Financial Summary
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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, Columbia Pointe, LLC, , Neighborhood Properties, LLC, and LISC Cook County, LLC. These financials do not consolidate the affiliates nor 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 2010 upon request to Tobin Levy, CFO at LISC, 501 Seventh Avenue, 7th floor, New York, NY 10018.
As of December 31, 2011
Condensed Statement of Financial Position
Assets
| Cash and investments | $ | 181,913,362 |
| Contributions receivable | 22,785,195 | |
| Loans to community development corporations and affiliates, net | 130,908,508 | |
| Investments in affiliates | 49,478,246 | |
| Other assets | 42,250,216 | |
| Total assets | $ | 427,335,527 |
Liabilities and Net Assets
| Grants payable | $ | 22,892,187 |
| Loans and bonds payable | 196,695,455 | |
| Other liabilities | 11,868,858 | |
| Total liabilities | 231,456,500 | |
| Net assets | 195,879,027 | |
| total liabilities and net assets | $ | 427,335,527 |
Condensed Statement of Activities and
Changes in Net Assets
Revenue
| Contributions | $ | 54,458,004 |
| Equity in earnings of affiliates | 27,338,230 | |
| Government contracts revenue, interest, investment income, fees and other | 56,115,913 | |
| Total revenue | $ | 137,912,147 |
Expenses
| Program services | $ | 93,503,136 |
| Management and general | 10,850,696 | |
| Fundraising | 6,830,370 | |
| Total expenses | $ | 111,184,202 |
| Change in net assets before investments | $ | 26,727,945 |
| Realized and unrealized gains (losses) on investments | (2,066,559) | |
| Change in net assets | 24,661,386 | |
| Net assets, beginning of year | 171,217,641 | |
| Net assets, end of year | $ | 195,879,027 |