Since 1980
LISC has invested
$14.7 billion
in grants, loans and equity
leading to
$44.1 billion
in development projects, including...
330,000
affordable homes
(
= 100 homes)
as well as...
192
schools...
+
55
health care centers...
+
194
child care centers...
+
63
grocery stores...
+
292
playing fields...
+
100s
of other retail, arts, and community projects.
This all adds up to...
53 million
square feet of the kind of space that make communities livable.
What does it mean?
5+ million
people live in better communities!
Total Net Assets, 1980–2014
(In Millions)
- 1980
- 1981
- 1982
- 1983
- 1984
- 1985
- 1986
- 1987
- 1988
- 1989
- 1990
- 1991
- 1992
- 1993
- 1994
- 1995
- 1996
- 1997
- 1998
- 1999
- 2000
- 2001
- 2002
- 2003
- 2004
- 2005
- 2006
- 2007
- 2008
- 2009
- 2010
- 2011
- 2012
- 2013
- 2014
As of December 31, 2014
Condensed Statement of Financial Position
Assets
| Cash and investments | $ | 193,284,985 |
| Contributions receivable | 20,748,628 | |
| Loans to community development corporations and affiliates, net | 160,286,967 | |
| Investments in affiliates | 61,170,284 | |
| Other assets | 46,097,716 | |
| Total assets | $ | 481,588,580 |
Liabilities and Net Assets
| Grants payable | $ | 24,636,556 |
| Loans and bonds payable | 195,371,042 | |
| Other liabilities | 16,189,885 | |
| Total liabilities | 236,197,483 | |
| Net assets | 245,391,097 | |
| Total liabilities and net assets | $ | 481,588,580 |
Condensed Statement of Activities
and Changes in Net Assets
Revenue
| Contributions | $ | 58,432,339 |
| Equity in earnings of affiliates | (2,149,526) | |
| Government contracts revenue, interest, investment income, fees and other | 62,778,439 | |
| Total revenue | $ | 119,061,252 |
Expenses
| Program services | $ | 86,740,603 |
| Management and general | 13,531,890 | |
| Fundraising | 5,988,692 | |
| Total expenses | $ | 106,261,185 |
| Change in net assets before investments | $ | 12,800,067 |
| Realized and unrealized gains (losses) on investments | (592,178) | |
| Change in net assets | 12,207,889 | |
| Net assets, beginning of year | 233,183,208 | |
| Net assets, end of year | $ | 245,391,097 |
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 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 2015 upon request to Michael Hearne, CFO at LISC, 501 7th Avenue, 7th floor, New York, NY 10018.