGANIZATION IS CONTROLLED BY THE ORGANIZATIONS IT SUPPORTS SINCE THE MAJORITY OF THE ORGANIZATION'S TRUSTEES ARE REPRESENTATIVES OF ITS SUPPORTED ORGANIZATIONS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 0 0 1 121819 121819 0 PART II-B, LINE 1: DESCRIPTION OF LOBBYING ACTIVITIES: CRF HAS PAID A CONSULTING FIRM TO ASSIST WITH WORK IN CONGRESS FOR THE CONTINUED ADVOCACY FOR THE NEW MARKETS TAX CREDIT PROGRAM, BOND GUARANTEE PROGRAM, AND OTHER PROGRAMS THAT BENEFIT THE CDFI INDUSTRY. 0 1 X 625452 150743 474709 2111592 1730206 381386 4435924 4353503 82421 938516 OTHER ASSETS 6195540 6195540 X PART IV, LINE 2B: THE ESCROW LIABILITY ON BALANCE SHEET REPRESENTS FUNDS HELD IN TRUST FOR BORROWERS. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT CRF IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. SIMILAR EXEMPTIONS EXIST UNDER MINNESOTA STATUTES. NNMTCF, A FOR-PROFIT SUBSIDIARY OF CRF, FILES TAX RETURNS AS A FOR-PROFIT ENTITY; HOWEVER, ITS CURRENT ACTIVITIES HAVE NOT GENERATED TAXABLE INCOME. ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. 0 NORTHERN ARAPHOE TRIBAL INDUSTRIES 98 GAS HILLS ROAD RIVERTON WY 82501 830336390 OTHER 0 36000 FMV TABLETS DONATION FOR USE BY TRIBAL COMMUNITY 0 1 X X X X 1 0 0 0 0 0 0 1 0 FRANK ALTMAN CEO 335968 0 100000 0 500 0 103750 0 7813 0 548031 0 0 0 JENNIFER ANDERSON PRESIDENT AND CFO 272200 0 0 0 75 0 13614 0 17581 0 303470 0 0 0 DANIEL KOMAREK SVP AND CRO 232866 0 0 0 1200 0 11703 0 20343 0 266112 0 0 0 KEITH RACHEY SVP AND CHIEF IMPACT OFFIC 241666 0 0 0 125 0 0 0 20418 0 262209 0 0 0 JENNIFER NOVAK SVP CAPITAL MARKETS 222768 0 0 0 0 0 11264 0 20343 0 254375 0 0 0 MICHELLE PAGE VP LOAN SERVICING 191386 0 0 0 585 0 0 0 20264 0 212235 0 0 0 DAWN JOHNSON VP AND CPO 130450 0 0 0 96400 0 10041 0 3907 0 240798 0 0 0 NICHOLAS ELDERS VP TECHNOLOGY SOLUTIONS 183735 0 0 0 0 0 9187 0 20209 0 213131 0 0 0 ROBERT TREADWAY LARGE LOAN PROCESS TEAM LEAD 158508 0 0 0 775 0 7964 0 20224 0 187471 0 0 0 ERIC CHAPIN GENERAL COUNSEL 172340 0 0 0 205 0 8653 0 20182 0 201380 0 0 0 PETER BERNACIAK DIRECTOR OF STRUCTURED FIN 146963 0 0 0 1164 0 7411 0 20224 0 175762 0 0 0 GARY HOLMQUIST REGIONAL DIRECTOR OF BUSINESS DEVELO 122400 0 77668 0 392 0 10023 0 20341 0 230824 0 0 0 ERIC MAU PRINCIPAL ARCHITECT 162825 0 0 0 309 0 8240 0 20262 0 191636 0 0 0 HYEOK JAE KANG CAPITAL MARKETS CONTROLLER 137317 0 0 0 1675 0 6950 0 20341 0 166283 0 0 0 JENNIFER ERICSON REGIONAL DIRECTOR OF BUSINESS DEVELO 117300 0 90648 0 1064 0 10451 0 12763 0 232226 0 0 0 PART I, LINE 4A DAWN JOHNSON SERVED AS THE VICE PRESIDENT AND CHIEF PORTFOLIO OFFICER THROUGH AUGUST 8, 2018, AT WHICH POINT, THE CHIEF PORTFOLIO OFFICER POSITION WAS ELIMINATED AND THE FUNCTIONAL ACCOUNTABILITIES WERE DISPERSED THROUGHOUT THE ORGANIZATION. CRF MADE A SEVERANCE PAYMENT OF $70,023 TO MS. JOHNSON. PART I, LINE 7 CRF PAYS COMMISSIONS TO CERTAIN EMPLOYEES, WHICH MAY INCLUDE SOME HIGHLY COMPENSATED INDIVIDUALS LISTED ON FORM 990, PART VII. ADDITIONALLY, CRF PAYS INCENTIVE COMPENSATION TO MANAGEMENT AND STAFF IN ACCORDANCE WITH ITS COMPENSATION PLAN, WHICH MAY INCLUDE SOME HIGHLY COMPENSATED INDIVIDUALS LISTED ON FOR 990, PART VII. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE (COMMITTEE) CONSISTING OF AT LEAST FIVE PERSONS APPOINTED BY THE BOARD OF TRUSTEES (BOARD) FROM ITS RANKS; AND THE BYLAWS ALSO PROVIDE THAT THE EXECUTIVE COMMITTEE SHALL HAVE THE POWER AND AUTHORITY AS MAY BE DELEGATED TO IT BY THE BOARD OF TRUSTEES. THE COMMITTEE SHALL BE COMPRISED OF THE FOLLOWING BOARD OFFICERS: CHAIRPERSON, VICE CHAIRPERSON, CHIEF EXECUTIVE OFFICER, AND THE CHAIRS OF THE AUDIT COMMITTEE, CREDIT POLICY AND ENTERPRISE RISK MANAGEMENT COMMITTEE, DEVELOPMENT COMMITTEE, AND FINANCE COMMITTEE. THE BOARD CHAIRPERSON SHALL BE THE CHAIRPERSON OF THE COMMITTEE. THE CHAIRPERSON SHALL PRESIDE AT MEETING OF THE COMMITTEE AND MAY INVITE VARIOUS OFFICERS OF CRF TO PARTICIPATE OR PROVIDE REPORTS ON AN OCCASIONAL OR STANDING BASIS TO THE COMMITTEE. THE COMMITTEE SHALL EXERCISE THE POWER AND AUTHORITY AS DELEGATED BY THE BOARD. AS PART OF THE COMMITTEE'S DELEGATED AUTHORITY TO SET THE COMPENSATION AND REVIEW THE PERFORMANCE OF THE PRESIDENT AND SUCH OTHER OFFICERS AS IT DEEMS APPROPRIATE, THE COMMITTEE IS RESPONSIBLE FOR SETTING THE INCENTIVE POOL THROUGH ITS REVIEW OF THE PERFORMANCE OF THE PRESIDENT IN ACCORDANCE WITH CRF'S COMPENSATION POLICY. FORM 990, PART VI, SECTION A, LINE 4 ON JANUARY 24, 2019, COMMUNITY REINVESTMENT FUND, INC.'S (CRF) BOARD OF TRUSTEES APPROVED AMENDMENTS TO CRF'S ARTICLES OF INCORPORATION AND BYLAWS. THE CHANGES CLARIFIED THAT CRF'S CLASS OF SUPPORTED ORGANIZATIONS INCLUDE TAX-EXEMPT ORGANIZATIONS CLASSIFIED UNDER BOTH SECTIONS 509(A)(1) AND 509(A)(2) OF THE INTERNAL REVENUE CODE. THE AMENDMENTS DID NOT CHANGE CRF'S ORGANIZATIONAL STRUCTURE AS A MINNESOTA NONPROFIT CORPORATION OR CHANGE CRF'S TAX-EXEMPT 501(C)(3) STATUS, NOR DID IT CHANGE CRF'S PURPOSE OR MISSION." FORM 990, PART VI, SECTION A, LINE 7A SUBSEQUENT TO THE INITIAL BOARD OF TRUSTEES, A MAJORITY OF THE BOARD SHALL CONSIST OF INDIVIDUALS APPOINTED OR ELECTED BY BENEFICIARY ORGANIZATIONS. AS PROVIDED IN THE ARTICLES OF INCORPORATION, THE CLASS OF BENEFICIARY ORGANIZATION SUPPORTED BY THE CORPORATION IS LIMITED TO LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS AND UNITS OF FEDERAL, STATE, COUNTY OR MUNICIPAL GOVERNMENT, OR DULY CONSTITUTED AGENCIES THEREOF, THAT FOCUS THEIR LENDING ACTIVITIES AT ECONOMICALLY DISTRESSED OR DECLINING AREAS, DISADVANTAGED PERSONS, NEIGHBORHOOD OR COMMUNITY REVITALIZATION, OR OTHER SECTION 501(C)(3) CHARITABLE PURPOSES AND THAT ARE CLASSIFIED AS SECTION 509(A)(1) OR (2) ORGANIZATIONS UNDER THE INTERNAL REVENUE CODE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED IN DETAIL BY SENIOR MANAGEMENT BEFORE FILING WITH THE IRS. A FINAL COPY OF THE RETURN IS SENT TO THE BOARD FOR A HIGH LEVEL REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C BECAUSE CRF IS A 509(A)(3) SUPPORTING ORGANIZATION, A MAJORITY OF THE GOVERNING BOARD COULD QUALIFY AS POTENTIAL CLIENTS. THE BOARD HAS CHOSEN NOT TO REVIEW INDIVIDUAL LOANS. AS A RESULT, THERE IS NO LONGER A POTENTIAL CONFLICT ISSUE IN THAT AREA. CERTAIN TRUSTEES ARE AFFIILIATED WITH FINANCIAL INSTITUTIONS THAT MAY BE INVOLVED WITH A CRF TRANSACTION, AND IN THOSE CASES, THE TRUSTEE ABSTAINS FROM ANY RELATED VOTE. ALL TRUSTEES ARE COVERED UNDER THE CONFLICT OF INTEREST POLICY. ALL EMPLOYEES ARE ALSO COVERED UNDER THE CONFLICT OF INTEREST POLICY AND ARE REQUIRED TO DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST AS SOON AS POSSIBLE. TRUSTEE ANNUALLY AFFIRM CONFLICT OF INTEREST POLICY AND DUTY TO DISCLOSE AT EACH BOARD MEETING IF SUBJECT OF DISCUSSION OR DECISION IS POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD HAS APPROVED A COMPENSATION POLICY TO SET THE FRAMEWORK FOR EXECUTIVE AND STAFF COMPENSATION BASED ON A STUDY PERFORMED BY AN INDEPENDENT COMPENSATION CONSULTANT. THE EXECUTIVE COMMITTEE OF BOARD APPROVES COMPENSATION FOR THE CEO BASED ON A COMPENSATION STUDY. THE EXECUTIVE COMMITTEE REVIEWS A COMPENSATION STUDY FOR SENIOR EXECUTIVES. THE MOST RECENT EXECUTIVE COMPENSATION STUDY WAS COMPLETED DURING FISCAL YEAR 2017. THE CEO APPROVES COMPENSATION FOR OTHER EXECUTIVE OFFICERS IN ACCORDANCE WITH THE COMPENSATION POLICY. COMPENSATION DECISIONS ARE DOCUMENTED WITH THE HUMAN RESOURCES DEPARTMENT. HUMAN RESOURCES WORKED WITH THE CEO, PRESIDENT AND A THIRD PARTY CONSULTANT TO BENCHMARK EMPLOYEE COMPENSATION TO INDUSTRY STANDARDS DURING FISCAL YEAR 2019. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. 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