In 2015
LISC has invested
$1.3 billion
in grants, loans and equity
leading to
$4.2 billion
in total development
21,000
affordable homes and
3.3 million
square feet of commercial, retail, and community space
Since 1980
LISC has invested
$16.2 billion
in grants, loans and equity
leading to
$48.5 billion
in total development
348,000
affordable homes and
56 million
square feet of commercial, retail, and community space
202
early childhood centers serving 21,500 children
191
schools financed serving 75,000 youth
325
recreational spaces
62
health-related projects
78
healthy food projects
25
theaters and performance spaces
100s
of other retail, arts, and community projects
What does it mean?
5+ million
people live in better communities!
Total Net Assets, 1980–2015
(In Millions)
As of December 31, 2015
Condensed Statement of Financial Position
Assets
Cash and investments | $ | 207,797,513 |
Contributions receivable | 21,078,942 | |
Loans to community development corporations and affiliates, net | 190,460,307 | |
Investments in affiliates | 66,361,791 | |
Other assets | 45,260,796 | |
Total assets | $ | 530,959,349 |
Liabilities and Net Assets
Grants payable | $ | 27,715,109 |
Loans and bonds payable | 221,908,413 | |
Other liabilities | 21,220,162 | |
Total liabilities | 270,843,684 | |
Net assets | 260,115,665 | |
Total liabilities and net assets | $ | 530,959,349 |
Condensed Statement of Activities
and Changes in Net Assets
Revenue
Contributions | $ | 58,961,626 |
Equity in earnings of affiliates | 11,912,674 | |
Government contracts revenue, interest, investment income, fees and other | 57,534,470 | |
Total revenue | $ | 128,408,770 |
Expenses
Program services | $ | 92,911,461 |
Management and general | 13,718,472 | |
Fundraising | 6,203,899 | |
Total expenses | $ | 112,833,832 |
Change in net assets before investments | $ | 15,574,938 |
Realized and unrealized gains (losses) on investments | (850,370) | |
Change in net assets | 14,724,568 | |
Net assets, beginning of year | 245,391,097 | |
Net assets, end of year | $ | 260,115,665 |
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, and LISC Cook County, 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 2016 upon request to Michael Hearne, CFO at LISC, 501 7th Avenue, 7th floor, New York, NY 10018.