Skip to content

Posts tagged ‘Joseph Hagan’

4
Jul

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). Read more »

28
Feb

Executive Compensation at the National Equity Fund (Chicago, IL)

The National Equity Fund (NEF) is a tax-exempt, non-profit 501 (c) 4 – a social welfare organization – engaged as a national syndicator of low-income housing tax credits. There are 15 voting members of the governing body, 11 of whom are independent. 11 of the 15 (73%) directors are male while 4 of the 15 (27%) directors are female.

NEF reports total revenue of about $50 million ($55 million in 2018; $49 million in 2017) most of which is from low income housing. For the past two years the organization has spent about $6 million more than they have raised annually but because of capital additions, net assets have increased (to $46 million) rather than declined. Read more »

26
Feb

How Revenue is Spent at the National Equity Fund in Chicago, IL

The National Equity Fund (NEF) is a tax-exempt, non-profit 501 (c) 4 engaged as a national syndicator of low-income housing tax credits. According to the NE website, they “revitalize communities, empower individuals, and create economic opportunities nationwide.” ¬†What they don’t write about on their website is that most revenue goes to compensate employees and that only about 20% of revenue is used for grants. It is also important to note NEF is an affiliate of Local Initiatives Support Corporation – a tax-exempt non-profit 501 (c) 3 based in New York City, NY and who also happens to be the recipient of nearly all the grant money awarded in 2018. Read on. Read more »