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← NATIONAL COMMUNITY INVESTMENT FUND IRRV TR

Form 990 for tax year 2024

Filed by NATIONAL COMMUNITY INVESTMENT FUND IRRV TR.

Totals

Total revenue
$8,202,333
Total expenses
$6,858,937
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,729,895
Investment income
$2,472,438
Other revenue
$0
Total assets, end of year
$79,246,172
Total liabilities, end of year
$42,795,797
Net assets or fund balances, end of year
$36,450,375
Program services expenses (Part IX)
$5,635,161
Management and general expenses
$1,005,101
Fundraising expenses
$218,675
Program service expenses (Part III)
$5,635,161

Program services were 82.2% 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.

  • 2a · Program service revenue: INTEREST INCOME

    total $2,911,273 · related or exempt $2,911,273

  • 2b · Program service revenue: NMTC FEE INCOME

    total $2,126,176 · related or exempt $2,126,176

  • 2c · Program service revenue: INCOME FROM INVESTMENT

    total $552,960 · related or exempt $552,960

  • 2d · Program service revenue: LOAN FEE INCOME

    total $139,486 · related or exempt $139,486

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $4,000,251

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

    securities $1,527,813

  • 7c · Gain or loss

    securities $2,472,438 · other assets $0

  • 7d · Net gain or loss

    total $2,472,438 · related or exempt $2,472,438

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $65,000 · management and general $65,000

  • 11a · Fees: management

    total $3,308,515 · program services $2,481,387 · management and general $760,958 · fundraising $66,170

  • 11b · Fees: legal

    total $404,949 · program services $193,355 · management and general $62,132 · fundraising $149,462

  • 11c · Fees: accounting

    total $93,991 · program services $47,850 · management and general $46,141

  • 11g · Fees: other

    total $206,759 · program services $170,890 · management and general $35,869 · fundraising $0

  • 13 · Office expenses

    total $65,348 · program services $49,011 · management and general $15,030 · fundraising $1,307

  • 17 · Travel

    total $4,918 · program services $3,689 · management and general $1,131 · fundraising $98

  • 20 · Interest

    total $1,126,046 · program services $1,126,046

  • 23 · Insurance

    total $52,913 · program services $39,685 · management and general $12,170 · fundraising $1,058

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $1,501,498 · program services $1,501,498

  • 24b · Other expenses: DUES AND FEES

    total $29,000 · program services $21,750 · management and general $6,670 · fundraising $580

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,064,211 · end of year $7,957,727

  • 2 · Savings and temporary cash investments

    beginning of year $5,729,461 · end of year $23,463,141

  • 4 · Accounts receivable

    beginning of year $133,746 · end of year $199,372

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $28,043,533 · end of year $34,420,464

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,798 · end of year $22,490

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $14,722,369 · end of year $13,182,978

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $378,278 · end of year $264,556

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $25,933,199 · end of year $42,140,247

  • 25 · Other liabilities

    beginning of year $294,382 · end of year $390,994

  • 27 · Net assets without donor restrictions

    beginning of year $34,667,259 · end of year $36,000,375

  • 28 · Net assets with donor restrictions

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

Mission and programs · 2024

Mission

NCIF invests capital and lends with institutions, that increase access to responsible financial products and services, catalyze 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.

Activities or mission (Part I)

National Community Investment Fund (NCIF) is a national nonprofit Community Development Financial Institution (CDFI) with a mission to increase access to responsible financial products and services in underserved communities. NCIF envisions a society where all communities have access to responsibly priced financial products and services and where investors take fully into account social and environmental impact as well as financial returns. Total assets under management at NCIF were $260 million at 12/31/24. NCIF operates through three complementary business lines-Equity Investments, Lending, and New Markets Tax Credits (NMTC)-alongside a fourth cross-cutting pillar: Impact Measurement and Analytics: 1. Equity Investing in mission-oriented Certied Development Financial Institutions (CDFI), Minority Depository Institutions (MDIs), and Mission-Oriented Financial Institutions (MOFIs) as agents of change across the US and its territories. These institutions

  • New Markets Tax Credits and Lending: since 2003, NCIF has been awarded $431 million in NMTC allocations from The CDFI Fund. The NMTC program was created by the CDFI fund to catalyze economic development investment into economically distressed communities. With the NMTC allocations, NCIF facilitates lending to qualified projects and enables our network bank partners to book high quality loans. As of December 31, 2024, NCIF has closed 58 deals utilizing $391.5 million of its NMTC allocations. The NMTC allocations along with NCIF's below-market loans enable non-profits and businesses to invest in projects that might not get traditional financing. Since 2019, NCIF and NCIF Credit Strategies Fund (CSF) has raised $48 million in loan capital and deployed $36.1 million as loans.

    Expenses $4,728,288 · Revenue $4,320,582

  • Equity Investing: as of 12/31/2024, NCIF and CSF's portfolio consists of equity investments of $13.2 million in 19 Mission-Oriented Financial Institutions throughout the U.S. NCIF and CSF receive revenue in the form of dividends, capital gains, and interest.

    Expenses $820,184 · Revenue $3,025,397

  • NCIF focuses on complementing its financial products and services with developmental program services to help support and build the CDFI sector. NCIF provides transaction and financial advisory support to its current and potential borrowers as well as businesses 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. NCIF believes impact is driven by data and research. It pioneered its Social Performance Metrics in 2006 and is currently building an AI Based Data Analytics Platform (NCIF.AI) to increase efficiency and expand reach of impact investors nationally. It is our belief that LLM and machine learning will democratize data analytics and enable investors, businesses, communities, and banks to make informed decisions and strengthen local communities.

    Expenses $86,689 · Revenue $856,354

As filed on the 2024 return.

Listed in Part VII

  • Saurabh Narain

    President & CEO

    Total calculated
    $477,189
    From this org
    $0
    From related orgs
    $433,463
    Other
    $43,726
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $252,840 related
    Bonus
    $0 + $180,623 related
    Other
    $0
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $29,926 related
    Filer's total
    $0 + $477,189 related

  • Victor Elmore

    Chair

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

  • Brenda Ross-Dulan

    Trustee

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

  • George Surgeon

    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

  • Tim Schwertfeger

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Weneis Chan

    VP & CONTROLLER

    Total calculated
    $249,256
    From this org
    $0
    From related orgs
    $239,651
    Other
    $9,605
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $169,470 related
    Bonus
    $0 + $68,981 related
    Other
    $0 + $1,200 related
    Deferred
    $0 + $9,605 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $249,256 related

  • Kyle Harvey

    VP, LENDING & NMTC- TERM

    Total calculated
    $194,405
    From this org
    $0
    From related orgs
    $186,920
    Other
    $7,485
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $164,800 related
    Bonus
    $0 + $20,920 related
    Other
    $0 + $1,200 related
    Deferred
    $0 + $7,485 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $194,405 related

  • Ryan Juhas

    ASSISTANT Controller

    Total calculated
    $166,749
    From this org
    $0
    From related orgs
    $153,263
    Other
    $13,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $111,319 related
    Bonus
    $0 + $40,744 related
    Other
    $0 + $1,200 related
    Deferred
    $0 + $6,348 related
    Nontaxable benefits
    $0 + $7,138 related
    Filer's total
    $0 + $166,749 related

  • Solanke Shonukan

    DIRECTOR, PORTFOLIO MGMT & COMPLIANCE

    Total calculated
    $208,864
    From this org
    $0
    From related orgs
    $174,162
    Other
    $34,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $124,614 related
    Bonus
    $0 + $48,348 related
    Other
    $0 + $1,200 related
    Deferred
    $0 + $7,286 related
    Nontaxable benefits
    $0 + $27,416 related
    Filer's total
    $0 + $208,864 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

  • 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)

Schedule J, Part I, Line 7 Non-fixed payments
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.
Schedule J, Part I, Line 3 METHODS USED TO ESTABLISH COMPENSATION OF CEO/EXECUTIVE DIRECTOR
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'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.

  • 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 $5,156,100 · assets $59,679,272

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

  • NCIF CSF MANAGING MEMBER LLC

    HOLDING COMPANY INVESTMENT IN NCIF CREDIT STRATEGIES FUND LLC · IL · income $1,849,658 · assets $20,749,760

    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

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXIV CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXV CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXVI CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXVII CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXVIII CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXIX CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXX CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXI CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXII CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXIII CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXIV CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXV CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXVI CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXVII CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND XXXVIII CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 39 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 40 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 41 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 42 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 43 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 44 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 45 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 46 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 47 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 48 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 49 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 50 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 52 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 53 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 54 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 55 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 56 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

  • NCIF NEW MARKETS CAPITAL FUND 58 CDE LLC

    N/A · INVESTING IN LOW-INCOME COMMUNITIES · DE

    Directly controlled by NA

Related corporations and trusts

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

  • NCIF CAPITAL LLC

    C Corporation · MANAGE CDE'S · DE · 1% owned · share of income $228 · share of assets $41,448 · controlled entity

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

  • NCIF MANAGEMENT INC

    C Corporation · PROVIDE ADMINISTRATIVE AND MANAGEMENT SERVICES · DE · 1% owned · share of income $3,308,515 · share of assets $492,398 · controlled entity

    Directly controlled by NATIONAL COMMUNITY INVESTMENT FUND

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.1
Source object
202523219349304507

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