NEF, Inc - National Equity Fund, Inc.



NEF, Inc.Year End ReportingRequired format for CPA Independence Letters for Audited Financial StatementsINSTRUCTIONS:Use one of the templates below for ALL NEF Independence Letters. Complete the information in yellow highlight. NOTE 1: If a CPA audits multiple partnerships where a NEF related fund is the limited partner, one letter may be submitted. See “Multiple Partnership Letter Template” below.NOTE 2: Always Reference Exhibit A as the Limited Partner. NOTE 3: The independence letter must be dated on or after the opinion date of the referenced partnership(s) audit. When using the “Multiple Partnership Letter Template”, please ensure the date used is on or after the latest opinion date referenced in Exhibit B. Single Partnership Letter TemplateDATE (SEE NOTE 3)KPMG LLP200 East RandolphChicago, IL 60601Novogradac & Company LLP303 W. Third StreetDover, OH 44622Ladies and Gentlemen:We have audited the financial statements of NAME OF PROJECT PARTNERSHIP (the Partnership) as of and for the year ended December 31, 2012, and have issued our report thereon dated AUDIT OPINION DATE. We have been asked to furnish you with the following information because you will express an opinion on the financial statements of Exhibit A (SEE NOTE 2) as of and for the year ended December 31, 2012 and because certain information in the financial statements of the Partnership will be used in the financial statements of Exhibit A. We have not performed any procedures directed solely toward identifying matters that might affect your report or your audit of the financial statements of Exhibit A.We are familiar with Rule 1-01 of the American Institute of Certified Public Accountants (AICPA) Code of Professional conduct and the related Interpretations of the AICPA Executive Committee on Professional Ethics relating to qualifications of accountants. As far as the Partnership is concerned, our Firm has been, for the period covered by the financial statements under report and thereafter to date, in fact independent as contemplated by such requirements.We are familiar with the provisions of section 42 of the Internal Revenue Code.We are in compliance with the AICPA requirements for peer review. Attached is a copy of our latest peer review report.We are aware that (a) the NEF Funds as indicated in Exhibit A’s equity in the Partnerships as of and for the year ended December?31, 2012, based on the financial statements of the Partnership which we have been engaged to audit, will be included in the financial statements of the NEF Funds as indicated in Exhibit A for the year ended December 31, 2012, and (b) our report on our audit of the financial statements of the Partnership will be referred to by you as a basis, in part, for your report on your audit of the financial statements the NEF Funds as indicated in Exhibit A.ACCOUNTING FIRMMultiple Partnership Letter TemplateDATE (SEE NOTE 3)KPMG LLP200 East RandolphChicago, IL 60601Novogradac & Company LLP303 W. Third StreetDover, OH 44622Ladies and Gentlemen:We have audited the financial statements of the entities listed in Exhibit B (The Partnerships) as of and for the year ended December 31, 2012, and have issued our report thereon dated as indicated in Exhibit B. We have been asked to furnish you with the following information because you will express an opinion on the financial statements of the NEF Funds as indicated in Exhibit A as of and for the year ended December 31, 2012 and because certain information in the financial statements of the Partnerships will be used in the financial statements of. We have not performed any procedures directed solely toward identifying matters that might affect your report or your audit of the financial statements of the NEF Funds as indicated in Exhibit A. We are familiar with Rule 1-01 of the American Institute of Certified Public Accountants (AICPA) Code of Professional conduct and the related Interpretations of the AICPA Executive Committee on Professional Ethics relating to qualifications of accountants. As far as the Partnership is concerned, our Firm has been, for the period covered by the financial statements under report and thereafter to date, in fact independent as contemplated by such requirements.We are familiar with the provisions of section 42 of the Internal Revenue Code.We are in compliance with the AICPA requirements for peer review. Attached is a copy of our latest peer review report.We are aware that (a) the NEF Funds as indicated in Exhibit A’s equity in the Partnerships as of and for the year ended December?31, 2012, based on the financial statements of the Partnership which we have been engaged to audit, will be included in the financial statements of the NEF Funds as indicated in Exhibit A for the year ended December 31, 2012, and (b) our report on our audit of the financial statements of the Partnership will be referred to by you as a basis, in part, for your report on your audit of the financial statements the NEF Funds as indicated in Exhibit A.Very truly yours,ACCOUNTING FIRMKPMG LLPNovogradac & Company LLPC/o Year End Reporting DepartmentExhibit ABanc of America Community Housing Investment Fund II LLCHomestead Equity Fund III Limited Partnership an Oregon Limited PartnershipBanc of America Community Housing Investment Fund III LPHomestead Equity Fund IV Limited Partnership an Oregon Limited PartnershipBanc of America Community Housing Investment Fund IV LPHomestead Equity Fund Limited Partnership an Oregon Limited PartnershipBanc of America Community Housing Investment Fund LLCHomestead Equity Fund V Limited Partnership an Oregon Limited PartnershipBanc of America Community Housing Investment Fund V LPHomestead Equity Fund VI Limited Partnership an Oregon Limited PartnershipBanc of America Community Housing Investment Fund VI LPHomestead Equity Fund VII Limited Partnership an Oregon Limited PartnershipBank of America Community Housing Investment Fund VII LPHomestead Equity Fund VIII Limited Partnership an Oregon Limited PartnershipCalifornia Equity Fund 1992 Limited PartnershipHomestead Northern California Fund Limited PartnershipCalifornia Equity Fund 1993 Limited PartnershipHomestead Preservation LLCCalifornia Equity Fund 1994 Limited PartnershipHomestead Western Communities Fund Limited PartnershipCalifornia Equity Fund 1994 Series II Limited PartnershipKey CDC Investment Fund LLCCalifornia Equity Fund 1995 Limited PartnershipKey USA Investment Fund LLCCalifornia Equity Fund 1996 Limited PartnershipMLI Investment Fund II, LPCalifornia Equity Fund 1997 Limited PartnershipMLI Investment Fund LP California Equity Fund 1998 Limited PartnershipMS Shared Investment Fund I LLCCalifornia Equity Fund 1999 Limited PartnershipMS Single Investor Fund I LLCCalifornia Equity Fund 2000 Limited PartnershipMS Single Investor Fund II LLCCalifornia Equity Fund 2002 Limited PartnershipNational Affordable Housing Fund I LPCalifornia Equity Fund 2003 Limited PartnershipNational City Investment Fund LLCCalifornia Equity Fund 2004 Limited PartnershipNational Equity Fund 1988 Limited PartnershipChicago Equity Fund 1995 Limited PartnershipNational Equity Fund 1990 Limited Partnership/MTYChicago Equity Fund 1996 Limited PartnershipNational Equity Fund 1991 Limited PartnershipChicago Equity Fund 1997 Limited PartnershipNational Equity Fund 1992 Limited PartnershipChicago Equity Fund 1998 Limited PartnershipNational Equity Fund 1993 Limited PartnershipChicago Equity Fund 2000 Limited PartnershipNational Equity Fund 1994 Limited PartnershipChicago Equity Fund 2001 Limited PartnershipNational Equity Fund 1995 Limited PartnershipChicago Equity Fund 2002 Limited PartnershipNational Equity Fund 1995 Series II Limited PartnershipChicago Equity Fund 2003 LLCNational Equity Fund 1996 Limited PartnershipChicago Equity Fund 2004 LLCNational Equity Fund 1996 Series II Limited PartnershipCitigroup CCDE Investment Fund LLCNational Equity Fund 1997 Limited PartnershipCovington Investment Fund LLCNational Equity Fund 1997 Series II Limited PartnershipCrescent Community Investment Fund LPNational Equity Fund 1999 L.P. Series I, Tranche 1Fifth Third Investment Fund LLCNational Equity Fund 1999 L.P. Series I, Tranche 2First Chicago Leasing Investment Fund LLCNational Equity Fund 1999 L.P. Series II, Tranche 1FNBC Leasing Investment Fund LLCNational Equity Fund 1999 L.P. Series II, Tranche 2Four Eighty-One Housing Investment Fund LPNational Equity Fund 2000 LLCFour Eighty-One Housing Investment Fund II LPNational Equity Fund 2001 LLCGS-NYEF Fund 2009 LLCNational Equity Fund 2002 LLCHomestead Equity Fund A - Oregon Limited PartnershipNational Equity Fund 2003 LLCHomestead Equity Fund A - Washington Limited PartnershipNational Equity Fund 2004 LLCHomestead Equity Fund B - Oregon Limited PartnershipNational Equity Fund 2005 LPHomestead Equity Fund II Limited Partnership an Oregon Limited PartnershipNational Equity Fund 2006 LPHomestead Equity Fund III - Proprietary Fund Limited PartnershipNational Equity Fund 2006 Series II LPKPMG LLPNovogradac & Company LLPC/o Year End Reporting DepartmentExhibit A (Continued)National Equity Fund 2007 LPNew York Equity Fund 2007 LLCNational Equity Fund 2007 Series II LPNew York Equity Fund 2008 LLCNational Equity Fund 2008 LPNewark Community Investment Fund LLCNational Equity Fund 2008 Series II LPNorthern California Investment Fund I LPNational Equity Fund 2009 LPOne Economy Fund I LLCNational Equity Fund 2011 LPOregon Equity Fund II Limited PartnershipNational Equity Fund 2011 Investment Fund Limited PartnershipOregon Equity Fund III Limited PartnershipNational Equity Fund 2012 LPOregon Equity Fund IV Limited PartnershipNationwide Affordable Housing Fund XVIII - NEF LLCPreservation LLCNationwide Affordable Housing Fund XX - NEF LLCStandard Fund I LPNationwide Affordable Housing Investment Fund XIV - NEF LLCState Farm Good Neighbor Fund LPNationwide Affordable Housing Investment Fund XVII - NEF LLCTD Banknorth Housing Investment Fund LPNEF Affordable Housing Investment Fund III LPThe J.P. Morgan Chase Low-Income Housing Fund LLCNEF Affordable Housing Investment Fund II LPThe La Quinta Equity Fund LPNEF Affordable Housing Investment Fund LPUS Affordable Housing Community Investment Fund II LPNEF Assignment CorporationUS Affordable Housing Community Investment Fund LLCNEF Capital One Investment Fund LLCWashington Mutual Community Investment Fund LLCNEF Community Investment Fund II Limited PartnershipWFCIH Investment Fund I LLCNEF Community Investment Fund Limited PartnershipWFCIH Investment Fund II LLCNEF First Niagara Investment Fund LLCWintrust Community Investment Fund LPNEF Heartland Fund LLCNEF Investment Partners Fund I LLCNEF Investment Partners Fund II LLCNEF Investment Partners Fund III LLCNEF Investment Partners Fund IV LLCNEF National Community Investment Fund II LPNEF Neighborhood Revitalization Fund I LLCNEF Neighborhood Revitalization Fund II LLCNEF Neighborhood Revitalization Fund III LLCNEF New York Special Tax Credit Fund 2009 LPNEF Support Corp.New York Equity Fund 1988 Limited PartnershipNew York Equity Fund 1989 Limited PartnershipNew York Equity Fund 1990 Limited PartnershipNew York Equity Fund 1992 Limited PartnershipNew York Equity Fund 1993 Limited PartnershipNew York Equity Fund 1994 Limited PartnershipNew York Equity Fund 1995 Limited PartnershipNew York Equity Fund 1995 Series II Limited PartnershipNew York Equity Fund 2000 Limited PartnershipNew York Equity Fund 2000 Series II Limited PartnershipNew York Equity Fund 2001 LLCNew York Equity Fund 2002 LLCNew York Equity Fund 2003 LLCNew York Equity Fund 2004 LLCNew York Equity Fund 2005 LLCNew York Equity Fund 2006 LLCKPMG LLPNovogradac & Company LLPC/o Year End Reporting DepartmentDATE (SEE NOTE 3)Exhibit BLimited Partnership NameAudit Opinion DateNEF FundNAME OF PROJECT PARTNERSHIPDATE(SEE NOTE 3)Exhibit A(SEE NOTE 2)NAME OF PROJECT PARTNERSHIPDATE(SEE NOTE 3)Exhibit A(SEE NOTE 2)NAME OF PROJECT PARTNERSHIPDATE(SEE NOTE 3)Exhibit A(SEE NOTE 2)NAME OF PROJECT PARTNERSHIPDATE(SEE NOTE 3)Exhibit A(SEE NOTE 2)NAME OF PROJECT PARTNERSHIPDATE(SEE NOTE 3)Exhibit A(SEE NOTE 2)NAME OF PROJECT PARTNERSHIPDATE(SEE NOTE 3)Exhibit A(SEE NOTE 2) ................
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