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RE: Lending to board members' family

Tue, 2019-01-01 15:53
From : Communities>>Open Forum
Hi Mae, In California, there are special rules for lending to a board member or their family in Corporations Code Section 5233(d)(2).  They are allowed, but require board approval if the following facts are established: (A) The corporation entered into the transaction for its own benefit; (B) The transaction was fair and reasonable as to the corporation at the time the corporation entered into the transaction; (C) Prior to consummating the transaction or any part thereof the board authorized or approved [More]

RE: New paper on ESOPs and Opportunity Zones

Fri, 2018-12-28 09:14
From : Communities>>Open Forum
Thanks, Kalin David . Provost Chief Financial Officer CSH 61 Broadway, 23 rd Floor New York, NY 10006 (212) 986-2966 ext. 235 david.provost@csh.org www.csh.org

RE: CDFI Fund Reporting due 12/31 - AMIS down

Thu, 2018-12-27 16:46
From : Communities>>Open Forum
Great thanks Emerson and Cindy!  We found the notice - it was sent to someone else within the bigger organization.  Very helpful! ------------------------------ Christopher Linder CEO MaineStream Finance Bangor ME (207) 974-2465 ------------------------------

RE: CDFI Fund Reporting due 12/31 - AMIS down

Thu, 2018-12-27 16:40
From : Communities>>Open Forum
Hi Christopher, We received notice from the CDFI Fund that our PPR and UOA reports are now due January 31st. See below for the letter we received from the CDFI Fund. Kind regards, Emerson This letter contains important information about the upcoming December 31, 2018, compliance reporting deadline for your Community Development Financial Institutions Program ( CDFI Program) and/or Native American CDFI Assistance Program (NACA Program) award(s). Please review it carefully. The CDFI Fund [More]

Ghosts of Shutdowns Past: Newborn CDFI Fund Delayed

Thu, 2018-12-27 12:49
From : Communities>>Open Forum
Fifteen months had passed since President Clinton signed into law the CDFI Fund on September 23, 1994. A small staff, laboring under budget constraints, had worked assiduously to translate law into regulations. Finally, in October 1995, the fund published its initial interim rule and announced an application deadline of December 22; it subsequently extended the deadline to January 22-still an extremely condensed timeline for the new program. But the political landscape had changed since the passage [More]

RE: New paper on ESOPs and Opportunity Zones

Thu, 2018-12-27 10:01
From : Communities>>Open Forum
Hi David - I searched for it because I had the same issue:  https://www.aspeninstitute.org/publications/exploring-employee-share-ownership-as-a-potential-investment-strategy-in-opportunity-zones/ Enjoy! ------------------------------ Kalin Pearce Beyond Housing St Louis MO 5133903722 ------------------------------

RE: CDFI Fund Reporting due 12/31 - AMIS down

Thu, 2018-12-27 09:16
From : Communities>>Open Forum
Chris our report dates were pushed back to 1/31/19, I bet yours were too. I have my printout from AMIS before the shutdown. Happy New Year! Cindy W Pullyard Senior Accountant/Operations cpullyard@fourdirectionsmaine.org O: 207.866.2018 F: 207.866.6553 20 Godfrey Drive, Orono, ME 04473 www.fourdirectionsmaine.org Improving the social and economic conditions of Native Americans in Maine. Confidentiality Notice: This electronic message transmission contains information from Four Directions [More]

CDFI Fund Reporting due 12/31 - AMIS down

Wed, 2018-12-26 12:10
From : Communities>>Open Forum
Hi All, Our 9/30/18 PPR report for the CDFI Fund is due on Monday, 12/31.  It is ready to file now.  With the CDFI Fund closed, AMIS is down so we are assuming we monitor things every day, and if we miss the deadline, we'll be given a reporting extension.  We've contacted the help desk email and our program officer separately in an email as well to document the possibility of our missing the deadline.   Anyone else in the same boat?  Any other thoughts on what we should do other than monitor and [More]

Tip Tuesday: Follow Threads

Tue, 2018-12-25 15:08
From : Communities>>Open Forum
Happy Holidays! A quick tip for this busy time. Don't forget that if you see a thread of interest and want to receive real time updates to click the new Star icon located next to the thread title. To follow a thread via the digest, click the thread title to navigate to the community and then click the star. If you have a question or need additional clarification, don't hesitate to reply to this thread. I hope you are enjoying your holiday time! ------------------------------ Seth Julyan Senior Vice [More]

RE: New paper on ESOPs and Opportunity Zones

Mon, 2018-12-24 10:24
From : Communities>>Open Forum
The link you provided to the report is disabled.  Can you please send me a copy of the report or a new link? Thanks, ------------------------------ David Provost Chief Financial Officer Corporation for Supportive Housing New York NY ------------------------------

Miracle on Main Street Banking

Mon, 2018-12-24 02:19
From : Communities>>Open Forum
For more than a decade, I used to write annual stories to the Community Development Banking listserv based on one of my favorite movies.  Around this time of year, I like to think about the lessons about banking, finance, and life in general in the holiday film classic, "It's a Wonderful Life." The 1946 Frank Capra film follows the highs and lows of George Bailey (played by Jimmy Stewart), as well as the highs and lows of Bedford Falls. For this community, the Building & Loan serves as a vital source [More]

RE: Lending to board members' family

Mon, 2018-12-24 00:13
From : Communities>>Open Forum
As a general practice , board and staff and their respective families are not eligible for loans from the CDFI they serve on or work for. The challenges involved in a default or collection can be significant. If your policy allows board or staff families, loans to either should be reported to the Board of Directors. Sent from Mail for Windows 10

New paper on ESOPs and Opportunity Zones

Fri, 2018-12-21 10:35
From : Communities>>Open Forum
On October 9, the Aspen Institute Economic Opportunities Program, together with the Rockefeller Foundation, brought together a set of experts to discuss ways in which Opportunity Fund investments could finance ESOP conversion opportunities, and develop ideas to include employee share ownership within an Opportunity Zone's inclusive economic development strategy in general. We've just released a paper that shares key elements and findings from our discussion. Check out the paper and our related webinar [More]

OFN Side by Side Report Now Available

Fri, 2018-12-21 10:21
From : Communities>>Open Forum
Hi everyone,  We are excited to announce the availability of OFN's annual Opportunity Finance Institutions: Side by Side publication for fiscal year 2017 . Side by Side is OFN's annual reference guide for industry practitioners, investors, and others interested in assessing the CDFI industry's activity and performance. It presents data from OFN Member financial institutions and includes peer group analyses for primary financing sectors. This data is an invaluable resource to CDFIs, funders, and investors, [More]

RE: Lending to board members' family

Fri, 2018-12-21 09:07
From : Communities>>Open Forum
We also disclose these transactions in our audit footnotes each year. And any related family members, or others with a potential "conflict of interest" abstain from discussions and voting on those items for approval at Board and/or committee meetings. Cindy W Pullyard Senior Accountant/Operations cpullyard@fourdirectionsmaine.org O: 207.866.2018 F: 207.866.6553 20 Godfrey Drive, Orono, ME 04473 www.fourdirectionsmaine.org Improving the social and economic conditions of Native Americans [More]

RE: Investment Policies

Thu, 2018-12-20 10:49
From : Communities>>Open Forum
Jamie, I'd be interested in sharing notes/insights as you walk through this process. My experience in writing investment policies is within the context of microfinance institutions in developing countries and I'd welcome the opportunity to see how others approach this. Best, Kevin ------------------------------ Kevin Fryatt Director of Finance and Administration Washington Area Community Investment Fund (202) 529-5505 ext. 213 kfryatt@wacif.org ------------------------------

RE: Investment Policies

Thu, 2018-12-20 10:13
From : Communities>>Open Forum
Hi Karen!  Invest Detroit is also taking a fresh look at Investment policies around idle funds, can you share your policy with me too?  jamie.grimaldi@investdetroit.com, thank you so much! ------------------------------ Jamie Grimaldi Credit Manager Invest Detroit Detroit MI ------------------------------

Lending to board members' family

Thu, 2018-12-20 09:38
From : Communities>>Open Forum
Hello! We operate a CDFI Loan Fund focused on consumer lending in a small rural town where it's pretty inevitable that someone closely related to one of our board members will be interested in our products. For example- the adult sibling of our board secretary. Besides disclosing any loans made to board members' family members on the IRS Form 990 Schedule L, disclosing the related nature of the applicant in the loan records, and making sure that no special favors are given to them - are there other [More]

RE: Investment Policies

Wed, 2018-12-19 13:22
From : Communities>>Open Forum
Hi Karen, Sure thing! kfryatt@wacif.org Much appreciated. ------------------------------ Kevin Fryatt Director of Finance and Administration Washington Area Community Investment Fund kfryatt@wacif.org ------------------------------

RE: Models of interest buy-down programs for affordable homeownership

Wed, 2018-12-19 13:13
From : Communities>>Open Forum
We do not use temporary buydowns, like a 2/1, buydown that lower the rate in the first two years. You generally cannot use the lower rate for qualifying purposes on secondary market loans, which defeats the primary purpose. We do occasionally use borrower funds or downpayment assistance funds to pay up to two bona fide discount points. This would, as you suggest, lower the borrower's payment more than using an equivalent amount of funds as principal reduction. The 2% limit is the maximum allowed [More]

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