2017-11-14T17:13:06-06:00 2016-12-31 362938874 Ostrow Reisin Berk & Abrams Ltd 455 N Cityfront Plaza Dr Suite 1500 Chicago IL 60611 990 2016-01-01 367120987 NATIONAL COMMUNITY INVESTMENT FUND NATI 3128815826 135 S LASALLE STREET No 2040 CHICAGO IL 60603 SAURABH NARAIN PRESIDENT & CEO 3128815826 2017-11-09 1 James G Quaid P00641738 3126707444 2017-11-09 76.234.45.83 2017-11-09 17:40:18 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 344CFA6393D20FDAD73D1836B83BCAAADBA391EC 2016 2018-03-14 21:41:22Z SAURABH NARAIN 135 S LASALLE STREET No 2040 CHICAGO IL 60603 5678616 0 X WWW.NCIF.ORG X 1995 IL NATIONAL COMMUNITY INVESTMENT FUND (NCIF) IS AN INDEPENDENT NON-PROFIT TRUST FUND WITH $19.2 MILLION IN TOTAL ASSETS AND $271 MILLION IN ALLOCATION OF NEW MARKETS TAX CREDITS. NCIF INVESTS THIS PRIVATE CAPITAL IN AND ENABLES KNOWLEDGE TRANSFER TO DOMESTIC DEPOSITORY INSTITUTIONS THAT INCREASE ACCESS TO FINANCIAL SERVICES IN UNDERSERVED COMMUNITIES NATIONALLY. IT EXECUTES ITS MISSION THROUGH THREE COMPLEMENTARY LINES OF BUSINESSES. 7 4 0 0 0 0 0 1000000 2416866 1433154 141817 473368 8361 3185 2567044 2909707 0 0 0 0 95000 95000 0 0 56777 2061428 1920045 2156428 2015045 410616 894662 24096381 19235652 11436459 4748293 12659922 14487359 X SEE SCHEDULE O 0 0 507021 361397 SEE SCHEDULE O 1008299 897851 SEE SCHEDULE O 116029 173906 SEE SCHEDULE O 1631349 0 1 0 0 0 0 0 0 0 1 0 1 0 0 1 1 0 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 16 0 0 0 0 0 0 0 0 X 7 4 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X SAURABH NARAIN 3128815826 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 CARLTON JENKINS CHAIRMAN 2.50 X 20000 0 0 DAVID MCGRADY TRUSTEE 2.00 X 15000 0 0 MARY TINGERTHAL TRUSTEE 2.00 X 15000 0 0 CHARLES VAN LOAN TRUSTEE 2.00 X 15000 0 0 MARK WILLIS TRUSTEE 2.00 X 15000 0 0 ALFONSO LAU TRUSTEE 2.00 X 15000 0 0 SAURABH NARAIN PRESIDENT & CEO 40.00 X X 0 0 0 STEVE MONDOZZI CONTROLLER 24.00 X 0 0 0 PATRICK CLARKE ASSISTANT CONTROLLER 40.00 X 0 0 0 95000 0 0 0 0 0 0 0 1000000 1000000 NMTC FEE INCOME 525990 807851 807851 INCOME FROM INVESTMENT 900099 361397 361397 GOV'T CONTRACT INCOME 900099 144309 144309 INTEREST ON LOANS 522291 90000 90000 INTEREST ON CDS 900099 18097 18097 11500 11500 1433154 5700 5700 3236577 2768909 467668 467668 467668 OTHER INCOME 900099 3185 3185 3185 2909707 1433154 0 476553 X 95000 95000 26550 25152 1398 31115 28004 3111 279916 158766 98699 22451 72413 72413 54121 47217 6904 27697 27697 16528 16528 44807 35846 8961 PERSONNEL - PEO 1251840 1104668 112846 34326 DUES AND FEES 70170 70170 44888 44888 2015045 1631349 326919 56777 219530 83675 3915059 4701655 1000000 108465 96950 970000 980000 58647 37477 90097 63940 42685 26157 612492 6825 18148544 12291999 20959 10914 24096381 19235652 414387 473987 11022072 4274306 11436459 4748293 X 12542479 12699165 117443 1788194 12659922 14487359 24096381 19235652 X 894662 262022 670753 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29414 21469 7945 60683 42471 18212 26157 EQUITY INVESTMENTS IN CDFIS 11779566 C INVESTMENT IN NCIF CAPITAL, LLC 19081 C CERTIFICATES OF DEPOSIT 493352 C 12291999 X 4130062 262022 958333 1220355 2909707 0 2909707 2302625 287580 287580 2015045 0 2015045 Part X, Line 2: NCIF IS GENERALLY EXEMPT FROM FEDERAL INCOME TAX PURSUANT TO SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. NCIF HAS ADOPTED THE REQUIREMENTS FOR ACCOUNTING FOR UNCERTAIN TAX POSITIONS AND MANAGEMENT HAS DETERMINED THAT THE NCIF WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX PROVISIONS AS OF DECEMBER 31, 2016 AND 2015. NCIF IS THE SOLE MEMBER AND 100% OWNER OF NCIF MANAGEMENT LLC, WHICH IS TREATED AS A DISREGARDED ENTITY FOR TAX PURPOSES. Part XI, Line 2d - Other Adjustments: INTEREST DISCOUNT 958,333. Part XII, Line 2d - Other Adjustments: INTEREST - AMORTIZATION OF DISCOUNT 287,580. ALFONSO LAU BOARD TRUSTEE 0 NCIF INVESTMENT - NCIF HAS AN EQUITY INVESTMENT IN FAIB. ALFONSO LAU IS A DIRECTOR OF FAIB. THE EQUITY INVESTMENT WAS MADE PRIOR TO HIM JOINING THE BOARD. 0 DAVID MCGRADY BOARD TRUSTEE NCIF INVESTMENT - NCIF MADE AN EQUITY INVESTMENT IN CFBANC CORPORATION DURING 1998. TRUSTEE, DAVID MCGRADY, IS ALSO THE VICE CHAIRMAN AT CFBANC CORPORATION. THE INVESTMENT WAS MADE PRIOR TO HIM JOINING THE BOARD.DAVID RAISES CAPITAL AND OPERATING SUPPORT FORM FOUNDATIONS, BANKS AND OTHER INVESTORS FOR CDFIs AND NONPROFIT ORGANIZATIONS. THE CAPITAL AND OPERATING SUPPORT MAY BE RAISED FROM EXISTING OR POTENTIAL INVESTORS IN OR SUPPORTERS OF NCIF.DAVID MAY FROM TIME TO TIME PROVIDE CONSULTING SERVICES TO PARTIES WITH WHOM NCIF MAY HAVE A BUSINESS RELATIONSHIP; AND AN ACTIVE ADVISOR TO A NUMBER OF NEW MARKET TAX CREDIT INVESTORS, ALLOCATEES AND QALICBs. 0 CARLTON JENKINS BOARD CHAIRMAN NCIF INVESTMENT - NCIF PURCHASED PREFERRED EQUITY IN ONEUNITED BANK DURING 2011. THE CHAIRMAN OF THE BOARD, CARLTON JENKINS, OWNS COMMON STOCK IN ONEUNITED BANK. 0 FORM 990, PART I, LINE 1, MISSION STATEMENT (CONTINUED) 1. INVESTING: NCIF PROVIDES PATIENT CAPITAL INTO MISSION-ORIENTED FINANCIAL INSTITUTIONS AND ALSO INTENDS TO SUPPORT SMALL BUSINESSES; 2. NMTC AND DIRECT LENDING: NCIF HAS USED THE NMTC PROGRAM TO MAKE LOANS INTO UNDERSERVED MARKETS NATIONALLY IN COLLABORATION WITH LOCAL MISSION-ORIENTED BANKS; 3. RESEARCH AND METRICS: NCIF PIONEERED ITS SOCIAL PERFORMANCE METRICS FOR BANKS TO ENABLE INVESTORS FIND THE HIGH IMPACT INSTITUTIONS AND ALSO FOR BANKS TO COMPARE THEMSELVES TO PEER GROUPS IN TERMS OF FINANCIAL AND SOCIAL IMPACT. RESEARCH CREATED ON THE SECTOR AND THE DEVELOPMENT BANKING CONFERENCE HELP IN INCREASING THE EFFICIENCY OF THE SECTOR IN BETTER SERVING THE UNDERSERVED COMMUNITIES. FORM 990, PART III, LINE 1, MISSION STATEMENT: NATIONAL COMMUNITY INVESTMENT FUND (NCIF) INVESTS CAPITAL IN INSTITUTIONS, PRIMARILY BANKS THAT INCREASE ACCESS TO RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES IN UNDERSERVED COMMUNITIES. NCIF CONTRIBUTES TO THEIR SUCCESS BY AGGREGATING CAPITAL AND KNOWLEDGE AND LEVERAGING OPPORTUNITIES. NCIF GENERATES REASONABLE FINANCIAL, SOCIAL AND ENVIRONMENTAL RETURNS FOR ITS INVESTORS AND FUNDERS. FORM 990, PART III, LINE 4A PROVIDER OF PATIENT CAPITAL - AS OF 12/31/2016, NCIF'S PORTFOLIO CONSISTS OF EQUITY INVESTMENTS OF $13.3 MILLION IN 21 MOFIS AND DEPOSITS THROUGHOUT THE NATION. WITH THE SUPPORT OF NCIF'S INVESTMENTS, PORTFOLIO INSTITUTIONS REPORTED ORIGINATING OVER $772.5 MILLION IN DEVELOPMENT LOANS IN LOW INCOME COMMUNITIES OR TO LOW INCOME BORROWERS DURING THE MOST RECENT YEAR OF ANALYSIS (FY 2015). THESE INSTITUTIONS PROVIDE CREDIT PRODUCTS, DEVELOPMENT SERVICES AND RETAIL FINANCIAL SERVICES IN ECONOMICALLY VULNERABLE COMMUNITIES AND HELP IN PROVIDING ALTERNATIVES TO PAYDAY LENDERS, CHECK CASHERS AND SUBPRIME LENDERS. NCIF RECEIVES REVENUE IN THE FORM OF INTEREST, DIVIDENDS, AND CAPITAL GAINS UPON SALE FROM DIRECT INVESTMENTS. IN ADDITION TO TRAVEL AND OTHER DIRECT EXPENSES RELATED TO RESEARCHING POTENTIAL INVESTMENT OPPORTUNITIES, NCIF ALSO ALLOCATES AN APPROPRIATE LEVEL OF PERSONNEL EXPENSE TO INVESTING ACTIVITIES. FORM 990, PART III, LINE 4B NMTC AND DIRECT LENDING: USING THE NMTC PROGRAM NCIF NOT ONLY FACILITATES LENDING TO PROJECTS LOCATED IN UNDERSERVED MARKETS BUT ALSO ENABLES OUR NETWORK BANK PARTNERS BOOK HIGH QUALITY LOANS. THE NMTC PROGRAM WAS CREATED TO CATALYZE MUCH NEEDED ECONOMIC DEVELOPMENT INVESTMENT INTO ECONOMICALLY DISTRESSED, LOW-INCOME COMMUNITIES. NCIF HAS BEEN AWARDED A TOTAL OF $271 MILLION IN NMTC ALLOCATIONS ACROSS THE 2003, 2008, 2009, 2012, 2013, AND 2016 PROGRAM YEARS. AS OF DECEMBER 31,2016, NCIF HAS CLOSED 22 DEALS UTILIZING $196.0 MILLION OF ITS NMTC ALLOCATION. NCIF ALLOCATES EXPENSES INCLUDING PROGRAM RELATED HUMAN CAPITAL EXPENSES INTO THE VARIOUS LINES OF BUSINESSES. FORM 990, PART III, LINE 4C THE NCIF NETWORK - NCIF OPERATES THE NCIF NETWORK FOR PROVIDING BEST PRACTICES IN RISK MANAGEMENT, VALUATION, GOVERNANCE AND DEVELOPMENT IMPACT ANALYSIS. THE PREMIER EVENT OF THE NCIF NETWORK IS THE DEVELOPMENT BANKING CONFERENCE WHICH BRINGS TOGETHER CHIEF EXECUTIVES FROM MISSION ORIENTED BANKS, TO SHARE BEST PRACTICES AND FOR PEER TO PEER NETWORKING. THE 2015 CONFERENCE WAS ATTENDED BY OVER 150 INDIVIDUALS, INCLUDING CHIEF EXECUTIVE OFFICERS AND SENIOR STAFF MEMBERS FROM OVER 50 BANKS, THRIFTS AND CREDIT UNIONS. THE THEME OF THE 2015 EVENT WAS "THE IMPACT WE MAKE AND SESSIONS FOCUSED ON CAPITAL RAISING, SMALL BUSINESS LENDING, NMTC, NEW TECHNOLOGY INNOVATIONS AND IMPACT MEASURING. DURING 2016, NCIF COMPLETED SEVERAL PLANNING STAGES RELATED TO ITS CONTRACT WITH THE CDFI FUND TO PROVIDE TRAINING WORKSHOPS AND INDIVIDUAL, ORGANIZATION-FOCUSED TECHNICAL ASSISTANCE SESSIONS TO MINORITY CDE INSTITUTIONS. 91 FILLED OUT AN IN-TAKE FORM EXPRESSING INTEREST IN THE WORKSHOPS AND TECHNICAL ASSISTANCE SESSIONS. THE WORKSHOPS AND TECHNICAL ASSISTANCE SESSIONS ARE SCHEDULED TO BE EXECUTED AND COMPLETED IN 2017. THE FULL TERM OF THE CONTRACT EXPIRES ON SEPTEMBER 30, 2017. ON AN ANNUAL BASIS, NCIF PRODUCES SEVERAL RESEARCH REPORTS INCLUDING AN ANNUAL REPORT ON THE FINANCIAL AND SOCIAL PERFORMANCE OF CDFI BANKS. ITS ONLINE TOOL BANKIMPACT.ORG HAS BECOME A DEFINITIVE SOURCE FOR INFORMATION ON THE SECTOR. NCIF ALLOCATES EXPENSES INCLUDING PROGRAM RELATED HUMAN CAPITAL EXPENSES INTO THE VARIOUS LINES OF BUSINESSES. FORM 990, PART V, LINE 2A AND PART VII: NCIF HAS DELEGATED THE SERVICES OF NCIF TO NCIF MANAGEMENT LLF. THE EMPLOYEES OF NCIF MANAGEMENT LLC ARE EMPLOYEES OF INSPERITY, A PROFESSIONAL EMPLOYER ORGANIZATION (PEO). THIS INCLUDES THE PRESIDENT & CEO AND THE CONTROLLER. Form 990, Part VI, Section A, line 3 NCIF SIGNED A SERVICE AGREEMENT WITH NCIF MANAGEMENT LLC FOR THE PURPOSE OF PROVIDING INVESTMENT ADVISORY, ADMINISTRATIVE, AND MANAGEMENT SERVICES TO NCIF. NCIF MANAGEMENT LLC IS A 100% OWNED SUBSIDIARY OF NCIF. THE TRUSTEES HAVE FULL RESPONSIBILITY FOR MANAGING NCIF. Form 990, Part VI, Section B, line 11b THE FORM 990 IS REVIEWED IN DETAIL BY AT LEAST TWO EMPLOYEES OF NCIF MANAGEMENT LLC AND IS PRESENTED TO THE TRUSTEES FOR THEIR REVIEW BEFORE IT IS FILED. Form 990, Part VI, Section B, line 12c THE TRUSTEES AND OFFICERS OF NCIF AND NCIF MANAGEMENT LLC 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 COMPARABLES 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 IX, line 11g PROFESSIONAL FEES: Program service expenses 158,766. Management and general expenses 98,699. Fundraising expenses 22,451. Total expenses 279,916. Form 990, Part XI, line 9: INTEREST ON AMORTIZATION OF DISCOUNT -287,580. INTEREST DISCOUNT 958,333. NCIF MANAGEMENT LLC 135 S LASALLE SUITE 2040 CHICAGO IL 60603 273629124 PROVIDE INVESTMENT ADVISORY, ADMINISTRATIVE AND MANAGEMENT SERVICES IL 693531 247154 NATIONAL COMMUNITY INVESTMENT FUND NCIF NEW MARKETS CAPITAL FUND II CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 043730590 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND III CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 043730551 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND IV CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 383791768 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND V CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 383791769 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND VI CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 383791770 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND VII CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 383791771 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND VIII CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 453342249 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND IX CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 453342421 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND X CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 453342611 INVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF NEW MARKETS CAPITAL FUND XI CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 453342735 INVESTING IN LOW-INCOME COMMUNITIES DE N/A ncIF NEW MARKETS CAPITAL FUND XII CDE LLC 135 S LASALLE STREET SUITE 2040 cHICAGO IL 60603 453342803 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XIII CDE LLC 135 S LASALLE STREET SUITE 2040 cHICAGO IL 60603 462809718 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XIV CDE LLC 135 S LASALLE STREET SUITE 2040 cHICAGO IL 60603 462930012 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XV CDE LLC 135 S LASALLE STREET SUITE 2040 cHICAGO IL 60603 432937063 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XVI CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 462963043 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XVII CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 463044204 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XVIII CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 463174154 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XIX CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 471418687 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XX CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 471431588 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XXI CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 471442883 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A nCIF NEW MARKETS CAPITAL FUND XXII CDE LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 471451806 iNVESTING IN LOW-INCOME COMMUNITIES DE N/A NCIF CAPITAL LLC 135 S LASALLE STREET SUITE 2040 CHICAGO IL 60603 161645178 MANAGE CDE'S DE NATIONAL COMMUNITY INVESTMENT FUND C -717 19106 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0