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Nonprofiteer
← EQUITABLE FACILITIES FUND INC

Form 990 for tax year 2022

Filed by EQUITABLE FACILITIES FUND INC.

Totals

Total revenue
$109,581,682
Total expenses
$24,559,398
Contributions and grants received
$78,150,000
Grants paid
$0
Program service revenue
$30,035,741
Investment income
$1,395,941
Other revenue
$0
Total assets, end of year
$1,150,821,941
Total liabilities, end of year
$803,620,450
Net assets or fund balances, end of year
$347,201,491
Program services expenses (Part IX)
$23,145,959
Management and general expenses
$1,213,653
Fundraising expenses
$199,786
Program service expenses (Part III)
$23,145,959

Program services were 94.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $8,075,000

  • 1f · All other contributions, gifts and grants

    $70,075,000

  • 2a · Program service revenue: LOAN INCOME

    total $29,511,381 · related or exempt $29,511,381

  • 2b · Program service revenue: SERVICE FEES

    total $524,360 · related or exempt $524,360

  • 3 · Investment income

    total $1,395,941 · excluded $1,395,941

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,696,821 · program services $1,293,621 · management and general $297,600 · fundraising $105,600

  • 6 · Compensation of disqualified persons

    total $545,911 · program services $469,390 · management and general $55,071 · fundraising $21,450

  • 8 · Pension plan contributions

    total $92,277 · program services $72,539 · management and general $14,511 · fundraising $5,227

  • 9 · Other employee benefits

    total $228,867 · program services $179,912 · management and general $35,990 · fundraising $12,965

  • 10 · Payroll taxes

    total $126,897 · program services $99,753 · management and general $19,955 · fundraising $7,189

  • 11b · Fees: legal

    total $4,392 · management and general $4,392

  • 11c · Fees: accounting

    total $219,415 · management and general $219,415

  • 11e · Fees: professional fundraising services

    total $17,147 · fundraising $17,147

  • 11g · Fees: other

    total $768,976 · program services $463,327 · management and general $305,649

  • 12 · Advertising and promotion

    total $54,626 · management and general $54,626

  • 13 · Office expenses

    total $14,307 · program services $11,247 · management and general $2,250 · fundraising $810

  • 14 · Information technology

    total $136,031 · program services $106,934 · management and general $21,391 · fundraising $7,706

  • 16 · Occupancy

    total $58,050 · program services $45,633 · management and general $9,128 · fundraising $3,289

  • 17 · Travel

    total $231,978 · program services $182,358 · management and general $36,479 · fundraising $13,141

  • 20 · Interest

    total $20,068,231 · program services $20,068,231

  • 22 · Depreciation, depletion and amortization

    total $12,062 · program services $9,482 · management and general $1,897 · fundraising $683

  • 23 · Insurance

    total $104,540 · management and general $104,540

  • 24a · Other expenses: PORTFOLIO EVENTS

    total $72,343 · program services $72,343

  • 24b · Other expenses: STAFF DEVELOPMENT & TEA

    total $54,738 · program services $43,029 · management and general $8,608 · fundraising $3,101

  • 24c · Other expenses: CELL PHONE

    total $12,196 · program services $9,587 · management and general $1,918 · fundraising $691

  • 24d · Other expenses: BUSINESS LICENSES

    total $7,735 · management and general $7,735

  • 24e · All other expenses

    total $31,858 · program services $18,573 · management and general $12,498 · fundraising $787

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,452,036 · end of year $3,175,828

  • 2 · Savings and temporary cash investments

    beginning of year $1,541 · end of year $1,540

  • 3 · Pledges and grants receivable

    end of year $7,275,000

  • 7 · Other notes and loans receivable

    beginning of year $580,126,050 · end of year $939,232,216

  • 9 · Prepaid expenses and deferred charges

    beginning of year $359,886 · end of year $597,051

  • 10a · Land, buildings and equipment: cost or other basis

    $62,082

  • 10b · Land, buildings and equipment: accumulated depreciation

    $45,732

  • 10c · Land, buildings and equipment, net

    beginning of year $24,182 · end of year $16,350

  • 12 · Investments: other securities

    beginning of year $257,818,132 · end of year $196,970,074

  • 14 · Intangible assets

    beginning of year -$481

  • 15 · Other assets

    beginning of year $1,973,412 · end of year $3,553,882

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,838,366 · end of year $8,681,035

  • 20 · Tax-exempt bond liabilities

    beginning of year $571,507,350 · end of year $791,139,415

  • 24 · Unsecured notes and loans payable

    beginning of year $3,800,000 · end of year $3,800,000

  • 27 · Net assets without donor restrictions

    beginning of year $262,609,042 · end of year $330,926,491

  • 28 · Net assets with donor restrictions

    beginning of year $1,000,000 · end of year $16,275,000

Mission and programs · 2022

Mission

EFF IS A NONPROFIT SOCIAL IMPACT FUND THAT BELIEVES ALL CHILDREN DESERVE A QUALITY EDUCATION. WE EMPOWER HIGH-PERFORMING PUBLIC CHARTER SCHOOLS WITH EQUITABLE ACCESS TO LOW-COST, LONG-TERM FINANCING BY INNOVATIVELY COMBINING MISSION-RELATED INVESTMENTS AND CAPITAL MARKETS.

  • THE EQUITABLE FACILITIES FUND LEVERAGES DONATIONS AND OTHER PHILANTHROPIC MONIES IT RECEIVES AND HOLDS TO ENABLE CHARTER SCHOOLS TO BORROW MORE CHEAPLY AND EFFECTIVELY. DESIGNING, IMPLEMENTING AND MAINTAINING THIS NEW SOURCE OF CAPITAL FOR CHARTER SCHOOL FACILITIES WILL ULTIMATELY LEAD TO IMPROVED PUBLIC EDUCATION FOR CHILDREN.

    Expenses $23,145,959 · Revenue $30,035,741

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Buddy Philpot

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • Scott Pearson

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Kevin Hall

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Aarthi Sowrirajan From 11522

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Nguyen Huyhn From 11522

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Anand Kesavan

    CEO

    Total calculated
    $539,683
    From this org
    $500,000
    From related orgs
    $0
    Other
    $39,683
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $500,000
    Bonus
    $0
    Other
    $0
    Deferred
    $6,761
    Nontaxable benefits
    $32,922
    Filer's total
    $539,683

  • Michelle Getz

    CHIEF CREDIT OFFICER

    Total calculated
    $260,004
    From this org
    $220,000
    From related orgs
    $0
    Other
    $40,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,000
    Bonus
    $0
    Other
    $0
    Deferred
    $13,200
    Nontaxable benefits
    $26,804
    Filer's total
    $260,004

  • Mike McGregor

    CHIEF OPERATIONS OFFICER

    Total calculated
    $251,089
    From this org
    $228,000
    From related orgs
    $0
    Other
    $23,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,000
    Bonus
    $38,000
    Other
    $0
    Deferred
    $13,205
    Nontaxable benefits
    $9,884
    Filer's total
    $251,089

  • Shawn McCormack From 011122

    INVESTMENT PRINCIPAL

    Total calculated
    $248,982
    From this org
    $208,821
    From related orgs
    $0
    Other
    $40,161
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,250
    Bonus
    $32,571
    Other
    $0
    Deferred
    $11,854
    Nontaxable benefits
    $28,307
    Filer's total
    $248,982

  • Wendy Berry

    INVESTMENT PRINCIPAL

    Total calculated
    $229,803
    From this org
    $198,000
    From related orgs
    $0
    Other
    $31,803
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,000
    Bonus
    $18,000
    Other
    $0
    Deferred
    $10,350
    Nontaxable benefits
    $21,453
    Filer's total
    $229,803

  • Marc Wancer

    INVESTMENT PRINCIPAL

    Total calculated
    $217,913
    From this org
    $198,000
    From related orgs
    $0
    Other
    $19,913
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,000
    Bonus
    $18,000
    Other
    $0
    Deferred
    $9,714
    Nontaxable benefits
    $10,199
    Filer's total
    $217,913

  • Mark Medema

    SENIOR ADVISOR

    Total calculated
    $142,190
    From this org
    $107,250
    From related orgs
    $0
    Other
    $34,940
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4(B)
ANAND KESAVAN ACCRUED IN 2021, DISBURSED IN JANUARY 2022: $100,000, VESTS 12/31/2024 ACCRUED IN 2022, DISBURSED IN JANUARY 2023: $100,000 , VESTS 12/31/2025 MICHELLE GETZ ACCRUED IN 2021, DISBURSED IN JANUARY 2022: $44,000, VESTS 12/31/2024 ACCRUED IN 2022, DISBURSED IN JANUARY 2023: $44,000, VESTS 12/31/2025 EACH CONTRIBUTION LISTED HAS A 3 YEAR VESTING PERIOD, VESTING 100% AT THE END OF THE PERIOD. THE EMPLOYEE MUST BE EMPLOYED AND IN GOOD STANDING ON THE VESTING DAY FOR THE CONTRIBUTIONS TO VEST.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • EQUITABLE SCHOOL REVOLVING FUND LLC

    SUPPORT CHARTER SCHOOLS · DE · income $18,671,159 · assets $834,802,333

    Directly controlled by EQUITABLE FACILITIES FUND INC

Provenance

Return type
form_990
Tax year
2022
Filed
16 November 2023
IRS schema version
2022v5.0
Source object
202343209349303199

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