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← NATIONAL COMMUNITY INVESTMENT FUND IRRV TR

Form 990 for tax year 2023

Filed by NATIONAL COMMUNITY INVESTMENT FUND IRRV TR.

Totals

Total revenue
$10,233,986
Total expenses
$4,359,631
Contributions and grants received
$5,619,678
Grants paid
$25,000
Program service revenue
$3,985,996
Investment income
$628,312
Other revenue
$0
Total assets, end of year
$61,723,118
Total liabilities, end of year
$26,605,859
Net assets or fund balances, end of year
$35,117,259
Program services expenses (Part IX)
$3,364,288
Management and general expenses
$857,798
Fundraising expenses
$137,545
Program service expenses (Part III)
$3,364,288

Program services were 77.2% 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.

  • 1e · Government grants (contributions)

    $5,619,678

  • 2a · Program service revenue: INTEREST INCOME

    total $2,118,527 · related or exempt $2,118,527

  • 2b · Program service revenue: NMTC FEE INCOME

    total $1,421,373 · related or exempt $1,421,373

  • 2c · Program service revenue: INCOME FROM INVESTMENT

    total $386,516 · related or exempt $386,516

  • 2d · Program service revenue: LOAN FEE INCOME

    total $59,580 · related or exempt $59,580

  • 7a · Gross sales of assets other than inventory

    securities $1,379,250

  • 7b · Less cost or other basis and sales expenses

    securities $750,938

  • 7c · Gain or loss

    securities $628,312

  • 7d · Net gain or loss

    total $628,312 · related or exempt $628,312

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000 · program services $25,000

  • 5 · Compensation of officers, directors and key employees

    total $76,250 · management and general $76,250

  • 11a · Fees: management

    total $2,927,584 · program services $2,224,963 · management and general $614,793 · fundraising $87,828

  • 11b · Fees: legal

    total $126,657 · program services $75,180 · management and general $6,189 · fundraising $45,288

  • 11c · Fees: accounting

    total $112,660 · program services $43,703 · management and general $68,957

  • 11g · Fees: other

    total $96,430 · program services $95,800 · management and general $630

  • 13 · Office expenses

    total $21,457 · program services $14,725 · management and general $6,151 · fundraising $581

  • 17 · Travel

    total $6,168 · program services $4,688 · management and general $1,295 · fundraising $185

  • 20 · Interest

    total $787,426 · program services $787,426

  • 23 · Insurance

    total $58,636 · program services $44,563 · management and general $12,314 · fundraising $1,759

  • 24a · Other expenses: DUES AND FEES

    total $63,485 · program services $48,240 · management and general $13,341 · fundraising $1,904

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $57,878 · management and general $57,878

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,985,481 · end of year $13,064,211

  • 2 · Savings and temporary cash investments

    beginning of year $302,723 · end of year $5,729,461

  • 4 · Accounts receivable

    beginning of year $123,470 · end of year $133,746

  • 7 · Other notes and loans receivable

    beginning of year $25,141,327 · end of year $28,043,533

  • 9 · Prepaid expenses and deferred charges

    beginning of year $28,838 · end of year $29,798

  • 13 · Investments: program-related

    beginning of year $13,172,379 · end of year $14,722,369

  • 17 · Accounts payable and accrued expenses

    beginning of year $284,461 · end of year $378,278

  • 23 · Secured mortgages and notes payable

    beginning of year $26,683,658 · end of year $25,933,199

  • 25 · Other liabilities

    beginning of year $249,774 · end of year $294,382

  • 27 · Net assets without donor restrictions

    beginning of year $30,047,550 · end of year $34,667,259

  • 28 · Net assets with donor restrictions

    beginning of year $488,775 · end of year $450,000

Mission and programs · 2023

Mission

NATIONAL COMMUNITY INVESTMENT FUND INVESTS AND LENDS CAPITAL THAT INCREASES ACCESS TO RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES, SEE SCHEDULE O FOR CONTINUATIONCATALYZE 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.

Activities or mission (Part I)

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. IN 2021, NCIF SET UP NCIF NFP INC AS A SUPPORTING 501(C)(3) NONPROFIT ORGANIZATION TO HELP RAISE FUNDING, CHARITABLE CONTRIBUTIONS, 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, 2023, NCIF AND ITS CONSOLIDATED SUBSIDIARIES HAD TOTAL ASSETS ON BALANCE SHEET OF $62 MILLION. WITH $167 MILLION OF NEW MARKETS TAX CREDITS (NMTC) ALLOCATIONS OUTSTANDING, TOTAL ASSETS UNDER MANAGEMENT WAS $238 MILLION AT DECEMBER 31, 2023.

  • 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 $401 MILLION IN NMTC ALLOCATIONS SINCE 2003. AS OF DECEMBER 31, 2023, NCIF HAS CLOSED 54 DEALS UTILIZING $366 MILLION OF ITS NMTC ALLOCATION. SEE SCHEDULE O FOR CONTINUATIONIN 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. DURING 2022, NCIF HAS RAISED AN ADDITIONAL $15 MILLION TO FURTHER ITS MISSION GOALS. AS OF 12/31/2023, NCIF HAD BORROWED $29.9 MILLION OF THE $30 MILLION LOAN COMMITMENTS AND DEPLOYED $26.3 MILLION IN THE FORM OF LOANS TO BUSINESSES IN UNDERSERVED MARKETS.

    Expenses $2,391,788 · Grants $25,000 · Revenue $3,033,324

  • EQUITY INVESTING: AS OF 12/31/2023, NCIF AND CSF'S PORTFOLIO CONSISTS OF EQUITY INVESTMENTS OF $14.7 MILLION IN 19 MOFIS THROUGHOUT THE NATION. NCIF AND CSF RECEIVES REVENUE IN THE FORM OF INTEREST, DIVIDENDS, AND CAPITAL GAINS UPON SALE FROM DIRECT INVESTMENTS.

    Expenses $889,530 · Revenue $1,014,827

  • NCIF FOCUSES ON COMPLEMENTING ITS FINANCIAL PRODUCTS AND SERVICES WITH DEVELOPMENTAL PROGRAM SERVICES TO HELP SUPPORT AND BUILD THE SECTOR. ACTIVITIES IN THE PAST HAVE INCLUDED ANNUAL DEVELOPMENT BANKING CONFERENCES WHERE WE HAVE BROUGHT INVESTORS, CDFI AND MDI BANKS, REGULATORS AND TECHNOLOGY FOLKS TO INCREASE EFFICIENCIES IN THE NCIF NETWORK. IN ADDITION, WE HAVE FOSTERED NEW PRODUCT DEVELOPMENT AND TRAINING (E.G. NCIF WAS THE SOLE CONTRACTOR OF THE CDFI FUND FOR MDI NMTC TRAINING PROGRAM). SEE SCHEDULE O FOR CONTINUATIONNCIF ALSO PROVIDES TRANSACTION AND FINANCIAL ADVISORY SUPPORT TO CURRENT AND POTENTIAL BORROWERS FROM LOW-INCOME COMMUNITIES OR BUSINESSES WITHIN THESE AREAS TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT. THESE SERVICES AIM TO MAXIMIZE THE IMPACT OF NMTC-FUNDED PROJECTS AND ENSURE THEY CREATE LASTING, MEANINGFUL BENEFITS FOR THE TARGET COMMUNITIES.FINALLY, NCIF REGULARLY CREATES THE CDFI BANKING INDUSTRY PEER GROUP REPORT TO SUPPORT THE SECTOR ANALYZE ITS PERFORMANCE RELATIVE TO THEIR PEERS.

    Expenses $82,970 · Revenue $566,157

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

Listed in Part VII

  • Carlton Jenkins

    CHAIR

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Victor Elmore

    TRUSTEE

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

  • Brenda Ross-Dulan

    TRUSTEE

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

  • Robert Schall

    TRUSTEE

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

  • George Surgeon

    TRUSTEE

    Total calculated
    $11,250
    From this org
    $11,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Saurabh Narain

    PRESIDENT & CEO

    Total calculated
    $483,906
    From this org
    $0
    From related orgs
    $440,299
    Other
    $43,607
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $251,851 related
    Bonus
    $0 + $188,448 related
    Other
    $0
    Deferred
    $0 + $13,200 related
    Nontaxable benefits
    $0 + $30,407 related
    Filer's total
    $0 + $483,906 related

  • Weneis Chan

    VP & CONTROLLER

    Total calculated
    $213,449
    From this org
    $0
    From related orgs
    $205,153
    Other
    $8,296
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $147,928 related
    Bonus
    $0 + $56,175 related
    Other
    $0 + $1,050 related
    Deferred
    $0 + $8,296 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $213,449 related

  • Christopher Malehorn

    VICE PRESIDENT, INVESTING

    Total calculated
    $206,856
    From this org
    $0
    From related orgs
    $198,601
    Other
    $8,255
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $177,799 related
    Bonus
    $0 + $19,602 related
    Other
    $0 + $1,200 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $8,255 related
    Filer's total
    $0 + $206,856 related

  • Solanke Shonukan

    DIRECTOR, PORTFOLIO & COMP

    Total calculated
    $204,786
    From this org
    $0
    From related orgs
    $172,012
    Other
    $32,774
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $121,156 related
    Bonus
    $0 + $49,656 related
    Other
    $0 + $1,200 related
    Deferred
    $0 + $7,184 related
    Nontaxable benefits
    $0 + $25,590 related
    Filer's total
    $0 + $204,786 related

  • Ryan Juhas

    ASSISTANT CONTROLLER

    Total calculated
    $145,623
    From this org
    $0
    From related orgs
    $133,420
    Other
    $12,203
    Hours/week
    40

  • Walter Postlewait

    VICE PRESIDENT, LENDING - TERM

    Total calculated
    $116,406
    From this org
    $0
    From related orgs
    $113,602
    Other
    $2,804
    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

  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION OF THE PRESIDENT/CEO IS PAID BY RELATED ORGANIZATION, NCIF MANAGEMENT, INC. HOWEVER, THE COMPENSATION PAID TO THE PRESIDENT/CEO IS DETERMINED BY THE TRUSTEES OF NCIF USING MARKET INFORMATION.
PART I, LINE 7
AS INDICATED IN SCHEDULE J, PART II, OFFICERS, KEY EMPLOYEES AND OTHER EMPLOYEES OF THE ORGANIZATION RECEIVED A BONUS BASED ON PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION. THIS BONUS WAS APPROVED BY THE TRUSTEES OF NCIF.

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

  • URBAN LEAGUE OF ESSEX COUNTY

    $25,000

    ULEC NMTC PROJECT

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.

  • NCIF NFP INC

    501(C)(3) · FUNDRAISING · IL · controlled entity

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

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.

  • NCIF CREDIT STRATEGIES FUND LLC

    LENDING AND INVESTING · IL · income $2,808,055 · assets $45,215,729

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

  • NCIF CSF MANAGING MEMBER LLC

    HOLDING COMPANY - INVESTMENT IN NCIF CREDIT STRATEGIES FUND LLC · IL · income $1,443,140 · assets $18,858,405

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

Related partnerships

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

  • NCIF NEW MARKETS CAPITAL FUND XXIII CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXIV CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXV CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXVI CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXVII CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXVIII CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXIX CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXX CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXI CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXII CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXIII CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXIV CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXV CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXVI CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXVII CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND XXXVIII CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 39 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 40 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 41 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 42 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 43 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 44 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 45 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 46 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 47 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 48 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 49 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 52 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 50 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

  • NCIF NEW MARKETS CAPITAL FUND 53 CDE LLC

    INVESTING IN LOW-INCOME COMMUNITIES · DE

Related corporations and trusts

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

  • NCIF CAPITAL LLC

    C · MANAGE CDE'S · DE · 100% owned · share of income $236 · share of assets $25,204 · controlled entity

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

  • NCIF MANAGEMENT INC

    C · PROVIDE ADMINISTRATIVE AND MANAGEMENT SERVICES · DE · 100% owned · share of income $2,927,584 · share of assets $436,421 · controlled entity

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202413199349309706

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