LISC 2015 Annual Report

Annual Report

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)

260.1 245.4 233.2 213.4 195.8 171.2 172.3 179.7 208.8 164.3 147.5 142.5 116.2 113.7 119.6 129.9 130.1 140.5 141.3 118.7 120.1 115.8 59.7 53.2 43.9 31.9 30.6 29.2 26.3 23.4 18.3 16.7 10 5 3 3 300 250 200 150 100 50 0 ’80 ’85 ’90 ’95 ’00 ’05 ’10 ’15 Total Net Assets, 1980–2014

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.

Cover Video
LISC Archives
 

Corner Office
Photograph: Conor Harrigan
 

Thank You, Michael
All photographs from LISC archives
Video: Julie Dressner and Nara Garber
 

Spotlight: Housing
All photographs/videos from LISC archives, except for the following:

Boston: Mark Matel, Nuestra CDC

Buffalo: PUSH and Housing Visions

Chicago: John McCarron

Cincinnati: The Model Group

Jacksonville: Figure 8 Studio

Los Angeles: Tara Wujcik

Newark: Urban League of Essex County

Rural: Jen Dean Photography

Virginia: Long Creations International LLC
 

By the Numbers
Photograph: Annie O’Neill Photography
 

Supporters
All photographs from LISC archives except for the following:
1: Matt Stone Photography
2: Tory Dalhoff, LISC
3, 7, 9-10, 12, 14: Conor Harrigan
4: Daryl McLean, LISC
5: Joe Veriker, PhotoBureau
6. Geraldine Baum, LISC
8: City of Newark Press Office
11: Joe Veriker, PhotoBureau
13: Abigail Hayo, LISC
 

Team
All photographs from LISC archives except for the following:
1: Darlene Devita Photography
2: Abigail Hayo, LISC
3, 6-7, 9, 12, 14-16: Conor Harrigan
4: Urban Prairie Films
5: Daryl McLean, LISC
 

All writing by LISC