National Equity Fund

Audit Waiver

NEF makes an effort to proactively identify and issue preliminary waivers for the financial audit of Partnerships that meet the audit waiver eligibility requirements below. Please see the Reporting Requirements spreadsheet on the Partnership Reporting Requirements page to identify Partnerships with a preliminary audit waiver approval.


1) Partnership will not incur loss/income for the fiscal year

2) Partnership will not claim tax credits for the fiscal year

3) Partnership will not place any tax credit units/buildings in service on or before the fiscal year-end date


Partnerships with an approved preliminary audit waiver must submit the Audit Waiver Work Papers listed below, as they apply, by the Submission Deadline.

  1. Executed Audit Waiver Representation Letter (2022)
  2. Trial balance as of the fiscal year end date (10/31/xx or 12/31/xx)
  3. General Ledger from Inception through fiscal year end date (10/31/xx or 12/31/xx)
  4. Bank Statements and Bank Reconciliations for all cash accounts as of the fiscal year-end date (10/31/xx or 12/31/xx)
  5. All mortgage and debt statements as of the fiscal year end date (10/31/xx or 12/31/xx)
  6. Construction loan/equity closing statement
  7. Executed closing statement
  8. Final AIA G702 document completed for the fiscal year ended
  9. First AIA G702 document completed in the next fiscal year
  10. Executed Purchase/Sale Agreement (for the acquisition of land/building)
  11. Executed Development Agreement
  12. Organization Costs (e.g. legal fees for preparation/review of the partnership agreement, filing fees, accounting fees)
  13. Acquisition Costs
  14. Invoices greater than $65,000
  15. Additional information as deemed necessary by NEF upon review of Audit Waiver Work Papers+

Partnerships without an approved preliminary audit waiver that meet the eligibility requirements may submit a complete Audit Waiver Request including proof of eligibility for consideration by the Submission Deadline.

Download the Audit Waiver Request form for a 10-31 Year End or a 12-31 Year End.

Please forward complete Audit Waiver Request to Tracey LeGrand. A preliminary decision will be communicated directly to the Partnership via email within five business days of receipt. Final approval will be pending the review/approval of the Audit Waiver Work Papers by the NEF fund auditor(s).

Please see Year End Reporting Deadlines to ensure each Partnership meets the deadlines for submission of both the Audit Waiver Request and the Audit Waiver Work Papers, if required.

NOTE: If at any time it is determined that a Partnership with a preliminary audit waiver approval does not meet the eligibility requirements listed above, the preliminary approval will become void and the Partnership will be required to submit an audit according to the respective Limited Partnership Agreement/Operating Agreement.

+NEF makes every effort to minimize the number of requests for additional information. However, upon review of the Audit Waiver Work Papers our fund auditor(s) may request the timely submission of additional documentation.