National Equity Fund Inc
- Assets
- $105.6m
- Revenue
- $58.8m
- Investments
- $0.0
- Employees
- 253
- Location
- Chicago, IL
- Founding
- 00/0000
- Data as of
- 12/2022
- EIN
- 36-3490231
Organization Overview
National Equity Fund Inc is located in Chicago, IL. The organization was established in 0000. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2022, National Equity Fund Inc employed 253 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Equity Fund Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, National Equity Fund Inc generated $58.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $82.6m during the year ending 12/2022. While expenses have increased by 5.8% per year over the past 8 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, National Equity Fund Inc has awarded 92 individual grants totaling $102,004,549. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
NATIONAL EQUITY FUND'S MISSION IS TO CREATE AND DELIVER INNOVATIVE, COLLABORATIVE FINANCIAL SOLUTIONS TO EXPAND THE CREATION AND PRESERVATION OF AFFORDABLE HOUSING. WE STRIVE TO BE A DIVERSE, EQUITABLE AND INCLUSIVE PLACE TO WORK SO THAT OUR TEAM HAS THE EXPERIENCE AND KNOWLEDGE TO EFFECTIVELY SUPPORT OUR PARTNERS AND COMMUNITIES. OUR VISION IS THAT ALL INDIVIDUALS AND FAMILIES ACROSS THE COUNTRY HAVE ACCESS TO STABLE, SAFE AND AFFORDABLE HOMES THAT PROVIDE A FOUNDATION FOR THEM TO REACH THEIR FULL POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NEF, INC SERVES AS THE GENERAL PARTNER OR MANAGING MEMBER OF INVESTOR LIMITED PARTNERSHIPS AND LIMITED LIABILITY COMPANIES THAT ACQUIRE LIMITED PARTNER OR NON-MANAGING MEMBER INTERESTS IN PROJECT PARTNERSHIPS OR PROJECT LIMITED LIABILITY COMPANIES THAT ACQUIRE, OWN, CONSTRUCT, REHABILITATE AND OPERATE LOW-INCOME HOUSING PROJECTS. IN ADDITION, NEF, INC. PROVIDES AND FACILITATES VARIOUS GRANTS, FINANCING, TECHNICAL ASSISTANCE, AND ASSET MANAGEMENT SERVICES TO SUPPORT SUCH INVESTMENTS IN LOW-INCOME HOUSING PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Ditton Director | Trustee | 1.9 | $4,500 |
Edward Sigler Director & Chairman | OfficerTrustee | 2 | $16,000 |
Eldridge Edgecombe Director | Trustee | 2 | $15,000 |
Gary Rozier Director | Trustee | 2 | $10,000 |
Helen Dunlap Director | Trustee | 2 | $11,000 |
Jane Graf Director | Trustee | 2 | $14,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Novogradac & Company Llp Audit And Tax Services | 12/30/22 | $2,380,557 |
Holland & Knight Llp Legal Services | 12/30/22 | $1,778,548 |
Barnes & Thornburg Llp Legal Services | 12/30/22 | $1,477,548 |
Kraus Lam Llc Legal Services | 12/30/22 | $1,423,500 |
Cohnreznick Llp Audit And Tax Services | 12/30/22 | $964,327 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $57,412,087 |
| Investment income | $465,810 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,767,848 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,735,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,048,507 |
| Compensation of current officers, directors, key employees. | $1,016,590 |
| Compensation to disqualified persons | $966,386 |
| Other salaries and wages | $32,206,317 |
| Pension plan accruals and contributions | $2,021,879 |
| Other employee benefits | $3,181,436 |
| Payroll taxes | $2,194,477 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,934,447 |
| Fees for services: Accounting | $352,592 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,617,995 |
| Advertising and promotion | $1,159,703 |
| Office expenses | $825,812 |
| Information technology | $879,133 |
| Royalties | $0 |
| Occupancy | $1,536,365 |
| Travel | $1,230,671 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $619,715 |
| Interest | $474,053 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $431,900 |
| Insurance | $657,998 |
| All other expenses | $203,233 |
| Total functional expenses | $82,608,491 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $39,953,639 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,956,116 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $41,042,786 |
| Inventories for sale or use | $11,356 |
| Prepaid expenses and deferred charges | $865,515 |
| Net Land, buildings, and equipment | $867,995 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,083,739 |
| Intangible assets | $1,447,816 |
| Other assets | $1,359,137 |
| Total assets | $105,588,099 |
| Accounts payable and accrued expenses | $23,432,153 |
| Grants payable | $10,000 |
| Deferred revenue | $10,929,296 |
| 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 | $0 |
| Other liabilities | $40,374,438 |
| Total liabilities | $74,745,887 |
| Net assets without donor restrictions | $30,842,212 |
| Net assets with donor restrictions | $0 |
| 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 | $105,588,099 |
Grants Awarded
Over the last fiscal year, National Equity Fund Inc has awarded $14,735,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
LOCAL INITIATIVES SUPPORT CORPORATION PURPOSE: SUPPORT COMMUNITY DEVELOPMENT | $14,700,000 |
CHICAGO REHABILITATION NETWORK PURPOSE: SUPPORT LOW-INCOME HOUSING DEVELOPMENT | $15,000 |
COMMONS IMPACT FOUNDATION PURPOSE: SUPPORT RESIDENTS OF AFFORDABLE HOUSING PROJECT PARTNERSHIPS | $20,000 |