2015-11-06T16:12:05-06:00 2014-12-31 271728945 O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2014-01-01 133238657 NONPROFIT FINANCE FUND NONP 2128686710 70 WEST 36TH STREET NEW YORK NY 10018 ANTONY BUGG-LEVINE PRESIDENT/CEO 2128686710 2015-11-06 1 GARRETT M HIGGINS P00543209 2122862600 2014 2016-03-07 17:11:31Z ANTONY BUGG-LEVINE 70 WEST 36TH STREET NEW YORK NY 10018 20390255 0 X WWW.NONPROFITFINANCEFUND.ORG X 1984 NY SUPPORTS MISSION-DRIVEN ORGANIZATIONS WITH FINANCING, ADVICE AND KNOWLEDGE. 14 13 83 14 0 0 26565452 12771624 8557751 7602942 6166 8444 1477 7245 35130846 20390255 19983383 23409983 0 0 7702688 7310028 0 0 722767 6559230 4508058 34245301 35228069 885545 -14837814 100357372 74791103 44040313 33311858 56317059 41479245 X 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. 0 0 33213169 23409983 7602942 AS A NATIONAL COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI), NFF PROVIDES FINANCING AND ACCESS TO ADDITIONAL CAPITAL TO MISSION-DRIVEN ORGANIZATIONS THAT SERVE LOW-INCOME PEOPLE AND COMMUNITIES. IN 2014, NFF CLOSED 13 NEW LOANS TOTALING $19.1 MILLION AND CONTINUED TO FINANCE $53.3 MILLION IN LOANS TO EDUCATIONAL INSTITUTIONS, HEALTH CENTERS, HUMAN SERVICES NONPROFITS, AND OTHER ORGANIZATIONS THAT CREATE TRANSFORMATIONAL IMPACT. IN ADDITION, WE ARE A NATIONAL LEADER IN PROVIDING STRATEGIC ADVICE AND CUSTOMIZED TRAINING TO HUNDREDS OF NONPROFITS IN ALL SECTORS. IN THE PREVIOUS YEAR WE DEVELOPED ONE-ON-ONE RELATIONSHIPS WITH INDIVIDUAL NONPROFITS TO HELP THEM OPTIMIZE THE RESOURCES, STRENGTHENING THEIR ABILITY TO ADAPT TO EVER-CHANGING CONDITIONS AND PROVIDE MUCH-NEEDED SERVICES TO THEIR CLIENTS.WE DID THIS BY HELPING THEM TO ESTABLISH AN UNDERSTANDING OF THEIR FINANCIAL CONDITION AND BUSINESS MODELS, ANALYZE THEIR STRATEGIC OPTIONS, IDENTIFY AND DETERMINE HOW TO FILL CAPITALIZATION GAPS, AND CONDUCT LONG-TERM PLANNING. FINALLY, WE PERFORM RESEARCH AND PUBLISH WIDELY WITH THE GOAL OF IMPROVING KNOWLEDGE ABOUT SOCIAL SECTOR FINANCE. IN 2014, WE CONDUCTED A NATIONAL SURVEY OF THE STATE OF THE NONPROFIT SECTOR THAT INCLUDED 5,019 TOTAL RESPONDENTS (NFF.ORG/SURVEY). WE PUBLISHED REPORTS, ARTICLES, AND BLOGS ON THE EVOLVING STATE OF THE NONPROFIT SECTOR AND ALSO SHARED OUR INSIGHTS ABOUT NONPROFIT FINANCIAL HEALTH THROUGH DOZENS OF SPEAKING ENGAGEMENTS . WE ALSO ADVISED SERVICE PROVIDERS, GOVERNMENTS, AND OTHERS EXPLORING PAY FOR SUCCESS MODELS AND MAINTAINED A PAY FOR SUCCESS WEBSITE (PAYFORSUCCESS.ORG) TO EDUCATE AND SHARE INFORMATION ABOUT THIS EVOLVING FIELD FOR FINANCING PREVENTATIVE AND EARLY INTERVENTION SERVICES. 33213169 1 1 0 0 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 51 0 83 1 0 0 0 0 0 0 0 0 0 0 X 14 13 0 0 0 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 70 WEST 36TH STREET NEW YORK NY 10018 ANTONY BUGG-LEVINE PRESIDENT/CEO 50.00 2.00 X X 332162 0 38329 DAVID VOLLMAYER TREASURER 2.00 X X 0 0 0 ANDREW B COHN SECRETARY 2.00 2.00 X X 0 0 0 MARIA BLAIR BOARD CHAIR AS OF 3/12/14 2.00 X X 0 0 0 ELISABETH C SULLIVAN BOARD CHAIR UNTIL 3/12/14 5.00 X X 0 0 0 AUDREY CHOI DIRECTOR 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 2.00 X 0 0 0 ROBERT S ROBBIN ESQ DIRECTOR 2.00 2.50 X 0 0 0 RUTH SALZMAN DIRECTOR 2.00 X 0 0 0 JANET THOMPSON DIRECTOR 2.00 2.50 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 CRAIG REIGEL CFO 50.00 2.00 X 234182 0 30515 NORAH MCVEIGH MANAGING DIR FINANCIAL SRV 50.00 2.50 X 230079 0 49422 KRISTIN GIANTRIS MANAGING DIRECTOR 50.00 X 256090 0 35594 JENNIFER TALANSKY MANAGING DIRECTOR 50.00 X 200711 0 46998 ANNE DYJAK VP & CHIEF INVESTMT OFFICER 50.00 X 139562 0 17300 JENNIFER KAWAR VP & CHIEF INVESTMT OFFICER 40.00 X 121494 0 37942 BRENDAN BEIR DIRECTOR, NMTC OPERATIONS 40.00 X 133397 0 18948 ANDREA BRISCOE VP HUMAN CAPITAL 40.00 X 124924 0 28045 WILLIAM H PINAKIEWICZ VP BUSINESS DEVELOPMENT 40.00 X 134330 0 34796 1906931 0 337889 15 0 1 0 0 5775389 6996235 12771624 INTEREST ON LOANS 900099 4076546 4076546 PRGM & CONTRACT FEES 900099 2065572 2065572 LOAN AND FINAN. FEES 900099 1460824 1460824 7602942 8444 8444 6000 0 6000 6000 6000 MISCELLANEOUS INCOME 900099 1245 1245 1245 20390255 7602942 0 15689 23409983 23409983 1454082 1192347 189031 72704 4561606 3736503 595908 229195 354538 290480 46264 17794 516438 422990 67490 25958 423364 346851 55259 21254 508212 219836 83633 204743 108842 103164 4081 1597 110766 98970 8166 3630 529532 469943 35385 24204 4218 3690 445 83 224318 184705 27084 12529 168951 142866 17485 8600 763000 629542 94637 38821 423445 343427 33723 46295 72051 71209 75 767 858522 858522 31388 25638 3977 1773 54836 45698 6260 2878 PROVISION FOR LOAN LOSS 325394 325394 STAFF RECRUITING/TRAINI 167298 149205 13384 4709 BAD DEBT EXPENSE 90019 90019 DUES & MEMBERSHIPS 32925 29229 1562 2134 34341 22958 8284 3099 35228069 33213169 1292133 722767 X 13528240 6174585 5708673 6863954 16839557 7110658 4339034 3693140 144545 58552 1653965 1604325 45249 49640 261357 261357 59347848 50133388 142869 445829 100357372 74791103 737412 814810 53568 53568 53969 56950 66246 79387 42639245 32307143 489873 0 44040313 33311858 X 7779580 9103484 48537479 32375761 56317059 41479245 100357372 74791103 -14837814 0 X X 0 1 X 1 0 X 18135734 32207197 26711927 26565452 12771624 116391934 18135734 32207197 26711927 26565452 12771624 116391934 53556062 62835872 21190 14232 9584 6166 14444 65616 709 13942 2196 1477 1245 19569 116477119 39374274 0.53950 0.56490 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 34505302 34505302 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 14309 23771 0 0 38080 250000 250000 250000 250000 1000000 1500000 0 1 X 373736 372104 1632 858171 810485 47686 422058 421736 322 49640 LOANS RECEIVABLE 50133388 C 50133388 X 19665768 137392 2643 140035 19525733 864522 864522 20390255 34712740 137392 211801 349193 34363547 864522 864522 35228069 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 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY REVENUE: 2,643. PART XI, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSE NETTED AGAINST INTEREST INCOME 858,522. RENT EXPENSE NETTED AGAINST RENTAL INCOME 6,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED PARTY EXPENSES: 211,801. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSE NETTED AGAINST INTEREST INCOME 858,522. RENT EXPENSE NETTED AGAINST RENTAL INCOME 6,000. 1 ABODE SERVICES 40849 FREMONT BLVD FREMONT CA 94538 943087060 501 (C) (3) 50000 CALIFORNIA PAY FOR SUCCESS INITIATIVE AFRICAN SERVICES COMMITTEE 429 WEST 127TH STREET 2ND FLOOR NEW YORK NY 10027 133749744 501 (C) (3) 75000 COMMUNITY RESILIENCE FUND PROJECT ARTPLACE AMERICA LLC 6 WEST 48TH STREET NEW YORK NY 10036 464698925 21377339 ARTPLACE PROJECT BOSTON CHILDREN'S MUSEUM 308 CONGRESS STREET BOSTON MA 02210 042103993 501 (C) (3) 75000 BUILDING RESERVES INITIATIVE CENTER FOR EMPLOYMENT OPPORTUNITIES 50 BROADWAY 18TH FL NEW YORK NY 10004 133843322 501 (C) (3) 55867 CALIFORNIA PAY FOR SUCCESS INITIATIVE CHAPIN HALL CENTER FOR CHILDREN 1313 EAST 60TH STREET CHICAGO IL 60637 362167012 501 (C) (3) 5000 CALIFORNIA PAY FOR SUCCESS INITIATIVE CHILDREN MUSEUM OF HOUSTON 1500 BINZ HOUSTON TX 77004 742178563 501 (C) (3) 53600 BUILDING RESERVES INITIATIVE CITY AND COUNTY OF SAN FRANCISCO ONE DR CALTON B GOODLETT PLACE 288 SAN FRANCISCO CA 94102 946000417 CITY OF SAN FRANCISC 187410 CALIFORNIA PAY FOR SUCCESS INITIATIVE GRAND STREET SETTLEMENT INC 80 PITT STREET NEW YORK NY 10002 135562230 501 (C) (3) 100000 COMMUNITY RESILIENCE FUND PROJECT KAUFMAN CENTER 129 WEST 67TH STREET NEW YORK NY 10023 131991118 501 (C) (3) 28600 BUILDING RESERVES INITIATIVE KOHL CHILDREN'S MUSEUM 2100 PATRIOT BLVD GLENVIEW IL 60026 363706878 501 (C) (3) 63048 BUILDING RESERVES INITIATIVE LEAKE & WATTS SERVICES INC 463 HAWTHORNE AVENUE YORKERS NY 10705 131860451 501 (C) (3) 100000 COMMUNITY RESILIENCE FUND PROJECT MACPHAIL CENTER OF MUSIC 501 SOUTH 2ND STREET MINNEAPOLIS MN 55401 411729340 501 (C) (3) 55250 BUILDING RESERVES INITIATIVE MADISON CHILDREN'S MUSEUM 100 N HAMILTON STREET MADISON WI 53703 391383497 501 (C) (3) 26753 BUILDING RESERVES INITIATIVE MERIT SCHOOL OF MUSIC 38 SOUTH PEORIA STREET CHICAGO IL 60607 363028768 501 (C) (3) 36000 BUILDING RESERVES INITIATIVE MUSIC CONSERVATORY OF WESTCHESTER 216 CENTRAL AVENUE WHITE PLAINS NY 10606 136007082 501 (C) (3) 40950 BUILDING RESERVES INITIATIVE MUSIC INSTITUTE OF CHICAGO 507 GREEN BAY ROAD WILMETTE IL 60091 362374224 501 (C) (3) 19000 BUILDING RESERVES INITIATIVE NEIGHBORHOOD MUSIC SCHOOL 100 AUDUBON STREET NEW HAVEN CT 06510 060662152 501 (C) (3) 19200 BUILDING RESERVES INITIATIVE NEW YORK CITY GAY AND LESBIAN ANTI-VIOLENCE PROJECT 240 WEST 35TH STREET SUITE 200 NEW YORK NY 10001 133149200 501 (C) (3) 75000 COMMUNITY RESILIENCE FUND PROJECT NURSE-FAMILY PARTNERSHIP 1900 GRANT STREET SUITE 400 DENVER CO 80203 200234163 501 (C) (3) 70350 CALIFORNIA PAY FOR SUCCESS INITIATIVE PALLADIA INC 2006 MADISON AVENUE NEW YORK NY 10035 113099604 501 (C) (3) 200000 COMMUNITY RESILIENCE FUND PROJECT PROVIDENCE CHILDREN'S MUSEUM 100 SOUTH STREET PROVIDENCE RI 02903 050370944 501 (C) (3) 11050 BUILDING RESERVES INITIATIVE RAINEY 1705 EAST 55TH CLEVELAND OH 44103 346555952 501 (C) (3) 23575 BUILDING RESERVES INITIATIVE REDF 221 MAIN STREET SUITE 1550 SAN FRANCISCO CA 94105 542132153 501 (C) (3) 46394 CALIFORNIA PAY FOR SUCCESS INITIATIVE SOCIAL FINANCE INC 77 SUMMER STREET 2ND FLOOR BOSTON MA 02110 274620963 501 (C) (3) 132657 CALIFORNIA PAY FOR SUCCESS INITIATIVE THE CHILDREN'S MUSEUM OF NEW HAMPSHIRE 6 WASHINGTON STREET DOVER NH 03820 020363746 501 (C) (3) 9940 BUILDING RESERVES INITIATIVE THE MAGIC HOUSE 516 S KIRKWOOD ROAD SAINT LOUIS MO 63122 510138441 501 (C) (3) 32000 BUILDING RESERVES INITIATIVE THIRD SECTOR CAPITAL PARTNERS 200 CLAREDON STREET 29TH FLOOR BOSTON MA 02116 461301032 501 (C) (3) 366000 CALIFORNIA PAY FOR SUCCESS INITIATIVE WOMEN'S HOUSING AND ECONOMIC DEVELOPMENT CORPORATION 50 EAST 168TH STREET BRONX NY 10452 113099604 501 (C) (3) 50000 COMMUNITY RESILIENCE FUND PROJECT YOUNG PEOPLE'S PROJECT 99 BISHOP ALLEN DRIVE CAMBRIDGE MA 02139 640939004 501 (C) (3) 25000 PROVIDE CAPACITY BUILDING SUPPORT TO DSNI, YPP AND BPE. 29 1 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 287162 0 45000 0 0 0 15767 0 22562 0 370491 0 0 0 CRAIG REIGEL CFO 213182 0 21000 0 0 0 13886 0 16629 0 264697 0 0 0 NORAH MCVEIGH MANAGING DIR FINANCIAL SRV 210079 0 20000 0 0 0 14506 0 34916 0 279501 0 0 0 KRISTIN GIANTRIS MANAGING DIRECTOR 231090 0 25000 0 0 0 15412 0 20182 0 291684 0 0 0 JENNIFER TALANSKY MANAGING DIRECTOR 182711 0 18000 0 0 0 11455 0 35543 0 247709 0 0 0 ANNE DYJAK VP & CHIEF INVESTMT OFFICER 126562 0 13000 0 0 0 7695 0 9605 0 156862 0 0 0 JENNIFER KAWAR VP & CHIEF INVESTMT OFFICER 111994 0 9500 0 0 0 7079 0 30863 0 159436 0 0 0 BRENDAN BEIR DIRECTOR, NMTC OPERATIONS 133397 0 0 0 0 0 8063 0 10885 0 152345 0 0 0 ANDREA BRISCOE VP HUMAN CAPITAL 124924 0 0 0 0 0 7820 0 20225 0 152969 0 0 0 WILLIAM H PINAKIEWICZ VP BUSINESS DEVELOPMENT 134330 0 0 0 0 0 8300 0 26496 0 169126 0 0 0 PART I, LINE 7 BONUS FOR CEO WAS DETERMINED BY NFF BOARD OF DIRECTORS AT THE SOLE DISCRETION OF THE BOARD. FOR THE SENIOR MANAGEMENT TEAM, BONUSES WERE DETERMINED BY THE ASSESSMENT AND RECOMMENDATION OF THE CEO AND APPROVED BY COMPENSATION COMMITTEE. 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 VI, SECTION B, LINE 11 DRAFT OF THE FORM 990 PREPARED BY EXTERNAL PROFESSIONAL ACCOUNTING FIRM AND 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 A MEETING. DURING THE MEETING, A REVIEW OF THE FORM IS CONDUCTED. AT THE MEETING, 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. FORM 990, PART VI, SECTION B, LINE 12C NONPROFIT FINANCE FUND'S CONFLICT OF INTEREST AND DISCLOSURE POLICY WAS REVISED IN 2012. 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 FORMALIZED A STANDING BOARD LEVEL COMPENSATION COMMITTEE IN 2012. THE COMMITTEE IS COMPRISED SOLELY OF INDEPENDENT VOTING MEMBERS OF THE BOARD OF DIRECTORS. THIS COMMITTEE IS RESPONSIBLE FOR DETERMINING THE SALARY OF NONPROFIT FINANCE FUND'S CEO. IN ITS REVIEW AND APPROVAL PROCESS, THE COMPENSATION COMMITTEE DETERMINES REASONABLE COMPENSATION USING KEY INFORMATION 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 COMPETING FOR THE SERVICES OF THE OFFICER OR KEY EMPLOYEE. THE COMMITTEE MAY ALSO USE EXTERNAL COMPENSATION SURVEYS AND STUDIES IF NEEDED. THIS INFORMATION IS ANALYZED AND DISCUSSED DURING AN ANNUAL MEETING OF THE COMPENSATION COMMITTEE. THE CHAIR OF THE COMPENSATION COMMITTEE PROVIDES RECOMMENDATIONS OF THE COMPENSATION COMMITTEE TO THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE COMPENSATION AS RECOMMENDED BY THE COMPENSATION COMMITTEE. 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, THE COMPARABILITY DATA OBTAINED AND RELIED UPON, ANY ACTION TAKEN REGARDING THE COMPENSATION BY A BOARD MEMBER WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION, AND THE BASIS FOR THE DECISION IF REASONABLE COMPENSATION IS HIGHER OF LOWER THAT THE RANGE OF COMPARABILITY DATA USED. THE LAST TIME THIS PROCESS WAS IMPLEMENTED WAS IN 2012 TO ESTABLISH COMPENSATION FOR THE NEW CEO. COMPENSATION FOR OTHER OFFICERS AND SENIOR MANAGEMENT ARE DETERMINED BY A RECOMMENDATION OF THE CEO, SUBJECT TO THE APPROVAL OF THE COMPENSATION COMMITTEE. THE REVIEW AND APPROVAL OF THESE DECISIONS BY THE COMMITTEE ARE RECORDED, ALONG WITH THE NAMES OF THOSE COMMITTEE MEMBERS PRESENT. 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, 70 WEST 36TH STREET, NEW YORK, NY 10018, OR BY CALLING THE ORGANIZATION AT 212-868-6710. FORM 990, PART X, LINE 28: CHANGE IN TEMPORARILY RESTRICTED NET ASSETS: AT DECEMBER 31, 2013, GRANT FUND TEMPORARILY RESTRICTED NET ASSETS INCLUDED $21,441,584 TO SUPPORT ARTPLACE, A NATIONWIDE INITIATIVE TO PROMOTE CREATIVE PLACEMAKING. IN 2014 FUNDS ASSOCIATED WITH THIS PROGRAM WERE GRANTED TO AN UNRELATED ENTITY THAT WILL CONTINUE GRANTMAKING TO THE TARGET ORGANIZATIONS. GRANT FUND TEMPORARILY RESTRICTED NET ASSETS DECREASED BY $21,377,339 AS A RESULT OF THE TRANSFER OF CASH AND RECEIVABLES IN THIS TRANSACTION. 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 70 WEST 36TH STREET 11TH FL NEW YORK NY 100188007 043278959 PROVIDE TECHNICAL ASSISTANCE & LOANS TO NONPROFIT CULTURAL ORGANIZATIONS MA 501(C)(3) 11(A) NONPROFIT FINANCE FUND 1 BUILDING FOR THE FUTURE INC 70 WEST 36TH STREET 11TH FL NEW YORK NY 100188007 134078657 ASSIST OTHER NONPROFITS MANAGE LONG TERM ASSETS DE 501(C)(3) 11(A) NONPROFIT FINANCE FUND 1 NFF NEW MARKETS FUND I LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 205899397 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 28 7 0 1 0.00010 NFF NEW MARKETS FUND II LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 205899444 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 0 1 0.00010 NFF NEW MARKETS FUND III LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 261409447 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 2 1149 0 1 0.00010 NFF NEW MARKETS FUND IV LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 263757583 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 4 744 0 1 0.00010 NFF NEW MARKETS FUND V LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 263757655 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 1 985 0 1 0.00010 NFF NEW MARKETS FUND VI LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 263757776 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 1 986 0 1 0.00010 NFF NEW MARKETS FUND VII LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 263757955 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 54 1382 0 1 0.00010 NFF NEW MARKETS FUND VIII LLC 70 WEST 36TH STREET 11TH FL NEW YORK NY 10018 263758074 FINANCE PROJECTS THAT BENEFIT SMALL AND MIDDLE-SIZED NONPROFITS NY NONPROFIT FINANCE FUND RELATED 1 1095 0 1 0.00010 NFF 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