Totals
- Total revenue
- $101,317,220
- Total expenses
- $22,758,863
- Contributions and grants received
- $92,981,930
- Grants paid
- $4,816,625
- Program service revenue
- $8,323,353
- Investment income
- $11,937
- Other revenue
- $0
- Total assets, end of year
- $2,045,935,090
- Total liabilities, end of year
- $58,538,633
- Net assets or fund balances, end of year
- $1,987,396,457
- Program services expenses (Part IX)
- $21,165,107
- Management and general expenses
- $1,395,197
- Fundraising expenses
- $198,559
- Program service expenses (Part III)
- $21,165,107
Program services were 93.0% 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)
$80,653,372
-
1f · All other contributions, gifts and grants
$12,328,558
-
2a · Program service revenue: INTEREST ON LOANS
total $4,680,805 · related or exempt $4,680,805
-
2b · Program service revenue: MEMBERSHIP DUES AND SERVICES
total $1,836,438 · related or exempt $1,836,438
-
2c · Program service revenue: MEETING AND CONFERENCE
total $1,086,839 · related or exempt $1,086,839
-
2d · Program service revenue: SIMPLICD DEPOSITS COMMISSION
total $320,136 · related or exempt $320,136
-
2e · Program service revenue: CONTRACT SERVICESAND OTHER FEES
total $256,916 · related or exempt $256,916
-
2f · All other program service revenue
total $142,219 · related or exempt $142,219
-
3 · Investment income
total $11,937 · excluded $11,937
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $4,816,625 · program services $4,816,625
-
5 · Compensation of officers, directors and key employees
total $2,169,846 · program services $1,309,361 · management and general $860,485
-
7 · Other salaries and wages
total $5,555,885 · program services $5,254,757 · management and general $135,930 · fundraising $165,198
-
8 · Pension plan contributions
total $280,109 · program services $228,835 · management and general $45,434 · fundraising $5,840
-
9 · Other employee benefits
total $597,488 · program services $502,944 · management and general $80,287 · fundraising $14,257
-
10 · Payroll taxes
total $598,733 · program services $505,869 · management and general $79,600 · fundraising $13,264
-
11b · Fees: legal
total $1,117,454 · program services $1,117,454
-
11c · Fees: accounting
total $268,155 · program services $268,155
-
11g · Fees: other
total $2,125,158 · program services $2,039,153 · management and general $86,005
-
12 · Advertising and promotion
total $34,133 · program services $33,871 · management and general $262
-
13 · Office expenses
total $179,325 · program services $177,802 · management and general $1,523
-
14 · Information technology
total $9,682 · program services $9,185 · management and general $497
-
16 · Occupancy
total $744,472 · program services $717,739 · management and general $26,733
-
17 · Travel
total $203,820 · program services $183,202 · management and general $20,618
-
19 · Conferences, conventions and meetings
total $844,404 · program services $842,834 · management and general $1,570
-
20 · Interest
total $1,972,564 · program services $1,972,563 · management and general $1
-
22 · Depreciation, depletion and amortization
total $126,318 · program services $124,434 · management and general $1,884
-
23 · Insurance
total $135,822 · program services $130,139 · management and general $5,683
-
24a · Other expenses: PROVISIONAL FOR (RECOVE
total $357,429 · program services $357,429 · management and general $0 · fundraising $0
-
24b · Other expenses: MORTAGE SERVICES FEES A
total $139,874 · program services $139,874 · management and general $0 · fundraising $0
-
24e · All other expenses
total $481,567 · program services $432,882 · management and general $48,685
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,283,651 · end of year $6,897,457
-
2 · Savings and temporary cash investments
beginning of year $1,904,336,456 · end of year $1,966,443,927
-
4 · Accounts receivable
beginning of year $1,377,356 · end of year $5,553,150
-
7 · Other notes and loans receivable
beginning of year $50,477,875 · end of year $62,191,977
-
9 · Prepaid expenses and deferred charges
beginning of year $530,281 · end of year $258,710
-
10a · Land, buildings and equipment: cost or other basis
$548,646
-
10b · Land, buildings and equipment: accumulated depreciation
$468,076
-
10c · Land, buildings and equipment, net
beginning of year $139,372 · end of year $80,570
-
12 · Investments: other securities
beginning of year $395,774 · end of year $430,200
-
14 · Intangible assets
beginning of year $642,052 · end of year $3,456,792
-
15 · Other assets
beginning of year $448,852 · end of year $622,307
-
17 · Accounts payable and accrued expenses
beginning of year $823,773 · end of year $792,628
-
19 · Deferred revenue
beginning of year $1,436,224 · end of year $1,415,982
-
23 · Secured mortgages and notes payable
beginning of year $49,030,337 · end of year $52,752,550
-
25 · Other liabilities
beginning of year $804,444 · end of year $3,577,473
-
27 · Net assets without donor restrictions
beginning of year $32,618,031 · end of year $36,235,712
-
28 · Net assets with donor restrictions
beginning of year $1,875,918,860 · end of year $1,951,160,745
Mission and programs · 2025
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 AND LOANS TO, AND MAKES INVESTMENTS IN MEMBER CDCUS TO SUPPORT EFFORTS TO CREATE ECONOMIC OPPORTUNITY AND ADVANCE FINANCIAL INCLUSION INITIATIVES THAT BENEFIT LOW- AND MODERATE-INCOME PEOPLE AND COMMUNITIES ACROSS THE COUNTRY.
Expenses $3,742,471 · Grants $1,700,000 · Revenue $2,223,017
-
INCLUSIV'S CENTER FOR RESILIENCY AND CLEAN ENERGY WAS CREATED IN 2019 TO TEACH AND SUPPORT COMMUNITY-BASED FINANCIAL INSTITUTIONS, INCLUDING CREDIT UNIONS, CDFI LOAN FUNDS, AND COMMUNITY BANKS, AMONG OTHERS, LAUNCHING AND SCALING CLEAN ENERGY FINANCE INITIATIVES THAT ENABLE COMMUNITIES TO ACCESS AFFORDABLE CLEAN ENERGY SERVICES, REDUCE ENERGY BURDENS, CREATE GOOD JOBS, AND BUILD RESILIENCE AND DISASTER PREPAREDNESS. THE CENTER PROVIDES PRACTICAL, HANDS-ON TRAINING AND TECHNICAL ASSISTANCE FOR COMMUNITY LENDERS; SUPPORTS CREDIT UNIONS' ACCESS TO TECHNOLOGY PLATFORMS AND FINANCIAL INSTRUMENTS THAT HELP TO SCALE COMMUNITY-BASED CLEAN ENERGY MARKETS; AND ADVANCES RESEARCH TO HELP IDENTIFY OPPORTUNITIES FOR INVESTMENT IN AND GROWTH OF THESE MARKETS.
Expenses $3,074,411 · Grants $345,000
-
INCLUSIV DEVELOPS AND PROVIDES FINANCIAL INCLUSION PROGRAMS TO HELP OUR MEMBER CDCUS EXPAND THE PRODUCTS AND SERVICES THEY OFFER TO LOW- AND MODERATE-INCOME PEOPLE AND COMMUNITIES AND DEEPEN THEIR COMMUNITY IMPACT. THESE PROGRAMS INCLUDE TRAINING AND ONE-ON-ONE SUPPORT TO HELP CDCUS BUILD EFFECTIVE FINANCIAL COACHING PROGRAMS AND ASSET BUILDING AND ASSET PROTECTION INITIATIVES.
Expenses $2,947,199 · Grants $2,721,625
-
OTHER.
Expenses $11,401,026 · Grants $50,000 · Revenue $6,100,336
As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Ian ForsterIAN FORSTER
GENERAL COUNSEL
- Total calculated
- $212,285
- From this org
- $197,346
- From related orgs
- $0
- Other
- $14,939
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $197,346
- Bonus
- $0
- Other
- $0
- Deferred
- $10,000
- Nontaxable benefits
- $4,939
- Filer's total
- $212,285
-
Ming Kyung Cathi KimMING KYUNG CATHI KIM
SVP, CAPITAL, INVESTMENTS,
- Total calculated
- $199,421
- From this org
- $181,572
- From related orgs
- $0
- Other
- $17,849
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $181,572
- Bonus
- $0
- Other
- $0
- Deferred
- $9,250
- Nontaxable benefits
- $8,599
- Filer's total
- $199,421
-
Robin RomanROBIN ROMAN
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Blanche L JacksonBLANCHE L JACKSON
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Nereida Seda VargasNEREIDA SEDA VARGAS
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Ed SivakED SIVAK
RECORDING SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
James HunterJAMES HUNTER
CORRESPONDING SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Aurelio Arroyo ConzalezAURELIO ARROYO CONZALEZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Diane Sandoval-GriegoDIANE SANDOVAL-GRIEGO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Hank HubbardHANK HUBBARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jacqueline MooreJACQUELINE MOORE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jama R HaynesJAMA R HAYNES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jeff IveyJEFF IVEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kathy ChartierKATHY CHARTIER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Suzette CowellSUZETTE COWELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Micheal Franqui BaqueroMICHEAL FRANQUI BAQUERO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Margie SalazarMARGIE SALAZAR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Cathleen MahonCATHLEEN MAHON
PRESIDENT/CEO
- Total calculated
- $345,483
- From this org
- $327,758
- From related orgs
- $0
- Other
- $17,725
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $327,758
- Bonus
- $0
- Other
- $0
- Deferred
- $16,375
- Nontaxable benefits
- $1,350
- Filer's total
- $345,483
-
Eben Sheaffer Thru 092025EBEN SHEAFFER THRU 092025
CFO/CIO
- Total calculated
- $225,252
- From this org
- $213,992
- From related orgs
- $0
- Other
- $11,260
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $213,992
- Bonus
- $0
- Other
- $0
- Deferred
- $10,949
- Nontaxable benefits
- $311
- Filer's total
- $225,252
-
Pamela OwensPAMELA OWENS
VICE PRESIDENT
- Total calculated
- $240,592
- From this org
- $225,380
- From related orgs
- $0
- Other
- $15,212
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $225,380
- Bonus
- $0
- Other
- $0
- Deferred
- $6,613
- Nontaxable benefits
- $8,599
- Filer's total
- $240,592
-
Silvia RinconSILVIA RINCON
COO
- Total calculated
- $216,942
- From this org
- $201,503
- From related orgs
- $0
- Other
- $15,439
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $201,503
- Bonus
- $0
- Other
- $0
- Deferred
- $10,500
- Nontaxable benefits
- $4,939
- Filer's total
- $216,942
-
Lily TranLILY TRAN
CFO FKA VP OF FINANCE
- Total calculated
- $190,187
- From this org
- $170,151
- From related orgs
- $0
- Other
- $20,036
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $170,151
- Bonus
- $0
- Other
- $0
- Deferred
- $8,632
- Nontaxable benefits
- $11,404
- Filer's total
- $190,187
-
Pablo DefilippiPABLO DEFILIPPI
SVP NETWORK DEVELOPMENT
- Total calculated
- $263,914
- From this org
- $252,089
- From related orgs
- $0
- Other
- $11,825
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $252,089
- Bonus
- $0
- Other
- $0
- Deferred
- $11,035
- Nontaxable benefits
- $790
- Filer's total
- $263,914
-
Alexis IwanisziwALEXIS IWANISZIW
SVP POLICY & COMMUNICATION
- Total calculated
- $205,191
- From this org
- $187,092
- From related orgs
- $0
- Other
- $18,099
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,092
- Bonus
- $0
- Other
- $0
- Deferred
- $9,500
- Nontaxable benefits
- $8,599
- Filer's total
- $205,191
-
Neda ArabshahiNEDA ARABSHAHI
EVP RESILIENCY & CLEAN ENERGY
- Total calculated
- $232,412
- From this org
- $212,963
- From related orgs
- $0
- Other
- $19,449
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $212,963
- Bonus
- $0
- Other
- $0
- Deferred
- $10,850
- Nontaxable benefits
- $8,599
- Filer's total
- $232,412
-
Robin Hollis As Of 71625ROBIN HOLLIS AS OF 71625
VP, MEMBER SERVICES
- Total calculated
- $190,301
- From this org
- $160,971
- From related orgs
- $0
- Other
- $29,330
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $160,971
- Bonus
- $0
- Other
- $0
- Deferred
- $5,867
- Nontaxable benefits
- $23,463
- Filer's total
- $190,301
-
Andrea Lally As Of 71625ANDREA LALLY AS OF 71625
VP, NETWORK GROWTH
- Total calculated
- $176,040
- From this org
- $152,881
- From related orgs
- $0
- Other
- $23,159
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,881
- Bonus
- $0
- Other
- $0
- Deferred
- $8,000
- Nontaxable benefits
- $15,159
- Filer's total
- $176,040
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
-
1ST BERGEN FCU
$0
BUILD AND SAVE SUBGRANT AWARDS-2025
-
BUILD AND SAVE SUBGRANT AWARDS-2025
-
CHURCH OF THE MASTER FCU
$0
FHLB SAMLL BUSINESS SUBGRANT
-
BUILD AND SAVE SUBGRANT AWARDS-2025
-
INCLUSIV - BUILD AND SAVE SUBGRANT 2025
-
CONCORD FEDERAL CREDIT UNION
$0
NEW MAJORITY GROWTH- ERP PROGRAM
-
CONCORD FEDERAL CREDIT UNION
$0
FHLB SAMLL BUSINESS RECOVERY GRANT AWARD
-
COOPERATIVA DE AHORRA Y CREDITO INTERMETRO
$0
NEW MAJORITY GROWTH- ERP PROGRAM
-
COOPERATIVA DE AHORRA Y CREDITO DE SALINAS
$0
NEW MAJORITY GROWTH- ERP PROGRAM
-
COOPERATIVA DE AHORRA Y CREDITO RIM-COOP
$0
NEW MAJORITY GROWTH- ERP PROGRAM
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 $1,555,876 · assets $30,764,167
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 $346,514
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 $175,946 · share of assets $22,552,954 · general or managing partner
Directly controlled by INCLUSIV SECONDARY CAPITAL MANAGER LLC
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 14 September 2026
- IRS schema version
- 2025v4.2
- Source object
- 202612579349300246
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.