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.

Audit Notes

Engagement Letter*

All Partnerships are required to submit the Audit Engagement letter.

Component Auditor Letter and Peer Review*

Our group auditors (Novogradac & CohnReznick require Component Auditor Letters for certain partnerships in accordance with AU-C Section 600. The signed letter, current Peer Review & Acceptance Letter should be uploaded via the CPA Portal by the Submission Deadline

Draft Audit & NEF Asset Manager Approvals*

For certain Partnerships, the draft audit is required; however, NEF Asset Manager approval is NOT required.  Therefore, the Partnership should proceed with issuing the final audit by the submission deadline.^ 

For certain Partnerships, the draft audit is required AND NEF Asset Manager approval of the draft report is also required prior to issuing the final audit.^

Final Audit*

All Partnerships are required to submit final audited financial statements by the submission deadline

General Audit Notes

  • NEF requires comparative audited financial statements when possible.
  • NEF requires a detailed comparative Schedule of Operating Income and Expenses to accompany the audit when possible.
  • All partnerships completing inception audits for the Partnership’s first fiscal year are required to include statements of equity/capital by partner.

Please see Submission Deadlines to ensure each Partnership meets its reporting deadlines for all Audited Financial Statements and required supporting documentation. All submissions should be uploaded via the NEF CPA Portal.

* Tax Return only for Partnerships with Preliminary Audit Waiver Approval or Partnerships that have elected the mini audit in lieu of full financial audit option.

^Please see the Reporting Requirements spreadsheet on the LP Confirmations & Reports page to determine draft reporting and NEF Asset Manager approval of draft requirements.


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.