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)
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.