Executive Compensation at the Local Initiatives Support Corporation (LISC)
The Local Initiatives Support Corporation (LISC) was established in 1979 “as a nimble non-profit with strong community partnerships that would connect hard-to-tap public and private resources with underinvested places and people….” Sounds like United Way and in many ways the organizations are similar except that LISC is a much smaller version with 37 local offices in 2,200 counties in 45 states (compared to thousands of United Way offices throughout the world).
In the most simplistic terms, LISC is a non-profit that raises about $150-$200 million annually, spends about $140-$160 million (with about $50 million, or about 33% of revenue, on grants). Because LISC has spent less than they have raised, the organization has managed to accumulate nearly $400 million in net assets by the end of 2019.
There are 4 related tax-exempt organizations and nearly 300 related organizations taxed as a partnership or as a corporation or trust, most of whom are engaged in low income housing or community development.
The most recent Form 990 (2019) reveals that LISC collected $202 million in revenue, most of which came from “other” sources (not specified). Expenses totaled $162 million with the two largest expenses reported to be compensation ($64 million) and grants ($48 million).
678 employees received $64 million in compensation, which equates to an average compensation of nearly $95,000. 110 Employees received more than $100,000 in compensation with the 42 most highly compensated reported to be (note: a “*” indicates compensation was paid in part of completely from a related organization):
- $1,783,502: Joseph Hagan, SVP*
- $ 697,280: Maurice Jones, President and CEO
- $ 495,306: Kevin Boes, SVP*
- $ 432,900: Denise Notice-Scott, EVP
- $ 431,723: Steven Petsos, SVP*
- $ 417,499: Julia Huston, President IMMITO
- $ 396,190: Michael Hearne, EVP, CFO
- $ 336,672: Beth Marcus, SVP
- $ 336,483: Matt Huber, SVP, CFO*
- $ 331,077: Matthew Josephs, SVP
- $ 329,219: Robert Cooney, SVP, General Counsel
- $ 318,331: Constance Max, SVP
- $ 300,467: Lily Lim, SVP, Controller
- $ 280,711: Davina Astrid Bergen, Chief Development Officer IMMITO
- $ 276,778: Meghan Harte, Executive Director
- $ 265,955: William Taft, SVP
- $ 258,056: Malini Nayar, VP
- $ 252,776: Michael Humberstone, VP
- $ 252,015: Donna Giannone, VP
- $ 249,026: Alexis Hamilton, COO IMMITO
- $ 244,032: Jessica Hart, VP
- $ 243,010: Kenneth Patrick Maher, Secretary and VP
- $ 241,410: Celayne Hill, VP
- $ 238,867: Suzanne Anarde, VP
- $ 236,332: George Ashton, Managing Director
- $ 234,028: Jeffrey Fishman, CIO IMMITO
- $ 233,946: Karen Kelleher, Executive Director
- $ 233,362: Courtney Branker, VP/Treasurer
- $ 231,986: Joseph Horiye, VP
- $ 227,710: Charles Vliem, VP
- $ 226,754: Richard Manson, VP
- $ 223,253: Michael Tang, VP
- $ 219,691: Beverly Smith, VP
- $ 211,954: Julia Ryan, VP
- $ 199,639: Anna Alekseyeva, VP
- $ 196,838: Christopher Plummer, VP
- $ 196,216: Richard Pinner, Ass’t Secretary, Assoc General Counsel
- $ 191,477: Kelsey Hamory, SVP*
- $ 189,564: Oluwybusayo (Tobin) Folarin, VP
- $ 189,168: Kim Seung, VP
- $ 174,637: Mary Ann Donovan, CEO
- $ 158,964: Kevin Jordan, SVP
21 of the 42 most highly compensated employees are male while 21 are female.
21 independent contractors received more than $100,000 in compensation with the five most highly compensated reported to be:
- $350,250: Cohnreznick LLP, of Bethesda MD for auditing services
- $223,000: One Detroit Credit Union, of Detroit, MI for loan origin/servicing
- $167,706: Special Team Films, of Brooklyn, NY for photos and video
- $157,210: Amanda Fox, of Brooklyn, NY for communications consulting
- $152,498: Rebecca Morley, of Bethesda, MD for healthcare consulting
To read the IRS Form 990 (2019), click here.
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