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July 4, 2021

Executive Compensation at the Local Initiatives Support Corporation (LISC)

by Anne Paddock

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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