2025-05-08T13:20:09-05:00 2024-06-30 420714325 RSM US LLP 920 5TH AVENUE SUITE 2800 SEATTLE WA 98104 990 2023-07-01 942952578 LOW INCOME INVESTMENT FUND LOWI 4154896102 49 STEVENSON ST SUITE 300 SAN FRANCISCO CA 94105 PANAGIOTA MAHENDRU CHIEF FIN. AND ADMIN. OFFICER 4154896102 2025-05-07 1 0 SUE ROBISON P00560072 2062814444 2025-05-07 2023 2025-03-06 01:10:19Z DANIEL NISSENBAUM 521 FIFTH AVE STE 625 NEW YORK NY 10175 88516001 0 X WWW.LIIFUND.ORG X 1984 CA HEADQUARTERED IN SAN FRANCISCO, WITH HIGHLY PRODUCTIVE REGIONAL OFFICES ALSO IN LOS ANGELES, NEW YORK, WASHINGTON DC, AND ATLANTA, LIIF SUPPORTS ORGANIZATIONS WORKING TO REVITALIZE LOW-INCOME NEIGHBORHOODS THROUGHOUT THE UNITED STATES. TO STRENGTHEN COMMUNITIES, WE DEPLOY CAPITAL TO SUPPORT HIGH-IMPACT COMMUNITY DEVELOPMENT PROJECTS, INCLUDING AFFORDABLE HOUSING, EARLY CARE AND EDUCATION CENTERS, AND OTHER FACILITIES SUCH AS CHARTER SCHOOLS AND FEDERALLY QUALIFIED HEALTH CENTERS. LIIF IS CREATING AND PRESERVING HOUSING OPTIONS FOR INDIVIDUALS AND FAMILIES VIA CAPITAL SOLUTIONS, PROGRAMS AND POLICY. SINCE INCEPTION IN 1984, LIIF HAS INVESTED OVER $3.5 BILLION IN COMMUNITIES, SERVING 2.5 MILLION PEOPLE. THIS REPRESENTS 100,000+ AFFORDABLE HOUSING UNITS THAT WERE CREATED OR PRESERVED TO CREATE A LASTING IMPACT AND ADDRESS MARKET ECONOMIC UNCERTAINTIES. SUCCESS IS MEASURED BASED ON ECONOMIC IMPACT DATA THAT ACCELERATES THE CREATION OF COMMUNITIES OF OPPORTUNITY. 17 16 173 16 0 0 69875720 41606677 35244487 43577903 2505695 3058253 326798 54522 107952700 88297355 55148088 25313435 0 0 25341742 29512645 0 0 3243275 22420301 26981983 102910131 81808063 5042569 6489292 642654206 775773301 486280091 603844995 156374115 171928306 X SEE SCHEDULE O 0 0 36415657 25090806 0 SEE SCHEDULE O 26582909 85000 43632425 SEE SCHEDULE O 3586558 137629 0 SEE SCHEDULE O 108357 NATIONAL POLICY: INCLUDES THE ACTIVITIES RELATED TO THE DESIGN AND IMPLEMENTATION OF EDUCATION OUTREACH AND ADVOCACY STRATEGIES TO ENSURE LIIF IS ACTIVE IN FEDERAL POLICY INITIATIVES RELEVANT TO SUPPORT ITS MAIN PROGRAMS THAT BRING CAPITAL TO UNDERSERVED COMMUNITIES. 108357 66693481 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 1 243 0 1 173 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA NY X PAUL WETTERHOLM 4154896102 49 STEVENSON ST SUITE 300 SAN FRANCISCO CA 94105 REYMUNDO OCANAS CHAIR 1.00 X X 0 0 0 JESSICA SAGER VICE CHAIR 1.00 X X 0 0 0 RUSSELL BRUEMMER SECRETARY 1.00 X X 0 0 0 DIONNE NELSON TREASURER 1.00 X 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 GLORIA LEE DIRECTOR 1.00 X 0 0 0 CAROL NAUGHTON DIRECTOR 1.00 X 0 0 0 ERIKA POETHIG DIRECTOR 1.00 X 0 0 0 YOHANA QUIROZ DIRECTOR 1.00 X 0 0 0 MICHAEL SOLOMON DIRECTOR 1.00 X 0 0 0 DANIEL NISSENBAUM DIRECTOR & CEO 40.00 X X 717709 0 67213 KIMBERLY LATIMER-NELLIGAN PRESIDENT 40.00 X 491905 0 42256 MARIA ARELLANO BAGLIERI EVP & CHIEF STRATEGY OFFICER 40.00 X 286573 0 36397 PANAGIOTA MAHENDRU CFO & EVP 40.00 X 386412 0 45174 DENISE NOEL EVP & GENERAL COUNSEL 40.00 X 309097 0 33012 TINA WALKER EVP & CHIEF PEOPLE OFFICER 40.00 X 19833 0 0 RACHEL L BLUESTEIN SVP, CHIEF PROGRAM OFFICER 40.00 X 286790 0 75987 SUSAN HYMAN SVP, CHIEF CREDIT OFFICER 40.00 X 307918 0 43183 STEPHANIE MCFADDEN SVP, CHIEF LENDING OFFICER 40.00 X 289747 0 73908 KIRSTEN SHAW VP, NORTHEAST & MID-ATLANTIC REGIONS 40.00 X 278909 0 12221 CHRISTINA SHIWBALAK VP, OPERATIONS 40.00 X 272160 0 25535 3647053 0 454886 94 0 1 0 XANTRION INC 651 THOMAS L BERKELEY WAY OAKLAND CA 94612 INFORMATION TECHNOLOGY SERVICES 763358 INNOVA SOLUTIONS INC 2400 MEADOWBROOK PARKWAY DULUTH GA 30096 STAFFING SERVICES 556333 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 606740051 ACCOUNTING CONSULTING FEES 399105 SUBMITTABLE PO BOX 8255 MISSOULA MT 59807 SOFTWARE SERVICES 389813 KATHARINE WALKER 812 COUNTRY CLUB DRIVE MORAGA CA 94556 CONSULTING 330776 14 38701777 2904900 41606677 INTEREST ON LOANS 525990 32896001 32896001 TECHNICAL ASSISTANCE 525990 6206434 6206434 LOAN ORIGINATION 525990 2842311 2842311 LOAN ASSET MANAGEMENT 525990 1280333 1280333 LOAN PACKAGING/SERVICE 525990 352824 352824 43577903 3276158 3276158 741 0 218646 741 -218646 -217905 -217905 MISC. INCOME 900099 54522 54522 54522 88297355 43632425 0 3058253 21379076 21379076 3934359 3934359 2633307 1753657 686206 193444 35901 35901 20735047 13989249 5202355 1543443 745169 410820 287096 47253 3838242 2220625 1377826 239791 1524979 954552 464880 105547 382437 62652 319785 375194 8520 365681 993 72332 72332 4153134 3074738 420055 658341 1259602 505924 685257 68421 1512857 1188797 204765 119295 1077517 372069 627627 77821 94844 53503 28462 12879 15376270 15376270 393025 236137 134962 21926 LICENSES AND FEES 1483278 744319 709339 29620 OTHER FEES 612389 385680 106093 120616 PAYROLL PROCESSING FEES 124271 124271 PERSONNEL RECRUITMENT 64833 42534 18414 3885 81808063 66693481 11871307 3243275 4114646 848770 56037392 90796085 39574021 5210088 1338714 1003837 506652207 639311179 1372654 1437683 2760866 1427056 1312996 1333810 14224332 14642288 4117902 5461850 3940560 3940560 9968782 11787151 642654206 775773301 11460843 5613944 2630955 7055957 6403807 29336714 449239100 541400058 16545386 20438322 486280091 603844995 X 102140810 118358878 54233305 53569428 156374115 171928306 642654206 775773301 X 6489292 236226 8828673 X X 0 1 X 1 1 1 X 30313162 55012696 27936162 69875720 41606677 224744417 30313162 55012696 27936162 69875720 41606677 224744417 7529603 217214814 973034 451699 577374 2514195 3276158 7792460 232536877 172689785 0.93410 0.92280 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 89408 89408 81718655 81808063 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 84392 71364 40973 89408 286137 250000 250000 250000 250000 1000000 1500000 0 1 X 949795 337009 612786 1811071 1090047 721024 1333810 INTEREST PAYABLE 4079818 LEASE LIABILITY 8839499 REPAYABLE GRANTS AND AGENCY OBLIGATIONS 7030427 CONTRACT LIABILITY 488578 20438322 X 70870531 236226 -17809364 -17573138 88443669 72332 -218646 -146314 88297355 66578107 -15157624 -15157624 81735731 72332 72332 81808063 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, 2024. DURING THE YEARS ENDED JUNE 30, 2024 AND 2023, 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, 2021 THROUGH JUNE 30, 2024, AND CALIFORNIA RETURNS FOR YEARS ENDED JUNE 30, 2020 THROUGH JUNE 30, 2024, 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, 2024 AND 2023, THESE SUBSIDIARY ENTITIES RECOGNIZED NO INTEREST OR PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX BENEFITS. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE RECLASSIFICATION -15,376,270. PROVISION FOR LOAN LOSS -2,433,094. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF FIXED ASSETS -3,845. LOSS ON SALE OF NOTE RECEIVABLE -214,801. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE RECLASSIFICATION -15,376,270. LOSS ON DISPOSAL OF FIXED ASSETS 3,845. 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LIFE GAMES PRESCHOOL 4300 16TH ST NW WASHINGTON DC 20011 521008522 501 (C)(3) 17900 0 BACK TO WORK JENNY CHEN 1347 TARAVAL STREET SAN FRANCISCO CA 94116 610844321 16000 0 EXPANSION GRANT LA BAMBA PRESCHOOL CDC INC 80 MINERVA STREET SAN FRANCISCO CA 94112 922114379 15250 0 RENOVATION & REPAIR SUNNY FAMILY CHILD CARE & PRESCHOOL 3162 SAN JOSE AVE SAN FRANCISCO CA 94112 852783279 14550 0 CCSF GRANT ESTRADAS FAMILY PRESCHOOL LLC 251 MADRID ST SAN FRANCISCO CA 94112 880782153 13950 0 RENOVATION & REPAIR KIDDIE ACADEMY CHILD DEVELOPMENT LLC 2739 KNOX TERR SE WASHINGTON DC 20020 272998919 13760 0 BACK TO WORK ASSOCIATION TO BENEFIT CHILDREN 419 E 86TH ST NEW YORK NY 10128 133303089 501 (C)(3) 13610 0 BALANCE GRANT HAPPY FACE FAMILY PRESCHOOL INC 631 HEARST AVENUE SAN FRANCISCO CA 94112 822665336 11386 0 RENOVATION & REPAIR LI CHANG LIU 730 SUNNYDALE AVE SAN FRANCISCO CA 94134 843433459 11250 0 EXPANSION GRANT AMERICAN UNIVERSITY 4400 MASSACHUSETTS AVE NW WASHINGTON DC 20016 530196549 501 (C)(3) 9808 0 BACK TO WORK THE FRIENDS OF CROWN HEIGHTS EDUCATIONAL CENTERS 671-675 PROSPECT PLACE BROOKLYN NY 11216 112305641 501 (C)(3) 9600 0 BALANCE GRANT DELIA SUAREZ 1457 REVERE AVE SAN FRANCISCO CA 94124 465705122 8981 0 EXPANSION GRANT NEW CREATION CHILD DEVELOPMENT CENTER 1839 ALABAMA AVE SE WASHINGTON DC 20020 521923309 501 (C)(3) 8196 0 BACK TO WORK RUNN AND SHOOT WITH ME LLC 1432 BANGOR ST SE WASHINGTON DC 20020 464892456 8050 0 BACK TO WORK MUNDO DE FANTASIA 2610 10TH ST NE WASHINGTON DC 20018 205484904 6014 0 BACK TO WORK 52 85 BACK TO WORK 34 2717683 EXPANSION GRANT 12 448157 SF DEC - RENOVATION AND REPAIR 14 410860 BALANCE GRANT 5 13200 SF DEC - EXPANSION 4 252758 CCSF GRANT 2 91701 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 522709 0 195000 0 0 0 13200 0 54013 0 784922 0 0 0 KIMBERLY LATIMER-NELLIGAN PRESIDENT 391905 0 100000 0 0 0 13200 0 29056 0 534161 0 0 0 PANAGIOTA MAHENDRU CFO & EVP 326412 0 60000 0 0 0 13200 0 31974 0 431586 0 0 0 STEPHANIE MCFADDEN SVP, CHIEF LENDING OFFICER 243016 0 46731 0 0 0 11782 0 62126 0 363655 0 0 0 RACHEL L BLUESTEIN SVP, CHIEF PROGRAM OFFICER 240886 0 45904 0 0 0 11774 0 64213 0 362777 0 0 0 SUSAN HYMAN SVP, CHIEF CREDIT OFFICER 259562 0 48356 0 0 0 12490 0 30693 0 351101 0 0 0 DENISE NOEL EVP & GENERAL COUNSEL 266097 0 43000 0 0 0 12421 0 20591 0 342109 0 0 0 MARIA ARELLANO BAGLIERI EVP & CHIEF STRATEGY OFFICER 269573 0 17000 0 0 0 11557 0 24840 0 322970 0 0 0 CHRISTINA SHIWBALAK VP, OPERATIONS 238660 0 33500 0 0 0 11008 0 14527 0 297695 0 0 0 KIRSTEN SHAW VP, NORTHEAST & MID-ATLANTIC REGIONS 234136 0 44773 0 0 0 11156 0 1065 0 291130 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. WE BELIEVE THAT A COMMUNITY OF OPPORTUNITY PROVIDES ITS RESIDENTS WITH AFFORDABLE HOUSING, HIGH-QUALITY EDUCATIONAL OPPORTUNITIES, THE ABILITY TO LIVE HEALTHY AND ACTIVE LIVES, AND GOOD JOBS. 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 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 OVER $500 MILLION IN LOANS AND GRANTS. LIIF'S ECE PROGRAM CURRENTLY FOCUSES ITS EFFORTS IN CALIFORNIA, OREGON, NEW YORK, WASHINGTON DC, ATLANTA, GA AND HARRIS COUNTY, TX. ADDITIONALLY, THE ECE PROGRAM PROVIDES ADVISORY SERVICES AND IMPACTS STATE POLICY IN VARIOUS REGIONS ACROSS THE COUNTRY. IN 2024, LIIF PROVIDED MORE THAN 7,999 HOURS OF SPECIALIZED TECHNICAL ASSISTANCE AND $133 MILLION IN GRANTS TO 1,077 ECE PROGRAMS TO PRESERVE AND ENHANCE CHILD CARE SPACES FOR 52.6 THOUSAND CHILDREN IN LOW INCOME COMMUNITIES. FORM 990, PART III, LINE 4B: LENDING ACTIVITIES: LIIF EMPLOYS A LENDING STRATEGY THAT ADVANCES OPPORTUNITY AND WELL-BEING FOR PEOPLE AND COMMUNITIES. LIIF'S STRATEGY 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 $3.8 BILLION TO PROJECTS SERVING LOW INCOME INDIVIDUALS AND FAMILIES, AND THESE INVESTMENTS HAVE LEVERAGED $17.1 BILLION IN OTHER CAPITAL INVESTMENTS. LIIF'S WORK SUPPORTS THOSE MOST IN NEED. OF THE 2.6 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 $1.8 BILLION TO SUPPORT THE DEVELOPMENT OF 99,525 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 $863 MILLION IN THE DEVELOPMENT OF 112,930 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 GDHD PROGRAM WHICH SUPPORTS THE GROWTH OF AFFORDABLE HOUSING DEVELOPERS ACROSS THE NATION, WITH A FOCUS ON CALIFORNIA, GEORGIA, TEXAS, NEW YORK CITY, PHILADELPHIA, AND WASHINGTON, DC. THE PROGRAM OFFERS INNOVATIVE 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. 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 ITS 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 -2,433,094. CUMULATIVE EFFECT OF ASC 326 ADOPTION 11,261,767. 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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