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 2011 Audit Waiver list (available in January). 

General Criteria for Audit Waivers:

1) Project did not complete construction as of 12/31/2011
2) Project generated zero losses and tax credits as of 12/31/2011
3) Project closed in the current year
4) Project did not receive more than 50% of Limited Partner contributions
5) Project is not held in a single investor fund

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, 2011 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.

Important:

All projects which obtain audit waivers will need to submit additional documentation for year end 2011 (see list below).  Required Documents are due to NEF by January 31, 2012.

Link to 2011 Audit Waiver Request Form

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NEF Required Documents from Project Partnerships Granted 2011 Audit Waivers

  1. Trial Balance and general ledger as of December 31, 2011
  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 2011
  6. Purchase/Sale agreement for the acquisition of land/building (signed copy)
  7. Additional information as deemed necessary by NEF 

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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.