LISC 2009 Annual Report

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Net Assets Total Revenue By Type Private Revenue By Type

As of December 31, 2009

Condensed Statement of Financial Position


Cash and investments $ 201,876,984
Contributions receivable   47,277,477
Loans to community development corporations and affiliates, net   188,250,905
Other assets   85,916,241
Total assets $ 523,321,607

Liabilities and Net Assets

Grants payable $ 20,434,299
Loans and bonds payable   256,386,823
Other liabilities   50,100,655
Total liabilities   326,921,777
Net assets   196,399,830
total liabilities and net assets $ 523,321,607

Condensed Statement of Activities and
Changes in Net Assets


Contributions $ 53,520,062
Government contract revenue, interest, investment income and fees   94,302,203
Total revenue $ 147,822,265


Program services $ 112,721,642
Management and general   18,190,437
Fundraising   6,096,619
Total expenses $ 137,008,698
Change in net assets before investments $ 10,813,567
Realized and unrealized gains on investments   5,921,869
Change in net assets   16,735,436
Net assets, beginning of year   179,664,394
Net assets, end of year $ 196,399,830

The condensed financial statements of the Local Initiatives Support Corporation (LISC) include the financial activities of LISC and its affiliates National Equity Fund, Inc. (NEF), New Markets Support Corporation (NMSC), The Retail Initiative, Inc. (TRI) and Local Initiatives Managed Assets Corporation (LIMAC), LISC Louisiana Loan Fund (LLLF), LLC, Columbia Pointe, LLC, Community Development Restructuring, LLC (CDR), Neighborhood Properties, LLC, and Cook County, LLC. These preliminary financials do not consolidate the entities for which NEF, NMSC or TRI serves as general partner or 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 Elizabeth Pugh, CFO at LISC, 501 Seventh Avenue, 7th floor, New York, NY 10018.