2015-11-13T19:17:28-06:00 2014-12-31 KPMG LLP 1676 International Drive McLean VA 22102 990 2014-01-01 363490231 NATIONAL EQUITY FUND INC % ALEX DENJA NATI 3123600400 10 S RIVERSIDE PLAZA SUITE 1700 Chicago IL 60606 ALEX DENJA SVP Treasurer & CFO 3123600400 2015-11-13 true KPMG LLP P00634378 7032868000 2014 2016-03-07 17:11:31Z JOSEPH HAGAN 10 S RIVERSIDE PLAZA CHICAGO IL 60606 44489284 false X WWW.NEFINC.ORG X 1987 IL NATIONAL EQUITY FUND, INC. IS DEDICATED TO SUPPORTING THE DEVELOPMENT AND PRESERVATION OF HIGH-QUALITY AFFORDABLE RENTAL HOUSING IN DISINVESTED COMMUNITIES. 17 13 174 0 0 46875 0 34480172 43192855 270891 151895 947632 1144534 35745570 44489284 2817710 6132500 0 0 21795672 24265436 0 0 0 16251704 15393453 40865086 45791389 -5119516 -1302105 61338405 71740591 28003892 36743900 33334513 34996691 X SEE SCHEDULE O false false 38798353 6132500 44489284 NEF, INC. SERVES AS THE GENERAL PARTNER OR MANAGING MEMBER OF INVESTOR LIMITED PARTNERSHIPS AND LIMITED LIABILITY COMPANIES THAT ACQUIRE LIMITED PARTNER OR NON-MANAGING MEMBER INTERESTS IN PROJECT PARTNERSHIPS OR PROJECT LIMITED LIABILITY COMPANIES THAT ACQUIRE, OWN, CONSTRUCT, REHABILITATE AND OPERATE LOW-INCOME HOUSING PROJECTS. IN ADDITION, NEF, INC. PROVIDES AND FACILITATES VARIOUS GRANTS, FINANCING, TECHNICAL ASSISTANCE, AND ASSET MANAGEMENT SERVICES TO SUPPORT SUCH INVESTMENTS IN LOW-INCOME HOUSING PROJECTS. NEF, INC. ALSO MANAGES NEW MARKETS TAX CREDIT ACTIVITIES, WHICH STIMULATE THE INVESTMENT OF PRIVATE CAPITAL IN DISTRESSED COMMUNITIES. 38798353 false false false false false false false false false true false false false true true false true false false false false false false false false false true false true false false false false false false false false false false false false false true true true false true 103 0 true 174 true false false false false false false X 17 13 false false false false true true false true true false false true true true true true true true true true true CA X ALEX DENJA 3123600400 10 S RIVERSIDE PLAZA SUITE 1700 CHICAGO IL 60606 X Joseph Hagan President & CEO (and Director) 18.0 23.0 X X 459245 0 216653 Larry Dale Director & Chairman 2.0 0.0 X X 13000 0 0 Andrew Ditton Director 1.9 0.1 X 3500 0 0 Edward Sigler Director 2.0 0.0 X 7000 0 0 Eldridge Edgecombe Director 2.0 0.0 X 15000 0 0 Elizabeth Pugh Director 1.9 0.1 X 13000 0 0 Helen Dunlap Director 2.0 0.0 X 10000 134255 0 Herbert Morse Director 2.0 0.0 X 17000 0 0 John Lindell Director 2.0 0.0 X 16000 0 0 John Mealey Director 2.0 0.0 X 0 0 0 Michael May Director 2.0 0.0 X 13000 0 0 Michael Rubinger Director-Vice Chairman 2.0 35.0 X X 0 478792 47076 Printice Gary Director 2.0 0.0 X 10000 0 0 Robert Mantle Director 1.9 0.1 X 0 0 0 Sindy Spivak Director 2.0 0.0 X 0 0 0 Tobin Levy Director (THRU 2/2014) 2.0 35.0 X 0 49752 5046 Zachary Boyers Director 2.0 0.0 X 0 0 0 michael hearne Director 2.0 35.0 X 0 80410 0 Alex Denja SVP Treasurer & CFO 18.0 22.0 X 237712 0 44031 Greg Schuler SVP General Counsel & Asst. Se 18.0 22.0 X 247900 0 43999 Judy Schneider SVP & Chief Credit Officer 18.0 22.0 X 251249 0 46261 Karen Przypyszny SVP Equity Placement 18.0 22.0 X 243344 0 43036 Kevin Boes SVP 3.6 37.4 X 358366 0 49362 Lawrence Howard Sereda SVP Venture Capital 18.0 22.0 X 128668 0 17098 Mark Siranovic SVP Capital Markets & Asst. Tr 18.0 22.0 X 247167 0 47183 Michael Jacobs SVP ORIGINATIONS 40.0 0.0 X 245765 0 47062 Peter Harrison SVP Asset Management 18.0 22.0 X 242710 0 46523 Thomas Flanagan VP & Secretary 18.0 22.0 X 158601 0 23579 Anthony Lyons VP 40.0 0.0 X 331758 0 32064 Rachel Rhodes VP 40.0 0.0 X 316053 0 40211 Robert Poznanski SVP 40.0 0.0 X 245200 0 41340 Todd Fabian VP 40.0 0.0 X 284793 0 40468 Matthew Huber SVP 40.0 0.0 X 243115 0 40666 Denise notice-scott FORMER VP 2.0 35.0 X 0 254951 37055 Ed Simon SVP & CIO 40.0 0.0 X 214581 0 42458 Deborah Burkart VP 40.0 0.0 X 224278 0 32004 Gaylene Domer VP 40.0 0.0 X 150367 0 34416 Jolene Birkelo VP 40.0 0.0 X 132224 0 23187 Patricia Norum Asst Secretary 40.0 0.0 X 120885 0 22357 Patrick Maher FORMER ASST SECRETARY 0.0 35.0 X 0 145013 24875 Sue Ann Reed SVP 40.0 0.0 X 192318 0 27539 5393799 1143173 1115549 55 true true false CLUNE CONSTRUCTION COMPANY 10 S RIVERSIDE PL STE 2200 CHICAGO IL 60606 CONSTRUCTIONS SVCS 1605889 NOVOGRADAC COMPANY LLP 246 FIRST ST 5TH FLOOR SAN FRANCISCO CA 94105 FINANCIAL REPORTING 1550117 KPMG LLP 717 N HARWOOD ST STE 3100 DALLAS TX 75201 FINANCIAL REPORTING 1210125 SPARTA ADVISORS 1880 MACKENZIE DR STE 200 COLUMBUS OH 43220 CONSULTING SVCS 961462 DLA PIPER US LLP 6225 SMITH AVENUE BALTIMORE MD 21209 LEGAL SERVICES 733295 19 0 LOW INCOME HOUSING REVENUE 531390 43192855 43192855 43192855 151895 151895 0 0 0 0 0 0 0 0 0 WORKOUT REIMBURSEMENTS 900099 500164 500164 LOAN LOSS RECOVERY 900099 302685 302685 PROJECT PARTNERSHIP DISSOLUTIONS 900099 257595 257595 84090 84090 1144534 44489284 44489284 6132500 6132500 0 0 0 3563014 3023064 539950 0 0 16585607 14072170 2513437 1326714 1125659 201055 1614657 1369967 244690 1175444 997313 178131 0 5380594 4379036 1001558 278263 220825 57438 0 0 0 3604783 2988691 616092 672514 672514 688228 565998 122230 270542 227083 43459 0 1626726 1255158 371568 1195843 1002025 193818 0 115182 86223 28959 0 0 211113 158335 52778 515498 465156 50342 LOAN ALLOWANCE 208357 208357 OFFICE MOVE EXPENSES 186531 153403 33128 EQUIPMENT RENTAL 129230 97030 32200 BANK & FINANCE CHARGES 114393 95689 18704 195656 174671 20985 45791389 38798353 6993036 0 0 0 38884814 42053208 0 0 5427079 7805408 0 0 0 0 13541656 14947199 0 0 645384 610160 6259311 2825091 177967 3434220 0 0 0 0 2388028 2611343 0 0 273477 279053 61338405 71740591 6067324 10258476 0 0 2292478 3388310 0 0 0 0 0 0 0 0 0 0 19644090 23097114 28003892 36743900 X 33334513 34996691 0 0 0 0 33334513 34996691 61338405 71740591 X -1302105 2964283 X false true X true false 3240875 968182 2272693 2048987 1292734 756253 969449 564175 405274 3434220 0 DUE TO NEW YORK EQUITY FUND, I 6478575 DUE TO NEF COMMUNITY INVESTMEN 12022672 NOTES PAYABLE TO RELATED ORGS 4595867 23097114 X FIN 48 Footnote Schedule D, Part X, Line 2 The Corporation is exempt from Federal income taxes under the provisions of Internal Revenue Code Section 501(c)(4). THE CORPORATION BELIEVES IT HAS NO UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2014 AND 2013. THE CORPORATION EXPECTS NO SIGNIFICANT INCREASES OR DECREASES IN UNRECOGNIZED TAX BENEFITS DUE TO CHANGES IN TAX POSITIONS WITHIN ONE YEAR OF DECEMBER 31, 2014. true HOUSING AND REDEVELOPMENT AUTHORITY OF DULUTH MINN 222 East Second St Duluth MN 5581 New York NY 10018 416006975 501c3 25000 CASH SUPPORT LOW-INCOME HOUSING DEVELOPMENT HOUSING TAX CREDIT DEVELOPMENT HOUSING AUTHORITY OF THE COUNTY OF SALT LAKE 3595 South Main Salt Lake City UT 84115 870288427 501c3 8000 CASH SUPPORT LOW-INCOME HOUSING TAX CREDIT DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT HOUSING VISIONS UNLIMITED INC 1201 East Fayett St Syracuse NY 13210 161375637 501c3 15000 CASH SUPPORT LOW-INCOME HOUSING TAX CREDIT DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT LOCAL INITIATIVES SUPPORT CORPORATION 501 SEVENTH AVENUE NEW YORK NY 10018 133030229 501c3 6000000 CASH SUPPORT LOW-INCOME HOUSING TAX CREDIT DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT DEVELOPMENT NEW HOPE HOUSING INC 1117 TEXAS AVENUE HOUSTON TX 77002 731419279 501c3 10000 CASH SUPPORT LOW-INCOME HOUSING TAX CREDIT DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT PATH VENTURES 340 N Madison Ave LOS ANGELES CA 90004 201892523 501c3 10000 CASH SUPPORT LOW-INCOME HOUSING TAX CREDIT DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT SKID ROW HOUSING TRUST 1317 E 7th St LOS ANGELES CA 90021 954205316 501c3 90000 CASH SUPPORT LOW-INCOME HOUSING DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT SUPPORTIVE HOUSING NETWORK OF NEW YORK 247 W 37TH STREET NEW YORK NY 10018 133755149 501c3 12500 CASH SUPPORT LOW-INCOME HOUSING DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT THE THRESHOLDS 4101 N Ravenswood CHICAGO IL 60613 362518901 501c3 10000 CASH SUPPORT LOW-INCOME HOUSING DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT 9 SCHEDULE I, PART I, QUESTION 2 GRANTS ARE GENERALLY MADE TO 501(C)(3) NONPROFIT ORGANIZATIONS THAT SPONSOR LOW-INCOME HOUSING PROJECTS, IN FURTHERANCE OF NEF'S TAX-EXEMPT MISSION. THE PRIMARY FACTORS CONSIDERED WHEN DECIDING TO AWARD A GRANT TO A LOW INCOME HOUSING PROJECT SPONSOR INCLUDE NEF'S DESIRE TO SUPPORT THE UNDERPRIVILEGED POPULATION THAT THE SPONSOR SERVES AND THE INTENDED USE OF THE FUNDS. TYPICALLY, THE FUNDS ARE DESIGNATED FOR A VARIETY OF PURPOSES INCLUDING ASSISTING THE SPONSOR IN ACHIEVING ITS STRATEGIC GOALS, SENDING STAFF ON TRAINING PROGRAMS, HIRING CONSULTANTS, OR FUNDING SOCIAL SERVICES PROGRAMS. THE REGIONAL ACQUISITIONS VICE PRESIDENT MAY REQUEST A FOLLOW-UP REPORT FROM THE SPONSOR TO ENSURE THAT THE GRANT WAS USED AS INTENDED. GRANTS ARE ALSO MADE TO LOCAL INITIATIVES SUPPORT CORPORATION, A 501(C)(3) ENTITY, TO SUPPORT ITS COMMUNITY DEVELOPMENT INITIATIVES. X X X X true false false false false false false true false Joseph Hagan President & CEO (and Director) 357265 0 100000 0 1980 0 196567 0 20606 0 676418 0 0 0 Michael Rubinger Director-Vice Chairman 0 474469 0 0 0 4323 0 27300 0 22245 0 528337 0 0 Alex Denja SVP Treasurer & CFO 205492 0 31950 0 270 0 23920 0 22071 0 283703 0 0 0 Denise notice-scott FORMER VP 0 253661 0 0 0 1290 0 26936 0 11468 0 293355 0 0 Greg Schuler SVP General Counsel & Asst. Se 206870 0 39050 0 1980 0 23913 0 20606 0 292419 0 0 0 Judy Schneider SVP & Chief Credit Officer 210909 0 39050 0 1290 0 24674 0 23186 0 299109 0 0 0 Karen Przypyszny SVP Equity Placement 206554 0 35500 0 1290 0 22949 0 22106 0 288399 0 0 0 Kevin Boes SVP 228066 0 130000 0 300 0 26776 0 24306 0 409448 0 0 0 Mark Siranovic SVP Capital Markets & Asst. 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SCHEDULE J, PART I, LINE 7 NON-FIXED PAYMENTS NATIONAL EQUITY FUND, INC. AWARDS DISCRETIONARY BONUSES TO ELIGIBLE EMPLOYEES. THERE ARE THREE BONUS PLANS. UNDER TWO PLANS, THE TOTAL AMOUNT OF BONUSES THAT CAN BE PAID IS LIMITED TO THE AMOUNT AVAILABLE IN A POOL WHICH IS CALCULATED AS A PERCENTAGE OF NET REVENUES. UNDER ONE PLAN, THE TOTAL AMOUNT OF BONUSES THAT CAN BE PAID IS LIMITED TO THE AMOUNT AVAILABLE IN A POOL WHICH IS CALCULATED AS A PERCENTAGE OF THE EQUITY CLOSED TO FUND LOW-INCOME HOUSING PROJECTS. THE AMOUNTS AWARDED TO INDIVIDUALS FROM THE BONUS POOLS ARE BASED ON INDIVIDUAL AND TEAM PERFORMANCE. TO ENSURE THAT BONUSES ARE BASED ON ACCOMPLISHMENTS THAT FURTHER THE ORGANIZATION'S TAX-EXEMPT PURPOSES AND THAT TOTAL COMPENSATION IS REASONABLE, ALL BONUSES ARE REVIEWED ANNUALLY BY MANAGEMENT AND THE PERSONNEL COMMITTEE OF THE BOARD OF DIRECTORS; AND ON A PERIODIC BASIS BY INDEPENDENT COMPENSATION CONSULTANTS AS A COMPONENT OF OVERALL COMPENSATION. SCHEDULE J, PART II, COLUMN (C) SCHEDULE J, PART II, COLUMN C INCLUDES A LONGEVITY BONUS ACCRUED FOR AN ELIGIBLE EMPLOYEE. Part III, Line 1 ORGANIZATION'S MISSION NATIONAL EQUITY FUND, INC. ("NEF, INC.") IS DEDICATED TO SUPPORTING THE DEVELOPMENT AND PRESERVATION OF HIGH-QUALITY AFFORDABLE RENTAL HOUSING THAT UNDERPINS THE SUSTAINABLE REVITALIZATION OF DISINVESTED COMMUNITIES. NEF, INC. IS A LEADING NATIONAL SYNDICATOR OF LOW-INCOME HOUSING TAX CREDITS. IT SERVES AS THE GENERAL PARTNER OR MANAGING MEMBER OF INVESTMENT FUNDS THAT PLACE EQUITY INVESTMENTS IN PROJECT LIMITED PARTNERSHIPS AND LIMITED LIABILITY COMPANIES THAT ACQUIRE, CONSTRUCT, OPERATE AND REHABILITATE LOW-INCOME HOUSING PROJECTS. IN ADDITION, NEF, INC. PROVIDES AND/OR FACILITATES PREDEVELOPMENT GRANTS AND LOANS, PERMANENT AND CONSTRUCTION FINANCING AND VARIOUS LEVELS OF TECHNICAL ASSISTANCE AND ASSET MANAGEMENT TO SUPPORT OUR PARTNERS' DEVELOPMENT EFFORTS. NEF, INC. ALSO MANAGES LISC'S NEW MARKETS TAX CREDIT (NMTC) ACTIVITIES, WHICH STIMULATE THE INVESTMENT OF PRIVATE CAPITAL IN DISTRESSED COMMUNITIES. NEF, INC. WAS CREATED IN 1987 BY LOCAL INITIATIVES SUPPORT CORPORATION (LISC), A SECTION 501(C)(3) PUBLIC CHARITY, IN THE WAKE OF THE TAX REFORM ACT OF 1986, WHICH ENACTED THE LOW-INCOME HOUSING TAX CREDIT. LISC WANTED TO MAKE SURE THAT THE CAPITAL ATTRACTED BY THE CREDIT MADE ITS WAY TO THE AREAS THAT NEEDED IT MOST. IN THE INTERVENING YEARS, NEF INC.'S SUCCESS HAS HELPED TRANSFORM THE CREDIT INTO A MAINSTREAM INVESTMENT TOOL WITH A LASTING IMPACT ON BOTH INDIVIDUALS AND THEIR COMMUNITIES. THE FUNDAMENTAL TENET WITH WHICH NEF BEGAN STILL HOLDS TRUE: STRONG, VIBRANT COMMUNITIES FLOW FROM THE EFFORTS OF DEVELOPERS, RESIDENTS, COMMUNITY GROUPS AND OTHERS FOCUSED ON THE UNIQUE NEEDS OF THEIR NEIGHBORHOODS. THOSE NEEDS MAY DIFFER FROM STATE TO STATE AND FROM TOWN TO TOWN BUT THE IMPORTANCE OF QUALITY AFFORDABLE HOUSING TO COMMUNITY REVITALIZATION AND STABILITY IS A CONSTANT. NEF, INC. UNDERSTANDS HOW THE CONCEPT OF "HOME" ANCHORS A COMMUNITY, HOW IT HELPS NURTURE LOCAL CULTURE AND SUPPORT LONG-TERM STABILITY. THAT'S WHY, TOGETHER WITH OUR PARENT LISC, WE ARE HELPING NEIGHBORS BUILD COMMUNITIES. NEF, INC.'S PORTFOLIO INCLUDES OVER 2,200 LOW-INCOME PROJECTS THAT RESPOND TO A DIVERSITY OF LOCAL HOUSING CONCERNS. IN BOTH URBAN AND RURAL COMMUNITIES, WE INVEST TAX-CREDIT EQUITY IN MULTIFAMILY AND SINGLE-FAMILY DEVELOPMENTS, AS WELL AS IN SUPPORTIVE HOUSING, PUBLIC HOUSING REVITALIZATION, ASSISTED LIVING AND HISTORIC REHABILITATION. THE NEF, INC. TRACK RECORD ---INVESTED MORE THAN $11 BILLION TO SUPPORT OVER 2,200 PROJECTS. ---FINANCED THE DEVELOPMENT OF 137,000 HOMES. ---PARTNERED WITH MORE THAN 900 PRIMARILY NONPROFIT DEVELOPERS. ---HELPED REVITALIZE COMMUNITIES IN 47 STATES + THE DISTRICT OF COLUMBIA AND PUERTO RICO. HOW WE WORK NEF, INC. IS AN INTERMEDIARY. EACH YEAR, WE RAISE CAPITAL TO CREATE MULTI-INVESTOR POOLS AND SINGLE-INVESTOR FUNDS. WE THEN INVEST THAT EQUITY IN AFFORDABLE HOUSING PROJECTS THAT HAVE BEEN ALLOCATED LOW-INCOME HOUSING TAX CREDITS BY THEIR STATE OR LOCAL HOUSING FINANCE AGENCY. OUR PROJECTS NEF, INC.'S PORTFOLIO INCLUDES OVER 2,200 PROJECTS THAT RESPOND TO A DIVERSITY OF LOCAL HOUSING CONCERNS. IN BOTH URBAN AND RURAL COMMUNITIES, WE INVEST TAX-CREDIT EQUITY IN MULTIFAMILY AND SINGLE-FAMILY DEVELOPMENTS, AS WELL AS IN SUPPORTIVE HOUSING, PUBLIC HOUSING REVITALIZATION, ASSISTED LIVING AND HISTORIC REHABS. OUR SPONSOR PARTNERS FOR 25 YEARS, NEF INC HAS COLLABORATED WITH LOCAL AND NATIONAL AFFORDABLE HOUSING DEVELOPERS IN 704 CITIES AND TOWNS ACROSS THE COUNTRY. OUR PARTNERS ARE AS DIVERSE AS OUR PROJECTS, INCLUDING LOCAL COMMUNITY DEVELOPMENT CORPORATIONS, PUBLIC HOUSING AUTHORITIES, NATIONAL NON-PROFIT GROUPS AND FOR-PROFIT DEVELOPERS WITH A COMMITMENT TO COMMUNITY DEVELOPMENT. BECAUSE OF OUR ROOTS AS A NONPROFIT, WE SHARE THEIR PASSION FOR DEVELOPING HIGH-QUALITY, AFFORDABLE HOUSING THAT IS RESPONSIVE TO COMMUNITY NEEDS; AS A SEASONED FINANCIAL INTERMEDIARY, WE HAVE THE TECHNICAL AND FINANCIAL TOOLS TO SUPPORT THOSE EFFORTS. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE Section A, Lines 6 & 7a LOCAL INITIATIVES SUPPORT CORPORATION ("LISC") IS THE PARENT AND SOLE VOTING MEMBER OF NEF, INC. LISC IS A SECTION 501(C)(3) PUBLIC CHARITY WHOSE MISSION IS TO TRANSFORM DISTRESSED URBAN AND RURAL COMMUNITIES INTO HEALTHY AND SUSTAINABLE COMMUNITIES. LISC CARRIES OUT THIS CHARITABLE MISSION BY MARSHALING PUBLIC AND PRIVATE SECTOR RESOURCES TO PROVIDE LOCAL COMMUNITY DEVELOPMENT ORGANIZATIONS WITH TECHNICAL AND MANAGEMENT ASSISTANCE AND FINANCIAL SUPPORT. LISC APPROVES AND APPOINTS ALL BOARD MEMBERS TO NEF INC.'S BOARD. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE Section B, Line 11B NEF'S FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION AND IN CONSULTATION WITH NEF STAFF MEMBERS. THE DRAFT PREPARED BY THE ACCOUNTING FIRM IS THEN REVIEWED BY NEF'S FINANCE AND LEGAL DEPARTMENTS. THE FINAL DRAFT IS THEN SENT TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. NEF'S BOARD OF DIRECTORS HAS DELEGATED RESPONSIBILITY TO REVIEW AND APPROVE THE FORM 990 TO THE AUDIT COMMITTEE. A COPY OF THE FINAL VERSION OF THE FORM 990 IS PROVIDED TO EACH MEMBER OF THE FULL BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE Section B, Line 12C NEF HAS A CONFLICT OF INTEREST POLICY COVERING ITS BOARD MEMBERS AND OFFICERS. ALL DIRECTORS AND OFFICERS ARE REQUIRED TO CERTIFY THEIR COMPLIANCE WITH THE COMPANY'S CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL CONFLICTS ANNUALLY. THE GENERAL COUNSEL IS RESPONSIBLE FOR REVIEWING THE CERTIFICATIONS AND ANY DISCLOSURES. IF A POTENTIAL CONFLICT OF INTEREST IS REPORTED, IT IS THE GENERAL COUNSEL'S RESPONSIBILITY TO DETERMINE WHETHER OR NOT A CONFLICT DOES, IN FACT, EXIST AND TO REVIEW THE SITUATION WITH THE CEO, THE CHAIRMAN OF THE BOARD, AND THE CHAIRMAN OF THE AUDIT COMMITTEE TO DETERMINE HOW THE ISSUE SHOULD BE RESOLVED. A CONFLICTED OFFICER OR BOARD MEMBER WOULD BE EXCLUDED FROM PARTICIPATING IN DELIBERATIONS AND DECISIONS CONCERNING THE MATTER. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE FORM 990, PART VI, SECTION B, LINES 15A AND 15B COMPENSATION FOR SENIOR MANAGEMENT IS DETERMINED BY THE PERSONNEL COMMITTEE OF NEF'S BOARD OF DIRECTORS. NO INDIVIDUALS WITH A CONFLICT OF INTEREST MAY BE INVOLVED IN THE COMPENSATION DETERMINATION PROCESS. NEF PERIODICALLY ENGAGES INDEPENDENT COMPENSATION CONSULTANTS TO PROVIDE COMPARABILITY DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE MINUTES OF THE PERSONNEL COMMITTEE CONTEMPORANEOUSLY DOCUMENTS THE COMMITTEE'S DELIBERATIONS AND DECISIONS REGARDING COMPENSATION. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE Section C, Line 19 NEF MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE. IT DOES NOT CURRENTLY MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. PART XI, LINE 9 Other Changes in Net Assets CAPITAL CONTRIBUTIONS FROM NEFCI - $1,500,000 CAPITAL CONTRIBUTIONS FROM OREGON CORP FOR AFF HSG - $1,500,000 CAPITAL CONTRIBUTIONS TO RELATED ORGS - $ (35,717) ------------- TOTAL - $2,964,283 NEF COMMUNITY INVESTMENTS INC 10 S RIVERSIDE PLAZA STE 1700 CHICAGO IL 60606 364229337 LOWINCOMEHOUS IL 501(C)(4) N/A NEF INC true NEW YORK EQUITY FUND INC 10 S RIVERSIDE PLAZA STE 1700 CHICAGO IL 60606 364041986 LOWINCOMEHOUS IL 501(C)(4) N/A NEF INC true LOCAL INITIATIVES SUPPORT CORPORATION 501 SEVENTH AVENUE NEW YORK NY 10018 133030229 COMMUNITY DEV NY 501(C)(3) 7 NA false THE RETAIL INITIATIVE INC 501 SEVENTH AVENUE NEW YORK NY 10018 133690780 COMMUNITY DEV NY 501(C)(3) 9 LISC false LOCAL INITIATIVES MANAGED ASSET CORP 501 SEVENTH AVENUE NEW YORK NY 10018 112848981 LOWINCOMEHOUS NY 501(C)(3) 9 LISC false OREGON CORP FOR AFFORDABLE HOUSING 10 S RIVERSIDE PLAZA STE 1700 CHICAGO IL 60606 931113844 LOWINCOMEHOUS OR 501(C)(3) 9 NEF INC true 335 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