2024-05-10T13:57:33-05:00 2023-06-30 420714325 RSM US LLP 920 5TH AVENUE SUITE 2800 SEATTLE WA 98104 990 2022-07-01 942952578 LOW INCOME INVESTMENT FUND LOWI 4154896102 49 STEVENSON ST SUITE 300 SAN FRANCISCO CA 94105 PANAGIOTA MAHENDRU EXECUTIVE VICE PRESIDENT & CFO 4154896102 2024-05-07 1 PANAGIOTA MAHENDRU 999009999 1 SUE ROBISON P00560072 2062814444 2024-05-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DANIEL NISSENBAUM 521 FIFTH AVE STE 625 NEW YORK NY 10175 112379206 0 X WWW.LIIFUND.ORG X 1984 CA HEADQUARTERED IN SAN FRANCISCO, WITH HIGHLY PRODUCTIVE LENDING OFFICES IN LOS ANGELES, NEW YORK, WASHINGTON, D.C., AND ATLANTA, LIIF SUPPORTS ORGANIZATIONS WORKING TO REVITALIZE LOW-INCOME NEIGHBORHOODS THROUGHOUT THE UNITED STATES. WITH A FOCUS ON RACIAL EQUITY, WE DEPLOY CAPITAL TO HIGH-IMPACT PROJECTS, INCLUDING AFFORDABLE HOUSING, EARLY CARE AND EDUCATION CENTERS, COMMUNITY FACILITIES, HEALTH CLINICS, AND HEALTHY FOOD STORES TO HELP BUILD COMMUNITIES OF OPPORTUNITY. AS LONG-STANDING RACIAL DISPARITIES CREATE BARRIERS TO QUALITY AFFORDABLE HOUSING, LIIF IS PRESERVING AND EXPANDING HOUSING OPTIONS TO INDIVIDUALS AND FAMILIES THROUGH CAPITAL SOLUTIONS, PROGRAMS, AND POLICY. TO DATE SINCE INCEPTION, LIIF HAS INVESTED OVER $3.5B IN COMMUNITIES SERVING 2.5M INDIVIDUALS. THIS REPRESENTS 100K AFFORDABLE HOUSING UNITS THAT WERE CREATED OR PRESERVED TO CREATE A LASTING IMPACT AND ADDRESS MARKET ECONOMIC UNCERTAINTIES. 14 13 155 13 0 0 27936162 69875720 32593472 35244487 576978 2505695 49449 326798 61156061 107952700 16178293 55148088 0 0 19056914 25341742 0 0 2610695 19089977 22420301 54325184 102910131 6830877 5042569 578280279 642654206 420250602 486280091 158029677 156374115 X SEE SCHEDULE O 0 0 59797160 51585854 0 SEE SCHEDULE O 20477522 392320 35571285 SEE SCHEDULE O 8034528 3169914 0 SEE SCHEDULE O 305222 NATIONAL POLICY: INCLUDES THE ACTIVITIES RELATED TO THE DESIGN AND IMPLEMENTATION OF ADVOCACY STRATEGIES TO ENSURE LIIF IS ACTIVE IN FEDERAL POLICY INITIATIVES RELEVANT TO ITS MAIN PROGRAMS. 305222 88614432 1 1 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 439 0 1 155 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA NY X WASSIA KAMON 4154896102 49 STEVENSON ST SUITE 300 SAN FRANCISCO CA 94105 REYMUNDO OCANAS CHAIR 1.00 X X 0 0 0 RUSSELL BRUEMMER SECRETARY 1.00 X X 0 0 0 DIONNE NELSON TREASURER 1.00 X 0 0 0 MARGARET ANADU DIRECTOR 1.00 X 0 0 0 TAWANNA BLACK DIRECTOR 1.00 X 0 0 0 EILEEN FITZGERALD DIRECTOR 1.00 X 0 0 0 DAVID FLEMING DIRECTOR 1.00 X 0 0 0 DONNA GAMBRELL DIRECTOR 1.00 X 0 0 0 CALVIN GLADNEY DIRECTOR 1.00 X 0 0 0 WILLIAM C KELLY JR DIRECTOR 1.00 X 0 0 0 CAROL NAUGHTON DIRECTOR 1.00 X 0 0 0 JESSICA SAGER DIRECTOR 1.00 X 0 0 0 MICHAEL SOLOMON DIRECTOR 1.00 X 0 0 0 DANIEL NISSENBAUM DIRECTOR & CEO 40.00 X X 715566 0 69329 KIMBERLY LATIMER-NELLIGAN PRESIDENT 40.00 X 488987 0 37341 SABRINA BAPTISTE CAO & SENIOR VP (UNTIL 1/26/23) 40.00 X 256916 0 43446 MARIA ARELLANO BAGLIERI EVP & CHIEF STRATEGY OFFICER 40.00 X 291982 0 33750 PANAGIOTA MAHENDRU CFO & EVP 40.00 X 266381 0 30759 DENISE NOEL EVP & GENERAL COUNSEL 40.00 X 201096 0 22369 RACHEL L BLUESTEIN SVP, CHIEF PROGRAM OFFICER 40.00 X 312099 0 65765 SUSAN HYMAN SVP, CHIEF CREDIT OFFICER 40.00 X 301131 0 39803 STEPHANIE MCFADDEN SVP, CHIEF LENDING OFFICER 40.00 X 287376 0 67743 KIRSTEN SHAW VP, NORTHEAST & MID-ATLANTIC REGIONS 40.00 X 273092 0 11989 ANTOINETTE L KYLE VP, SOUTHEAST REGION 40.00 X 244428 0 55353 ARTHUR FATUM FORMER INTERIM CFO 40.00 X 103225 0 0 3742279 0 477647 70 1 1 0 XANTRION INC 651 THOMAS L BERKELEY WAY OAKLAND CA 94612 INFORMATION TECHNOLOGY SERVICES 673725 DIVERSANT LLC 331 NEWMAN SPRINGS RD BLDG 3 STE RED BANK NJ 07701 STAFFING SERVICES 624963 LHH RECRUITMENT SOLUTIONS 10151 DEERWOOD PARK BLVD 200-400 JACKSONVILLE FL 606740051 STAFFING SERVICES 520191 THE BRIDGESPAN GROUP INC 2 COPLEY PLACE SUITE 3700B BOSTON MA 02116 CONSULTING 512750 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 606740051 ACCOUNTING CONSULTING FEES 438908 14 306000 63120651 6449069 69875720 INTEREST ON LOANS 525990 26052605 26052605 TECHNICAL ASSISTANCE 525990 4446258 4446258 LOAN ORIGINATION 525990 2340429 2340429 LOAN ASSET MANAGEMENT 525990 1444521 1444521 LOAN PACKAGING/SERVICE 525990 960674 960674 35244487 2514195 2514195 81692 0 81692 81692 81692 4418006 4426506 -8500 -8500 -8500 MISC. INCOME 900099 245106 245106 245106 107952700 35571285 0 2505695 48051803 48051803 7096285 7096285 2284297 831778 879684 572835 103225 51612 51613 16959219 11612287 4427055 919877 660998 383605 218783 58610 4016395 1885161 1808324 322910 1317608 848498 366960 102150 344795 121754 223041 375623 1792 373153 678 83755 83755 3576199 2793652 588419 194128 1019828 416420 547674 55734 1696636 1339940 206963 149733 901260 281864 536029 83367 95275 74526 15737 5012 11577888 11577888 356428 233542 95912 26974 LICENSES AND FEES 1376822 709556 647780 19486 OTHER FEES 481732 268274 165870 47588 PERSONNEL RECRUITMENT 433402 85807 347595 PAYROLL PROCESSING FEES 100658 100658 102910131 88614432 11685004 2610695 29760754 4114646 73945034 56037392 12465195 39574021 2433869 1338714 424849513 506652207 1149720 1372654 2387569 1074573 1517755 1312996 13962524 14224332 3728012 4117902 3940560 3940560 10527343 9968782 578280279 642654206 8323940 11460843 7848811 2630955 7749806 6403807 379842528 449239100 16485517 16545386 420250602 486280091 X 100165243 102140810 57864434 54233305 158029677 156374115 578280279 642654206 X 5042569 -594454 -6103677 X X 0 1 X 1 1 1 X 16612436 30313162 55012696 27936162 69875720 199750176 16612436 30313162 55012696 27936162 69875720 199750176 10090533 189659643 1249567 973034 451699 577374 2514195 5765869 205516045 165671708 0.92280 0.85160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 40973 40973 102869458 102910431 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 81079 84392 71364 40973 277808 250000 250000 250000 250000 1000000 1500000 0 1 X 912613 253101 659512 1474956 821472 653484 1312996 INTEREST PAYABLE 2536472 LEASE LIABILITY 8196894 REPAYABLE GRANTS AND AGENCY OBLIGATIONS 5812020 16545386 X 89592926 -594454 -17681565 -18276019 107868945 83755 83755 107952700 91248788 300 -11577888 -11577588 102826376 83755 83755 102910131 PART IV, LINE 2B: FUNDS HELD IN TRUST INCLUDES CASH PROVIDED BY BORROWERS AND FUNDERS TO COVER ANTICIPATED DRAWS AND CERTAIN OPERATIONS EXPENSES ASSOCIATED WITH LOAN PARTICIPATIONS. PART X, LINE 2: LIIF IS A NONPROFIT ORGANIZATION THAT HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AND THE CALIFORNIA FRANCHISE TAX BOARD AS AN ORGANIZATION THAT IS EXEMPT FROM FEDERAL INCOME TAX ON ITS INCOME OTHER THAN UNRELATED BUSINESS INCOME UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701(D) UNDER THE CALIFORNIA REVENUE AND TAXATION CODE, RESPECTIVELY. IN ADDITION, LIIF HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE UNDER SECTION 170 OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION THAT IS ELIGIBLE TO RECEIVE TAX-DEDUCTIBLE CONTRIBUTIONS. LIIF HAS ACCOUNTED FOR THE UNCERTAINTY IN INCOME TAXES AS REQUIRED BY THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION (ASC). LIIF USES A COMPREHENSIVE MODEL FOR RECOGNIZING, MEASURING, PRESENTING AND DISCLOSING IN THE FINANCIAL STATEMENTS TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. A TAX POSITION IS RECOGNIZED AS A BENEFIT ONLY IF IT IS "MORE LIKELY THAN NOT" THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50 PERCENT LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE "MORE LIKELY THAN NOT" TEST, NO TAX BENEFIT IS RECORDED. THE EFFECT OF APPLYING THIS MODEL AND THE RESULTING IDENTIFICATION OF UNCERTAIN TAX POSITIONS, IF ANY, WERE NOT CONSIDERED SIGNIFICANT FOR FINANCIAL REPORTING PURPOSES AND ARE NOT ANTICIPATED TO CHANGE IN THE 12 MONTHS FOLLOWING JUNE 30, 2023. DURING THE YEARS ENDED JUNE 30, 2023 AND 2022, LIIF RECOGNIZED NO INTEREST OR PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX BENEFITS. LIIF IS SUBJECT TO THE FILING OF U.S. FEDERAL, NEW YORK, AND CALIFORNIA INFORMATIONAL RETURNS. FEDERAL AND NEW YORK RETURNS FOR YEARS ENDED JUNE 30, 2020 THROUGH JUNE 30, 2023, AND CALIFORNIA RETURNS FOR YEARS ENDED JUNE 30, 2019 THROUGH JUNE 30, 2023, ARE CURRENTLY OPEN FOR POTENTIAL FEDERAL AND STATE EXAMINATION. LIIF HAS FOR-PROFIT SUBSIDIARY ENTITIES THAT ARE SUBJECT TO THE FILING OF LIMITED LIABILITY CORPORATION TAX RETURNS WHICH MAY INCLUDE U.S. FEDERAL, NEW YORK, AND CALIFORNIA JURISDICTIONS. DURING THE YEARS ENDED JUNE 30, 2023 AND 2022, THESE SUBSIDIARY ENTITIES RECOGNIZED NO INTEREST OR PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX BENEFITS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE RECLASSIFICATION -11,577,888. PROVISION FOR LOAN LOSS -6,103,677. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE RECLASSIFICATION -11,577,888. 1 WU YEE CHILDREN'S SERVICES 827 BROADWAY STREET 2/F SAN FRANCISCO CA 94133 942387002 501 (C)(3) 6396800 0 RENOVATION & REPAIR YOUNG MEN'S CHRISTIAN ASSOCIATION OF SF (YMCA) ATTN LINDA GRIFFITH 169 STEUART STREET SAN FRANCISCO CA 94105 940997140 501 (C)(3) 3000000 0 CAPITAL NEW DEVELOPMENT KIDS ARE PEOPLE TOO CDC 4315 NANNIE HELEN BURROUGHS AVE NE WASHINGTON DC 20019 371525179 2376527 0 BACK TO WORK GRANT FELTON INSTITUTE 1005 ATLANTIC AVE ALAMEDA CA 94501 941156530 501 (C)(3) 2100000 0 RENOVATION & REPAIR UNITED PLANNING ORGANIZATION 301 RHODE ISLAND AVE NW WASHINGTON DC 20001 520788987 501 (C)(3) 1500937 0 BACK TO WORK GRANT MISSION NEIGHBORHOOD CENTERS INC 362 CAPP STREET SAN FRANCISCO CA 94110 941408150 501 (C)(3) 1500000 0 CAPITAL NEW DEVELOPMENT GROWTH SPURTS CHILD LEARNING CENTER LLC 1802 D STREET NE WASHINGTON DC 20002 811858385 1223908 0 BACK TO WORK GRANT GATARI CHILD DEVELOPMENT CENTER 2628 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30000 0 EXPANSION GRANT JUBILEE JUMPSTART 2525 ONTARIO RD NW GROUND FLOOR WASHINGTON DC 20009 202700607 29823 0 STABILIZATION GRANT SMILEY BABY FAMILY CHILDCARE INC 475 HAMILTON ST SAN FRANCISCO CA 94134 882251111 28776 0 RENOVATION & REPAIR HAPPY FACE FAMILY PRESCHOOL INC 631 HEARST AVENUE SAN FRANCISCO CA 94112 822665336 28742 0 RENOVATION & REPAIR INCLUSIVE ACTION FOR THE CITY 2900 EAST CESAR E CHAVEZ AVE LOS ANGELES CA 90033 270584116 501 (C)(3) 28250 0 CAPITAL GRANT THE CHICAGO COMMUNITY FOUNDATION 225 N MICHIGAN AVE SUITE 2200 CHICAGO IL 60601 363432023 501 (C)(3) 28250 0 CAPITAL GRANT TIDES CENTER PO BOX 889385 LOS ANGELES CA 900889385 943213100 501 (C)(3) 28250 0 CAPITAL GRANT LIA'S RAINBOW LLC 4428 ORD ST NE WASHINGTON DC 20019 320370494 26015 0 STABILIZATION GRANT APEX BUILDING GROUP 86 MAIN STREET SUITE 401 YONKERS NY 10701 461848550 25000 0 BDCI GRANT BEECHWOOD RESIDENTIAL 3613 PERKINS ROAD SUITE C BATON ROUGE LA 70808 275567096 25000 0 BDCI GRANT NORTHERN REAL ESTATE URBAN VENTURES 1401 NEW YORK AVENUE NE SUITE 546 WASHINGTON DC 20002 043650425 25000 0 BDCI GRANT HURLEY & ASSOCIATES LLC 6316 OXON HILL RD SUITE 761 OXON HILL MD 20750 455081922 24694 0 RENOVATION & REPAIR SOLES MONTESSORI CHILD DEVELOPMENT LLC 4101 9TH ST NW WASHINGTON DC 20011 853773841 23428 0 STABILIZATION GRANT JUST US KIDS CHILD DEVELOPMENT CENTER 625 INDIANA AVE WASHINGTON DC 20004 521733421 20054 0 STABILIZATION GRANT KIDDIE UNIVERSITY CAPITOL HILL 728 F ST NE WASHINGTON DC 20002 475598412 18740 0 STABILIZATION GRANT CIDITTY KIDDIE CORPORATION 1747 SEWARD AVE BRONX NY 10473 262557941 17300 0 RENOVATION & REPAIR DIKI DAYCARE CENTER INC 30-81 STEINWAY ST ASTORIA NY 11103 421683591 15542 0 RENOVATION & REPAIR LA BAMBA PRESCHOOL CDC INC 80 MINERVA STREET SAN FRANCISCO CA 94112 922114379 15094 0 RENOVATION & REPAIR ROOTS ACTIVITY LEARNING CENTER INC 6222 NORTH CAPITOL ST NW WASHINGTON DC 20011 521098206 14000 0 STABILIZATION GRANT CHANTELLE'S QUALITY CHILD CARE CENTER INC 4221 7TH ST NW WASHINGTON DC 20011 043812323 12324 0 STABILIZATION GRANT PARAMOUNT CHILD DEVELOPMENT CENTER 3924 4TH ST SE WASHINGTON DC 20032 161723677 11300 0 STABILIZATION GRANT TRUSTING HANDS CHILD DEVELOPMENT CENTER 7750 16TH ST NW WASHINGTON DC 20012 900865434 10000 0 STABILIZATION GRANT LEARNING CURVE CDC IV (THE) 6234 3RD ST NW WASHINGTON DC 20011 861566227 9920 0 STABILIZATION GRANT BABY EINSTEIN CHILD DEVELOPMENT CENTER 1225 GOOD HOPE RD SE WASHINGTON DC 20020 320377323 9122 0 STABILIZATION GRANT OUR SPECIAL PLACE INC 226 CAPITOL AVE SAN FRANCISCO CA 94112 844167311 8857 0 RENOVATION & REPAIR 45 97 ADVISORY COMMITTEE GRANT 15 28600 BACK TO WORK 22 3091220 CLIMATE MICRO GRANT 1 5000 EXPANSION GRANT 5 417000 POLICY GRANT 1 25000 RENOVATION & REPAIR GRANT 61 3305614 STABILIZATION GRANT 15 206466 TA HUB GRANT 3 17385 PART I, LINE 2: LIIF RECEIVES SIGNED CONTRACTS FROM GRANTEES PRIOR TO RELEASING GRANT FUNDS. THE CONTRACTS SPELL OUT THE SPECIFIC USE OF FUNDS. LIIF EMPLOYEES FOLLOW UP WITH GRANTEES TO VERIFY PROPER USE OF FUNDS. THE MAJORITY OF OUR GRANTS ARE MADE FROM PASS-THROUGH GRANT FUNDS FOR WHICH LIIF HAS REPORTING OBLIGATIONS BACK TO THE ORIGINAL GRANTOR. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 DANIEL NISSENBAUM DIRECTOR & CEO 515566 0 200000 0 0 0 12200 0 57129 0 784895 0 0 0 KIMBERLY LATIMER-NELLIGAN PRESIDENT 378987 0 110000 0 0 0 12200 0 25141 0 526328 0 0 0 RACHEL L BLUESTEIN SVP, CHIEF PROGRAM OFFICER 238295 0 73804 0 0 0 12200 0 53565 0 377864 0 0 0 STEPHANIE MCFADDEN SVP, CHIEF LENDING OFFICER 239376 0 48000 0 0 0 11688 0 56055 0 355119 0 0 0 SUSAN HYMAN SVP, CHIEF CREDIT OFFICER 249431 0 51700 0 0 0 12173 0 27630 0 340934 0 0 0 MARIA ARELLANO BAGLIERI EVP & CHIEF STRATEGY OFFICER 246982 0 45000 0 0 0 10649 0 23101 0 325732 0 0 0 SABRINA BAPTISTE CAO & SENIOR VP (UNTIL 1/26/23) 241916 0 15000 0 0 0 10474 0 32972 0 300362 0 0 0 ANTOINETTE L KYLE VP, SOUTHEAST REGION 203428 0 41000 0 0 0 9889 0 45464 0 299781 0 0 0 PANAGIOTA MAHENDRU CFO & EVP 256381 0 10000 0 0 0 10354 0 20405 0 297140 0 0 0 KIRSTEN SHAW VP, NORTHEAST & MID-ATLANTIC REGIONS 228520 0 44572 0 0 0 10924 0 1065 0 285081 0 0 0 DENISE NOEL EVP & GENERAL COUNSEL 196096 0 5000 0 0 0 8144 0 14225 0 223465 0 0 0 ARTHUR FATUM FORMER INTERIM CFO 103225 0 0 0 0 0 0 0 0 0 103225 0 0 0 PART I, LINE 1A LIIF REIMBURSES EMPLOYEES FOR HEALTH CLUB MEMBERSHIPS UP TO A MONTHLY CAP AMOUNT OF $50. THIS BENEFIT IS INCLUDED IN EACH EMPLOYEE'S TAXABLE COMPENSATION. PART I, LINE 7 A BONUS POOL IS ESTABLISHED FOR EACH FISCAL YEAR. EACH EMPLOYEE IS ELIGIBLE FOR A BONUS AT A FIXED PERCENTAGE. MANAGEMENT MAY PROVIDE ADDITIONAL BONUS COMPENSATION AT THE DISCRETION OF THE BOARD. FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION OUR MISSION AND VISION: EVERYONE IN THE UNITED STATES SHOULD BENEFIT FROM LIVING IN A COMMUNITY OF OPPORTUNITY, EQUITY AND WELL-BEING. LIIF MOBILIZES CAPITAL AND PARTNERS TO ACHIEVE THIS VISION FOR PEOPLE AND COMMUNITIES. COMMUNITIES OF OPPORTUNITY, EQUITY AND WELL-BEING: WE BELIEVE THAT A COMMUNITY OF OPPORTUNITY, EQUITY AND WELL-BEING PROVIDES ITS RESIDENTS AFFORDABLE HOUSING, HIGH-QUALITY EDUCATIONAL OPPORTUNITIES, THE ABILITY TO LIVE HEALTHY AND ACTIVE LIVES AND GOOD JOBS. THESE COMMUNITIES FOSTER A SENSE OF BELONGING, VALUE CIVIC ENGAGEMENT AND PROMOTE EQUITY AND JUSTICE. LIIF IS HEADQUARTERED IN SAN FRANCISCO, WITH OFFICES IN LOS ANGELES, NEW YORK CITY, ATLANTA, AND WASHINGTON D.C. FORM 990, PART III, LINE 4A: EARLY CARE AND EDUCATION (ECE) PROGRAM: QUALITY ECE ENABLES PARENTS TO WORK OR ATTEND SCHOOL WITHOUT WORRY FOR THEIR CHILDREN'S WELL-BEING, AND PROVIDES CHILDREN WITH A STRONG START ON THE SKILLS NECESSARY FOR FUTURE SUCCESS IN SCHOOL AND IN LIFE. LIIF LAUNCHED ITS ECE PROGRAM IN 1998, OFFERING LOANS, GRANTS, AND TECHNICAL ASSISTANCE TO SUPPORT THE DEVELOPMENT OF HIGH QUALITY CHILD CARE SLOTS FOR LOW INCOME FAMILIES. SINCE THE PROGRAM'S INCEPTION, LIIF HAS PROVIDED TRAININGS AND WORKSHOPS ON THE DEVELOPMENT AND FINANCING OF CHILD CARE FACILITIES AND ONE-ON-ONE TECHNICAL ASSISTANCE TO PROVIDERS. IN ADDITION, LIIF HAS OFFERED MILLIONS OF DOLLARS IN LOANS AND PLANNING GRANTS. LIIF'S ECE PROGRAM CURRENTLY FOCUSES ITS EFFORTS IN CALIFORNIA, WASHINGTON DC, AND NEW YORK CITY. IN 2023, LIIF PROVIDED MORE THAN 6,475 HOURS OF SPECIALIZED TECHNICAL ASSISTANCE AND $147.3 MILLION IN GRANTS TO 1,799 ECE PROGRAMS TO PRESERVE AND ENHANCE 41.4K CHILD CARE SLOTS IN LOW INCOME COMMUNITIES" FORM 990, PART III, LINE 4B: LENDING ACTIVITIES: LIIF EMPLOYS A LENDING STRATEGY THAT ADVANCES EQUITY, OPPORTUNITY AND WELL BEING FOR PEOPLE AND COMMUNITIES. LIIF'S STRATEGY CENTERS RACIAL EQUITY AND FOCUSES ON PRIORITY PROGRAMS AREAS--AFFORDABLE HOUSING, EARLY CARE AND EDUCATION, K-12 EDUCATION, AND HEALTH. THESE PROGRAMS ARE SUPPORTED BY LIIF'S FEDERAL POLICY PRESENCE THAT WORKS TO PRESERVE AND MAINTAIN COMMUNITY CAPITAL PROGRAMS. LIIF USES INNOVATIVE STRATEGIES TO ATTRACT PRIVATE CAPITAL TO AREAS WITH UNDERSERVED COMMUNITIES THAT WOULD OTHERWISE BE OUT OF REACH. SINCE INCEPTION, WE HAVE PROVIDED OVER $3.4 BILLION TO PROJECTS SERVING LOW INCOME INDIVIDUALS AND FAMILIES, AND THESE INVESTMENTS HAVE LEVERAGED $15.5 BILLION IN OTHER CAPITAL INVESTMENTS. LIIF'S WORK SUPPORTS THOSE MOST IN NEED. OF THE 2.5 MILLION PEOPLE SERVED THROUGH LIIF'S FINANCING AND TECHNICAL ASSISTANCE, 97% HAVE BEEN LOW INCOME. LIIF'S FLEXIBLE AND AFFORDABLE CAPITAL FILLS A GAP FOR COMMUNITY DEVELOPMENT ORGANIZATIONS THAT ARE UNABLE TO CONSISTENTLY ACCESS LOANS FROM TRADITIONAL FINANCIAL INSTITUTIONS. LIIF MAKES DIRECT LOANS THROUGH ITS REVOLVING LOAN FUND ("RLF") AND OTHER LOAN FUNDS. LIIF ALSO UNDERWRITES AND PACKAGES LOANS ACQUIRED BY BANKS, OTHER INTERMEDIARIES AND CONVENTIONAL LENDERS THROUGH INNOVATIVE PROGRAM-SPECIFIC FUNDS TO SUPPORT COMMUNITY DEVELOPMENT ORGANIZATIONS ACROSS THE NATION. AFFORDABLE HOUSING IS THE CORNERSTONE OF LIIF'S WORK, COMPRISING NEARLY HALF OF THE ORGANIZATION'S HISTORICAL ACTIVITY. SINCE ITS INCEPTION, LIIF HAS INVESTED MORE THAN $1.6 BILLION TO SUPPORT THE DEVELOPMENT OF 97,186 UNITS OF AFFORDABLE HOUSING. AVAILABILITY OF AFFORDABLE HOUSING IS VITAL IN CREATING A FOUNDATION FOR COMMUNITY REVITALIZATION AND FAMILY STABILITY, LINKED, AS IT IS, TO EMPLOYMENT, WAGE GAINS, EDUCATIONAL ATTAINMENT, AND IMPROVED HEALTH FOR POOR FAMILIES. EDUCATION IS A KEY COMPONENT IN ENHANCING OPPORTUNITIES FOR ECONOMIC MOBILITY AND ASSET GROWTH FOR LOW INCOME HOUSEHOLDS. LIIF LAUNCHED ITS EDUCATION PROGRAM IN 1998, AND CURRENTLY FOCUSES ON HELPING CHARTER SCHOOLS BRING QUALITY EDUCATIONAL OPPORTUNITIES TO UNDERSERVED, DISTRESSED COMMUNITIES. LIIF'S EDUCATION PROGRAM USES A THREE-PRONGED APPROACH TO ACHIEVE ITS GOALS: PROVIDING DIRECT FINANCING FOR SCHOOLS, LEVERAGING THIRD-PARTY CAPITAL FOR SCHOOLS, AND BUILDING THE CAPACITY OF SCHOOL DEVELOPERS AND THE EDUCATION SYSTEM. LIIF HAS INVESTED $796 MILLION IN THE DEVELOPMENT OF 111,046 SEATS AT QUALITY CHARTER SCHOOLS. LIIF COMPLEMENTS ITS LOANS WITH THOROUGH, TIME-INTENSIVE TECHNICAL ASSISTANCE ("TA"). LIIF'S TA GUIDES ORGANIZATIONS THROUGH REAL ESTATE DEVELOPMENT, HELPING THEM DEVELOP AND SUSTAIN THEIR FINANCIAL STABILITY TO ENSURE PRUDENT PLANNING AND MANAGEMENT OF THEIR FINANCIAL OBLIGATIONS, AND ULTIMATELY ENABLING THESE COMMUNITY BORROWERS TO READY THEIR ORGANIZATIONS TO APPROACH CONVENTIONAL LENDERS. FORM 990, PART III, LINE 4C: OTHER DEVELOPMENT SERVICES INCLUDES THE GROWING DIVERSE HOUSING DEVELOPERS (GDHD) WHICH SUPPORTS THE GROWTH OF BIPOC-LED AFFORDABLE HOUSING DEVELOPERS ACROSS THE NATION, WITH A FOCUS ON CALIFORNIA, GEORGIA, TEXAS, NEW YORK CITY, PHILADELPHIA, AND WASHINGTON, DC. THE PROGRAM OFFERS INNOVATING LENDING SOLUTIONS, CAPACITY BUILDING, A COMMUNITY OF PRACTICE, AND ENTERPRISE-LEVEL GRANTS TO SUPPORT DEVELOPERS' GROWTH. GDHD IS A PARTNERSHIP WITH CAPITAL IMPACT PARTNERS/MOMENTUS CAPITAL AND THE REINVESTMENT FUND, WITH FUNDING SUPPORT PROVIDED BY WELLS FARGO. SINCE 2020, LIIF AND PURPOSE BUILT COMMUNITIES NETWORK HAVE PARTNERED TO SUPPORT NETWORK MEMBERS' PROGRESS IN THEIR HOLISTIC COMMUNITY REDEVELOPMENT PLANS BY PROVIDING ACCESS TO RESOURCES THROUGH A SUITE OF CAPITAL TOOLS PAIRED WITH TECHNICAL ASSISTANCE. LIIF ALSO COLLABORATES WITH PURPOSE BUILT COMMUNITIES TO STRENGTHEN THEIR EARLY CARE AND EDUCATION STRATEGY, AND TO PROVIDE NETWORK MEMBERS IN SEVERAL GEORGIA COMMUNITIES WITH RESOURCES, TRAINING, AND STRATEGIC SUPPORT. FUNDERS AND INVESTORS INCLUDE THE GEORGIA POWER FOUNDATION, THE JPMORGAN CHASE FOUNDATION, AND THE TRUIST FOUNDATION. THE STRONG, PROSPEROUS, AND RESILIENT COMMUNITIES CHALLENGE (SPARCC), WHICH RAN FROM 2017 TO 2022, FOCUSED ON COMMUNITY DEVELOPMENT IN ATLANTA, THE SAN FRANCISCO BAY AREA, CHICAGO, DENVER, LOS ANGELES, AND MEMPHIS. SPARCC PROVIDED DEBT CAPITAL, FLEXIBLE GRANT FUNDING, TECHNICAL ASSISTANCE, POLICY AND INFLUENCE WORK, AND A COMMUNITY OF PRACTICE TO SUPPORT INNOVATIVE SOLUTIONS THAT ADVANCED RACIAL EQUITY, HEALTH OUTCOMES, AND CLIMATE RESILIENCE. SPARCC WAS A PARTNERSHIP WITH ENTERPRISE COMMUNITY PARTNERS, THE NATURAL RESOURCES DEFENSE COUNCIL, AND MULTIPLE COMMUNITY-BASED ORGANIZATIONS. FUNDERS INCLUDED THE BALLMER GROUP, THE FORD FOUNDATION, THE JPB FOUNDATION, THE KRESGE FOUNDATION, THE ROBERT WOOD JOHNSON FOUNDATION, AND THE CALIFORNIA ENDOWMENT. FORM 990, PART VI, SECTION B, LINE 11B RSM US LLP AND THE LIIF WORK TOGETHER IN GATHERING THE REQUIRED TAX INFORMATION NECESSARY TO COMPLETE THE TAX RETURNS. THE INITIAL DRAFT RETURNS ARE REVIEWED BY RSM AND LIIF WITH RECOMMENDED CHANGES REFLECTED IN THE RETURNS BEFORE SUBMITTING TO LIIF'S AUDIT COMMITTEE FOR APPROVAL A COPY OF THE TAX RETURN IS THEN PROVIDED TO THE BOARD OF DIRECTORS, THE ORGANIZATION'S GOVERNING BODY, TO REVIEW, AND TO PROVIDE COMMENTS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C UPON HIRING ALL EMPLOYEES ARE PROVIDED WITH THE EMPLOYEE HANDBOOK, WHICH DOCUMENTS THE CONFLICT OF INTEREST POLICY, AND ARE ASKED TO ACKNOWLEDGE RECEIPT OF THE HANDBOOK. ALL EMPLOYEES AND BOARD MEMBERS ARE REQUIRED TO IMMEDIATELY DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED TO CONDUCT ANNUAL CONFLICT OF INTEREST SURVEYS IDENTIFYING POTENTIAL CONFLICTS. THE RESULTS OF THESE SURVEYS ARE REVIEWED BY LIIF'S OFFICE OF GENERAL COUNSEL TO ENSURE THEY ARE AWARE OF AND CAN MITIGATE POTENTIAL CONFLICTS THAT MAY ARISE DURING THE YEAR. DIRECTORS ARE ALSO REQUIRED TO DISCLOSE ANY CONFLICTS THAT MAY ARISE AT THE START OF EVERY BOARD MEETING. ANY EMPLOYEE OR BOARD MEMBER MUST RECUSE THEMSELVES FROM DECISIONS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 KEY EMPLOYEES, AS DEFINED BY IRS REGULATIONS AND INCLUDING THE CEO, ARE INCLUDED IN ANNUAL COMPENSATION REVIEW AND APPROVAL. AN OUTSIDE INDEPENDENT CONSULTANT CONDUCTS A REVIEW OF COMPARABLE DATA DRAWN FROM VARIOUS SOURCES INCLUDING INDUSTRY DATA AND COMPENSATION REPORTED BY SIMILAR ORGANIZATIONS, INCLUDING REVIEW OF FORM 990 FILINGS. THESE SUMMARIES ARE PRESENTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS (COMPRISED OF INDEPENDENT DIRECTORS) WHICH IS RESPONSIBLE FOR REVIEWING COMPENSATION AND RECOMMENDING ADJUSTMENTS TO THE BOARD OF DIRECTORS WHO APPROVE THE ADJUSTMENTS. DELIBERATIONS AND DECISIONS ARE SUBSTANTIATED. THIS PROCESS WAS LAST UNDERTAKEN IN OCTOBER 2023. FORM 990, PART VI, SECTION C, LINE 19 LIIF MAKES AVAILABLE TO THE PUBLIC ITS FINANCIAL STATEMENTS IN SUMMARY FORM THROUGH ITS ANNUAL REPORT, WHICH IS DISSEMINATED WIDELY AND AVAILABLE TO OTHERS UPON REQUEST. LIIF'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC ON IT'S WEBSITE. THE ORGANIZATION'S BY-LAWS, FORM 990 FILING, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). LIIF'S AUDIT COMMITTEE IS RESPONSIBLE FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT THAT AUDITED THE FINANCIAL STATEMENTS. THE PROCESS HAS BEEN CONSISTENT WITH PRIOR YEARS. FORM 990, PART XI, LINE 9: PROVISION FOR LOAN LOSS -6,103,677. FORM 990, PART XII, LINE 2C LIIF'S AUDIT COMMITTEE IS RESPONSIBLE FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT THAT AUDITED THE FINANCIAL STATEMENTS. THE PROCESS HAS BEEN CONSISTENT WITH PRIOR YEARS. 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