2022-10-10T18:01:27-05:00 2021-12-31 362938874 OSTROW REISIN BERK & ABRAMS LTD 455 N CITYFRONT PLAZA DR SUITE 1500 CHICAGO IL 60611 990 2021-01-01 367120987 NATIONAL COMMUNITY INVESTMENT FUND NATI 3126626096 135 S LASALLE STREET 3025 CHICAGO IL 60603 SAURABH NARAIN PRESIDENT & CEO 3126626096 2022-09-26 1 SAURABH NARAIN 999009999 JAMES G QUAID P00641738 3126707444 2022-09-26 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z SAURABH NARAIN 135 S LASALLE STREET 3025 CHICAGO IL 60603 11835333 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. DURING 2021, NCIF SET UP NCIF NFP INC. AS A SUPPORTING 501 (C) 3 NONPROFIT ORGANIZATION TO HELP RAISE FUNDING AND CHARITABLE CONTRIBUTIONS FROM PUBLIC AND PRIVATE PARTNERSHIPS AND 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, 2021, NCIF AND CONSOLIDATED SUBSIDIARIES HAD TOTAL ASSETS ON BALANCE SHEET OF $50 MILLION. IN ADDITION, IT HAS $158 MILLION OF NEW MARKETS TAX CREDITS (NMTC) ALLOCATIONS OUTSTANDING TAKING TOTAL AUM TO $208 MILLION. 7 7 0 0 0 0 2639000 2683765 3251259 2844350 1607538 3766805 0 0 7497797 9294920 107000 405000 0 0 80000 91250 0 0 99639 3313592 3725210 3500592 4221460 3997205 5073460 37203919 49874763 13425961 13817891 23777958 36056872 X SEE SCHEDULE O 0 0 1648901 5000 4106144 SEE SCHEDULE O 847195 2486425 SEE SCHEDULE O 400000 400000 SEE SCHEDULE O 77421 18586 OTHER PROGRAM SERVICES PRIMARILY CONSISTS OF EXPENSES RELATE TO THE NCIF NETWORK - NCIF OPERATES THE NCIF NETWORK FOR PROVIDING IDEAS TO FACILITATE GROWTH OF THE SECTOR INCLUDING BUT NOT LIMITED TO NEW PRODUCT DEVELOPMENT, CAPITAL RAISING, RISK MANAGEMENT, NEW TECHNOLOGY, VALUATION, GOVERNANCE AND IMPACT ANALYSIS. NCIF REGULARLY LEVERAGES AND EXPANDS THIS NETWORK OF BANKS AND CDFIS TO PROVIDE VALUABLE EVENTS FOR BOTH ORGANIZATIONS AND INDIVIDUALS. 77421 18586 2973517 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 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 X 28 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X WENEIS CHAN 3126626099 135 S LASALLE STREET 3025 CHICAGO IL 60603 CARLTON JENKINS CHAIR 2.50 X X 15000 0 0 ROBERT SCHALL TRUSTEE 2.00 X 11250 0 0 MARY TINGERTHAL TRUSTEE 2.00 X 11250 0 0 MARK WILLIS TRUSTEE 2.00 X 11250 0 0 ALFONSO LAU TRUSTEE - TERM 2.00 X 7500 0 0 DAVID MCGRADY TRUSTEE - TERM 2.00 X 7500 0 0 VICTOR ELMORE TRUSTEE 2.00 X 3750 0 0 BRENDA ROSS-DULAN TRUSTEE 2.00 X 0 0 0 SAURABH NARAIN PRESIDENT & CEO 40.00 X X 0 0 0 WENEIS CHAN CONTROLLER 40.00 X 0 0 0 PATRICK CLARKE CONTROLLER - TERM 40.00 X 0 0 0 STEVE MONDOZZI CONTROLLER - TERM 24.00 X 0 0 0 67500 0 0 0 0 0 0 NOVOGRADAC 246 FIRST STREET 2ND FLOOR SAN FRANCISCO CA 94105 ACCOUNTING & TAX 227496 DENTONS US LLP 233 S WACKER DRIVE SUITE 5900 CHICAGO IL 60606 LEGAL 102066 2 2620765 63000 2683765 NMTC FEE INCOME 525990 1626941 1626941 INTEREST ON LOANS 522291 848984 848984 INCOME FROM INVESTMENT 523000 339338 339338 CONFERENCE INCOME 611430 18587 18587 LOAN FEE INCOME 522291 10500 10500 2844350 4307218 2000000 540413 2000000 3766805 0 3766805 3766805 9294920 6611155 0 0 405000 405000 91250 91250 2818284 1944616 789119 84549 178731 91971 74629 12131 112511 50996 61515 2500 2500 265 265 9066 9066 403822 403822 54586 37665 15283 1638 BAD DEBT EXPENSE 101414 101414 DUES AND FEES 44031 30381 12329 1321 4221460 2973517 1148304 99639 11340616 11927894 58400 143562 99149 144747 13121325 17074160 26307 28283 12558122 20556117 37203919 49874763 661167 775278 12639794 13017613 125000 25000 13425961 13817891 X 22713296 35493633 1064662 563239 23777958 36056872 37203919 49874763 X 5073460 7288877 -83423 X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 EQUITY INVESTMENTS IN CDFIS 12796174 C EQUITY INVESTMENTS IN CDFIS 7735101 F INVESTMENT IN NCIF CAPITAL, LLC 26924 C INVESTMENT IN NCIF MANAGEMENT, INC. -2082 C 20556117 DEPOSITS 25000 25000 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, 2021 AND 2020. ALFONSO LAU BOARD TRUSTEE NCIF HAD MADE AN EQUITY INVESTMENT FIRST AMERICAN INVESTMENT CORPORATION (FAIC) THAT WAS ACQUIRED BY RBB BANCORP (RBB). ALFONSO LAU WAS A DIRECTOR ON THE BOARD OF FAIC AND REMAINS ON THE BOARD OF RBB. NCIF INVESTMENT IN FAIC/RBB WAS MADE PRIOR TO ALFONSO LAU JOINING THE NCIF BOARD. IN 2021, HE RETIRED FROM THE NCIF BOARD. 0 DAVID MCGRADY BOARD TRUSTEE NCIF MADE AN EQUITY INVESTMENT IN CFBANC CORPORATION THAT OWNS 100% OF CITY FIRST BANK OF DC. DAVID IS ALSO A MEMBER OF THE GOVERNING BOARD OF CITY FIRST BANK OF DC. NCIF INVESTMENT WAS MADE PRIOR TO DAVID JOINING THE NCIF BOARD. DAVID RAISES CAPITAL AND OPERATING SUPPORT FROM FOUNDATIONS, BANKS AND OTHER INVESTORS FOR CDFIS AND NONPROFIT ORGANIZATIONS. FROM TIME TO TIME, HE PROVIDES CONSULTING SERVICES TO PARTIES WITH WHOM NCIF MAY HAVE A BUSINESS RELATIONSHIP. HE IS AN ACTIVE ADVISOR TO A NUMBER OF NEW MARKETS TAX CREDIT INVESTORS, ALLOCATEES AND QALICBS. IN 2021, HE RETIRED FROM THE NCIF BOARD. 0 FORM 990, PART I, LINE 1, MISSION STATEMENT (CONTINUED) NCIF ACHIEVES ITS MISSION VIA 3 COMPLEMENTARY BUSINESS LINES: 1. EQUITY INVESTING 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 $376 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 MAKES 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 HAS INFORMED LENDERS, GRANTORS, DEPOSITORS AND OTHER STAKEHOLDERS USING THESE METRICS TO INCREASE CAPITAL FLOW TO UNDERSERVED MARKETS. NCIF PIONEERED THE USE OF SOCIAL PERFORMANCE METRICS (SEE WWW.BANKIMPACT.ORG AND WWW.BANKIMPACTMAPS.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 III, LINE 1, MISSION STATEMENT: NATIONAL COMMUNITY INVESTMENT FUND INVESTS AND LENDS CAPITAL THAT INCREASES ACCESS TO RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES, CATALYZE 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. FORM 990, PART III, LINE 4A 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 $376 MILLION IN NMTC ALLOCATIONS ACROSS THE 2003, 2008, 2009, 2012, 2013, 2016, 2017 AND 2020 PROGRAM YEARS. AS OF DECEMBER 31, 2021, NCIF HAS CLOSED 48 DEALS UTILIZING $333 MILLION OF ITS NMTC ALLOCATION. IN 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. AS OF 12/31/2021, NCIF HAD BORROWED $12.7 MILLION OF THE $15 MILLION LOAN COMMITMENTS AND DEPLOYED THIS FUNDING IN THE FORM OF LOANS TO BUSINESSES IN UNDERSERVED MARKETS. NCIF HAS RAISED AN ADDITIONAL $15 MILLION IN 2022 TO FURTHER ITS MISSION GOALS. FORM 990, PART III, LINE 4B EQUITY INVESTING: AS OF 12/31/2021, NCIF AND CSF'S PORTFOLIO CONSISTS OF EQUITY INVESTMENTS OF $20.5 MILLION IN 19 MOFIS AND DEPOSITS THROUGHOUT THE NATION. NCIF AND CSF RECEIVES REVENUE IN THE FORM OF INTEREST, DIVIDENDS, AND CAPITAL GAINS UPON SALE FROM DIRECT INVESTMENTS. FORM 990, PART III, LINE 4C THE NCIF CARES PROGRAM WAS CREATED IN 2020 WHEN NATIONAL COMMUNITY INVESTMENT FUND INVITED 21 PARTNER COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) AND MINORITY BANKS TO IDENTIFY SMALL BUSINESS CUSTOMERS THAT ARE INTEGRAL TO THEIR LOCAL COMMUNITIES AND NEEDED SUPPORT TO SUSTAIN THEIR RESPECTIVE BUSINESSES THROUGH THE COVID-19 PANDEMIC. NATIONAL COMMUNITY INVESTMENT FUND GRANTED OVER $100,000 TO PILOT AN UNRESTRICTED MICROGRANT PROGRAM AS GAP FUNDING TO THESE CUSTOMERS. THE FIRST BATCH OF MICROGRANTS WENT TO SOCIAL ENTREPRENEURS, RETAIL BUSINESSES, COMMUNITY FACILITIES, AFFORDABLE HOUSING ORGANIZATIONS, ARTS NONPROFITS, AND OTHER SMALL BUSINESSES ACROSS THE COUNTRY. BUILDING ON THE SUCCESS OF THE FIRST BATCH, AN ADDITIONAL $400,000 WAS GRANTED IN 2021 TO 82 SMALL BUSINESSES. FORM 990, PART V, LINE 2A AND PART VII: NCIF HAS DELEGATED THE SERVICES OF NCIF AND CSF TO NCIF MANAGEMENT, INC, A FOR-PROFIT 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. (CONVERTED IN 2019 TO A "C-CORPORATION" FROM NCIF MANAGEMENT LLC) FOR THE PURPOSE OF PROVIDING ADMINISTRATIVE, AND MANAGEMENT SERVICES TO NCIF AND CSF. NCIF MANAGEMENT, INC. IS 100% OWNED SUBSIDIARY OF NCIF. THE TRUSTEES HAVE FULL RESPONSIBILITY FOR MANAGING NCIF, THROUGH THEIR ELECTION AS THE BOARD OF DIRECTORS OF NCIF MANAGEMENT INC. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED IN DETAIL BY AT LEAST TWO EMPLOYEES OF NCIF MANAGEMENT, INC. AND IS PRESENTED TO THE AUDIT COMMITTEE FOR THEIR REVIEW BEFORE IT IS FILED. THE FORM 990 IS ALSO DISCLOSED TO ALL TRUSTEES. 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 DURING 2010, THE TRUSTEES ENGAGED A CONSULTING FIRM TO REVIEW AND DETERMINE COMPENSATION FOR THE PRESIDENT AND CEO. STAFF COMPENSATION IS DETERMINED BY THE PRESIDENT AND CEO, BASED ON MARKET COMPARABLE AND INFORMATION RECEIVED FROM INSPERITY AND SIMILAR ORGANIZATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE GENERAL PUBLIC. THE FINANCIAL STATEMENTS ARE PUBLICLY DISCLOSED ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: AMORTIZATION OF LOAN DISCOUNT -83,423. NCIF CREDIT STRATEGIES FUND LLC 135 S LASALLE SUITE 3025 CHICAGO IL 60603 842147222 LENDING AND INVESTING IL 9179746 36050182 NATIONAL COMMUNITY INVESTMENT FUND NCIF MANAGING MEMBER LLC 135 S LASALLE SUITE 3025 CHICAGO IL 60603 842133614 HOLDING COMPANY - INVESTMENT IN NCIF CREDIT STRATEGIES FUND LLC IL 8364563 24110485 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 II CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 043730590 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND III CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 043730551 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND IV CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 383791768 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND V CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 383791769 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND VI CDE LLC 136 S LASALLE STREET SUITE 3025 CHICAGO IL 60604 383791770 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND VII CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 383791771 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND VIII CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 453342249 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND IX CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 453342421 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND X CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 453342611 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL FUND XI CDE LLC 135 S LASALLE STREET SUITE 3025 CHICAGO IL 60603 453342735 INVESTING IN LOW-INCOME COMMUNITIES DE N/A 0 0 NCIF NEW MARKETS CAPITAL 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