National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

For Accountants Timely and accurate financial reporting is critical to tax-credit financed housing. It helps ensure that Partnerships are in compliance with requirements of its lenders, investors and taxing authorities (federal and state). It also helps guarantee that investors receive the credits that have been purchased. By working together, we can meet the mutual reporting requirements to the benefit of all parties involved.


New group (fund) auditor

National Equity Fund has engaged CohnReznick LLP to replace KPMG LLP as auditor for both its corporate audit and certain group (fund) audits effective for the 2016 fiscal year. As a result, the Analytical Review Work Papers formerly requested for KPMG are no longer required to accompany the lower-tier project partnership audit, unless deemed necessary at which point would be requested at that time. Please note that NEF continues to work with CohnReznick to identify reports/documentation required to accompany the lower-tier project partnership audits, if any. Our goal is to simplify the year-end reporting requirements, when possible.

For reference, the former Analytical Review Work Papers were as follows:

  1. Completed Over Audit Questionnaire
  2. Balance Sheet & Statement of Operations Analytics with explanation of material variances
  3. Impairment Analysis
  4. Summary of Uncorrected Audit Differences (AJE’s not booked)
  5. Governance Communications (AU C 260 / AU C 265)
  6. Other Analytical Review support deemed necessary

NOTE: NEF continues to engage Novogradac & Company, LLP to prepare the balance of its group (fund) audits and all group (fund) tax returns.


National Equity Fund retired its legacy CPA Portal system and implemented the next generation of the CPA Portal in February 2016. Please review the CPA Portal page for additional information.




Key Contacts


If you have questions regarding the documents on the website or have any problems downloading or viewing them, please email the Project Accounting Department.