LISC 2016 Annual Report

Annual Report

In 2016

LISC has invested

$1.3 billion

in grants, loans and equity
leading to

$3.7 billion

in total development

22,265

affordable homes and

5.3 million

square feet of commercial, retail, and community space

Since 1980

LISC has invested

$17.3 billion

in grants, loans and equity
leading to

$52 billion

in total development

365,922

affordable homes and

61 million

square feet of commercial, retail, and community space

213

early childhood centers

199

schools

350

recreational spaces

74

health-related projects

83

healthy food projects

26

theaters and performance spaces

100s

of other retail, arts, and community projects

What does it mean?

6.7 million

people are impacted by LISC’s work

Total Net Assets, 1980–2016

(In Millions)

279.3 260.1 245.4 233.2 213.4 195.8 193.1 196.6 179.7 208.8 164.3 147.5 142.5 116.2 113.7 119.6 129.9 130.1 140.5 141.3 118.7 120.1 115.8 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 ’16

As of December 31, 2016

Condensed Statement of Financial Position

Assets

Cash and investments $ 286,630,576
Contributions receivable   21,838,663
Loans to community development corporations and affiliates, net   269,212,011
Investments in affiliates   66,126,045
Other assets   56,639,045
Total assets $ 700,446,340

Liabilities and Net Assets

Grants payable $ 76,008,680
Loans and bonds payable   309,318,367
Other liabilities   35,855,406
Total liabilities   421,182,453
Net assets   279,263,887
Total liabilities and net assets $ 700,446,340

Condensed Statement of Activities
and Changes in Net Assets

Revenue

Contributions $ 120,819,984
Equity in earnings of affiliates   10,985,876
Government contracts revenue, interest, investment income, fees and other   64,169,036
Total revenue $ 195,974,896

Expenses

Program services $ 156,245,263
Management and general   14,759,157
Fundraising   6,526,733
Total expenses $ 177,531,153
Change in net assets before investments $ 18,443,743
Realized and unrealized gains (losses) on investments   704,479
Change in net assets   19,148,222
Net assets, beginning of year   260,115,665
Net assets, end of year $ 279,263,887

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 2017 upon request to Michael Hearne, CFO, LISC, 501 7th Avenue, 7th floor, New York, NY 10018.

All photographs and videos from LISC archives, except for the following:
 

Local Stories
Boston: Darlene DeVita Photography

Buffalo: Darren Cotton, UDCDA

Chicago: Gordon Walek

Cincinnati: MORTAR

Connecticut Statewide: Connecticut Main Street Center

Detroit: Michael G Smith

Duluth: Happy Tree Productions

Flint MI: Communities First, Inc.

Kalamazoo MI: Fran Dwight Photography

Hartford: Hands on Hartford

Houston: Ciara Major, SER Houston

Jacksonville: Amy Ploss-Samson

Los Angeles: Wendy Chung

New York City: Jason Lasswell

Peoria: Marvin Forssander-Baird

Phoenix: Epic Light Media

Rural: David Miller

Rhode Island: Elaine Fredrick

San Francisco Bay Area: Chloe Jackman Photography

Twin Cities: Anna Min Enterprises
 

Donors
1: Reeve Jolliffe/Gas Tower Studio

2: Deb Lindsey

4, 8: Charles Chessler Photography

6: Marvin Forssander

7: Mikki Schaffner Photography

9: Ivan Martinez Photography

10: Gordon Walek

13: Mike Bosket

14: Wendy Chung

15: Young Smith
 

Team
2, 5, 8, 12: Scott Wilson

7: Gordon Walek

14: Daryl McLean

17: Urban Prairie Films
 

All writing by LISC