Audit Waivers

All projects must submit audited financial statements unless approved for an audit waiver.  Projects approved for an audit waiver may be found on the 2009 Audit Waiver list. 

General Criteria for Audit Waivers:

1) Project did not complete construction as of 12/31/2009
2) Project generated zero losses and tax credits as of 12/31/2009
3) Project closed in the current year
4) Project did not receive more than 50% of Limited Partner contributions


Properties requesting an audit waiver, which were not on the preliminary listing, must submit an audit waiver request form with support for credit and loss estimates by December 31, 2009 for consideration.  NEF's decision, to grant or deny the audit wavier will be communicated via email within 5 business days of receipt of the completed waiver request.

NEW FOR 2009:

All projects which obtain audit waivers will need to submit additional documentation for year end 2009 (see list below).  Required Documents are due to NEF by
January 15, 2010.

Link to 2009 Audit Waiver Request Form

NEF Required Documents from Project Partnerships granted 2009 audit waivers

  1. Trial Balance and general ledger as of December 31, 2009
  2. All bank statements and reconciliations as of year-end, including tenant security deposit, escrow and reserve accounts
  3. All mortgage and debt statements, including construction loan statements
  4. Development Agreement (signed copy)
  5. Final AIA G702 document completed in 2009
  6. Purchase/Sale agreement for the acquisition of land/building (signed copy)
  7. Additional information as deemed necessary by NEF

Questions?

If you have questions regarding the documents on the website or have any problems downloading or viewing them, please email the Year-End Reporting Department at yereporting@nefinc.org.

Featured Project: Verne Barry Place

Verne Barry Place

Verne Barry Place is a creative example of building preservation and adaptation in Grand Rapids, Mich., designed to meet the needs of some of the area’s lowest-income residents. NEF invested $13.5 million on behalf of eight investors to fund this impressive "green" development.

The 116-unit supportive housing project, developed by Dwelling Place, Inc., features seven commercial spaces and serves homeless residents, including veterans.

View project profile.

NEF Project Portfolio >GO

Key Reporting Deadlines


November 30, 2009
Audit Engagement Letter

January 15, 2010
Waived Audit Documentation

February 15, 2010
Draft Financial Statements
Draft Tax Returns

February 28, 2010
Final 2009 Audit Report
Final 2009 Tax Return
Independence Letters
Analytical Review Support