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← INCLUSIV INC

Form 990 for tax year 2024

Filed by INCLUSIV INC.

What the amendment changed

Compared with the return it replaced , filed 11 November 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Both are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$1,897,878,390
Total expenses
$14,997,310
Contributions and grants received
$1,890,167,221
Grants paid
$1,506,005
Program service revenue
$7,665,959
Investment income
$11,937
Other revenue
$33,273
Total assets, end of year
$1,960,631,669
Total liabilities, end of year
$52,094,778
Net assets or fund balances, end of year
$1,908,536,891
Program services expenses (Part IX)
$13,497,335
Management and general expenses
$1,348,887
Fundraising expenses
$151,088
Program service expenses (Part III)
$13,497,335

Program services were 90.0% 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.

  • 1e · Government grants (contributions)

    $1,873,794,046

  • 1f · All other contributions, gifts and grants

    $16,373,175

  • 2a · Program service revenue: INTEREST ON LOANS

    total $3,834,461 · related or exempt $3,834,461

  • 2b · Program service revenue: MEMBERSHIP DUES AND SERVICES

    total $1,690,910 · related or exempt $1,690,910

  • 2c · Program service revenue: MEETING AND CONFERENCE

    total $1,559,755 · related or exempt $1,559,755

  • 2d · Program service revenue: CONTRACT SERVICESAND OTHER FEES

    total $220,317 · related or exempt $220,317

  • 2e · Program service revenue: SIMPLICD DEPOSITS COMMISSION

    total $212,817 · related or exempt $212,817

  • 2f · All other program service revenue

    total $147,699 · related or exempt $147,699

  • 3 · Investment income

    total $11,937 · excluded $11,937

  • 11d · All other revenue

    total $33,273 · related or exempt $33,273

  • 11e · Other revenue, total

    $33,273

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,506,005 · program services $1,506,005

  • 5 · Compensation of officers, directors and key employees

    total $1,943,323 · program services $1,179,411 · management and general $763,912

  • 7 · Other salaries and wages

    total $3,977,708 · program services $3,616,477 · management and general $238,080 · fundraising $123,151

  • 8 · Pension plan contributions

    total $153,005 · program services $129,699 · management and general $19,924 · fundraising $3,382

  • 9 · Other employee benefits

    total $587,576 · program services $555,924 · management and general $15,993 · fundraising $15,659

  • 10 · Payroll taxes

    total $411,964 · program services $337,716 · management and general $65,352 · fundraising $8,896

  • 11b · Fees: legal

    total $225,268 · program services $225,268

  • 11c · Fees: accounting

    total $184,217 · program services $177,832 · management and general $6,385

  • 11g · Fees: other

    total $1,852,296 · program services $1,801,223 · management and general $51,073

  • 12 · Advertising and promotion

    total $11,110 · program services $1,760 · management and general $9,350

  • 13 · Office expenses

    total $220,922 · program services $199,207 · management and general $21,715

  • 16 · Occupancy

    total $296,972 · program services $233,518 · management and general $63,454

  • 17 · Travel

    total $310,760 · program services $295,647 · management and general $15,113

  • 19 · Conferences, conventions and meetings

    total $1,477,702 · program services $1,453,374 · management and general $24,328

  • 20 · Interest

    total $1,524,493 · program services $1,524,493

  • 22 · Depreciation, depletion and amortization

    total $107,529 · program services $67,405 · management and general $40,124

  • 23 · Insurance

    total $67,157 · program services $64,376 · management and general $2,781

  • 24a · Other expenses: MORTAGE SERVICES FEES A

    total $132,934 · program services $132,934

  • 24b · Other expenses: PROVISIONAL FOR (RECOVE

    total -$14,227 · program services -$14,227

  • 24e · All other expenses

    total $20,596 · program services $9,293 · management and general $11,303

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $765,330 · end of year $2,283,651

  • 2 · Savings and temporary cash investments

    beginning of year $23,369,337 · end of year $1,904,336,456

  • 4 · Accounts receivable

    beginning of year $770,649 · end of year $1,377,356

  • 7 · Other notes and loans receivable

    beginning of year $45,177,802 · end of year $50,477,875

  • 9 · Prepaid expenses and deferred charges

    beginning of year $247,529 · end of year $530,281

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

    $548,646

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

    $409,274

  • 10c · Land, buildings and equipment, net

    beginning of year $198,177 · end of year $139,372

  • 12 · Investments: other securities

    beginning of year $485,784 · end of year $395,774

  • 14 · Intangible assets

    beginning of year $891,402 · end of year $642,052

  • 15 · Other assets

    beginning of year $878,345 · end of year $448,852

  • 17 · Accounts payable and accrued expenses

    beginning of year $314,275 · end of year $823,773

  • 19 · Deferred revenue

    beginning of year $1,530,839 · end of year $1,436,224

  • 23 · Secured mortgages and notes payable

    beginning of year $44,287,136 · end of year $49,030,337

  • 25 · Other liabilities

    beginning of year $1,104,457 · end of year $804,444

  • 27 · Net assets without donor restrictions

    beginning of year $20,261,990 · end of year $32,618,031

  • 28 · Net assets with donor restrictions

    beginning of year $5,285,658 · end of year $1,875,918,860

Mission and programs · 2024

Mission

THE MISSION OF INCLUSIV IS TO HELP LOW- AND MODERATE-INCOME PEOPLE AND COMMUNITIES ACHIEVE FINANCIAL INDEPENDENCE THROUGH CREDIT UNIONS.

  • INCLUSIV CAPITAL PROVIDES CAPITAL TO MEMBER CDCUS THROUGH UNINSURED SUBORDINATED DEBT LOANS AND INSURED NONMEMBER DEPOSITS.

    Expenses $1,056,037 · Revenue $1,346,017

  • INCLUSIV'S CENTER FOR RESILIENCY AND CLEAN ENERGY WAS CREATED IN 2019 TO TEACH AND SUPPORT COMMUNITY-BASED FINANCIAL INSTITUTIONS (CREDIT UNIONS, FINANCIAL COOPERATIVES, CDFI LOAN FUNDS, COMMUNITY BANKS, AND GREEN BANKS) LAUNCHING AND SCALING CLEAN ENERGY FINANCE INITIATIVES THAT ENABLE COMMUNITIES TO ACCESS AFFORDABLE CLEAN ENERGY SERVICES, REDUCE ENERGY BURDENS, CREATE GOOD JOBS, AND BUILD CLIMATE RESILIENCE AND DISASTER PREPAREDNESS. THE CENTER PROVIDES PRACTICAL, HANDS-ON TRAINING AND TECHNICAL ASSISTANCE FOR COMMUNITY LENDERS; TECHNOLOGY PLATFORMS AND FINANCIAL INSTRUMENTS THAT HELP TO SCALE COMMUNITY-BASED CLEAN ENERGY MARKETS; AND RESEARCH AND THOUGHT LEADERSHIP TO HELP IDENTIFY OPPORTUNITIES FOR INVESTMENT AND GROWTH OF THESE MARKETS.

    Expenses $4,285,769

  • INCLUSIV OFFERS A VARIETY OF SUPPORT SERVICES TO ITS SMALL (UNDER $100 MILLION IN ASSETS) AND MDI DESIGNATED CREDIT UNION MEMBERS, WHICH SERVE PEOPLE AND COMMUNITIES TRADITIONALLY MARGINALIZED BY THE FINANCIAL MAINSTREAM. THROUGH OUR LEARNING CENTERS WE PROVIDE SPECIALIZED KNOW-HOW TO SUPPORT THESE VITAL INSTITUTIONS' GROWTH AND IMPACT. WE ALSO PROVIDE DATA ANALYTIC TOOLS, LIQUIDITY SOLUTIONS AND, WHEN FUNDING OPPORTUNITIES BECOME AVAILABLE, GRANT PROGRAMS TO SUPPORT UNDER-RESOURCED CREDIT UNIONS IN MAKING STRATEGIC INVESTMENTS THAT ENHANCE THEIR CAPACITY TO SERVE LOW-INCOME AND UNDERSERVED MEMBERS OF THEIR COMMUNITIES.

    Expenses $965,635 · Grants $722,970

  • ACTIVITIES RELATED TO FURTHERING THE ORGANIZATION'S MISSION, INCLUDING FINANCIAL COUNSELING AND THE ADVANCEMENT OF FINANCIAL INCLUSION FOR MULTIPLE UNDERSERVED POPULATIONS.

    Expenses $7,189,894 · Grants $783,035 · Revenue $6,319,942

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • IAN FORSTER

    GENERAL COUNSEL

    Total calculated
    $136,949
    From this org
    $133,375
    From related orgs
    $0
    Other
    $3,574
    Hours/week
    40

  • MING KYUNG CATHI KIM

    SVP, CAPITAL, INVESTMENTS, & IMPACT

    Total calculated
    $186,629
    From this org
    $166,084
    From related orgs
    $0
    Other
    $20,545
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,084
    Bonus
    $0
    Other
    $0
    Deferred
    $8,381
    Nontaxable benefits
    $12,164
    Filer's total
    $186,629

  • ROBIN ROMAN

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • BLANCHE L JACKSON

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • NEREIDA SEDA VARGAS

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • ED SIVAK

    RECORDING SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • JAMES HUNTER

    CORRESPONDING SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • AURELIO ARROYO CONZALEZ

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DIANE SANDOVAL-GRIEGO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HANK HUBBARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JACQUELINE MOORE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMA R HAYNES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFF IVEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATHY CHARTIER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SUZETTE COWELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHEAL FRANQUI BAQUERO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARGIE SALAZAR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CATHLEEN MAHON

    PRESIDENT/CEO

    Total calculated
    $388,191
    From this org
    $366,104
    From related orgs
    $0
    Other
    $22,087
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $341,104
    Bonus
    $25,000
    Other
    $0
    Deferred
    $15,076
    Nontaxable benefits
    $7,011
    Filer's total
    $388,191

  • EBEN SHEAFFER THRU 092025

    CFO/CIO

    Total calculated
    $286,736
    From this org
    $271,182
    From related orgs
    $0
    Other
    $15,554
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,182
    Bonus
    $0
    Other
    $0
    Deferred
    $13,284
    Nontaxable benefits
    $2,270
    Filer's total
    $286,736

  • PAMELA OWENS

    VICE PRESIDENT

    Total calculated
    $231,036
    From this org
    $208,749
    From related orgs
    $0
    Other
    $22,287
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,749
    Bonus
    $0
    Other
    $0
    Deferred
    $10,184
    Nontaxable benefits
    $12,103
    Filer's total
    $231,036

  • SILVIA RINCON

    COO

    Total calculated
    $208,930
    From this org
    $192,154
    From related orgs
    $0
    Other
    $16,776
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,154
    Bonus
    $0
    Other
    $0
    Deferred
    $6,260
    Nontaxable benefits
    $10,516
    Filer's total
    $208,930

  • PABLO DEFILIPPI

    SVP NETWORK DEVELOPMENT

    Total calculated
    $263,298
    From this org
    $244,891
    From related orgs
    $0
    Other
    $18,407
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,891
    Bonus
    $0
    Other
    $0
    Deferred
    $11,418
    Nontaxable benefits
    $6,989
    Filer's total
    $263,298

  • NEDA ARABSHAHI

    EVP RESILIENCY & CLEAN ENERGY

    Total calculated
    $207,062
    From this org
    $186,066
    From related orgs
    $0
    Other
    $20,996
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,066
    Bonus
    $0
    Other
    $0
    Deferred
    $8,892
    Nontaxable benefits
    $12,104
    Filer's total
    $207,062

  • ALEXIS IWANISZIW

    SVP POLICY & COMMUNICATIONS

    Total calculated
    $195,331
    From this org
    $174,719
    From related orgs
    $0
    Other
    $20,612
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,719
    Bonus
    $0
    Other
    $0
    Deferred
    $8,502
    Nontaxable benefits
    $12,110
    Filer's total
    $195,331

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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • CDCU MORTGAGE CENTER LLC

    PURCHASING MORTGAGES FROM MEMBER CREDIT UNIONS · NY · income $1,564,942 · assets $30,567,898

    Directly controlled by NATIONAL FEDERATION OF COMMUNITY DEVELOPMENT CREDIT UNION

  • INCLUSIV SECONDARY CAPITAL MANAGER LLC

    MANAGING MEMBER OF FUND - SECONDARY CAPITAL LOANS · NY · income $0 · assets $204,356

    Directly controlled by NATIONAL FEDERATION OF COMMUNITY DEVELOPMENT CREDIT UNION

Related partnerships

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

  • INCLUSIV SECONDARY CAPITAL FUND LLC

    LOAN INCOME · NATIONAL FEDERATION OF COMMUNITY DEVELOPMENT CREDIT UNION · NY · 16.67% owned · share of income $186,584 · share of assets $23,969,873 · general or managing partner

    Directly controlled by INCLUSIV SECONDARY CAPITAL MANAGER LLC

Provenance

Return type
form_990
Tax year
2024
Filed
14 September 2026
IRS schema version
2024v5.5
Source object
202632579349301253

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