2010 Annual Report

Financial Summary

Net Assets

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The condensed financial statements of 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 Initiatives, 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 either NEF, NMSC or TRI serves as general partner of 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 2011 upon request to Tobin Levy, CFO at LISC, 501 Seventh Avenue, 7th floor, New York, NY 10018.

As of December 31, 2010

Condensed Statement of Financial Position


Cash and investments $ 219,627,246
Contributions receivable   36,041,398
Loans to community development corporations and affiliates, net   142,676,898
Other assets   85,563,025
Total assets $ 483,908,567

Liabilities and Net Assets

Grants payable $ 23,266,398
Loans and bonds payable   212,155,993
Other liabilities   55,362,922
Total liabilities   290,785,313
Net assets   193,123,254
total liabilities and net assets $ 483,908,567

Condensed Statement of Activities and
Changes in Net Assets


Contributions $ 40,771,876
Government contract revenue, interest, investment income and fees   96,021,589
Total revenue $ 136,793,465


Program services $ 118,069,509
Management and general   19,740,004
Fundraising   6,294,554
Total expenses $ 144,104,067
Change in net assets before investments $ (7,310,602)
Realized and unrealized gains on investments   3,867,764
Change in net assets   (3,442,838)
Net assets, beginning of year   196,566,091
Net assets, end of year $ 193,123,254