2024-11-14T13:22:39-06:00 2023-12-31 381357951 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2023-01-01 367120987 NATIONAL COMMUNITY INVESTMENT FUND NATI 3126626096 135 S LASALLE STREET 3025 CHICAGO IL 60603 SAURABH NARAIN PRESIDENT & CEO 3126626096 2024-11-13 1 1 DAVID LOWENTHAL P00378651 3122071040 2024-11-13 2023 2024-10-15 13:58:12Z SAURABH NARAIN 135 S LASALLE STREET 3025 CHICAGO IL 60603 10984924 0 X WWW.NCIF.ORG X 1995 IL NATIONAL COMMUNITY INVESTMENT FUND (NCIF), WWW.NCIF.ORG, IS A NATIONAL NONPROFIT 501(C)(4) COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) FORMED IN 1996 WITH A MISSION TO INCREASE ACCESS TO RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES IN UNDERSERVED COMMUNITIES. IN 2021, NCIF SET UP NCIF NFP INC AS A SUPPORTING 501(C)(3) NONPROFIT ORGANIZATION TO HELP RAISE FUNDING, CHARITABLE CONTRIBUTIONS, PATIENT DEBT TO FINANCE ACTIVITIES THAT WILL GENERATE IMPACT IN UNDERSERVED LOW-INCOME COMMUNITIES, CATALYZE EMPLOYMENT, AND CONTRIBUTE TO THE REDUCTION OF THE RACIAL WEALTH GAP. AS OF DECEMBER 31, 2023, NCIF AND ITS CONSOLIDATED SUBSIDIARIES HAD TOTAL ASSETS ON BALANCE SHEET OF $62 MILLION. WITH $167 MILLION OF NEW MARKETS TAX CREDITS (NMTC) ALLOCATIONS OUTSTANDING, TOTAL ASSETS UNDER MANAGEMENT WAS $238 MILLION AT DECEMBER 31, 2023. 6 5 0 0 0 0 703530 5619678 3501735 3985996 1135277 628312 0 0 5340542 10233986 25000 25000 0 0 81277 76250 0 0 137545 3517000 4258381 3623277 4359631 1717265 5874355 57754218 61723118 27217893 26605859 30536325 35117259 X NATIONAL COMMUNITY INVESTMENT FUND INVESTS AND LENDS CAPITAL THAT INCREASES ACCESS TO RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES, SEE SCHEDULE O FOR CONTINUATIONCATALYZE THE DEVELOPMENT OF PROJECTS THAT PROVIDE ECONOMIC OPPORTUNITIES, AND IMPROVE THE QUALITY OF LIFE IN UNDERSERVED COMMUNITIES NATIONALLY. NCIF COMPLEMENTS ITS INVESTING AND LENDING ACTIVITIES WITH KNOWLEDGE TRANSFER AND TECHNICAL ASSISTANCE TO SCALE IMPACT. NCIF SEEKS TO GENERATE BALANCED SOCIAL AND FINANCIAL RETURNS TO ENHANCE LONG TERM SUSTAINABILITY. 0 0 2391788 25000 3033324 NMTC AND LENDING: THE NMTC PROGRAM WAS CREATED BY THE CDFI FUND TO CATALYZE ECONOMIC DEVELOPMENT INVESTMENT INTO ECONOMICALLY DISTRESSED, LOW-INCOME COMMUNITIES. WITH THE NMTC PROGRAM, NCIF FACILITATES LENDING TO PROJECTS LOCATED IN UNDERSERVED MARKETS AND ENABLES OUR NETWORK BANK PARTNERS TO BOOK HIGH QUALITY LOANS. NCIF HAS BEEN AWARDED A TOTAL OF $401 MILLION IN NMTC ALLOCATIONS SINCE 2003. AS OF DECEMBER 31, 2023, NCIF HAS CLOSED 54 DEALS UTILIZING $366 MILLION OF ITS NMTC ALLOCATION. SEE SCHEDULE O FOR CONTINUATIONIN 2019, NCIF CREDIT STRATEGIES FUND LLC RECEIVED INITIAL LOAN COMMITMENTS OF $15 MILLION FROM FIVE FINANCIAL INSTITUTIONS. THE LOAN COMMITMENTS WERE MADE TO BUILD THE LENDING LINE OF BUSINESS. DURING 2022, NCIF HAS RAISED AN ADDITIONAL $15 MILLION TO FURTHER ITS MISSION GOALS. AS OF 12/31/2023, NCIF HAD BORROWED $29.9 MILLION OF THE $30 MILLION LOAN COMMITMENTS AND DEPLOYED $26.3 MILLION IN THE FORM OF LOANS TO BUSINESSES IN UNDERSERVED MARKETS. 889530 1014827 EQUITY INVESTING: AS OF 12/31/2023, NCIF AND CSF'S PORTFOLIO CONSISTS OF EQUITY INVESTMENTS OF $14.7 MILLION IN 19 MOFIS THROUGHOUT THE NATION. NCIF AND CSF RECEIVES REVENUE IN THE FORM OF INTEREST, DIVIDENDS, AND CAPITAL GAINS UPON SALE FROM DIRECT INVESTMENTS. 82970 566157 NCIF FOCUSES ON COMPLEMENTING ITS FINANCIAL PRODUCTS AND SERVICES WITH DEVELOPMENTAL PROGRAM SERVICES TO HELP SUPPORT AND BUILD THE SECTOR. ACTIVITIES IN THE PAST HAVE INCLUDED ANNUAL DEVELOPMENT BANKING CONFERENCES WHERE WE HAVE BROUGHT INVESTORS, CDFI AND MDI BANKS, REGULATORS AND TECHNOLOGY FOLKS TO INCREASE EFFICIENCIES IN THE NCIF NETWORK. IN ADDITION, WE HAVE FOSTERED NEW PRODUCT DEVELOPMENT AND TRAINING (E.G. NCIF WAS THE SOLE CONTRACTOR OF THE CDFI FUND FOR MDI NMTC TRAINING PROGRAM). SEE SCHEDULE O FOR CONTINUATIONNCIF ALSO PROVIDES TRANSACTION AND FINANCIAL ADVISORY SUPPORT TO CURRENT AND POTENTIAL BORROWERS FROM LOW-INCOME COMMUNITIES OR BUSINESSES WITHIN THESE AREAS TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT. THESE SERVICES AIM TO MAXIMIZE THE IMPACT OF NMTC-FUNDED PROJECTS AND ENSURE THEY CREATE LASTING, MEANINGFUL BENEFITS FOR THE TARGET COMMUNITIES.FINALLY, NCIF REGULARLY CREATES THE CDFI BANKING INDUSTRY PEER GROUP REPORT TO SUPPORT THE SECTOR ANALYZE ITS PERFORMANCE RELATIVE TO THEIR PEERS. 3364288 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 14 0 1 0 0 0 0 0 0 0 0 0 X 6 5 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X WENEIS CHAN CONTROLLER 3126626099 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 CARLTON JENKINS CHAIR 2.50 0.00 X X 20000 0 0 VICTOR ELMORE TRUSTEE 2.00 0.00 X 15000 0 0 BRENDA ROSS-DULAN TRUSTEE 2.00 0.00 X 15000 0 0 ROBERT SCHALL TRUSTEE 2.00 0.00 X 15000 0 0 GEORGE SURGEON TRUSTEE 2.00 0.00 X 11250 0 0 SAURABH NARAIN PRESIDENT & CEO 40.00 0.00 X X 0 440299 43607 WENEIS CHAN VP & CONTROLLER 40.00 0.00 X 0 205153 8296 CHRISTOPHER MALEHORN VICE PRESIDENT, INVESTING 40.00 0.00 X 0 198601 8255 SOLANKE SHONUKAN DIRECTOR, PORTFOLIO & COMP 40.00 0.00 X 0 172012 32774 RYAN JUHAS ASSISTANT CONTROLLER 40.00 0.00 X 0 133420 12203 WALTER POSTLEWAIT VICE PRESIDENT, LENDING - TERM 40.00 0.00 X 0 113602 2804 76250 1263087 107939 0 0 1 0 NCIF MANAGEMENT INC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 MANAGEMENT SERVICES 2927584 NOVOGRADAC & COMPANY LLP 246 FIRST STREET SAN FRANCISCO CA 94105 ACCOUNTING & TAX 245875 2 5619678 5619678 INTEREST INCOME 522291 2118527 2118527 NMTC FEE INCOME 525990 1421373 1421373 INCOME FROM INVESTMENT 523000 386516 386516 LOAN FEE INCOME 522291 59580 59580 3985996 1379250 750938 628312 628312 628312 10233986 4614308 0 0 25000 25000 76250 76250 2927584 2224963 614793 87828 126657 75180 6189 45288 112660 43703 68957 96430 95800 630 21457 14725 6151 581 6168 4688 1295 185 787426 787426 58636 44563 12314 1759 DUES AND FEES 63485 48240 13341 1904 BAD DEBT EXPENSE 57878 57878 4359631 3364288 857798 137545 18985481 13064211 302723 5729461 123470 133746 25141327 28043533 28838 29798 13172379 14722369 57754218 61723118 284461 378278 26683658 25933199 249774 294382 27217893 26605859 X 30047550 34667259 488775 450000 30536325 35117259 57754218 61723118 X 5874355 -1179497 -969 -112955 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 EQUITY INVESTMENTS IN CDFIS 5428330 F EQUITY INVESTMENTS IN CDFIS 9288763 C INVESTMENT IN NCIF CAPITAL, LLC 25206 C INVESTMENT IN NCIF NFP INC -19930 C 14722369 DUE TO RELATED PARTIES 236603 OTHER LIABILITIES 57779 294382 X PART X, LINE 2: NATIONAL COMMUNITY INVESTMENT FUND IS GENERALLY EXEMPT FROM FEDERAL INCOME TAX PURSUANT TO SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. NCIF CREDIT STRATEGIES FUND LLC IS A SINGLE MEMBER LIMITED LIABILITY COMPANY DISREGARDED AS AN ENTITY SEPARATE FROM NATIONAL COMMUNITY INVESTMENT FUND FOR FEDERAL TAX PURPOSES. MANAGEMENT HAS DETERMINED THAT NCIF WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. 1 URBAN LEAGUE OF ESSEX COUNTY 508 CENTRAL AVENUE NEWARK NJ 07107 25000 0 ULEC NMTC PROJECT 0 1 PART I, LINE 2: NCIF ISSUED THE GRANT PAYMENT AFTER THE GRANT RECIPIENT PROVIDED NCIF WITH A COPY OF AN EXPENSE INVOICE CONFIRMING THE INTENDED USE OF THE FUNDS. 0 0 0 0 0 0 0 1 0 SAURABH NARAIN PRESIDENT & CEO 0 251851 0 188448 0 0 0 13200 0 30407 0 483906 0 0 WENEIS CHAN VP & CONTROLLER 0 147928 0 56175 0 1050 0 8296 0 0 0 213449 0 0 CHRISTOPHER MALEHORN VICE PRESIDENT, INVESTING 0 177799 0 19602 0 1200 0 0 0 8255 0 206856 0 0 SOLANKE SHONUKAN DIRECTOR, PORTFOLIO & COMP 0 121156 0 49656 0 1200 0 7184 0 25590 0 204786 0 0 PART I, LINE 3 COMPENSATION OF THE PRESIDENT/CEO IS PAID BY RELATED ORGANIZATION, NCIF MANAGEMENT, INC. HOWEVER, THE COMPENSATION PAID TO THE PRESIDENT/CEO IS DETERMINED BY THE TRUSTEES OF NCIF USING MARKET INFORMATION. PART I, LINE 7 AS INDICATED IN SCHEDULE J, PART II, OFFICERS, KEY EMPLOYEES AND OTHER EMPLOYEES OF THE ORGANIZATION RECEIVED A BONUS BASED ON PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION. THIS BONUS WAS APPROVED BY THE TRUSTEES OF NCIF. FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION'S MISSION (CONTINUED) NCIF ACHIEVES ITS MISSION VIA 3 COMPLEMENTARY BUSINESS LINES: 1. EQUITY INVESTING AND DEPOSITS IN MISSION-ORIENTED CDFIS, MINORITY DEPOSITORY INSTITUTIONS (MDIS), AND MISSION-ORIENTED FINANCIAL INSTITUTIONS (MOFIS) AS AGENTS OF CHANGE. EQUITY INVESTMENTS ARE LEVERAGED 10 TIMES BY THESE INSTITUTIONS TO MAKE LOANS AND PROVIDE DEPOSITORY SERVICES IN UNDERSERVED MARKETS. 2. NEW MARKETS TAX CREDITS: SINCE 2003, NCIF HAS RECEIVED $401 MILLION IN NMTC ALLOCATIONS THAT ARE BEING DEPLOYED INTO REAL ESTATE, OPERATING COMPANIES, HEALTH CARE FACILITIES, SCHOOLS, OTHER NONPROFIT AND FOR-PROFIT IMPACT-ORIENTED BUSINESSES IN PARTNERSHIP WITH LOCAL CDFI INSTITUTIONS. 3. LENDING: IN 2019, NCIF LAUNCHED A 100% OWNED SUBSIDIARY CALLED NCIF CREDIT STRATEGIES FUND (CSF). NCIF AND CSF MAKE LOANS IN PARTNERSHIP WITH CDFIS, MDIS, AND MOFIS TO ENHANCE THE IMPACT OF PROJECTS THAT BENEFIT UNDERSERVED COMMUNITIES. IMPACT MEASUREMENT IS THE FOUNDATION OF NCIF'S WORK AND SUPPORTS ALL OF OUR BUSINESS LINES. NCIF PIONEERED THE USE OF SOCIAL PERFORMANCE METRICS (SEE WWW.BANKIMPACT.ORG) AND IS DEVELOPING A CLOUD-BASED CORE DATA PLATFORM TO SUPPORT DATA ANALYTICS THAT WILL FURTHER INCREASE THE FLOW OF CAPITAL IN LOW- AND MODERATE-INCOME AND MINORITY COMMUNITIES. FORM 990, PART V, LINE 2A AND PART VII: NCIF HAS DELEGATED THE SERVICES OF NCIF AND CSF TO NCIF MANAGEMENT, INC, A SUBSIDIARY 100% OWNED BY NCIF. THE EMPLOYEES OF NCIF MANAGEMENT, INC. ARE CO-EMPLOYEES OF INSPERITY, A PROFESSIONAL EMPLOYER ORGANIZATION (PEO). FORM 990, PART VI, SECTION A, LINE 3 NCIF AND CSF SIGNED A SERVICE AGREEMENT WITH NCIF MANAGEMENT, INC. FOR THE PURPOSE OF PROVIDING ADMINISTRATIVE AND MANAGEMENT SERVICES TO NCIF AND CSF. NCIF MANAGEMENT, INC. IS 100% OWNED SUBSIDIARY OF NCIF. AS SUCH, THE TRUSTEES OF NCIF ARE ALSO THE TRUSTEES OF NCIF MANAGEMENT, INC. AND HAVE FULL RESPONSIBILITY OF MANAGING NCIF MANAGEMENT INC. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED IN DETAIL BY AT LEAST TWO MEMBERS OF THE NCIF MANAGEMENT TEAM. A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE FINANCE & AUDIT COMMITTEE AS WELL AS ALL TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE TRUSTEES AND OFFICERS OF NCIF AND NCIF MANAGEMENT, INC. COMPLETE ANNUAL QUESTIONNAIRES DISCLOSING ANY CONFLICT OF INTEREST. THE DETERMINATION OF WHETHER A CONFLICT EXISTS IS ON A SELF-MONITORED BASIS BY EACH INDIVIDUAL. THE BOARD HAS ADOPTED A FORMAL POLICY FOR REVIEWING AND AFFIRMING ACTIONS WHEN THERE IS A CONFLICT OF INTEREST. WHERE A CONFLICT EXISTS, THAT INDIVIDUAL WOULD BE EXCLUDED FROM PARTICIPATION IN VOTING AND DECISION MAKING. ON AN ONGOING BASIS, THESE INDIVIDUALS WOULD INFORM THE BOARD AND THE GOVERNANCE COMMITTEE OF POTENTIAL CONFLICTS AND RECUSE THEMSELVES FROM SUCH BUSINESS MATTERS. FORM 990, PART VI, SECTION B, LINE 15 THE CHAIR OF THE TRUSTEES DETERMINES COMPENSATION FOR THE PRESIDENT AND CEO, BASED ON MARKET INFORMATION. COMPENSATION IS SUBSEQUENTLY APPROVED BY THE FULL BOARD OF TRUSTEES. FURTHERMORE, THE PRESIDENT AND CEO DETERMINES COMPENSATION FOR ALL STAFF INCLUDING KEY EMPLOYEES. THE DETERMINATION FOR COMPENSATION IS BASED ON ANNUAL PERFORMANCE, JOB REQUIREMENTS, AND CURRENT DATA ON THE EMPLOYMENT MARKET. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE PUBLICLY DISCLOSED ON THE ORGANIZATION'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: AMORTIZATION OF LOAN DISCOUNT -13,775. CHANGE IN ACCOUNTING PRINCIPLE -99,180. NCIF CREDIT STRATEGIES FUND LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 842147222 LENDING AND INVESTING IL 2808055 45215729 NATIONAL COMMUNITY INVESTMENT FUND NCIF CSF MANAGING MEMBER LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 842133614 HOLDING COMPANY - INVESTMENT IN NCIF CREDIT STRATEGIES FUND LLC IL 1443140 18858405 NATIONAL COMMUNITY INVESTMENT FUND NCIF NFP INC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 861472254 FUNDRAISING IL 501(C)(3) LINE 12B, II NATIONAL COMMUNITY INVESTMENT FUND 1 NCIF NEW MARKETS CAPITAL FUND XXIII CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 471466753 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND XXIV CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 471478925 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND XXV CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 471489505 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND 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STREET SUITE 3025 CHICAGO IL 60603 161645178 MANAGE CDE'S DE NATIONAL COMMUNITY INVESTMENT FUND C 236 25204 1.00000 1 NCIF MANAGEMENT INC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 842526251 PROVIDE ADMINISTRATIVE AND MANAGEMENT SERVICES DE NATIONAL COMMUNITY INVESTMENT FUND C 2927584 436421 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 NCIF MANAGEMENT INC M 2927584 SERVICE AGREEMENT NCIF NFP INC P 66666 APPLICATION COSTS - CCIA GRANT