Financial Summary
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The condensed financial statements of Local Initiatives Support Corporation (LISC) include the financial activities of LISC and its 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, Columbia Pointe, LLC, Community Development Restructuring, LLC (CDR), Neighborhood Properties, LLC, and Cook County, LLC. These preliminary financials do not consolidate the entities for which either NEF, NMSC or TRI serves as general partner of managing member of (as prescribed by EITF 04-05, Determining Whether a General Partner or the General Partners as a Group Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights). Copies of the audit reports and the complete financial statements will be available in the fall of 2011 upon request to Tobin Levy, CFO at LISC, 501 Seventh Avenue, 7th floor, New York, NY 10018.
As of December 31, 2010
Condensed Statement of Financial Position
Assets
| Cash and investments |
$ |
219,627,246 |
| Contributions receivable |
|
36,041,398 |
| Loans to community development corporations and affiliates, net |
|
142,676,898 |
| Other assets |
|
85,563,025 |
| Total assets |
$ |
483,908,567 |
Liabilities and Net Assets
| Grants payable |
$ |
23,266,398 |
| Loans and bonds payable |
|
212,155,993 |
| Other liabilities |
|
55,362,922 |
| Total liabilities |
|
290,785,313 |
| Net assets |
|
193,123,254 |
| total liabilities and net assets |
$ |
483,908,567 |
Condensed Statement of Activities and
Changes in Net Assets
Revenue
| Contributions |
$ |
40,771,876 |
| Government contract revenue, interest, investment income and fees |
|
96,021,589 |
| Total revenue |
$ |
136,793,465 |
Expenses
| Program services |
$ |
118,069,509 |
| Management and general |
|
19,740,004 |
| Fundraising |
|
6,294,554 |
| Total expenses |
$ |
144,104,067 |
| Change in net assets before investments |
$ |
(7,310,602) |
| Realized and unrealized gains on investments |
|
3,867,764 |
| Change in net assets |
|
(3,442,838) |
| Net assets, beginning of year |
|
196,566,091 |
| Net assets, end of year |
$ |
193,123,254 |
