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> Audit Materials
> Audit Report and Financial Statement Format
> FASB 121/144 - Impairment Worksheets
> Tax Materials
> Tax-Credit Carryover and Other Considerations
> Tax Preparation and Compliance
> First-Year Credits and Elections

Audit Materials

Sample CPA Independence Letter (required)*
*Please address your independence letters to both KPMG LLP and Novogradac & Company for the
year-ended December 31, 2006.

Audit Documents Sponsor Should Prepare for CPAs

Sponsor Guide for Reviewing Financial Statements

Audit Report and Financial Statement Format

Sample Report Introduction

Sample Financial Statements - Excel Format

Sample Footnotes - Word Format

FASB 121/144 -- Impairment Worksheets

Impairment Analysis

FASB 121 - Initial Analysis

FASB 121 - Discounted Analysis

Tax Materials

Tax Return Checklist (use and submission is optional)

Electronic Work Papers

Reference Guide for Determining Eligible Basis

Sample Calculation for Determining Eligible Basis

Summary LIHTC Complicance Checklist

Tax-Credit Carryover and Other Considerations

10% Carryover Overview

10% Test Document

10% Test Pitfalls

Tax Preparation and Compliance

Record Rentention Guidelines

Impact Fees Includable in Eligible Basis

First-Year Credits and Elections

First-Year Credit Discussions

First-Year Credit Calulation Worksheet

First-Year Elections

The information and documents provided on this web site are intended to provide you assistance in reporting for your LIHTC partnerships. Any and all conclusions reached by the use of this information should be reviewed in detail and agreed to by both the general and limited partners of the partnership and their accountants.

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Key Reporting Deadlines

Nov. 30, 2007
Audit and Tax Engagement Letter

Before Feb. 15, 2008
Draft Partnership Financial Statements and Tax Returns
for NEF, Inc. Review

Before Feb. 28, 2008
Independence Letters, Peer Reviews and Workpapers

FINAL Audited Financial
Statements with signed
opinion and Tax Returns

For Accountants