2016-08-15T10:07:36-05:00 2015-12-31 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2015-01-01 133238657 NONPROFIT FINANCE FUND NONP 2128686710 5 HANOVER SQUARE 9TH FL NEW YORK NY 10004 ANTONY BUGG-LEVINE PRESIDENT/CEO 2128686710 2016-08-15 1 GARRETT M HIGGINS P00543209 2122862600 2016-08-15 2015 2016-12-15 16:53:06Z X ANTONY BUGG-LEVINE 5 HANOVER SQUARE 9TH FL NEW YORK NY 10004 13109108 0 X WWW.NONPROFITFINANCEFUND.ORG X 1984 NY SUPPORTS MISSION-DRIVEN ORGANIZATIONS WITH FINANCING, ADVICE AND KNOWLEDGE. 14 13 91 16 0 0 12771624 4825418 7602942 8267486 8444 7413 7245 8791 20390255 13109108 23409983 1650177 0 0 7310028 8767332 0 0 794663 4508058 4704828 35228069 15122337 -14837814 -2013229 74791103 79169493 33311858 39703477 41479245 39466016 SEE SCHEDULE O 0 0 12587234 1650177 8267486 SEE SCHEDULE O 12587234 1 1 0 1 0 0 0 0 1 0 1 0 1 0 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 0 1 1 1 0 0 1 46 0 91 1 0 0 0 0 0 0 0 0 0 0 X 14 13 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA IL NJ NY PA MA MI X X CRAIG REIGEL CFO 2128686710 5 HANOVER SQUARE 9TH FLOOR NEW YORK NY 10004 ANTONY BUGG-LEVINE PRESIDENT/CEO 50.00 1.00 X X 282462 0 39581 DAVID VOLLMAYER TREASURER 2.00 X X 0 0 0 ANDREW B COHN SECRETARY 2.00 0.50 X X 0 0 0 MARIA BLAIR BOARD CHAIR 2.00 0.50 X X 0 0 0 AUDREY CHOI DIRECTOR UNTIL 12/17/15 2.00 X 0 0 0 TESSIE GUILLERMO DIRECTOR 2.00 X 0 0 0 LISA HALL DIRECTOR 2.00 X 0 0 0 KIMBERLY JOHNSON DIRECTOR 2.00 X 0 0 0 ROBERT S ROBBIN ESQ DIRECTOR UNTIL 6/16/15 2.00 1.00 X 0 0 0 RUTH SALZMAN DIRECTOR 2.00 X 0 0 0 JANET THOMPSON DIRECTOR UNTIL 4/1/15 2.00 1.00 X 0 0 0 JAMES BILDNER DIRECTOR 2.00 X 0 0 0 STEPHEN DEBERRY DIRECTOR 2.00 X 0 0 0 HENRY RAMOS DIRECTOR 2.00 X 0 0 0 DAVID ERICKSON DIRECTOR 2.00 X 0 0 0 OMMEED SATHE DIRECTOR 2.00 0.50 X 0 0 0 JOH TAYLOR DIRECTOR 2.00 X 0 0 0 CRAIG REIGEL CFO 50.00 1.00 X 208694 0 29856 NORAH MCVEIGH MANAGING DIR FINANCIAL SRV 50.00 1.50 X 206066 0 49284 KRISTIN GIANTRIS MANAGING DIRECTOR 50.00 X 238994 0 28339 JENNIFER TALANSKY MANAGING DIRECTOR 50.00 X 165176 0 49955 ANAND ATTAVANE CONTROLLER 50.00 0.50 X 138338 0 34694 JENNIFER KAWAR VP & CHIEF INVESTMT OFFICE 50.00 X 160638 0 43006 SHAWN LUTHER VP, CHIEF CREDIT OFFICER 50.00 X 153255 0 7166 ANDREA BRISCOE VP HUMAN CAPITAL 50.00 X 127460 0 27821 WILLIAM H PINAKIEWICZ VP BUSINESS DEVELOPMENT 50.00 X 144830 0 44928 1825913 0 354630 23 0 1 0 0 125000 4700418 4825418 PRGM & CONTRACT FEES 900099 3581572 3581572 LOAN AND FINAN. FEES 900099 2897238 2897238 INTEREST ON LOANS 900099 1788676 1788676 8267486 7413 7413 MISCELLANEOUS INCOME 900099 8791 8791 8791 13109108 8267486 0 16204 1650177 1650177 1298407 1019282 202699 76426 5969040 4685845 931851 351344 297767 233754 46486 17527 638411 501168 99665 37578 563707 450156 85553 27998 211040 124059 19419 67562 19716 10510 6036 3170 72887 54917 11464 6506 710876 683370 26131 1375 1825 1140 685 271462 217485 37748 16229 184986 148204 25723 11059 1134988 909308 157825 67855 527339 387759 45783 93797 103175 102913 262 600008 600008 28068 22487 3903 1678 82671 66233 11496 4942 PROVISION FOR LOAN LOSS 594522 594522 STAFF RECRUITING/TRAINI 68143 46388 17081 4674 MAINTENANCE & REPAIRS 30325 24296 4217 1812 DUES & MEMBERSHIPS 29488 23625 4100 1763 33309 29628 2575 1106 15122337 12587234 1740440 794663 6174585 3442777 6863954 5754595 7110658 5579042 3693140 4550080 58552 207771 2533970 1632392 49640 901578 261357 261357 50133388 58247313 445829 224980 74791103 79169493 814810 1178701 53568 53568 56950 428847 79387 92602 32307143 37949759 33311858 39703477 X 9103484 9601676 32375761 29864340 41479245 39466016 74791103 79169493 -2013229 0 X X 0 1 X 1 1 1 X 32207197 26711927 26565452 12771624 4825418 103081618 32207197 26711927 26565452 12771624 4825418 103081618 46703105 56378513 14232 9584 6166 14444 7413 51839 13942 2196 1477 1245 8791 27651 103161108 40568351 0.54650 0.53950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14327674 14327674 866384 216596 0 0 1000000 1000000 1000000 866384 3866384 5799576 23771 23771 250000 250000 250000 216596 966596 1449894 0 1 X 1236997 373234 863763 874918 837103 37815 422055 422055 0 901578 LOANS RECEIVABLE 58247313 C 58247313 X 12759027 249428 499 249927 12509100 600008 600008 13109108 14895357 249428 123600 373028 14522329 600008 600008 15122337 PART IV, LINE 2B: NONPROFIT FINANCE FUND HELD A CUSTODIAL BANK ACCOUNT FOR A NEW MARKET TAX CREDIT OF WHICH NONPROFIT FINANCE FUND IS A MINIMAL PARTNER OF .01% AND THE FUNDS ARE USED AS OBLIGATION PAYMENTS AS AUTHORIZED BY THE PARTNERSHIP. PART X, LINE 2: THE FUND'S ACCOUNTING POLICY IS TO DISCLOSE LIABILITIES FOR UNCERTAIN TAX POSITIONS WHEN A LIABILITY IS PROBABLE AND ESTIMABLE. MANAGEMENT IS NOT AWARE OF ANY VIOLATION OF ITS TAX STATUS AS AN ORGANIZATION EXEMPT FROM INCOME TAXES, NOR OF ANY EXPOSURE TO UNRELATED BUSINESS INCOME TAX. THE FUND IS NO LONGER SUBJECT TO AUDITS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2012. PART XI, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY REVENUE: 499. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSE NETTED AGAINST INTEREST INCOME 600,008. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY EXPENSES: 123,600. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSE NETTED AGAINST INTEREST INCOME 600,008. 1 ABODE SERVICES 40849 FREMONT BLVD FREMONT CA 94538 943087060 501 (C) (3) 50000 CALIFORNIA PAY FOR SUCCESS INITIATIVE ARS NOVA WORKSHOP 3909 WARREN STREET PHILADELPHIA PA 19104 383714248 501 (C) (3) 152167 ENGAGING NON-FINANCIAL CAPACITY BUILDING ASSISTANCE BOSTON CHILDREN'S MUSEUM 308 CONGRESS STREET BOSTON MA 02210 042103993 501 (C) (3) 75000 NFF SAFE INITIATIVE CENTER FOR EMPLOYMENT OPPORTUNITIES 50 BROADWAY 18TH FL NEW YORK NY 10004 133843322 501 (C) (3) 31250 CALIFORNIA PAY FOR SUCCESS INITIATIVE CHAPIN HALL AT THE UNIVERSITY OF CHICAGO 1313 EAST 60TH STREET CHICAGO IL 60637 362167012 501 (C) (3) 10300 CALIFORNIA PAY FOR SUCCESS INITIATIVE CHILDREN'S MUSEUM OF HOUSTON 1500 BINZ HOUSTON TX 77004 742178563 501 (C) (3) 53600 NFF SAFE INITIATIVE CITY AND COUNTY OF SAN FRANCISCO ONE DR CALTON B GOODLETT PLACE 288 SAN FRANCISCO CA 94102 946000417 CITY OF SAN FRANCISC 78110 CALIFORNIA PAY FOR SUCCESS INITIATIVE ENTERPRISE COMMUNITY PARTNERS 11000 BROKEN LAND PARKWAY COLUMBIA MD 21044 521231931 501 (C) (3) 66171 SOCIAL INNOVATION FUND PAY FOR SUCCESS GLOVER PARK GROUP LLC LOCKBOX 9962 PO BOX 8500 PHILADELPHIA PA 191789962 453857268 10078 CALIFORNIA PAY FOR SUCCESS INITIATIVE HARDER COMPANY 299 KANSAS STREET SAN FRANCISCO CA 94103 943042271 91000 CALIFORNIA PAY FOR SUCCESS INITIATIVE KAUFMAN CENTER 129 WEST 67TH STREET NEW YORK NY 10023 131991118 501 (C) (3) 28600 NFF SAFE INITIATIVE KOHL CHILDREN'S MUSEUM 2100 PATRIOT BLVD GLENVIEW IL 60026 363706878 501 (C) (3) 63048 NFF SAFE INITIATIVE MACPHAIL CENTER OF MUSIC 501 SOUTH 2ND STREET MINNEAPOLIS MN 55401 411729340 501 (C) (3) 55250 NFF SAFE INITIATIVE MADISON CHILDREN'S MUSEUM 100 N HAMILTON STREET MADISON WI 53703 391383497 501 (C) (3) 26753 NFF SAFE INITIATIVE MERIT SCHOOL OF MUSIC 38 SOUTH PEORIA STREET CHICAGO IL 60607 363028768 501 (C) (3) 36000 NFF SAFE INITIATIVE MUSIC INSTITUTE OF CHICAGO 507 GREEN BAY ROAD WILMETTE IL 60091 362374224 501 (C) (3) 19000 NFF SAFE INITIATIVE NEIGHBORHOOD MUSIC SCHOOL 100 AUDUBON STREET NEW HAVEN CT 06510 060662152 501 (C) (3) 19200 NFF SAFE INITIATIVE NURSE-FAMILY PARTNERSHIP 1900 GRANT STREET SUITE 400 DENVER CO 80203 200234163 501 (C) (3) 68854 CALIFORNIA PAY FOR SUCCESS INITIATIVE PROVIDENCE CHILDREN'S MUSEUM 100 SOUTH STREET PROVIDENCE RI 02903 050370944 501 (C) (3) 11050 NFF SAFE INITIATIVE RAINEY INSTITUTE 1705 EAST 55TH CLEVELAND OH 44103 346555952 501 (C) (3) 23575 NFF SAFE INITIATIVE REDF 221 MAIN STREET SUITE 1550 SAN FRANCISCO CA 94105 542132153 501 (C) (3) 32000 CALIFORNIA PAY FOR SUCCESS INITIATIVE SOCIAL FINANCE INC 77 SUMMER STREET 2ND FLOOR BOSTON MA 02110 274620963 501 (C) (3) 90899 CALIFORNIA PAY FOR SUCCESS INITIATIVE TELECARE CORPORATION 1080 MARINA VILLAGE PARKWAY STE 100 100 ALAMEDA CA 94501 941735271 50000 CALIFORNIA PAY FOR SUCCESS INITIATIVE THE CHILDREN'S MUSEUM OF NEW HAMPSHIRE 6 WASHINGTON STREET DOVER NH 03820 020363746 501 (C) (3) 9940 NFF SAFE INITIATIVE THE COMMUNITY FOUNDATION OF UTAH 2257 SOUTH 1100 EAST SALT LAKE CITY UT 84106 743211770 501 (C) (3) 132797 SOCIAL INNOVATION FUND PAY FOR SUCCESS THE MAGIC HOUSE 516 S KIRKWOOD ROAD SAINT LOUIS MO 63122 510138441 501 (C) (3) 32000 NFF SAFE INITIATIVE THIRD SECTOR CAPITAL PARTNERS 200 CLAREDON STREET 29TH FLOOR BOSTON MA 02116 461301032 501 (C) (3) 276000 CALIFORNIA PAY FOR SUCCESS INITIATIVE TUSCALOOSA RESEARCH 3701 LOOP ROAD EAST TUSCALOOSA AL 35404 631078214 501 (C) (3) 18000 SOCIAL INNOVATION FUND PAY FOR SUCCESS CHELSEA COLLABORATIVE 318 BROADWAY CHELSEA MA 02150 222906521 501 (C) (3) 10000 BARR INITIATIVE JEWISH VOCATIONAL SERVICE 75 FEDERAL STREET 3RD FLOOR BOSTON MA 02110 042104357 501 (C) (3) 28064 SOCIAL INNOVATION FUND PAY FOR SUCCESS 27 3 PART I, LINE 2: NONPROFIT FINANCE FUND (NFF) MAKES GRANTS TO OTHER NONPROFIT ORGANIZATIONS AS PART OF A VARIETY OF FUNDER-SPECIFIC INITIATIVES AND IN A MANNER THAT ALIGNS WITH NFF'S MISSION. GRANTS ARE REVIEWED AND APPROVED BASED UPON THE CRITERIA ESTABLISHED BY THE FUNDER AND THE GRANTEES' CAPACITY TO SERVE THEIR COMMUNITIES AND TO FURTHER THEIR CHARITABLE MISSION. GRANTS ARE ONLY DISBURSED AFTER RECEIVING WRITTEN AND SIGNED ACKNOWLEDGEMENT BY THE GRANTEE OF THE RESTRICTIONS ON THE GRANT. X X X X X 0 0 0 0 0 0 0 1 0 ANTONY BUGG-LEVINE PRESIDENT/CEO 282462 0 0 0 0 0 17400 0 22181 0 322043 0 0 0 CRAIG REIGEL CFO 208694 0 0 0 0 0 12780 0 17076 0 238550 0 0 0 NORAH MCVEIGH MANAGING DIR FINANCIAL SRV 206066 0 0 0 0 0 13200 0 36084 0 255350 0 0 0 KRISTIN GIANTRIS MANAGING DIRECTOR 226961 0 0 0 12033 0 13730 0 14609 0 267333 0 0 0 JENNIFER TALANSKY MANAGING DIRECTOR 165176 0 0 0 0 0 10183 0 39772 0 215131 0 0 0 ANAND ATTAVANE CONTROLLER 125638 0 12700 0 0 0 7379 0 27315 0 173032 0 0 0 JENNIFER KAWAR VP & CHIEF INVESTMT OFFICE 152938 0 7700 0 0 0 10058 0 32948 0 203644 0 0 0 SHAWN LUTHER VP, CHIEF CREDIT OFFICER 150055 0 3200 0 0 0 6096 0 1070 0 160421 0 0 0 ANDREA BRISCOE VP HUMAN CAPITAL 124760 0 2700 0 0 0 7878 0 19943 0 155281 0 0 0 WILLIAM H PINAKIEWICZ VP BUSINESS DEVELOPMENT 142130 0 2700 0 0 0 8992 0 35936 0 189758 0 0 0 PART I, LINE 7 FOR THE SENIOR MANAGEMENT TEAM, BONUSES WERE DETERMINED BY THE ASSESSMENT AND RECOMMENDATION OF THE CEO AND APPROVED BY THE BOARD. FOR OTHER STAFF, THE BONUSES WERE DETERMINED BY THEIR SUPERVISORS AND APPROVED BY THE CEO WITHIN THE PARAMETERS OF THE BOARD APPROVED BUDGET. FORM 990, PART III, LINE 1 THE ORGANIZATION'S MISSION: NONPROFIT FINANCE FUND (NFF) UNLOCKS THE POTENTIAL OF MISSION-DRIVEN ORGANIZATIONS THROUGH TAILORED INVESTMENTS, STRATEGIC ADVICE, AND ACCESSIBLE INSIGHTS. WE WORK TO CREATE A MORE JUST AND VIBRANT SOCIETY BY HELPING NONPROFITS OPTIMIZE THEIR RESOURCES, SUPPORTING THEM AS THEY PROVIDE VITAL GOODS AND SERVICES THAT IMPROVE PEOPLES' LIVES. FORM 990, PART III, LINE 4A NFF'S MISSION STATEMENT REFLECTS OUR THREE LARGEST PROGRAMS: WE UNLOCK THE POTENTIAL OF MISSION-DRIVEN ORGANIZATIONS THROUGH TAILORED INVESTMENTS, STRATEGIC ADVICE, AND ACCESSIBLE INSIGHTS. WE DO THIS WITH THE AIM OF CREATING A MORE JUST AND VIBRANT SOCIETY, WITH EQUITABLE OPPORTUNITIES FOR ALL. TAILORED INVESTMENTS: AS A NATIONAL COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) AND LONGTIME IMPACT INVESTOR, NFF PROVIDES FINANCING EXCLUSIVELY TO MISSION-DRIVEN ORGANIZATIONS, INCLUDING NONPROFITS AND SOCIAL ENTERPRISES, WHICH WORK TO IMPROVE LIVES IN LOW-INCOME COMMUNITIES. WE DO THIS BY RAISING AND BORROWING CAPITAL FROM A VARIETY OF SOURCES AND USING THAT CAPITAL TO PROVIDE A RANGE OF FINANCIAL PRODUCTS, INCLUDING LOANS, LINES OF CREDIT AND NEW MARKETS TAX CREDITS, AMONG OTHERS. IN 2015, NFF CLOSED 20 NEW LOANS TOTALING $27.8 MILLION AND MANAGED A $268 MILLION PORTFOLIO OF LOANS TO EDUCATIONAL INSTITUTIONS, HEALTH CENTERS, HUMAN SERVICES PROVIDERS, AND OTHER ORGANIZATIONS PROVIDING VITAL AND/OR ENRICHING SERVICES AND CREATING TRANSFORMATIONAL IMPACT IN LOW-INCOME COMMUNITIES. WE ARE INCREASINGLY FACILITATING THE FLOW OF THIRD-PARTY CAPITAL TO THESE MISSION-DRIVEN ORGANIZATIONS BY WORKING WITH OR PROVIDING GUIDANCE TO OTHERS (E.G., FUNDERS, PHILANTHROPIC INSTITUTIONS, GOVERNMENT AGENCIES, CORPORATIONS) WHO ARE USING PROGRAM RELATED INVESTMENTS, LOANS, GRANTS AND OTHER FINANCING MECHANISMS FOR CHARITABLE PURPOSES AND TO CREATE POSITIVE SOCIAL CHANGE. STRATEGIC ADVICE: WE ARE A NATIONAL LEADER IN PROVIDING STRATEGIC ADVICE AND CUSTOMIZED FINANCIAL AND OPERATIONAL TRAINING AND CAPACITY-BUILDING TO HUNDREDS OF NONPROFITS IN ALL SECTORS, THROUGH WEBINARS, WORKSHOPS, AND CUSTOMIZED ENGAGEMENTS. IN 2015, WE CONDUCTED EDUCATIONAL ACTIVITIES, TRAINING AND PROVIDED CUSTOMIZED TECHNICAL ASSISTANCE THAT HELPED 227 NONPROFIT ORGANIZATIONS AND FOUNDATIONS APPLY GREATER FINANCIAL KNOW-HOW TO THEIR CRITICAL DECISIONS. OUR 85 WORKSHOPS AND OTHER GROUP FINANCIAL CAPACITY TRAININGS WERE ATTENDED BY 3,695 INDIVIDUALS. OUR WORK OVERALL HELPED ORGANIZATIONAL LEADERS OPTIMIZE THEIR RESOURCES, INCORPORATE FINANCIAL DATA AND KNOWLEDGE INTO PLANNING AND DECISION-MAKING, AND STRENGTHEN THEIR ABILITY TO ADAPT TO EVER-CHANGING CONDITIONS AND PROVIDE MUCH-NEEDED SERVICES TO THEIR CLIENTS. WE DID THIS BY HELPING THEM TO IMPROVE THEIR UNDERSTANDING OF THEIR FINANCIAL CONDITION AND BUSINESS MODELS, ANALYZE THEIR STRATEGIC OPTIONS, IDENTIFY AND DETERMINE HOW TO FILL CAPITAL GAPS, AND CONDUCT LONG-TERM PLANNING. WE ALSO PROVIDED STRATEGIC ADVICE TO FOUNDATIONS, RAISING AWARENESS OF THE FINANCIAL ISSUES AFFECTING NONPROFITS THEY SUPPORT. LASTLY WE ADVISED AND EDUCATED ORGANIZATIONS PROVIDING SERVICES TO LOW-INCOME PEOPLE AND OTHER DISADVANTAGED COMMUNITIES, GOVERNMENTS, AND OTHERS EXPLORING USE OF PAY FOR SUCCESS, OUTCOMES-BASED FUNDING AND OTHER IMPACT INVESTING MODELS TO HELP BETTER FUND THEIR CHARITABLE AND PUBLIC ACTIVITIES. ACCESSIBLE INSIGHTS: WE PERFORMED RESEARCH AND PUBLISHED WIDELY WITH THE GOAL OF IMPROVING KNOWLEDGE ABOUT NONPROFIT FINANCE, AND SHARING EMERGING IDEAS THAT HAVE POTENTIAL TO MAKE POSITIVE CHANGE FOR THE SECTOR AND THE PEOPLE WE ALL SERVE. WE MAKE ALL OF OUR ACCESSIBLE INSIGHTS AVAILABLE TO THE PUBLIC THROUGH OUR WEBSITE, SOCIAL MEDIA, OR OTHER PLATFORMS. IN 2015, WE CONDUCTED A NATIONAL SURVEY OF THE STATE OF THE NONPROFIT SECTOR THAT INCLUDED 5451 TOTAL RESPONDENTS (NFF.ORG/SURVEY). WE PROVIDED PUBLIC EDUCATION AND PUBLISHED REPORTS, ARTICLES, BLOGS, AND OTHER RESOURCES ON THE EVOLVING STATE OF THE NONPROFIT SECTOR AND THE ECONOMIC, FUNDING AND FINANCING FACTORS THAT IMPACT IT. WE ALSO SHARED OUR INSIGHTS ABOUT THESE ISSUES THROUGH DOZENS OF SPEAKING ENGAGEMENTS. WE MAINTAINED A PAY FOR SUCCESS WEBSITE (PAYFORSUCCESS.ORG) TO EDUCATE AND SHARE INFORMATION ABOUT THIS EVOLVING FIELD FOR FINANCING PREVENTATIVE AND EARLY INTERVENTION SERVICES AND ACHIEVING OTHER CHARITABLE OUTCOMES. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS BYLAWS DURING 2015. THE FOLLOWING IS THE SUMMARY OF NFF BYLAWS' 2015 REVISION. -THE PRESIDENT SHALL NOT SERVE AS BOARD CHAIR. -THE BOARD MAY AUTHORIZE A COMMITTEE TO MAKE REAL ESTATE DECISONS (OFFICE LEASES) IN THE ORDINARY COURSE OF BUSINESS. -THE APPOINTMENT OF A VICE CHAIR IS OPTIONAL RATHER THAN REQUIRED. -COMMITTEE MEETING QUORUM WAS LOWERED FROM FOUR TO THREE PERSONS. -THE AUDIT COMMITTEE'S DUTIES AND RESPONSIBILITIES WERE EXPLICITLY DELINEATED. -NEW BYLAWS ARTICLES INCLUDE "OBJECTIVES AND PURPOSES", "DEDICATION OF ASSETS", "CONFLICT OF INTEREST POLICY AND "RELATED PARTY TRANSACTIONS". -DIRECTORS SHALL BE AT LEAST 18 YEARS OF AGE. FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT OF THE FORM 990 IS PREPARED BY AN EXTERNAL PROFESSIONAL ACCOUNTING FIRM AND IS REVIEWED BY INTERNAL MANAGEMENT/CFO. UPON COMPLETION OF A DRAFT VERSION OF THE FORM 990, THE DRAFT IS SENT VIA ELECTRONIC MAIL TO MEMBERS OF THE AUDIT COMMITTEE OF NONPROFIT FINANCE FUND FOR THEIR PRELIMINARY REVIEW. THESE MATERIALS ARE SENT IN ADVANCE OF THE MEETING. DURING THE MEETING, A REVIEW OF THE FORM IS CONDUCTED AND THE COMMITTEE EITHER APPROVES THE 990 OR RECOMMENDS CHANGES, WHICH ARE SUBSEQUENTLY MADE AND REDISTRIBUTED TO COMMITTEE MEMBERS VIA ELECTRONIC MAIL FOR THEIR APPROVAL. THE MEMBERS MAY ALSO ELECT TO HOLD A SECOND MEETING TO REVIEW ANY CHANGES. ONCE THE DRAFT IS APPROVED, THE 990 IS PROVIDED ELECTRONICALLY TO THE FULL BOARD OF DIRECTORS, PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C NONPROFIT FINANCE FUND'S CONFLICT OF INTEREST AND DISCLOSURE POLICY WAS REVISED IN 2014. THE POLICY IS APPLICABLE TO ALL DIRECTORS, OFFICERS, COMMITTEE MEMBERS AND KEY EMPLOYEES. AT THE BEGINNING OF EACH YEAR, ALL SUCH PERSONS ARE ASKED TO SIGN A STATEMENT AFFIRMING THAT THE INDIVIDUAL HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST AND DISCLOSURE POLICY, HAS READ AND UNDERSTANDS THE POLICY AND AGREES TO COMPLY WITH THE POLICY. THE POLICY REQUIRES THAT ALL POTENTIAL CONFLICTS BE REPORTED TO THE BOARD OF DIRECTORS OR RELEVANT COMMITTEE TO DETERMINE IF A CONFLICT EXISTS AND IF SO, THAT IT BE ADDRESSED IN AN APPROPRIATE MANNER CONSISTENT WITH THE POLICY. THE POLICIES ALSO PROVIDE THAT INTERESTED PERSONS MAY NOT PARTICIPATE WHEN A POTENTIAL CONFLICT IS DETERMINED NOR BE PRESENT FOR THE APPROVAL OF ANY TRANSACTION OR BUSINESS INVOLVING THE INTERESTED PARTY. FORM 990, PART VI, SECTION B, LINE 15 NONPROFIT FINANCE FUND'S BOARD OF DIRECTORS IS RESPONSIBLE FOR DETERMINING THE COMPENSATION OF THE CEO. THE BOARD APPROVED THE RECOMMENDATION BY THE COMPENSATION COMMITTEE FOR THE SALARY AND BONUS STRUCTURE OF THE CEO, BASED UPON A REVIEW OF FACTORS INCLUDING COMPENSATION LEVELS PAID BY SIMILARLY SITUATED ORGANIZATIONS, THE AVAILABILITY OF SIMILAR SERVICES IN THE ORGANIZATION'S GEOGRAPHIC AREA, CURRENT COMPENSATION SURVEYS COMPILED BY INDEPENDENT FIRMS, AND ACTUAL WRITTEN OFFERS FROM SIMILAR INSTITUTIONS. THE BOARD HAS ANNUALLY DETERMINED BONUS AMOUNTS BASED UPON THEIR REVIEW OF THE CEO'S ANNUAL PERFORMANCE AGAINST ESTABLISHED GOALS. IN 2015, THE BOARD AMENDED THE CEO COMPENSATION FIGURES BASED UPON A SUBJECTIVE EVALUATION OF MARKET CHANGES AND THE CEO'S PERFORMANCE. FOR SENIOR STAFF REPORTING DIRECTLY TO THE CEO, THE BOARD APPROVES COMPENSATION RECOMMENDATIONS MADE BY THE CEO BASED UPON PEER COMPENSATION DATA, INDIVIDUAL PERFORMANCE, AND BUDGETARY CONSTRAINTS. FOR ALL OTHER STAFF, THE BOARD APPROVES COMPENSATION POLICIES AND AGGREGATE BUDGET CONSTRAINTS FOR PERSONNEL COSTS. PERIODICALLY NFF OBTAINS SURVEY DATA FROM INDEPENDENT FIRMS TO CALIBRATE COMPENSATION FOR STAFF, WHICH IS PROVIDED TO THE BOARD IN SUPPORT OF POLICY RECOMMENDATIONS. THIS PROCESS WAS LAST CONDUCTED IN 2014. THE REVIEW AND APPROVAL OF COMPENSATION IS RECORDED IN THE MINUTES OF THE BOARD OF DIRECTORS, INCLUDING THE TERMS OF THE COMPENSATION AND DATE APPROVED, THE NAMES OF THE MEMBERS PRESENT FOR THE DISCUSSION AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 FORM 990 IS AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE SERVICE CODE. IN ADDITION, FORMS 990 AND 1023, AS WELL AS THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE AVAILABLE UPON WRITTEN REQUEST DIRECTED TO THE NONPROFIT FINANCE FUND, 5 HANOVER SQUARE, 9TH FLOOR, NEW YORK, NY 10004, OR BY CALLING THE ORGANIZATION AT 212-868-6710. FORM 990, PART XII, LINE 2C: NONPROFIT FINANCE FUND HAS AN AUDIT COMMITTEE, COMPOSED OF INDEPENDENT BOARD MEMBERS, THAT IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR. NEW ENGLAND CULTURAL FACILITIES FUND 5 HANOVER SQUARE 9TH FLOOR NEW YORK NY 10004 043278959 PROVIDE TECHNICAL ASSISTANCE & LOANS TO NONPROFIT CULTURAL ORGANIZATIONS MA 501(C)(3) 11(A) NONPROFIT FINANCE FUND 1 BUILDING FOR THE FUTURE INC 5 HANOVER SQUARE 9TH FLOOR NEW YORK NY 10004 134078657 ASSIST OTHER NONPROFITS MANAGE LONG TERM ASSETS DE 501(C)(3) 11(A) NONPROFIT FINANCE FUND 1 NFF NEW MARKETS FUND I LLC 5 HANOVER SQUARE 9TH FLOOR NEW YORK NY 10004 205899397 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 641 0 1 0.00010 NFF NEW MARKETS FUND III LLC 5 HANOVER SQUARE 9TH FLOOR NEW YORK NY 10004 261409447 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 2 1145 0 1 0.00010 NFF NEW MARKETS FUND IV LLC 5 HANOVER SQUARE 9TH FLOOR NEW YORK NY 10004 263757583 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 4 742 0 1 0.00010 NFF NEW MARKETS FUND 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