2018-11-12T07:20:24-06:00 2017-12-31 042571780 ALEXANDER ARONSON FINNING & CO PC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2017-01-01 042741543 NUESTRA COMUNIDAD DEVELOPMENT CORP NUES 6174273599 56 WARREN STREET NO 200 ROXBURY MA 02119 DAVID PRICE EXECUTIVE DIRECTOR 6179891223 2018-11-08 1 MATTHEW HUTT CPA P01070603 5083669100 64.238.141.162 2018-11-08 11:01:06 ES P C6EEA8951B55E8B6A746B93B5E5C2F4BCDF7BC32 CB2B07AFD6767982BCB28B09646F6ACBACA35001 2017 2019-02-21 02:37:17Z DAVID PRICE 56 WARREN STREET NO 200 ROXBURY MA 02119 7875205 0 X WWW.NUESTRACDC.ORG X 1981 MA NUESTRA COMUNIDAD IS DEVOTED TO BUILDING THE WEALTH AND ENHANCING THE PHYSICAL, ECONOMIC, AND SOCIAL WELL-BEING OF ROXBURY AND OTHER UNDERSERVED POPULATIONS IN GREATER BOSTON THROUGH A COMMUNITY-DRIVEN PROCESS THAT PROMOTES SELF-SUFFICIENCY AND NEIGHBORHOOD REVITALIZATION.A NON-PROFIT SMALL BUSINESS, NUESTRA IS ONE OF BOSTON'S OLDEST AND MOST SUCCESSFUL COMMUNITY DEVELOPMENT CORPORATIONS. SINCE 1981, NUESTRA HAS BEEN A CATALYST IN THE REDEVELOPMENT OF THE DUDLEY SQUARE, ROXBURY, AND NORTH DORCHESTER NEIGHBORHOODS. LED BY A COMMUNITY-BASED BOARD, NUESTRA IS IN THE BUSINESS OF CREATING COMMUNITIES OF OPPORTUNITY FOR RESIDENTS AND BUSINESSES, WHERE THEY CAN HAVE A STABLE HOME, INCREASE THEIR INCOME, IMPROVE NEIGHBORHOOD HEALTH AND GAIN WEALTH. 10 10 0 425 0 0 1169250 3333478 2469827 3277795 12004 100653 0 1869 3651081 6713795 0 0 0 0 1919464 1976939 0 0 46234 2070402 2611520 3989866 4588459 -338785 2125336 27686081 33781798 11078095 15572164 16607986 18209634 X NUESTRA COMUNIDAD IS DEVOTED TO BUILDING THE WEALTH AND ENHANCING THE PHYSICAL, ECONOMIC, AND SOCIAL WELL-BEING OF ROXBURY AND OTHER UNDERSERVED POPULATIONS IN GREATER BOSTON THROUGH A COMMUNITY-DRIVEN PROCESS THAT PROMOTES SELF-SUFFICIENCY AND NEIGHBORHOOD REVITALIZATION.A NON-PROFIT SMALL BUSINESS, NUESTRA IS ONE OF BOSTON'S OLDEST AND MOST SUCCESSFUL COMMUNITY DEVELOPMENT CORPORATIONS. SINCE 1981, NUESTRA HAS BEEN A CATALYST IN THE REDEVELOPMENT OF THE DUDLEY SQUARE, ROXBURY, AND NORTH DORCHESTER NEIGHBORHOODS. LED BY A COMMUNITY-BASED BOARD, NUESTRA IS IN THE BUSINESS OF CREATING COMMUNITIES OF OPPORTUNITY FOR RESIDENTS AND BUSINESSES, WHERE THEY CAN HAVE A STABLE HOME, INCREASE THEIR INCOME, IMPROVE NEIGHBORHOOD HEALTH AND GAIN WEALTH. 0 0 1590641 1454698 AFFORDABLE HOUSING DEVELOPMENT - NUESTRA'S THEORY OF CHANGE FOR OUR WORKFORCE RENTAL HOUSING LINE OF BUSINESS IS THAT PRODUCTION, ASSET MANAGEMENT, SERVICE REFERRALS AND COUNSELING OF TENANTS AT RISK OF LOSING THEIR HOUSING COLLECTIVELY HELP FAMILIES AND INDIVIDUALS IMPROVE THEIR LONG-TERM ECONOMIC, EDUCATION AND HEALTH STATUS. OUR THEORY OF CHANGE FOR OUR HOMEOWNERSHIP BUSINESS IS THAT HELPING RESIDENTS BUY AND PRESERVE THEIR OWN HOME HELPS TO STABILIZE HOUSING COSTS, HELPS FAMILIES ACCUMULATE WEALTH OVER THE YEARS AND PROMOTES INVESTMENT AND STABILITY IN OUR NEIGHBORHOODS, INCLUDING FORECLOSURE PREVENTION. ONE KEY DESIRED OUTCOME IN OUR THEORY OF CHANGE IS THAT THE BUILT ENVIRONMENT CONTAINS FEWER BLIGHTED PROPERTIES AND MORE ATTRACTIVE HOUSING AND COMMERCIAL SPACES. NUESTRA CONTINUALLY SEEKS TO INNOVATE THE PRODUCTION AND SUSTAINABILITY OF OUR HOUSING. IN TODAY'S ENVIRONMENT OF REDUCED SUPPLY OF HOUSING SUBSIDIES AND TAX CREDITS, THE EXISTING SYSTEM OF BUILDING WORKFORCE HOUSING IS ESSENTIALLY BROKEN. A GAME-CHANGING STRATEGY TO REDUCE COSTS CAN ALLOW NUESTRA AND OTHER WORKFORCE HOUSING DEVELOPERS TO PRODUCE HOMES WITH A MUCH REDUCED NEED FOR SUBSIDIES, INCREASING THE TOTAL HOUSING THAT CAN BE PRODUCED IN COMING YEARS. NUESTRA HAS SHIFTED THE FOCUS OF OUR PRODUCTION PIPELINE AWAY FROM PROJECTS REQUIRING LARGE SUBSIDIES, INCLUDING THE SCARCEST SUBSIDY (SO-CALLED 9% LOW-INCOME HOUSING TAX CREDITS), WITH A NEW EMPHASIS ON FOR-SALE HOMES AND RENTAL HOUSING BUILT WITH LOWER COSTS AND LOWER SUBSIDY NEEDS.THE STRENGTH OF OUR PRODUCTION PIPELINE WAS EVIDENT IN 2017, AS WE BEGAN CONSTRUCTION OF FOUR PROJECTS AND CONTINUED CONSTRUCTION OF ANOTHER. WE CONTINUED AND COMPLETED CONSTRUCTION OF TWO FOR-SALE HOMES AT 20 ALASKA STREET IN ROXBURY, AND SOLD BOTH UNITS. CONSTRUCTION BEGAN FOR BARTLETT BUILDING B (60 MIXED-INCOME RENTAL APARTMENTS AND A COMMUNITY GROCERY STORE); BARTLETT BUILDING E (16 FOR-SALE CONDOS); KASANOF HOMES (16 FOR-SALE CONDOS); AND HOWARD HARLOW (4 FOR-SALE HOMES). BEYOND THESE PROJECTS, OUR PIPELINE IS STRONG. BUILDINGS B AND E ARE PART OF BARTLETT STATION, A PLANNED 323-HOME DEVELOPMENT WITH 55,000 SF OF COMMERCIAL AND RETAIL USES ON WHAT IS NOW A BLIGHTED, VACANT, CONTAMINATED FORMER BUS YARD IN THE DUDLEY SQUARE AREA OF BOSTON'S ROXBURY NEIGHBORHOOD. IN 2017 NUESTRA AND A NON-PROFIT PARTNER, PRESERVATION OF AFFORDABLE HOUSING, SECURED PERMITTING APPROVAL, DESIGN APPROVAL AND FUNDING FROM THE CITY OF BOSTON TO DEVELOP 175 APARTMENTS ON WHAT IS NOW A COMMUTER PARKING LOT AT THE MATTAPAN SQUARE MBTA BUS AND TROLLEY STATION. 457460 623286 ASSET MANAGEMENT - NUESTRA'S THEORY OF CHANGE, AS IT APPLIES TO THE CDC'S ASSET MANAGEMENT OF WORKFORCE RENTAL HOUSING, IS THAT EXCELLENT STEWARDSHIP OF OUR PROPERTIES COMBINED WITH SERVICE REFERRALS AND COUNSELING FOR TENANTS AT RISK OF LOSING HOUSING HELPS FAMILIES AND INDIVIDUALS IMPROVE THEIR LONG-TERM ECONOMIC, EDUCATION AND HEALTH STATUS. ONE KEY GOAL FOR ASSET MANAGEMENT IS THAT THE COMMUNITY WILL BE VIEWED INTERNALLY AND EXTERNALLY AS A DESIRABLE PLACE TO LIVE, WORK AND PLAY. EACH PROPERTY IN A PORTFOLIO MANAGED BY NUESTRA'S ASSET MANAGEMENT DEPARTMENT SHOULD CONTRIBUTE TO ACHIEVING THIS COMMUNITY GOAL. NUESTRA'S ASSET MANAGEMENT PROCESS IS DESIGNED TO ACHIEVE POSITIVE, LONG-TERM OUTCOMES BY IDENTIFYING CONCRETE ACTION STEPS. THE DISCIPLINE STARTS WITH AN ANALYSIS OF HISTORICAL OPERATING DATA FOR EACH PROPERTY AND AN EVALUATION OF HOW FINANCIAL OUTCOMES CAN BE IMPROVED WHILE MAINTAINING MISSION OBJECTIVES FOR THAT PROPERTY. OUR ASSET MANAGEMENT DEPARTMENT CREATES AN ACTION PLAN DETAILING KEY CHALLENGES FACING EACH PROPERTY AND PROPOSES A STRATEGY FOR ADDRESSING THOSE CHALLENGES. IN RECENT YEARS, AS LOW INTEREST RATES HAVE PROVIDED POTENTIAL FOR RESTRUCTURING, WE HAVE AGGRESSIVELY REFINANCED FIRST MORTGAGES TO TAKE ADVANTAGE OF THOSE RATES. THE RESULTS ARE HEALTHIER CASH FLOW WHICH CAN BE DIVERTED TO RESERVES TO ADDRESS THE COSTS OF FUTURE CAPITAL NEEDS. WE SEEK OUT SOURCES FOR CAPITAL FUNDS FOR NEEDED REPAIRS, AND WE RAISE FUNDS FROM EACH PROPERTY'S RESERVES AND CASH FLOW FOR THESE REPAIRS. NUESTRA'S FINANCIAL CAPABILITY COUNSELORS WORK CLOSELY WITH TENANTS WHO ARE BEGINNING FALL BEHIND ON THEIR RENT. TENANTS IDENTIFIED AS AT RISK OF FALLING BEHIND ON THEIR RENT RECEIVE BASIC HOUSEHOLD BUDGET COUNSELING TO HELP THEM BETTER MANAGE EXPENSES. CREDIT REPAIR ASSISTANCE IS ALSO PROVIDED, A CRITICAL SERVICE IF THESE TENANTS IN THE FUTURE WANT TO OBTAIN A CAR LOAN, FIND A NEW APARTMENT OR BUY A HOME. OUR COUNSELORS IN 2017 ASSISTED FIFTY TENANTS IN A PILOT PROGRAM TO INCREASE THEIR CREDIT SCORES BY REPORTING ON-TIME RENT PAYMENTS TO A CREDIT AGENCY. FINALLY, NUESTRA HAS TAKEN ITS ASSET MANAGEMENT MODEL AND APPLIED THE RIGOR AND DISCIPLINE OF ITS PROCESS TO ASSIST OTHER CDCS. THIS RELATIVELY NEW AND STEADILY GROWING LINE OF BUSINESS DELIVERS ASSET MANAGEMENT SERVICES COMPARABLE TO A LEVEL AVAILABLE TO INSTITUTIONAL REAL ESTATE INVESTORS, BUT WITH SPECIAL SENSITIVITY TO THE MISSION-DRIVEN OWNER. BY EXPANDING THE UNIVERSE OF PROPERTIES, ORGANIZATIONS, AND COMMUNITIES SERVED, WE FEEL THAT EACH CLIENT CAN GAIN SYNERGIES AND BETTER-MANAGED OUTCOMES THAN THOSE AVAILABLE TO A STAND-ALONE ASSET MANAGER. IN 2017 NUESTRA ASSISTED OUR CLIENTS IN ASSET MANAGING 1,834 RENTAL HOUSING UNITS, IN ADDITION TO THE 752 APARTMENTS AND 60,000 SF OF COMMERCIAL SPACE OWNED BY NUESTRA. 854154 353814 COMMUNITY ENGAGEMENT AND RESIDENT SERVICES - NUESTRA'S THEORY OF CHANGE FOR OUR COMMUNITY ENGAGEMENT AND RESIDENT SERVICES LINE OF BUSINESS IS THAT COMMUNITY BUILDING PROGRAMS HELP RESIDENTS CREATE COMMUNITIES OF OPPORTUNITY AS THEY IMPROVE THE QUALITY OF LIFE FOR THEIR HOUSEHOLDS AND NEIGHBORHOODS AND DEVELOP NEIGHBORHOOD RESIDENTS' CAPACITY TO LEAD COMMUNITY DEVELOPMENT. KEY DESIRED OUTCOMES INCLUDE: RESIDENTS ARE EMPOWERED AND HAVE PRIDE IN THE COMMUNITY; AND SUSTAINABLE BUSINESSES MEET THE NEEDS OF COMMUNITY RESIDENTS AND ATTRACT OTHER BUSINESSES.OUR COMMUNITY BUILDING PROGRAMS INCLUDE OUR NEIGHBORCIRCLES SOCIAL NETWORKING AND LEADERSHIP DEVELOPMENT PROGRAM, THE ANNUAL CLEANEST STREET CONTEST INVOLVING OVER 400 RESIDENTS, AND THE MISSION 180 COMMUNITY ACTION COALITION. OUR BIGGEST AND MOST AMBITIOUS PROGRAM IS THE ROXBURY MISSION 180 ACTION COALITION, DEVELOPED IN 2013 FOLLOWING A TWO-YEAR PLANNING PROCESS ENGAGING APPROXIMATELY 200 RESIDENTS IN THE CREATION OF A COMPREHENSIVE COMMUNITY ACTION PLAN. MISSION 180 FOCUSES ON FOUR ACTION STRATEGIES: ARTS, ACTIVISM AND COMMUNITY GROWTH AIMED AT REVITALIZING OUR BUSINESS DISTRICTS THROUGH PUBLIC PLACEMAKING; A PUBLIC SAFETY ORGANIZING EFFORT RECRUITING AND TRAINING "COMMUNITY CONNECTORS" TO BUILDING NETWORKS OF BLOCK ASSOCIATIONS ALONG THE BLUE HILL AVENUE CORRIDOR; A YOUNG ADULTS & HOUSING GROUP DEVELOPING A MODEL AND PILOT PROJECT FOR HOUSING ADDRESSING THE NEEDS OF A GROWING DEMOGRAPHIC OF ADULTS IN THEIR 20S; AND AN ECONOMIC INNOVATION PLAN. AT THE FOREFRONT OF DUDLEY SQUARE'S RENAISSANCE, NUESTRA COMUNIDAD'S MISSION 180 INITIATIVE ACHIEVED THESE RESULTS IN 2017: 1) NUESTRA PROVIDED OVER 5 HOURS OF TA TO ONE EXISTING BUSINESS2) NUESTRA SECURED COMMITMENTS FOR $1.45 MILLION IN CAPITAL TO MAKE DIRECT LOANS.3) NUESTRA CLOSED ONE LOAN OF $400,000 TO A BUSINESS SEEKING EXPANSION THROUGH A NEW LOCATION IN DUDLEY SQUARE.4) NUESTRA PACKAGED AND SECURED APPROVAL OF ONE BUSINESS EXPANSION LOAN FOR $1.0 MILLION FROM BOSTON MEDICAL CENTER.5) OVER 220 PEOPLE COMPLETED FIRST TIME HOME BUYER TRAINING AND ARE POISED FOR AN INFORMED FUTURE PURCHASE.NUESTRA SEEKS SUPPORT FOR MISSION 180 THROUGH THE COMMUNITY INVESTMENT TAX CREDIT (CITC). THIS FINANCIAL SUPPORT WILL UNDERWRITE STAFF TIME TO SUPPORT THE FOLLOWING IN 2018:1) SECURE COMMITMENTS FOR $800,000 IN CAPITAL FOR DIRECT BUSINESS EXPANSION LOANS.2) CLOSE ON THREE LOANS TOTALING $1.45 MILLION TO TWO BUSINESSES FOR EXPANSION.3) COMPLETE CONSTRUCTION AND SELL 38 HOMES, ALONG WITH COMPLETING AND RENTING 60 NEW APARTMENTS AND A NEW GROCERY STORE, IN DUDLEY SQUARE. 4) BUILD ANOTHER 113 FOR SALE HOMES AND 134 APARTMENTS, ALONG WITH 55,000 SQUARE FEET OF COMMERCIAL SPACE IN DUDLEY SQUARE OVER THE NEXT FIVE YEARS;5) ENGAGE A TEAM OF LOCAL ARTISTS IN VISIONING AND DESIGNING A NEW OUTDOOR CULTURAL VENUE, THE 15,000 SF BARTLETT STATION ARTS PLAZA, TO BE BUILT IN 2019. THIS SITE ON COMPLETION WILL HOST OUR UNIQUE ARTS PLACE-MAKING INITIATIVE, DRAWING OVER 3,000 VISITORS EACH SEASON; 6) PLANNING A FOOD RETAIL INCUBATOR TO BE BUILT AT BARTLETT STATION; 7) EVALUATE RESULTS. 982451 847866 THESE PROGRAM REVENUES AND EXPENSES RELATE TO THE RENTAL ACTIVITY OF THE RENTAL PROPERTIES WHICH ARE INCLUDED IN NUESTRA'S FORM 990 AS DISREGARDED ENTITIES. 982451 847866 3884706 1 1 0 1 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 31 0 1 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 MA X DAVID PRICE EXECUTIVE DIRECTOR 6179891223 56 WARREN STREET SUITE 200 ROXBURY MA 02119 REV FRANCISCO A TOLENTINO PRESIDENT 1.00 6.00 X X 0 0 0 WESLEY WILLIAMS VICE PRESIDENT 1.00 X X 0 0 0 WILLIAM ELSBREE TREASURER 1.00 X X 0 0 0 MARILYN SANCHEZ CLERK 1.00 X X 0 0 0 THOMAS BLOCH DIRECTOR 1.00 X 0 0 0 TERENCE JANERICCO DIRECTOR 1.00 X 0 0 0 DONNA M CRAMER DIRECTOR 1.00 X 0 0 0 JOEL SKLAR DIRECTOR 1.00 X 0 0 0 SCOTT POLLACK DIRECTOR 1.00 X 0 0 0 ALFONSO SIRA DIRECTOR 1.00 X 0 0 0 DAVID PRICE EXECUTIVE DIRECTOR 37.50 12.00 X 168500 0 15138 ARTHUR ALLEN SENIOR ADVISOR FOR ASSET MANAGEMENT 37.50 X 160380 0 7211 MARCIA THORNHILL REAL ESTATE DEVELOPMENT DI 37.50 X 116609 0 21172 445489 0 43521 3 0 1 0 LANDMARK STRUCTURES CORP 282 MONTVALE AVE WOBURN MA 01801 CONTRACTOR 1894515 ONE WAY DEVELOPMENT INC 67 KREMBLE STREET SUITE 11 ROXBURY MA 02119 CONSTRUCTION 741782 SALVATORE BOSCO 58 WARREN ST SUITE 200 ROXBURY MA 02119 ACCOUNTING SERVICES 179266 3 113006 1467557 1752915 3333478 DEVELOPMENT FEES 531390 1031239 1031239 RENTAL INCOME 531390 845997 845997 ASSET MANAGEMENT FEES 531390 623286 623286 SERVICE CONTRACTS 531390 423459 423459 TENANT SERVICES 531390 338527 338527 15287 15287 3277795 31877 31877 153055 151186 1869 1869 1869 1079000 1010224 68776 68776 68776 6713795 3279664 0 100653 183638 110182 36728 36728 1475218 1292389 182829 197009 172398 24611 121074 102678 15913 2483 13377 13377 99505 99505 256297 150999 105298 110812 75716 35096 728252 699569 28683 14429 11765 2664 215957 209730 6227 SUPPORT TO SUBSIDIARIES 592011 592011 LOSS ON SALE AND TRANSF 151541 151541 MISCELLANEOUS 90612 21152 69460 PROGRAM DEVELOPMENT 81652 81652 257075 212924 37128 7023 4588459 3884706 657519 46234 1499524 1969974 539619 1382751 258262 265177 170347 382317 12444 12027 7070895 1757503 5501643 5313392 2837064 2784750 0 16867178 21671410 27686081 33781798 501494 1045025 3333107 5632919 1332106 575547 5911388 8318673 11078095 15572164 X 7575035 8713027 5506147 6169803 3526804 3326804 16607986 18209634 27686081 33781798 X 2125336 -523688 X X 0 1 X 1 1 1 X 2723485 4214306 1646423 1169250 3333478 13086942 2723485 4214306 1646423 1169250 3333478 13086942 446120 12640822 1407 154317 15706 12004 31877 215311 13302253 12116936 0.95030 0.95750 X 1 1 0 0 0 0 1 1359 0 0 1359 0 PART II-B, LINE 1: PART II-B, LINE G, DIRECT CONTACT WITH LEGISLATORS, THEIR STAFFS, GOVERNMENT OFFICIALS, OR A LEGISLATIVE BODY IN 2017, THE COMPANY PARTICIPATED IN A LEGISLATIVE BRIEFING DAY AT THE MASSACHUSETTS STATE HOUSE, MEETING WITH ELECTED OFFICIALS FOR THE PURPOSE OF INFORMING THEM OF LEGISLATION OF IMPORTANCE TO THE COMPANY AND THE COMMUNITY DEVELOPMENT FIELD ACROSS THE STATE. THE COMPANY HELD A "DONUTS WITH DELEGATES" BRIEFING DAY FOR BOSTON CITY COUNCILORS, STATE REPRESENTATIVES AND STATE SENATOR. ALSO IN 2017, THE EXECUTIVE DIRECTOR ATTENDED THE NATIONAL NEIGHBORWORKS ASSOCIATION CONGRESSIONAL BRIEFINGS IN WASHINGTON D.C. WITH OTHER LEADERS OF THE WORKFORCE HOUSING FIELD TO ADVOCATE FOR LEGISLATION. 195605 195605 6734718 1703824 5030894 140572 53679 86893 0 5313392 LA CONCHA LIMITED PARTNERSHIP 2622763 F OTHER INVESTMENTS 161987 C 2784750 PROJECTS UNDER DEVELOPMENT 9998931 DUE FROM RELATED PARTIES 11202243 CAPITALIZED COSTS, NET 364762 LOANS RECEIVABLE 105474 21671410 DUE TO CONSOLIDATED ENTITIES 3025322 CONTINGENT DEBT 5293351 8318673 X PART X, LINE 2: NUESTRA ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE CONSOLIDATING FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN AN INFORMATION RETURN. NUESTRA HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATING FINANCIAL STATEMENTS AT DECEMBER 31, 2017. X X X X 0 0 0 0 0 0 0 0 0 DAVID PRICE EXECUTIVE DIRECTOR 161000 0 7500 0 0 0 0 0 15138 0 183638 0 0 0 ARTHUR ALLEN SENIOR ADVISOR FOR ASSET MANAGEMENT 152955 0 7425 0 0 0 0 0 7211 0 167591 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE RECEIVES COPIES OF THE FORM 990 DURING THE FINANCE COMMITTEE MEETING. ALL MEMBERS OF THE BOARD RECEIVE A COPY OF THE DRAFT RETURN, SO THEY CAN REVIEW AND MAKE COMMENTS. THE BOARD MEMBERS SUBMIT QUESTIONS TO THE CFO AND EXECUTIVE DIRECTOR. ALL QUESTIONS ARE ADDRESSED AND A RESPONSE SENT TO THE INDEPENDENT ACCOUNTANTS TO COMPLETE THE FINAL RETURN. THE FINAL RETURN IS SENT TO ALL MEMBERS OF THE BOARD AND DISCUSSED DURING THE NEXT REGULAR MEETING DURING WHICH THE MEMBERS ARE ASKED TO APPROVE THE FORM 990. THE APPROVAL IS COMMUNICATED TO THE INDEPENDENT ACCOUNTANTS, SO THAT THE RETURN CAN BE FINALIZED AND SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY. NUESTRA HAS A MEMBER OF THE FINANCE COMMITTEE WHO IS THE COMPLIANCE OFFICER FOR THE ORGANIZATION. NUESTRA REQUIRES THAT EVERY MEMBER OF THE BOARD SIGN A CONFLICT OF INTEREST POLICY FORM ONCE A YEAR. THE ORGANIZATION INFORMS THE COMPLIANCE OFFICER WHEN ALL THE FORMS HAVE BEEN COMPLETED AND ARE ON FILE. THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE BOARD BOOK THAT IS USED AT EVERY BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 15 AT THE TIME OF HIRING OF EACH EXECUTIVE DIRECTOR, THE BOARD MAY ENGAGE AN INDEPENDENT CONSULTANT TO REVIEW THE APPROPRIATE COMPENSATION FOR AN INDIVIDUAL HIRED TO CARRY OUT THE THEN-CURRENT JOB DESCRIPTION FOR THIS POSITION. AT THE TIME OF SUCH HIRING, THE BOARD SHALL REVIEW COMPARABILITY DATA ON EMPLOYMENT PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF COMMUNITY DEVELOPMENT CORPORATIONS, COMPARABILITY INFORMATION COMPILED BY A NATIONAL NETWORK OF COMMUNITY DEVELOPMENT CORPORATIONS OR OTHER SALARY COMPARABILITY DATA PREPARED BY AN INDEPENDENT ORGANIZATION FAMILIAR WITH THE NON-PROFIT FIELD. NUESTRA ALSO PURCHASES A GUIDESTAR COMPENSATION REPORT THAT IS USED AS PART OF THE SALARY REVIEW. THE CHAIR OF THE PERSONNEL COMMITTEE IS A BOARD MEMBER THAT WORKS AS AN HR CONSULTANT, SHE ASSISTS THE BOARD IN REVIEWING THE EXECUTIVE DIRECTORS COMPENSATION. THE BOARD MINUTES SHALL DOCUMENT THE PROCESS USED IN DETERMINING THE INITIAL COMPENSATION OF THE EXECUTIVE DIRECTOR AT THE TIME OF HIRING. SUBSEQUENTLY, AT THE TIME OF THE ANNUAL EVALUATION OF THE EXECUTIVE DIRECTOR, THE BOARD SHALL DETERMINE THE APPROPRIATE INCREASE IN COMPENSATION BASED ON PERFORMANCE IN ACHIEVING THE ANNUAL WORKPLAN AND COMPARABILITY DATA. A BONUS PAYMENT MAY BE AWARDED BASED ON PERFORMANCE IN ACHIEVING THE ANNUAL WORKPLAN, ACHIEVING ANY STRETCH GOALS THAT THE BOARD HAS SET FOR THE EXECUTIVE DIRECTOR AND/OR OTHER ACCOMPLISHMENTS. FORM 990, PART VI, SECTION C, LINE 19 NUESTRA MAINTAINS COPIES OF THE DOCUMENTS AT THEIR CORPORATE OFFICE AND MAKES THEM AVAILABLE UPON REQUEST. NUESTRA PROVIDES INFORMATION TO THE STATE AND FEDERAL AGENCIES AND THEIR ANNUAL TAX RETURN IS AVAILABLE ON GUIDESTAR.ORG. FORM 990, PART XI, LINE 9: LOSS ON DISPOSAL OF CAPITALIZED COSTS AND NON-RECOVERABLE DEVELOPMENT COSTS -523,688. FORM 990, PART XII, LINE 2C: THE FINANCE COMMITTEE IS CHARGED WITH THE OVERSIGHT AND GOVERNANCE OF THE AUDIT. 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