In 2017
14,700affordable homes
and apartments |
3.7 millionsquare feet of commercial
and community space |
|
Since 1979
376,191affordable homes
and apartments |
63 millionsquare feet of commercial
and community space |
|
81,708children served each year
by 207 schools |
23,617children served each year by 223 early childhood centers |
|
366fields serving 600,000 kids |
80Financial Opportunity Centers |
|
90healthy food projects, including
grocery stores and farmers markets |
80health projects, including
healthcare centers |
|
29theaters and performance spaces |
100'sof other retail, arts and community projects |
|
Total Net Assets, Past 10 Years
As of December 31, 2017
Condensed Statement of Financial Position
Assets
Cash & Investments | $247,489,849 |
Contributions receivable | 37,412,313 |
Loans to CDCs & affiliates, net | 328,674,501 |
Investment in affiliates | 68,230,658 |
Other assets | 47,673,070 |
Total assets | $729,480,391 |
Liabilities
Total liabilities | $442,133,782 |
Grants payable | 48,387,660 |
Loans & bonds payable | 372,580,049 |
Other liabilities | 21,166,073 |
Net assets | 287,346,611 |
Total liabilities & net assets | $729,480,393 |
Condensed Statement of Activities and Changes in Net Assets
Revenue
Contributions | $68,021,953 |
Equity in earnings of affiliates | 15,199,537 |
Government contracts revenue, interest, investment income, fees and other | 66,015,367 |
Total revenue | $149,236,857 |
Expenses
Program services | $112,769,771 |
Management & general | 19,342,405 |
Fundraising | 8,714,134 |
Total expenses | $140,826,310 |
Change in net assets before investments | $8,410,547 |
Realized & unrealized gains (losses) on investments & derivatives | (71,246) |
Change in net assets | 8,339,301 |
Net assets, beginning of year | 279,007,310 |
Net Assets, end of year | 287,346,611 |
The condensed financial statements of Local Initiatives Support Corporation (LISC) include the assets, liabilities, revenues of LISC Parent Only as well as its equity interest in the net assets of its controlled affiliates National Equity Fund, Inc. (NEF), New Markets Support Corporation (NMSC), The Retail Initiatives, Inc. (TRI) and Local Initiatives Managed Assets Corporation (LIMAC), LISC Louisiana Loan Fund (LLLF), LLC, Neighborhood Properties, LLC. These financials do not consolidate the affiliates nor the entities for which NEF serves as general partner of managing member of (as prescribed by FASB ASC 810-20). Copies of the audit reports and the complete financial statements will be available in the fall of 2018 upon request to Michael Hearne, CFO, LISC, 501 7th Avenue, 7th floor, New York, NY 10018.
Top photo credit: Fran Dwight