Total Net Assets, Past 10 Years
(in millions)
As of December 31, 2018
Condensed Statement of Financial Position
Assets
Cash & Investments | $248,897,826 |
Contributions receivable | 46,636,210 |
Loans to CDCs & affiliates, net | 406,381,694 |
Investment in affiliates | 79,957,417 |
Other assets | 38,233,116 |
Total assets | $820,106,263 |
Liabilities
Total liabilities | $497,052,324 |
Grants payable | 34,994,660 |
Loans & bonds payable | 437,758,998 |
Other liabilities | 24,298,666 |
Net assets | 323,053,939 |
Total liabilities & net assets | $820,106,263 |
Condensed Statement of Activities and Changes in Net Assets
Revenue
Contributions | $97,247,236 |
Equity in earnings of affiliates | 16,449,062 |
Government contracts revenue, interest, investment income, fees, and other | 70,610,040 |
Total revenue | $184,306,338 |
Expenses
Program services | $117,159,185 |
Management & general | 24,481,311 |
Fundraising | 6,297,761 |
Total expenses | $147,938,257 |
Change in net assets before investments | $36,368,081 |
Realized & unrealized gains (losses) on investments & derivatives | (720,557) |
Change in net assets | 35,647,524 |
Net assets, beginning of year | 287,406,415 |
Net assets, end of year | 323,053,939 |
The condensed financial statements of Local Initiatives Support Corporation (LISC) include the assets, liabilities, and 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 Initiative, Inc. (TRI), Local Initiatives Managed Assets Corporation (LIMAC), LISC Louisiana Loan Fund. LLC (LLLF), 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 are available upon request to Michael Hearne, CFO, LISC, 501 Seventh Avenue, 7th floor, New York, NY 10018.
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