Local Initiatives Support Corporation
- Assets
- $1.3b
- Revenue
- $344.2m
- Investments
- $19.6m
- Employees
- 764
- Location
- New York, NY
- Founding
- 12/1980
- Data as of
- 12/2021
- EIN
- 13-3030229
Organization Overview
Local Initiatives Support Corporation is located in New York, NY. The organization was established in 1980. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Local Initiatives Support Corporation employed 764 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Local Initiatives Support Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Local Initiatives Support Corporation generated $344.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $266.6m during the year ending 12/2021. While expenses have increased by 11.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Local Initiatives Support Corporation has awarded 11,646 individual grants totaling $539,030,211. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.ASSISTS COMMUNITY STAKEHOLDERS IN URBAN AND RURAL AREAS ACROSS THE U.S. TO REVITALIZE DISTRESSED COMMUNITIES.
Describe the Organization's Program Activity:
PROJECT DEVELOPMENT AND INVESTMENT. LISC PROVIDES TECHNICAL ASSISTANCE AND OTHER PROGRAM SERVICES TO COMMUNITY BASED ORGANIZATIONS THROUGHOUT THE COUNTRY TO ASSIST THEM IN TRANSFORMING THEIR COMMUNITIES INTO HEALTHY AND SUSTAINABLE COMMUNITIES OF CHOICE AND OPPORTUNITY, INCLUDING EFFORTS TO PROMOTE SAFER STREETS; HELP RESIDENTS ACHIEVE ECONOMIC STABILITY; IMPROVE HEALTH AND ENCOURAGE HEALTHY LIFESTYLES; AND INCENTIVIZE CHANGE THROUGH ARTS AND CULTURE. SEE SCHEDULE O FOR MORE INFORMATION.
LISC PROVIDES GRANTS TO COMMUNITY BASED ORGANIZATIONS THROUGHOUT THE COUNTRY TO SUPPORT THEIR EFFORTS TO TRANSFORM DISTRESSED COMMUNITIES. IN 2021, LISC ISSUED 1,400 GRANTS THROUGHOUT THE COUNTRY TO SUPPORT THE DEVELOPMENT OF 2,356 UNITS OF AFFORDABLE HOMES AND APARTMENTS; 1,000,840 SQUARE FEET OF COMMERCIAL, COMMUNITY, AND EDUCATIONAL FACILITY SPACE; AND CAPACITY BUILDING, OPERATIONS, AND OTHER COMMUNITY DEVELOPMENT ACTIVITIES. LISC ALSO ISSUED 5,400 GRANTS TO SMALL BUSINESSES AND OTHER INSTITUTIONS THROUGHOUT THE COUNTRY FOR COVID-19 RELIEF.
LENDING. LISC PROVIDES LOANS, LINES OF CREDIT, AND OTHER RECOVERABLE FINANCING AT ALL STAGES OF DEVELOPMENT - FROM PREDEVELOPMENT TO PERMANENT - TO SUPPORT PROJECTS AND PROGRAMS THAT REVITALIZE LOW- AND MODERATE-INCOME COMMUNITIES AND BENEFIT LOW- AND MODERATE-INCOME INDIVIDUALS. SEE SCHEDULE O FOR MORE INFORMATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Glover Ceo/director | OfficerTrustee | 35 | $438,865 |
Denise Notice-Scott Executive Vice President/president | Officer | 35 | $418,324 |
Michael Hearne Outgoing Evp/cfo | Officer | 35 | $396,112 |
Mary Ann Donovan Executive Vice President/coo | Officer | 35 | $338,565 |
Davina Bergin Chief Development Officer - Immito | Officer | 35 | $326,529 |
Robert Cooney Svp/general Counsel | Officer | 38 | $321,502 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Protiviti Inc Call Center Operations | 12/30/21 | $3,713,633 |
Special Services For Groups Inc Ati Program Service Provider | 12/30/21 | $1,268,002 |
Nextkey Management Inc Financial Management Services | 12/30/21 | $359,784 |
Tda Consulting Inc Project Implementation Management Srvc | 12/30/21 | $1,076,858 |
Cohnreznick Llp Auditing And Tax Service | 12/30/21 | $368,860 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $6,790,000 |
| Membership dues | $0 |
| Fundraising events | $946,732 |
| Related organizations | $15,365,150 |
| Government grants | $49,481,669 |
| All other contributions, gifts, grants, and similar amounts not included above | $171,132,265 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $243,715,816 |
| Total Program Service Revenue | $99,122,869 |
| Investment income | $1,868,276 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$62,744 |
| Net Gain/Loss on Asset Sales | $235,421 |
| Net Income from Fundraising Events | -$759,473 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $344,179,991 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $91,716,867 |
| Grants and other assistance to domestic individuals. | $24,537,638 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $10,620,424 |
| Compensation of current officers, directors, key employees. | $3,814,265 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $57,054,319 |
| Pension plan accruals and contributions | $2,689,319 |
| Other employee benefits | $13,896,431 |
| Payroll taxes | $4,038,219 |
| Fees for services: Management | $25,069,241 |
| Fees for services: Legal | $1,151,839 |
| Fees for services: Accounting | $408,119 |
| Fees for services: Lobbying | $96,000 |
| Fees for services: Fundraising | $56,545 |
| Fees for services: Investment Management | $752,730 |
| Fees for services: Other | $395,220 |
| Advertising and promotion | $179,047 |
| Office expenses | $3,498,124 |
| Information technology | $1,818,035 |
| Royalties | $0 |
| Occupancy | $6,483,747 |
| Travel | $243,424 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $275,759 |
| Interest | $14,131,608 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $851,276 |
| Insurance | $798,520 |
| All other expenses | $394,426 |
| Total functional expenses | $266,638,991 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,325,395 |
| Savings and temporary cash investments | $270,586,972 |
| Pledges and grants receivable | $51,417,231 |
| Accounts receivable, net | $21,422,121 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,187,667 |
| Net Land, buildings, and equipment | $4,982,362 |
| Investments—publicly traded securities | $154,247,390 |
| Investments—other securities | $19,621,643 |
| Investments—program-related | $541,072,627 |
| Intangible assets | $2,400,000 |
| Other assets | $162,605,089 |
| Total assets | $1,254,868,497 |
| Accounts payable and accrued expenses | $24,056,691 |
| Grants payable | $49,547,128 |
| Deferred revenue | $82,247 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $561,059,434 |
| Other liabilities | $74,114,119 |
| Total liabilities | $708,859,619 |
| Net assets without donor restrictions | $233,317,796 |
| Net assets with donor restrictions | $312,691,082 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,254,868,497 |
Grants Awarded
Over the last fiscal year, Local Initiatives Support Corporation has awarded $89,109,608 in support to 2,414 organizations.
| Grant Recipient | Amount |
|---|---|
Los Angeles, CA PURPOSE: SEE PART IV | $1,041,200 |
Toledo, OH PURPOSE: SEE PART IV | $1,022,940 |
San Jose, CA PURPOSE: SEE PART IV | $1,000,000 |
Bronx, NY PURPOSE: SEE PART IV | $800,000 |
Houston, TX PURPOSE: SEE PART IV | $774,389 |
Chicago, IL PURPOSE: SEE PART IV | $725,872 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Local Initiatives Support Corporation has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Victor E Speas Foundation- 10 04464 00 Dallas, TX PURPOSE: FINANCIAL OPPORTUNITY | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Local Initiatives Support Corporation New York, NY | $1,254,868,497 | $344,179,991 |
Camba Inc Brooklyn, NY | $92,053,993 | $185,798,338 |
Core Services Group Inc Brooklyn, NY | $39,760,197 | $115,882,548 |
Urban Affairs Coalition Philadelphia, PA | $25,704,306 | $97,554,481 |
Brooklyn Navy Yard Development Corporation Brooklyn, NY | $543,633,704 | $68,378,369 |
Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
Reinvestment Fund Inc Philadelphia, PA | $609,259,384 | $44,624,452 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |