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Nonprofiteer
← NATIONAL EQUITY FUND INC

Form 990 for tax year 2023

Filed by NATIONAL EQUITY FUND INC.

Totals

Total revenue
$85,962,936
Total expenses
$90,040,711
Contributions and grants received
$0
Grants paid
$17,537,575
Program service revenue
$81,909,278
Investment income
$2,473,113
Other revenue
$1,580,545
Total assets, end of year
$126,377,114
Total liabilities, end of year
$91,616,357
Net assets or fund balances, end of year
$34,760,757
Program services expenses (Part IX)
$80,115,478
Management and general expenses
$9,925,233
Fundraising expenses
$0
Program service expenses (Part III)
$80,115,478

Program services were 89.0% 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.

  • 2a · Program service revenue: LOW INCOME HOUSING REV

    total $81,909,278 · related or exempt $81,909,278

  • 3 · Investment income

    total $2,473,113 · related or exempt $260,998 · excluded $2,212,115

  • 11a · Other revenue: WORKOUT REIMBURSEMENTS

    total $814,337 · related or exempt $814,337

  • 11b · Other revenue: LOAN LOSS RECOVERY

    total $208,839 · related or exempt $208,839

  • 11d · All other revenue

    total $557,369 · related or exempt $557,369

  • 11e · Other revenue, total

    $1,580,545

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $17,537,575 · program services $17,537,575

  • 5 · Compensation of officers, directors and key employees

    total $6,771,518 · program services $5,741,217 · management and general $1,030,301

  • 6 · Compensation of disqualified persons

    total $10,003 · program services $8,481 · management and general $1,522

  • 7 · Other salaries and wages

    total $33,782,106 · program services $28,642,084 · management and general $5,140,022

  • 8 · Pension plan contributions

    total $1,827,305 · program services $1,549,277 · management and general $278,028

  • 9 · Other employee benefits

    total $3,154,679 · program services $2,674,688 · management and general $479,991

  • 10 · Payroll taxes

    total $2,249,124 · program services $1,906,915 · management and general $342,209

  • 11b · Fees: legal

    total $7,331,138 · program services $6,888,905 · management and general $442,233

  • 11c · Fees: accounting

    total $441,445 · program services $64,197 · management and general $377,248

  • 11g · Fees: other

    total $3,801,248 · program services $3,039,033 · management and general $762,215

  • 12 · Advertising and promotion

    total $1,308,099 · program services $1,308,099

  • 13 · Office expenses

    total $762,571 · program services $540,314 · management and general $222,257

  • 14 · Information technology

    total $984,280 · program services $795,767 · management and general $188,513

  • 16 · Occupancy

    total $1,591,645 · program services $1,415,508 · management and general $176,137

  • 17 · Travel

    total $1,652,915 · program services $1,547,577 · management and general $105,338

  • 19 · Conferences, conventions and meetings

    total $389,550 · program services $339,787 · management and general $49,763

  • 20 · Interest

    total $1,302,708 · program services $1,302,708

  • 22 · Depreciation, depletion and amortization

    total $393,002 · program services $325,101 · management and general $67,901

  • 23 · Insurance

    total $703,023 · program services $594,951 · management and general $108,072

  • 24a · Other expenses: LOAN ALLOWANCE

    total $3,496,430 · program services $3,496,430

  • 24b · Other expenses: MEMBERSHIP DUES

    total $158,793 · program services $129,128 · management and general $29,665

  • 24c · Other expenses: TRAINING

    total $81,287 · program services $24,995 · management and general $56,292

  • 24d · Other expenses: TUITION

    total $59,950 · program services $18,434 · management and general $41,516

  • 24e · All other expenses

    total $250,317 · program services $224,307 · management and general $26,010

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $39,953,639 · end of year $53,514,876

  • 4 · Accounts receivable

    beginning of year $17,956,116 · end of year $17,825,230

  • 7 · Other notes and loans receivable

    beginning of year $41,042,786 · end of year $45,210,017

  • 8 · Inventories for sale or use

    beginning of year $11,356 · end of year $5,072

  • 9 · Prepaid expenses and deferred charges

    beginning of year $865,515 · end of year $1,213,987

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

    $8,334,623

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

    $7,695,568

  • 10c · Land, buildings and equipment, net

    beginning of year $867,995 · end of year $639,055

  • 13 · Investments: program-related

    beginning of year $2,083,739 · end of year $2,955,542

  • 14 · Intangible assets

    beginning of year $1,447,816 · end of year $3,838,621

  • 15 · Other assets

    beginning of year $1,359,137 · end of year $1,174,714

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,432,153 · end of year $34,716,052

  • 18 · Grants payable

    beginning of year $10,000 · end of year $20,000

  • 19 · Deferred revenue

    beginning of year $10,929,296 · end of year $10,984,263

  • 25 · Other liabilities

    beginning of year $40,374,438 · end of year $45,896,042

  • 27 · Net assets without donor restrictions

    beginning of year $30,842,212 · end of year $34,760,757

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

NATIONAL EQUITY FUND'S MISSION IS TO CREATE AND DELIVER INNOVATIVE, COLLABORATIVE FINANCIAL SOLUTIONS TO EXPAND THE CREATION AND PRESERVATION OF AFFORDABLE HOUSING. WE STRIVE TO BE A DIVERSE, EQUITABLE AND INCLUSIVE PLACE TO WORK SO THAT OUR TEAM HAS THE EXPERIENCE AND KNOWLEDGE TO EFFECTIVELY SUPPORT OUR PARTNERS AND COMMUNITIES. OUR VISION IS THAT ALL INDIVIDUALS AND FAMILIES ACROSS THE COUNTRY HAVE ACCESS TO STABLE, SAFE AND AFFORDABLE HOMES THAT PROVIDE A FOUNDATION FOR THEM TO REACH THEIR FULL POTENTIAL.

  • NEF, INC SERVES AS THE GENERAL PARTNER OR MANAGING MEMBER OF INVESTOR LIMITED PARTNERSHIPS AND LIMITED LIABILITY COMPANIES THAT ACQUIRE LIMITED PARTNER OR NON-MANAGING MEMBER INTERESTS IN PROJECT PARTNERSHIPS OR PROJECT LIMITED LIABILITY COMPANIES THAT ACQUIRE, OWN, CONSTRUCT, REHABILITATE AND OPERATE LOW-INCOME HOUSING PROJECTS. IN ADDITION, NEF, INC. PROVIDES AND FACILITATES VARIOUS GRANTS, FINANCING, TECHNICAL ASSISTANCE, AND ASSET MANAGEMENT SERVICES TO SUPPORT SUCH INVESTMENTS IN LOW-INCOME HOUSING PROJECTS.

    Expenses $80,115,478 · Grants $17,537,575 · Revenue $83,750,821

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ANDREW DITTON

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9 + 0.1 related

  • EDWARD SIGLER

    CHAIRMAN (AND DIRECTOR)

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ELDRIDGE EDGECOMBE

    DIRECTOR

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • GARY ROZIER

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • HELEN DUNLAP

    DIRECTOR

    Total calculated
    $281,484
    From this org
    $8,000
    From related orgs
    $273,484
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $8,000 + $273,484 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $8,000 + $273,484 related

  • JANE GRAF

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • KRISTEN SWITZER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • LISA GLOVER

    OUTGOING VICE CHAIRMAN (AND DIRECTOR)

    Total calculated
    $728,705
    From this org
    $0
    From related orgs
    $682,537
    Other
    $46,168
    Hours/week
    2 + 35 related

    Schedule J breakdown matched by us

    Base
    $0 + $607,935 related
    Bonus
    $0 + $27,500 related
    Other
    $0 + $47,102 related
    Deferred
    $0 + $33,604 related
    Nontaxable benefits
    $0 + $13,131 related
    Filer's total
    $0 + $729,272 related

  • MATTHEW REILEIN

    PRESIDENT & CEO (AND DIRECTOR)

    Total calculated
    $1,333,259
    From this org
    $1,003,040
    From related orgs
    $0
    Other
    $330,219
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $475,090
    Bonus
    $527,500
    Other
    $450
    Deferred
    $299,103
    Nontaxable benefits
    $41,061
    Filer's total
    $1,343,204

  • MICHAEL MAY

    DIRECTOR

    Total calculated
    $31,000
    From this org
    $31,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • MICHAEL PUGH

    VICE CHAIRMAN (AND DIRECTOR)

    Total calculated
    $226,561
    From this org
    $0
    From related orgs
    $224,934
    Other
    $1,627
    Hours/week
    2 + 33 related

    Schedule J breakdown matched by us

    Base
    $0 + $149,775 related
    Bonus
    $0 + $75,000 related
    Other
    $0 + $159 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $2,207 related
    Filer's total
    $0 + $227,141 related

  • PATRICK NASH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • ROBERT COONEY

    DIRECTOR

    Total calculated
    $441,027
    From this org
    $0
    From related orgs
    $359,759
    Other
    $81,268
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $318,241 related
    Bonus
    $0 + $39,081 related
    Other
    $0 + $2,437 related
    Deferred
    $0 + $33,648 related
    Nontaxable benefits
    $0 + $48,307 related
    Filer's total
    $0 + $441,714 related

  • ROBERT MANTLE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • SINDY SPIVAK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • VICKY ARROYO

    DIRECTOR

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ALEX DENJA

    SVP, COO, CFO

    Total calculated
    $948,177
    From this org
    $774,334
    From related orgs
    $0
    Other
    $173,843
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $323,884
    Bonus
    $450,000
    Other
    $450
    Deferred
    $144,227
    Nontaxable benefits
    $34,308
    Filer's total
    $952,869

  • JACLYN JACKSON

    SVP CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $571,676
    From this org
    $437,348
    From related orgs
    $0
    Other
    $134,328
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,048
    Bonus
    $220,000
    Other
    $300
    Deferred
    $105,111
    Nontaxable benefits
    $37,660
    Filer's total
    $580,119

  • JUDY SCHNEIDER

    SVP CHIEF RISK OFFICER

    Total calculated
    $816,222
    From this org
    $691,752
    From related orgs
    $0
    Other
    $124,470
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $274,772
    Bonus
    $415,000
    Other
    $1,980
    Deferred
    $114,130
    Nontaxable benefits
    $12,331
    Filer's total
    $818,213

  • MARK SIRANOVIC

    SVP INVESTOR RELATIONS

    Total calculated
    $806,527
    From this org
    $680,821
    From related orgs
    $0
    Other
    $125,706
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $268,841
    Bonus
    $410,000
    Other
    $1,980
    Deferred
    $93,340
    Nontaxable benefits
    $34,621
    Filer's total
    $808,782

  • MICHAEL ROGERS

    SVP GEN. COUNSEL & SECRETARY

    Total calculated
    $602,407
    From this org
    $543,917
    From related orgs
    $0
    Other
    $58,490
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $259,437
    Bonus
    $282,500
    Other
    $1,980
    Deferred
    $28,874
    Nontaxable benefits
    $31,163
    Filer's total
    $603,954

  • PETER HARRISON

    SVP ASSET MANAGEMENT

    Total calculated
    $764,767
    From this org
    $626,774
    From related orgs
    $0
    Other
    $137,993
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $262,964
    Bonus
    $360,000
    Other
    $3,810
    Deferred
    $105,327
    Nontaxable benefits
    $34,695
    Filer's total
    $766,796

  • REENA BRAMBLETT

    SVP EQUITY PLACEMENT

    Total calculated
    $795,959
    From this org
    $682,508
    From related orgs
    $0
    Other
    $113,451
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $270,528
    Bonus
    $410,000
    Other
    $1,980
    Deferred
    $81,296
    Nontaxable benefits
    $33,777
    Filer's total
    $797,581

  • ED SIMON

    SVP/CIO

    Total calculated
    $639,523
    From this org
    $578,863
    From related orgs
    $0
    Other
    $60,660
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,173
    Bonus
    $330,000
    Other
    $690
    Deferred
    $27,994
    Nontaxable benefits
    $34,442
    Filer's total
    $641,299

  • EMILY CHEN

    MANAGING DIRECTOR - EAST REGION

    Total calculated
    $968,922
    From this org
    $582,324
    From related orgs
    $0
    Other
    $386,598
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $232,043
    Bonus
    $349,831
    Other
    $450
    Deferred
    $353,982
    Nontaxable benefits
    $39,078
    Filer's total
    $975,384

  • KRISTEN SENFF

    MANAGING DIRECTOR - CENTRAL REGION

    Total calculated
    $1,016,480
    From this org
    $558,770
    From related orgs
    $0
    Other
    $457,710
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,405
    Bonus
    $336,065
    Other
    $300
    Deferred
    $425,175
    Nontaxable benefits
    $33,931
    Filer's total
    $1,017,876

  • RACHEL RHODES

    SVP, LIHTC PRODUCTION

    Total calculated
    $1,295,361
    From this org
    $819,948
    From related orgs
    $0
    Other
    $475,413
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,213
    Bonus
    $565,285
    Other
    $450
    Deferred
    $446,042
    Nontaxable benefits
    $30,893
    Filer's total
    $1,296,883

  • TODD FABIAN

    MANAGING DIRECTOR - WEST REGION

    Total calculated
    $1,394,891
    From this org
    $942,408
    From related orgs
    $0
    Other
    $452,483
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,718
    Bonus
    $700,000
    Other
    $690
    Deferred
    $427,100
    Nontaxable benefits
    $26,845
    Filer's total
    $1,396,353

  • KEVIN BOES

    FORMER SVP

    Total calculated
    $648,011
    From this org
    $0
    From related orgs
    $584,167
    Other
    $63,844
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $365,667 related
    Bonus
    $0 + $218,500 related
    Other
    $0
    Deferred
    $0 + $36,941 related
    Nontaxable benefits
    $0 + $26,903 related
    Filer's total
    $0 + $648,011 related

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 5b · Pay contingent on a related organization's revenues
  • 7 · Other non-fixed payments

Answered no

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

The filer's explanations (Part III)

PART I, LINE 1B
IT IS THE POLICY OF NATIONAL EQUITY FUND, INC. THAT NO OFFICER OR DIRECTOR, OTHER THAN THE PRESIDENT/CEO, SHALL RECEIVE REIMBURSEMENT OR OTHER CONSIDERATION AS IT RELATES TO HEALTH/SOCIAL CLUB DUES OR INITIATION FEES. CLARIFICATION 1. CONSIDERATION IS PROVIDED TO THE PRESIDENT/CEO AS A REASONABLE EMPLOYEE BUSINESS EXPENSE, TO BE USED ENTIRELY FOR BUSINESS, NOT FOR PERSONAL, PURPOSES. 2. CONSIDERATION MUST BE APPROVED AT THE BOARD LEVEL EITHER BY THE CHAIRMAN, VICE-CHAIRMAN OR AUTHORIZED BOARD SUB-COMMITTEE. 3. DOCUMENTED SUBSTANTIATION OF THE EXPENSE IS REQUIRED IN ORDER TO BE REIMBURSED.
PART I, LINE 4B
NATIONAL EQUITY FUND, INC. AWARDS INCENTIVE PAYOUTS TO ORIGINATIONS STAFF BASED ON FEES EARNED FROM ORIGINATING LOW-INCOME HOUSING PROJECTS WHICH FULFILL THE MISSION OF DEVELOPING AND PRESERVING HIGH-QUALITY AFFORDABLE RENTAL HOUSING IN DISINVESTED COMMUNITIES. THE COMPANY ACCRUED THESE BONUSES IN 2023 AND PAID IN MARCH 2024. THE FOLLOWING EMPLOYEES RECEIVED COMPENSATION UNDER THIS PLAN: EMILY CHEN: AMOUNT EARNED AND PAID AMOUNT - $349,831; ACCRUED AND NOT PAID - $327,282 TODD FABIAN: AMOUNT EARNED AND PAID AMOUNT - $700,000; ACCRUED AND NOT PAID - $400,399 RACHEL RHODES: AMOUNT EARNED AND PAID AMOUNT - $565,285; ACCRUED AND NOT PAID - $417,808 KRISTEN SENFF: AMOUNT EARNED AND PAID AMOUNT - $336,065; ACCRUED AND NOT PAID - $400,156 IN ADDITION, CERTAIN OFFICERS PARTICIPATED IN A 457(F) PLAN: ALEX DENJA - $108,215 REENA BRAMBLETT - $50,496 PETER HARRISON - $75,672 JUDY SCHNEIDER - $83,710 MARK SIRANOVIC - $63,048 MATT REILEIN - $261,153 JACLYN JACKSON- $84,219
PART I, LINE 5
CONTINGENT COMPENSATION: NATIONAL EQUITY FUND, INC. AWARDS INCENTIVE PAYOUTS TO ORIGINATIONS STAFF BASED ON FEES EARNED FROM ORIGINATING LOW-INCOME HOUSING PROJECTS WHICH FULFILL THE MISSION OF DEVELOPING AND PRESERVING HIGH-QUALITY AFFORDABLE RENTAL HOUSING IN DISINVESTED COMMUNITIES.
PART I, LINE 7
NON-FIXED PAYMENTS: NATIONAL EQUITY FUND, INC. AWARDS DISCRETIONARY BONUSES TO ELIGIBLE EMPLOYEES. UNDER THIS DISCRETIONARY BONUS PLAN, THE TOTAL AMOUNT OF BONUSES THAT CAN BE PAID IS LIMITED TO THE AMOUNT AVAILABLE IN A POOL WHICH IS CALCULATED AS A PERCENTAGE OF NET REVENUES. THE AMOUNTS AWARDED TO INDIVIDUALS FROM THE BONUS POOLS ARE BASED ON INDIVIDUAL AND TEAM PERFORMANCE. TO ENSURE THAT BONUSES ARE BASED ON ACCOMPLISHMENTS THAT FURTHER THE ORGANIZATION'S TAX-EXEMPT PURPOSES AND THAT TOTAL COMPENSATION IS REASONABLE, ALL BONUSES ARE REVIEWED ANNUALLY BY MANAGEMENT AND THE TALENT DEVELOPMENT AND COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS; AND ON A BIANNUAL BASIS BY INDEPENDENT COMPENSATION CONSULTANTS AS A COMPONENT OF OVERALL COMPENSATION.

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

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202423199349301927

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