2018-11-08T07:55:51-06:00 2017-12-31 521480805 CHACONAS & WILSON PC 2100 PENNSYLVANIA AVENUE NW SUITE 580 WASHINGTON DC 20037 990 2017-01-01 521290127 CAPITAL IMPACT PARTNERS CAPI 7036472360 1400 CRYSTAL DRIVE NO 500 ARLINGTON VA 22202 NATALIE GUNN CHIEF FINANCIAL OFFICER 7036472360 2018-11-08 1 JOSEPH WILSON JR P00049429 2024298890 70.88.236.82 2018-11-08 08:55:43 ES P 24D54AD19523F1FAB2A3CBA9D5834DD5A1DA6388 69BBB963DF1DB8C148DB8DF99A292314EEA54DEC 2017 2019-02-21 02:37:17Z X NATALIE GUNN 1400 CRYSTAL DRIVE NO 500 ARLINGTON VA 22202 23898985 0 X WWW.CAPITALIMPACT.ORG X 1982 DC SEE SCHEDULE 'O', PAGE 42. 11 11 94 0 0 0 8411739 1014600 15875880 21532970 267059 1047881 611024 303534 25165702 23898985 2650480 1287690 0 0 12806160 12452862 0 0 931915 9295153 14824030 24751793 28564582 413909 -4665597 293673217 461121437 165311788 340140963 128361429 120980474 X TO PROVIDE FINANCIAL SERVICES AND TECHNICAL SUPPORT TO COOPERATIVES AND OTHER COOPERATIVE-LIKE ORGANIZATIONS TARGETED TOWARD NEWER, LESS ESTABLISHED ORGANIZATIONS AND UNDERSERVED COMMUNITIES WHOSE RESIDENTS ARE DISADVANTAGED, LOW INCOME (CONTINUED ON SCHEDULE O PAGE 42) AND/OR ELDERLY PERSONS WITH SPECIAL NEEDS. 0 0 18742026 6450870 GENERAL LOAN PROGRAM:CAPITAL IMPACT PARTNERS (CIP) PROVIDES LOANS AND FINANCIAL SERVICES TO COMMUNITY-BASED ORGANIZATIONS FOCUSED ON PROVIDING GOODS AND SERVICES TO LOW INCOME AND ECONOMICALLY DISADVANTAGED POPULATIONS. -80580 543424 2069235 AFFORDABLE HOUSINGCIP BRIDGES THE GAP BETWEEN POLICY AND DEVELOPMENT TO IMPROVE THE LIVES OF LOW-INCOME INDIVIDUALS. CIP'S EFFORTS IN AFFORDABLE HOMEOWNERSHIP ARE TO BUILD CAPACITY AND SCALE FOR LONG-TERM AFFORDABLE HOUSING. THESE TYPES OF PROGRAMS ARE SHARED-EQUITY MECHANISMS THAT OFFER HOMEOWNERS RELIABLE ASSET BUILDING OPPORTUNITIES WHILE ALSO PRESERVING PUBLIC INVESTMENT. -91404 4799886 EDUCATION:CIP HAS BEEN A CHARTER SCHOOL LENDER FOR 20 YEARS AND HAS BECOME A VALUABLE FINANCING SOURCE FOR OUR NATION'S CHARTER SCHOOLS. TO ENSURE THAT LOW COST CAPITAL IS AVAILABLE NATIONWIDE, CIP OFFERS (1) CONSTRUCTION AND RENOVATION LOANS, (2) REAL ESTATE ACQUISITION AND TERM LOANS, EQUIPMENT LOANS, AND (3) REVOLVING LINES OF CREDIT. CIP CONNECTS ITS BORROWERS TO INSTITUTIONAL INVESTORS TO IMPROVE THE AMOUNT AND TYPE OF FINANCING AVAILABLE. IN 2017, DISBURSEMENTS TOTALED $116.4 MILLION TO 13 CHARTER SCHOOLS THAT SERVE NEARLY 15,000 STUDENTS, 78% OF WHOM QUALIFY FOR FREE OR REDUCED PRICE LUNCHES. CIP DEVELOPED OR RENOVATED MORE THAN 868,000 SQUARE FEET OF EDUCATIONAL SPACE. -50500 740030 1342450 HEALTHY FOOD: CIP PROVIDES LOANS TO COMMUNITY BASED ORGANIZATIONS THAT FINANCE GROCERY STORES AND OTHER RETAIL OUTLETS TO IMPROVE THE ACCESS TO FRESH, HEALTH FOODS IN FOOD DESERTS AND OTHER UNDERSERVED AREAS. CIP PROVIDED FINANCING TO 2 HEALTHY FOOD PROJECTS IN 2017 TOTALING $16.5 MILLION. THE PROJECTS ARE EXPECTED TO CREATE NEARLY 175 JOBS AND WILL PROVIDE FRESH, HEALTHY FOOD ACCESS TO 40,000 LOW-AND MODERATE-INCOME PEOPLE. THE FINANCING IS FOCUSED TO DEVELOP AND EXPAND GROCERY STORES AND DEVELOP AN INCLUSIVE FOOD SYSTEM IN UNDERSERVED COMMUNITIES. 75708 4101671 NEW MARKET TAX CREDITS:CIP HAS RECEIVED EIGHT ALLOCATIONS OF NEW MARKETS TAX CREDITS (NMTC) TOTALING $558 MILLION TO PROVIDE HEALTH CARE PROVIDERS, HEALTHY FOOD GROCERY STORES, CHARTER SCHOOLS, AND OTHER COMMUNITY ORGANIZATIONSAFFORDABLE FINANCING NATIONWIDE. NMTC ALLOWS CIP TO OFFER BORROWERS MORE FLEXIBLE TERMS SUCH AS LONGER AMORTIZATION PERIODS, INTEREST-ONLY PAYMENTS FOR AS LONG AS SEVEN YEARS, HIGHER LOAN-TO-VALUE RATIOS AND POTENTIAL EQUITY BENEFIT AT THE END OF THE LOAN TERM. -150611 4236 2768858 HEALTHCARE:CIP HAS CREATED INNOVATIVE SOLUTIONS TO SUCCESSFULLY PRESERVE AFFORDABLE HEALTH CARE FOR LOW INCOME FAMILIES ACROSS THE COUNTRY. DEDICATED TO DELIVERING VALUE-ADDED SERVICE AND EASE OF PROCESS, WE TAP OUR 30 YEARS OF EXPERIENCE IN THE MARKET TO CUSTOMIZE APPROPRIATELY STRUCTURED FINANCING FOR OUR BORROWERS: COMMUNITY CLINICS AND HEALTH CENTERS, SUBSTANCE ABUSE REHABILITATION/BEHAVORIAL CARE FACILITIES, ADULT DAY HEALTH CARE FACILITIES, AND ASSISTED LIVING/CONTINUING CARE FACILITIES. IN 2017, CAPITAL IMPACT PARTNERS DISBURSED APPROXIMATELY $100.5 MILLION TO 17 HEALTH FACILITIES THAT SERVE NEARLY 200,000 PATIENTS ANNUALLY. EIGHTY-FOUR PERCENT OF PATIENTS LIVE AT OR BELOW 200% OF THE FEDERAL POVERTY LINE -125403 744266 8212979 18444639 1 1 0 1 0 0 0 0 0 1 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 89 0 1 94 1 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 CA DE X NATALIE GUNN CO CAPITAL IMPACT PARTNERS 7036472360 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 ROSEMARY K MAHONEY DIRECTOR 0.65 X 4000 0 0 PEDRO GOITIA DIRECTOR 0.65 X 2000 0 0 DANA PANCRAZI DIRECTOR 0.65 X 0 0 0 CHARLES E SNYDER DIRECTOR 0.65 X 2000 0 0 ELI KENNEDY DIRECTOR 0.65 X 4000 0 0 THOMAS WALSH DIRECTOR 0.65 X 2000 0 0 MARY ANN ROTHMAN DIRECTOR 0.65 X 2000 0 0 DAN VARNER DIRECTOR 0.65 X 3000 0 0 PAUL HAZEN DIRECTOR 0.65 X 2000 0 0 WILSON BEEBE DIRECTOR 0.65 X 2000 0 0 TOM BLEDSOE DIRECTOR 0.65 X 0 0 0 JANIS HERSCHKOWITZ DIRECTOR 0.65 X 1500 0 0 ELLIS CARR PRESIDENT & CEO 40.00 X 468913 0 35524 CAROLYN K BAUER CHIEF RISK OFFICER 40.00 X 307769 0 24751 SCOTT SPORTE CHIEF LENDING OFFICER 40.00 X 354199 0 38457 FRANKLIN D FASANO JR CHIEF INFORMATION OFFICER 40.00 X 198606 0 24059 AMY SUE LEAVENS GENERAL COUNSEL 40.00 X 301192 0 23954 NATALIE GUNN CHIEF FINANCIAL OFFICER 40.00 X 320861 0 40201 VIRGINIE ARNAUD-LEPAPE DEPT. DIRECTOR 40.00 X 222017 0 23923 SCOTT BERMAN DEPT. DIRECTOR 40.00 X 212414 0 31280 THEODORE SILVA DEPT. DIRECTOR 40.00 X 186739 0 29854 DANIELLE GRACEFFA DEPT. DIRECTOR 40.00 X 184530 0 28589 LISA GRAMMER CONTROLLER 40.00 X 203387 0 18324 TERRY SIMONETTE FORMER PRESIDENT & CEO 40.00 X 552573 0 0 3537700 0 318916 34 1 1 0 PILLSBURY WINTHROP SHAW 2300 N STREET NW WASHINGTON DC 200371122 LEGAL SERVICES 523477 COHNREZNICK LLP 500 EAST PRATT STREET BALTIMORE MD 21202 TAX AND AUDIT 439284 RSM US LLP 751 ARBOR WAY SUITE 200 BLUE BELL PA 19422 AUDIT SERVICES 203600 MARK HILTZ ASSOCIATES LLP 5412 LEATHERLEAF DRIVE NORTH MYRTLE BEACH SC 29582 CONSULTING 180133 NIXON PEABODY LLP 401 9TH STREET NW SUITE 900 WASHINGTON DC 200042128 LEGAL SERVICES 161799 7 1014600 1014600 INTEREST EARNED ON LOANS 900099 16732428 16732428 LOAN FEES 900099 4795983 4795983 CONTRACT REVENUE 900099 4559 4559 21532970 1047881 1047881 OTHER INCOME 900099 303534 303534 303534 23898985 21532970 0 1351415 1287690 1287690 2162987 1485448 370319 307220 7953462 3432024 4379557 141881 758594 333837 407856 16901 880728 421488 425725 33515 697091 337087 330322 29682 36421 4137 32284 458987 55344 358555 45088 248013 21808 200999 25206 1653822 1053050 533829 66943 490870 151083 283859 55928 352012 31870 298493 21649 934086 441280 437893 54913 437072 209485 202227 25360 6397434 6397434 217939 193654 24285 157434 139891 17543 PROVISION FOR LOAN LOSS 2229350 2229350 CORPORATE DEVELOPMENT 563194 22452 480488 60254 LOAN COSTS 276769 276769 BAD DEBT EXPENSE 190208 190208 180419 62795 112077 5547 28564582 18444639 9188028 931915 47241601 57987879 6030676 525000 1804605 2583582 217132442 337891794 2099966 478005 201145 1621961 2293124 2311843 17498462 56760561 1471162 1438817 293673217 461121437 3092825 3516989 162139466 327508129 79497 9115845 165311788 340140963 X 103604335 102688015 23269619 16804984 1487475 1487475 128361429 120980474 293673217 461121437 X -4665597 -154492 -2560866 X X 0 1 X 1 1 1 X 10457416 17622108 3693789 8411739 1014600 41199652 10457416 17622108 3693789 8411739 1014600 41199652 14671215 26528437 184185 409513 172179 267059 1047881 2080817 64989 140234 343958 611024 303534 1463739 44744208 82817880 0.59290 0.63620 X 27279 27279 27605386 27632665 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 64830 29467 27653 27279 149229 250000 250000 250000 250000 1000000 1500000 24757094 1014600 56863 7536098 18292459 26584653 8411739 72233 10311531 24757094 52984965 3693789 10987 30105088 26584653 50271946 17783870 16937 15087788 52984965 47050766 10915312 33901 7728033 50271946 0.08130 0.91870 0 0 1386375 146000 1240375 136851 80679 56172 576740 251326 325414 1621961 INVESTMENT IN ROC USA 2732439 C NEW MARKET TAX CREDIT ENTITIES 46010 C INVESTMENT IN CFSP 197924 C MORTGAGE BACKED AND US TREASURY SECURITIES 48249579 F OTHER INVESTMENTS 526902 F INVESTMENT IN CIIF 5007707 C 56760561 REFUNDABLE ADVANCE LIABILITY 4800000 OFFICE VACATION OBLIGATION 2668125 DEFERRED RENT 1647720 9115845 X 25381883 -154492 1637390 1482898 23898985 0 23898985 29986498 1421916 1421916 28564582 0 28564582 PART V, LINE 4: TEMPORARILY RESTRICTED NET ASSETS ARE USED FOR CIP'S PROGRAMS. PERMANENTLY RESTRICTED NET ASSETS ARE USED AS A REVOLVING LOAN FUND TO FINANCE HOUSING FOR THE FRAIL AND ELDERLY. PART X, LINE 2: UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, CIP IS EXEMPT FROM INCOME TAXES ON INCOME OTHER THAN NET UNRELATED BUSINESS INCOME. CIP DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEAR ENDED DECEMBER 31,2017. CIP HAS ADOPTED THE AUTHORITATIVE GUIDANCE RELATING TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES INCLUDED IN ASC TOPIC INCOME TAXES. THESE PROVISIONS PROVIDE CONSISTENT GUIDANCE FOR THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBE A THRESHOLD OF "MORE LIKELY THAN NOT" FOR RECOGNITION AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. CIP PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS FOR THE YEAR ENDED DECEMBER 31, 2017, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR WHICH MAY HAVE ANY AFFECT ON ITS TAX EXEMPT STATUS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN EQUITY METHOD INVESTMENTS 170,619. INCOME FROM CONSOLIDATED SUBSIDIARIES 1,470,712. NEW MARKET TAX CREDIT UNWIND -3,941. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS IN EXCESS OF BOOK FOR PASS THROUGH ENTITIES - SEE STATEMENT 2 PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES RELATED TO CONSOLIDATED SUBSIDIARIES 1,421,916. 1 BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY 360 ADMINISTRATION BUILDING EAST LANSING MI 48824 386005984 501(C)(3) 141030 HEALTHY FOOD ACCESS IN LOW AND MIDDLE INCOME COMMUNITIES BRIDGEPOINT DEVELOPMENT LLC 8315 S JACKSON ROAD CLARKLAKE MI 49234 352550730 75000 HEALTHY FOOD ACCESS IN LOW AND MIDDLE INCOME COMMUNITIES DETROIT BLACK COMMUNITY FOOD SECURITY NETWORK (DBCFSN) 3800 PURITAN STREET DETROIT MI 48238 331140762 501(C)(3) 75000 HEALTHY FOOD ACCESS IN LOW AND MIDDLE INCOME COMMUNITIES DETROIT DEVELOPMENT FUND 1300 BROADWAY SUITE 300 DETROIT MI 48226 383322605 200000 HEALTHY FOOD ACCESS IN LOW AND MIDDLE INCOME COMMUNITIES FAIR FOOD NETWORK 205 E WASHINGTON STREET SUITE B ANN ARBOR MI 48104 264143394 501(C)(3) 174000 HEALTHY FOOD ACCESS IN LOW AND MIDDLE INCOME COMMUNITIES FLINT & GENESEE CHAMBER FOUNDATIONDBA-GENESEE CHAMBER FDN 519 SOUTH SAGINAW STREETSUITE 200 FLINT MI 48502 237420247 20000 HEALTHY FOOD ACCESS IN LOW AND MIDDLE INCOME COMMUNITIES FRESH START CDC INC 1035 EAST CARPENTER ROAD FLINT MI 48505 461684669 501(C)(3) 40000 COMMUNITY REVITALIZATION GERIATRIC LIVING SOLUTIONS INCDBA- PORTABLE ASSISTED LIVING SERVICES 300 TEANECK ROAD TEANECK NJ 07666 465137779 25000 IMPROVING ACCESS TO HEALTHCARE GRANDMONT ROSEDALE DEVELOPMENT CORPORATION 19800 GRAND RIVER DETROIT MI 48223 382885952 75000 COMMUNITY REVITALIZATION KEN'S FRUIT MARKET INC 2420 EASTERN AVENUE SE GRAND RAPIDS MI 49507 453581456 75000 HEALTHY FOOD ACCESS IN LOW AND MIDDLE INCOME COMMUNITIES MIDTOWN DETROIT INC 3939 WOODWARD AVE SUITE 100 DETROIT MI 48201 454582324 343424 COMMUNITY REVITALIZATION NORTH FLINT REINVESTMENT CORPORATION 1159 E FOSS AVENUE FLINT MI 48505 611583065 501(C)(3) 40000 COMMUNITY REVITALIZATION REDWOODS RURAL HEALTH CENTER INC 101 WEST COAST ROAD POBOX 769 REDWAY CA 95560 942337367 4236 IMPROVING ACCESS TO HEALTH CARE 8 PART I, LINE 2: GRANTEES MUST REPORT ACTUAL EXPENSES FOR EACH MONTH AND SUBMIT QUARTERLY FINANCIAL REPORTS. 1 X X X 0 0 0 0 0 0 0 0 0 ELLIS CARR PRESIDENT & CEO 468913 0 0 0 0 0 30766 0 4758 0 504437 0 0 0 CAROLYN K BAUER CHIEF RISK OFFICER 307769 0 0 0 0 0 24751 0 0 0 332520 0 0 0 SCOTT SPORTE CHIEF LENDING OFFICER 354199 0 0 0 0 0 31162 0 7295 0 392656 0 0 0 FRANKLIN D FASANO JR CHIEF INFORMATION OFFICER 198606 0 0 0 0 0 15048 0 9011 0 222665 0 0 0 AMY SUE LEAVENS GENERAL COUNSEL 301192 0 0 0 0 0 23954 0 0 0 325146 0 0 0 NATALIE GUNN CHIEF FINANCIAL OFFICER 320861 0 0 0 0 0 27762 0 12439 0 361062 0 0 0 VIRGINIE ARNAUD-LEPAPE DEPT. DIRECTOR 222017 0 0 0 0 0 23191 0 732 0 245940 0 0 0 SCOTT BERMAN DEPT. DIRECTOR 212414 0 0 0 0 0 22476 0 8804 0 243694 0 0 0 THEODORE SILVA DEPT. DIRECTOR 186739 0 0 0 0 0 20972 0 8882 0 216593 0 0 0 DANIELLE GRACEFFA DEPT. DIRECTOR 184530 0 0 0 0 0 16617 0 11972 0 213119 0 0 0 LISA GRAMMER CONTROLLER 203387 0 0 0 0 0 18324 0 0 0 221711 0 0 0 TERRY SIMONETTE FORMER PRESIDENT & CEO 552573 0 0 0 0 0 0 0 0 0 552573 0 0 0 SEE SCHEDULE O MEMBER SEE SCHEDULE "O" X 2283910 23596450 0 1 1 23596450 PART 1, LINE 1: DESCRIPTION OF ORGANIZATION MISSION: CIP WAS ESTABLISHED PURSUANT TO SECTION 211 OF THE NATIONAL CONSUMER COOPERATIVE BANK ACT AS AMENDED (THE "BANK ACT")(12 U.S.C.3051), AS A SECTION 501(C)(3) ORGANIZATION FORMED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES, INCLUDING PURPOSES THAT ARE EXPRESSLY DEEMED CHARITABLE WITHIN THE MEANING OF SECTION 501(C)(3) UNDER SECTION 211 (C)(2) OF THE BANK ACT. ITS PRIMARY PURPOSE IS TO PROVIDE FINANCIAL SERVICES AND TECHNICAL SUPPORT TO COOPERATIVES AND OTHER DEMOCRATICALLY STRUCTURED, COOPERATIVE-LIKE ORGANIZATIONS, TARGETED TOWARD NEWER, LESS ESTABLISHED ORGANIZATIONS AND UNDERSERVED COMMUNITIES WHOSE RESIDENTS ARE DISADVANTAGED, LOW-INCOME AND/OR ELDERLY PERSONS WITH SPECIAL NEEDS. FORM 990, PART VI, SECTION A, LINE 6 YES, CIP HAS MEMBERS. THE ARTICLES OF INCORPORATION, AS AMENDED (THE "ARTICLES"). AND THE BYLAWS, AS AMENDED (THE "BYLAWS"), OF CIP, PROVIDE THAT THE MEMBERS OF THE BOARD OF DIRECTORS OF THE NATIONAL CONSUMER COOPERATIVE BANK SHALL SERVE, EX OFFICIO, AS THE MEMBERS OF CIP. FORM 990, PART VI, SECTION A, LINE 7A EACH OF THE MEMBERS OF CIP IS ENTITLED TO CAST ONE (1) VOTE WITH RESPECT TO ANY AMENDMENT TO CIP'S ARTICLES, AND WITH RESPECT TO ANY AMENDMENT TO, OR THE REPEAL OF, CIP'S BYLAWS. THE MEMBERS DO NOT HAVE ANY OTHER VOTING POWER AND THUS ARE NOT ENTITLED TO VOTE WITH RESPECT TO THE COMPOSITION OF THE BOARD OF DIRECTORS. THE ARTICLES AND BYLAWS PROVIDE THAT THE MEMBERS OF THE BOARD OF DIRECTORS OF CIP SHALL BE ELECTED BY THE THEN-CURRENT MEMBERS OF THE BOARD OF DIRECTORS OF CIP. FORM 990, PART VI, SECTION A, LINE 7B THE BYLAWS PROVIDE THAT ANY AMENDMENT TO THE ARTICLES AND ANY AMENDMENT TO, OR THE REPEAL OF, THE BYLAWS MUST BE APPROVED BY THE AFFIRMATIVE VOTE OF AT LEAST SIX (6) OF THE ELEVEN (11) DIRECTORS. THE ARTICLES PROVIDE THAT EACH OF THE MEMBERS OF CIP IS ENTITLED TO CAST ONE (1) VOTE WITH RESPECT TO ANY AMENDMENT TO CIP'S ARTICLES, AND WITH RESPECT TO ANY AMENDMENT TO, OR THE REPEAL OF CIP'S BYLAWS. IN PARTICULAR, THE ARTICLES PROVIDE THAT ANY AMENDMENT OF THE ARTICLES MUST BE APPROVED BY THE AFFIRMATIVE VOTE OF AT LEAST TWO-THIRDS (2/3) OF THE VOTES ENTITLED TO BE CAST BY THE MEMBERS PRESENT AT A MEETING OF THE MEMBERSHIP; AND THAT ANY AMENDMENT OR REPEAL OF THE BYLAWS MUST BE APPROVED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE MEMBERS PRESENT AT A MEMBERSHIP MEETING. THE PROCEDURAL METHOD AND MANNER OF GIVING NOTICE OF MEETINGS, ESTABLISHING QUORUM AND SUBMITTING MATTERS TO A VOTE ARE SPECIFIED IN THE BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS HAS DELEGATED THE RESPONSIBILITY FOR REVIEWING AND APPROVING THE FORM 990 TO THE FINANCE, AUDIT AND RISK COMMITTEE ("AUDIT COMMITTEE") OF THE BOARD OF DIRECTORS, PURSUANT TO THE COMPANY'S BOARD-LEVEL DELEGATIONS OF AUTHORITY AND THE FINANCE, AUDIT AND RISK COMMITTEE CHARTER. THE CHAIR OF THE AUDIT COMMITTEE REVIEWS THE FORM 990 WITH CIP'S CHIEF FINANCIAL OFFICER, CONTROLLER AND TAX PREPARER BEFORE IT IS SUBMITTED TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE THEN INDEPENDENTLY REVIEWS AND APPROVES THE FORM 990 PRIOR TO FILING. THE CHAIR OF THE AUDIT COMMITTEE REPORTS ON THE PROCESS AND FINDINGS OF THE AUDIT COMMITTEE AT THE NEXT REGULARLY SCHEDULED MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS AND APPROVES CIP'S CODE OF CONDUCT AND ETHICS POLICY ON AN ANNUAL BASIS; THE CODE OF CONDUCT AND ETHICS POLICY INCLUDES, AMONG OTHER THINGS, CIP'S CONFLICT OF INTEREST POLICY. THE CODE OF CONDUCT AND ETHICS POLICY IS MADE AVAILABLE TO ALL OFFICERS AND EMPLOYEES OF CIP AND ALL MEMBERS OF THE BOARD OF DIRECTORS, EACH OF WHOM IS REQUIRED TO CERTIFY AS TO MATTERS SET FORTH IN THE POLICY AND PROVIDE CONFLICTS OF INTEREST DISCLOSURES (IF ANY) ON AN ANNUAL BASIS. THE GENERAL COUNSEL AND THE ETHICS OFFICIAL DESIGNATED IN THE CODE OF CONDUCT AND ETHICS POLICY JOINTLY EVALUATE ALL CONFLICTS OF WHICH THEY BECOME AWARE AND SUBMIT SUCH CONFLICTS FOR RESOLUTION TO THE BOARD'S FINANCE, AUDIT AND RISK COMMITTEE ("AUDIT COMMITTEE"). MINUTES REFLECTING ALL MEETINGS HELD AND ACTIONS TAKEN BY THE AUDIT COMMITTEE, INCLUDING WITH RESPECT TO CONFLICTS MATTERS, ARE INCLUDED IN THE CORPORATE RECORD BOOK. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS HAS DELEGATED THE RESPONSIBILITY FOR REVIEWING AND MAKING RECOMMENDATIONS WITH RESPECT TO EXECUTIVE COMPENSATION TO ITS EXECUTIVE COMMITTEE (THE "EXECUTIVE COMMITTEE"), PURSUANT TO THE BOARD-LEVEL DELEGATIONS OF AUTHORITY AND THE EXECUTIVE COMMITTEE CHARTER. THE EXECUTIVE COMMITTEE REVIEWS THE COMPENSATION OF THE EXECUTIVE OFFICERS OF CIP; THE EXECUTIVE COMMITTEE THEN REPORTS ITS PROCESS, FINDINGS AND RECOMMENDATIONS TO THE BOARD OF DIRECTORS FOR INDEPENDENT REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS. THE PROCESS INCLUDES: MANAGING THE PROCESS OF COLLECTING AND REVIEWING MARKET DATA FOR THE PRESIDENT AND CHIEF EXECUTIVE OFFICER, THE CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER, THE CHIEF RISK OFFICER, THE CHIEF LENDING OFFICER, THE CHIEF STRATEGY AND INNOVATION OFFICER, THE GENERAL COUNSEL AND THE TREASURER; PERIODICALLY ENGAGING INDEPENDENT CONSULTANTS TO PERFORM INDEPENDENT MARKET ANALYSIS; EVALUATING THE PERFORMANCE OF THE PRESIDENT AND CHIEF EXECUTIVE OFFICER; AND RECOMMENDING ANNUAL EXECUTIVE-LEVEL COMPENSATION AND INCENTIVES(IF ANY) TO THE BOARD OF DIRECTORS. ALL MEETINGS AND ACTIONS OF THE EXECUTIVE COMMITTEE AND THE BOARD OF DIRECTORS ARE DOCUMENTED CONCURRENTLY THEREWITH AND RECORDED IN THE MINUTES OF CIP UPON APPROVAL BY THE EXECUTIVE COMMITTEE OR THE BOARD (AS APPLICABLE). COMPENSATION DECISIONS BY THE BOARD OF DIRECTORS, THE GOVERNING BODY AUTHORIZED TO APPROVE EXECUTIVE-LEVEL COMPENSATION AND INCENTIVE ARRANGEMENTS THAT ARE RECOMMENDED BY THE EXECUTIVE COMMITTEE, ARE MADE ENTIRELY OF BOARD MEMBERS WITHOUT A CONFLICT OF INTEREST. IN SUM, CIP IS COMPLYING WITH THE OPTIONAL REBUTTABLE PRESUMPTION MECHANISM OF TREASURY REGULATION SECTION 53.4958-6. FORM 990, PART VI, SECTION C, LINE 18 CIP'S FORM 1023 AND FORM 990 ARE AVAILABLE FOR IN-PERSON INSPECTION UPON REQUEST, AS REQUIRED BY LAW. FORM 990, PART VI, SECTION C, LINE 19 CIP MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE UPON WRITTEN REQUEST. CIP'S ANNUAL REPORT, WHICH CONTAINS A CONDENSED VERSION OF ITS FINANCIAL STATEMENTS, IS POSTED ON ITS WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN EQUITY METHOD INVESTMENTS 170,619. LOSS ON NEW MARKET TAX CREDIT UNWIND -3,941. OFFICE VACATING EXPENSE -2,727,544. FORM 990, PART XII, LINE 2C: USE OF AUDIT COMMITTEE AS IN PRIOR YEARS, CIP HAS AN AUDIT COMMITTEE COMPRISED OF MEMBERS OF THE BOARD OF DIRECTORS. IT IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT. SCHEDULE L TRANSACTIONS WITH INTERESTED PERSONS: IN THE NORMAL COURSE OF BUSINESS, MEMBERS OF CIP'S BOARD OF DIRECTORS MAY BE AFFILIATED WITH COOPERATIVES RECEIVING OR ELIGIBLE TO RECEIVE LOANS. CIP HAS CONFLICT OF INTEREST POLICIES, WHICH REQUIRE, AMONG OTHER THINGS, THAT A BOARD MEMBER BE DISASSOCIATED FROM DECISIONS THAT POSE A CONFLICT OF INTEREST OR THE APPEARANCE OF A CONFLICT OF INTEREST. LOAN REQUESTS FROM COOPERATIVES WITH WHICH MEMBERS OF THE BOARD MAY BE AFFILIATED ARE SUBJECT TO THE SAME ELIGIBILITY AND CREDIT CRITERIA, AS WELL AS THE SAME LOAN TERMS AND CONDITIONS, AS ALL OTHER LOAN REQUESTS. AN ANALYSIS OF THE ACTIVITY DURING FISCAL YEAR 2017 FOR THE AGGREGATE AMOUNT OF THESE LOANS IS AS FOLLOWS: BALANCE AT DECEMBER 31, 2016 $ 20,123,105 NET CHANGE 3,473,345 ____________ BALANCE AT DECEMBER 31, 2017 $ 23,596,450 NCBCI EDUCATION CONDUIT LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 261807129 COMMUNITY LENDING AND DEVELOPMENT DE N/A WOODWARD CORRIDOR INVESTMENT FUND LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471833280 COMMUNITY LENDING AND DEVELOPMENT DE N/A DETROIT NEIGHBORHOOD FUND LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471804394 COMMUNITY LENDING AND DEVELOPMENT DE N/A FPIF LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 474684786 COMMUNITY LENDING AND DEVELOPMENT DE N/A COMMUNITY SOLUTIONS GROUP LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 COMMUNITY LENDING AND DEVELOPMENT DE N/A IMPACT V CDE 5 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 261421432 COMMUNITY DEVELOPMENT DE N/A RELATED -1062 0 1 0.00010 IMPACT V CDE 6 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 261421474 COMMUNITY LENDING AND DEVELOPMENT DE N/A RELATED -103 0 1 0.00010 IMPACT V CDE 7 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 261421534 COMMUNITY DEVELOPMENT DE N/A RELATED -44242 345160 0 1 0.99990 IMPACT V CDE 9 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 261421629 COMMUNITY DEVELOPMENT DE N/A RELATED 6 801 0 1 0.00010 IMPACT V CDE 10 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 261421730 COMMUNITY DEVELOPMENT DE N/A RELATED 10 413 0 1 0.00010 IMPACT VI CDE 2 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263341965 COMMUNITY DEVELOPMENT DE N/A RELATED -770 0 1 0.00010 IMPACT VI CDE 3 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342029 COMMUNITY DEVELOPMENT DE N/A RELATED -961 0 1 0.00010 IMPACT VI CDE 4 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342170 COMMUNITY DEVELOPMENT DE N/A RELATED -99 0 1 0.00010 IMPACT VI CDE 5 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342202 COMMUNITY DEVELOPMENT DE N/A RELATED 4 1135 0 1 0.00010 IMPACT VI CDE 6 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342264 COMMUNITY DEVELOPMENT DE N/A RELATED -1600 0 1 0.00010 IMPACT VI CDE 7 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342308 COMMUNITY DEVELOPMENT DE N/A RELATED 6 1638 0 1 0.00010 IMPACT VI CDE 9 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342376 COMMUNITY DEVELOPMENT DE N/A RELATED 1 164 0 1 0.00010 IMPACT VI CDE 10 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342407 COMMUNITY DEVELOPMENT DE N/A RELATED 84 1951 0 1 0.00010 IMPACT VII CDE 1 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 271260521 COMMUNITY DEVELOPMENT DE N/A RELATED 25 1059 0 1 0.00010 IMPACT VII CDE 2 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 271260818 COMMUNITY DEVELOPMENT DE N/A RELATED 1 977 0 1 0.00010 IMPACT VII CDE 3 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 271260882 COMMUNITY DEVELOPMENT DE N/A RELATED 54 1030 0 1 0.00010 IMPACT VII CDE 4 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 271260936 COMMUNITY DEVELOPMENT DE N/A RELATED 37 858 0 1 0.00010 IMPACT VII CDE 5 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 271260975 COMMUNITY DEVELOPMENT DE N/A RELATED 9 1086 0 1 0.00010 IMPACT CDE 41 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274172533 COMMUNITY DEVELOPMENT DE N/A RELATED 2 496 0 1 0.00010 IMPACT CDE 42 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274172805 COMMUNITY DEVELOPMENT DE N/A RELATED 38 915 0 1 0.00010 IMPACT CDE 43 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274172894 COMMUNITY DEVELOPMENT DE N/A RELATED 22 794 0 1 0.00010 IMPACT CDE 44 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274173021 COMMUNITY DEVELOPMENT DE N/A RELATED 27 647 0 1 0.00010 IMPACT CDE 45 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274173119 COMMUNITY DEVELOPMENT DE N/A RELATED 17 559 0 1 0.00010 CHASE NMTC NEW CHARTER OAK INVESTMENT FUND LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 900727648 COMMUNITY DEVELOPMENT DE N/A RELATED -48 -2190 0 1 0.00010 CHASE NMTC DHHA LLC CO JP MORGAN CHASE BANK NA LLC 10 S DEARBORN 21ST FLOOR CHICAGO IL 606035506 272483644 COMMUNITY DEVELOPMENT DE N/A RELATED 2706 0 1 0.00010 CHASE NMTC NORTHGATE MARKETS INV FUND LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 383869177 COMMUNITY DEVELOPMENT DE N/A RELATED -51 -1319 0 1 0.00010 CHASE NMTC HENRY FORD ACADEMY INV FUND LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 371657313 COMMUNITY DEVELOPMENT DE N/A RELATED -65 -109 0 1 0.00010 IMPACT CDE 46 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274173213 COMMUNITY DEVELOPMENT DE N/A RELATED 21 567 0 1 0.00010 IMPACT CDE 47 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274173364 COMMUNITY DEVELOPMENT DE N/A RELATED 3 717 0 1 0.00010 IMPACT CDE 48 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274173659 COMMUNITY DEVELOPMENT DE N/A RELATED 2 594 0 1 0.00010 IMPACT CDE 49 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274173758 COMMUNITY DEVELOPMENT DE N/A RELATED 13 501 0 1 0.00010 IMPACT CDE 50 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 274173841 COMMUNITY DEVELOPMENT DE N/A RELATED 596 0 1 0.00010 IMPACT CDE 51 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471291695 COMMUNITY DEVELOPMENT DE N/A RELATED 498 0 1 0.00010 IMPACT CDE 52 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471300758 COMMUNITY DEVELOPMENT DE N/A RELATED 14 546 0 1 0.00010 IMPACT CDE 53 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471312299 COMMUNITY DEVELOPMENT DE N/A RELATED 4 499 0 1 0.00010 IMPACT CDE 54 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471319709 COMMUNITY DEVELOPMENT DE N/A RELATED 8 328 0 1 0.00010 IMPACT CDE 55 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471333331 COMMUNITY DEVELOPMENT DE N/A RELATED 6 701 0 1 0.00010 IMPACT CDE 56 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471345046 COMMUNITY DEVELOPMENT DE N/A RELATED 2 601 0 1 0.00010 IMPACT CDE 57 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471356537 COMMUNITY DEVELOPMENT DE N/A RELATED 2 752 0 1 0.00010 IMPACT CDE 58 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471367379 COMMUNITY DEVELOPMENT DE N/A RELATED 1 601 0 1 0.00010 IMPACT CDE 59 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471377414 COMMUNITY DEVELOPMENT DE N/A RELATED 7 802 0 1 0.00010 IMPACT CDE 60 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 471390655 COMMUNITY DEVELOPMENT DE N/A RELATED 2 501 0 1 0.00010 IMPACT CDE 62 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 820722209 COMMUNITY DEVELOPMENT DE N/A RELATED 1 751 0 1 0.00010 IMPACT CDE 63 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 820738595 COMMUNITY DEVELOPMENT DE N/A RELATED 1 1001 0 1 0.00010 IMPACT VI CDE 8 LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 263342347 COMMUNITY DEVELOPMENT DE N/A RELATED 23 1085 0 1 COMMUNITY INVESTMENT IMPACT FUND LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 823241777 COMMUNITY LENDING AND DEVELOPMENT DE N/A RELATED 21679 5026014 0 1 0.20000 IMPACT NMTC HOLDINGS LLC 1400 CRYSTAL DRIVE SUITE 500 ARLINGTON VA 22202 273543219 COMMUNITY DEVELOPMENT DE N/A RELATED -4 136 0 1 0.80000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 IMPACT V CDE 7 LLC Q 174971 ACTUAL COST COMMUNITY INVESTMENT IMPACT FUND LLC Q 13081 ACTUAL COST