FORM 990, PART VI, SECTION A, LINE 2 |
NIIF BYLAWS REQUIRE THAT THAT THE FUND HAVE BOARD MEMBERS WITH SPECIFIC BACKGROUNDS, INCLUDING AT LEAST THREE DIRECTORS WITH EXPERIENCE IN REAL ESTATE FINANCE CURRENTLY, NIIF HAS MULTIPLE DIRECTORS (AUGIE CHIASERA OF M&T BANK, JOHN HAMILTON OF MECU AND SONJA WELLS OF CITY FIRST BANK) WHO SERVE AS OFFICERS OR EMPLOYEES OF LENDING ORGANIZATIONS. IN THE NORMAL COURSE, THESE REAL ESTATE FINANCE ORGANIZATIONS MAY HAVE IN THE PAST, OR MAY IN THE FUTURE, SHARE A BUSINESS RELATIONSHIP THROUGH EACH LENDING TO THE SAME COUNTERPARTY. SUCH LENDING ORGANIZATIONS MAY ALSO HAVE A DEPOSITORY RELATIONSHIP WITH DIRECTORS EITHER INDIVIDUALLY OR THE ORGANIZATION FOR WHOM THEY ARE EMPLOYED, WHICH ARE SUJECTS TO TERMS AND CONDITIONS GENERALLY AVAILABLE TO SIMILARLY SITUATED BANKING CLIENTS. IN ADDITION, THE BYLAWS REQUIRE THAT NIIF HAVE AT LEAST ONE DIRECTOR WITH EXPERIENCE IN REAL ESTATE DEVELOPMENT OR PLANNING. THE FUND HAS TWO DIRECTORS (DIRECTOR ERNST VALERY IS CO-MANAGING MEMEBER OF SAA EVI, A REAL ESTATE DEVELOPMENT FIRM AND DIRECTOR DANA JOHNSON IS CEO OF HOMES FOR AMERICA, A NON-PROFIT DEVELOPER OF AFFORDABLE HOUSING.) WHO ARE EMPLOYED BY FOR-PROFIT AND NON-PROFIT REAL ESTATE DEVELOPMENT FIRMS. THESE REAL ESTATE DEVELOPMENT FIRMS HAVE IN THE PAST AND MAY IN THE FUTURE OBTAIN AND MAY IN THE FUTURE SEEK TO OBTAIN PROJECT RELATED FINANCING FROM LENDING ORGANIZATIONS THAT EMPLOY OTHER DIRECTORS. TO THE EXTENT NIIF IS INVOLVED IN ANY SUCH TRANSACTIONS, THE RELATIONSHIP IS GOVERNED BY NIIF'S CONFLICT OF INTEREST POLICY. |
FORM 990, PART VI, SECTION A, LINE 7A |
THE MAYOR OF THE CITY OF BALTIMORE HAS THE ABILITY TO APPOINT AND REMOVE THREE DIRECTORS TO THE NIIF BOARD. SUCH DIRECTORS DO NOT CONTROL OR HAVE THE ABILITY TO VETO ANY ACTION OF THE BOARD, WHICH IS COMPRISED OF ELEVEN TO SEVENTEEN DIRECTORS, OR CONTROL ANY OF ITS STANDING COMMITTEES. |
FORM 990, PART VI, SECTION B, LINE 11B |
THE FORM 990 IS PRESENTED TO THE BOARD FOR REVIEW AND APPROVED BY THE AUDIT COMMITTEE BEFORE BEING FILED WITH THE IRS. |
FORM 990, PART VI, SECTION B, LINE 12C |
EACH DIRECTOR, OFFICER, EMPLOYEE, AND VOLUNTEER SHALL ANNUALLY DISCLOSE ALL CONFLICTS OF INTEREST AND PREVIOUSLY UNREPORTED CONFLICTS OF INTEREST IN WRITING ON NIIF'S DISCLOSURE FORM IN ACCORDANCE WITH THIS POLICY IN THE FORM AND SIGN A STATEMENT THAT AFFIRMS THAT SUCH PERSON HAS RECEIVED A COPY OF THE POLICY, READ AND UNDERSTANDS THE POLICY, AND AGREED TO COMPLY WITH THE POLICY. |
FORM 990, PART VI, SECTION B, LINE 15 |
A COMPARABILITY STUDY IS PERFORMED TO ASSESS THE SALARIES OF OTHER EXECUTIVE DIRECTORS AND LOAN LENDING OFFICERS AT SIMILAR ORGANIZATIONS IN THE BALTIMORE AREA. |
FORM 990, PART VI, SECTION C, LINE 19 |
THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
PART XII, LINE 2C |
THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |