National Equity Fund Inc
- Assets
- $118.9m
- Revenue
- $59.5m
- Investments
- $0.0
- Employees
- 242
- Location
- Chicago, IL
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 36-3490231
Organization Overview
National Equity Fund Inc is located in Chicago, IL. The organization was established in 0000. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2021, National Equity Fund Inc employed 242 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. National Equity Fund Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, National Equity Fund Inc generated $59.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $85.3m during the year ending 12/2021. While expenses have increased by 7.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, National Equity Fund Inc has awarded 89 individual grants totaling $87,269,549. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NATIONAL EQUITY FUND, INC. IS DEDICATED TO SUPPORTING THE DEVELOPMENT AND PRESERVATION OF HIGH-QUALITY AFFORDABLE RENTAL HOUSING IN DISINVESTED COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Reilein President & CEO (and Director) | OfficerTrustee | 18 | $894,174 |
Alex Denja Svp, Coo, CFO | Officer | 18 | $688,030 |
Rachel Rhodes Managing Director - Central Region | 40 | $661,712 | |
Judy Schneider Svp, Chief Risk Officer, Asst Sec | Officer | 18 | $635,784 |
Mark Siranovic SVP Multi-Investor Fund Markets | Officer | 18 | $625,327 |
Todd Fabian Managing Director - West Region | 40 | $612,041 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sparta Advisors Llc Consulting Services | 12/30/21 | $2,676,611 |
Novogradac & Company Llp Audit And Tax Services | 12/30/21 | $2,430,224 |
Kraus Lam Llc Legal Services | 12/30/21 | $1,603,630 |
Barnes & Thornburg Llp Legal Services | 12/30/21 | $1,514,987 |
Holland & Knight Llp Legal Services | 12/30/21 | $1,459,351 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $57,972,532 |
| Investment income | $198,617 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $59,533,345 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,421,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,701,113 |
| Compensation of current officers, directors, key employees. | $1,030,594 |
| Compensation to disqualified persons | $1,150,267 |
| Other salaries and wages | $30,409,709 |
| Pension plan accruals and contributions | $1,921,568 |
| Other employee benefits | $2,689,268 |
| Payroll taxes | $2,154,747 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,656,396 |
| Fees for services: Accounting | $298,748 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,463,344 |
| Advertising and promotion | $702,190 |
| Office expenses | $843,748 |
| Information technology | $952,527 |
| Royalties | $0 |
| Occupancy | $1,544,532 |
| Travel | $252,262 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $219,674 |
| Interest | $393,933 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $443,942 |
| Insurance | $598,885 |
| All other expenses | $76,296 |
| Total functional expenses | $85,349,142 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $79,597,470 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,204,997 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,282,489 |
| Inventories for sale or use | $1,957 |
| Prepaid expenses and deferred charges | $723,721 |
| Net Land, buildings, and equipment | $1,183,556 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,068,761 |
| Intangible assets | $0 |
| Other assets | $2,849,784 |
| Total assets | $118,912,735 |
| Accounts payable and accrued expenses | $31,724,061 |
| Grants payable | $20,000 |
| Deferred revenue | $7,832,316 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $39,653,503 |
| Total liabilities | $79,229,880 |
| Net assets without donor restrictions | $39,682,855 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $118,912,735 |
Grants Awarded
Over the last fiscal year, National Equity Fund Inc has awarded $15,420,000 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: SUPPORT COMMUNITY DEVELOPMENT | $15,300,000 |
Chicago, IL PURPOSE: SUPPORT LOW INCOME HOUSING DEVELOPMENT | $30,000 |
Oakmont, PA PURPOSE: SUPPORT LOW INCOME HOUSING DEVELOPMENT | $30,000 |
Chicago, IL PURPOSE: SUPPORT LOW INCOME HOUSING DEVELOPMENT | $26,500 |
Aurora, CO PURPOSE: SUPPORT RESIDENTS OF AFFORDABLE HOUSING PROJECT PARTNERSHIPS | $10,000 |
New York, NY PURPOSE: SUPPORT COMMUNITY DEVELOPMENT | $8,500 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that National Equity Fund Inc has recieved totaling $55,000.
| Awarding Organization | Amount |
|---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $55,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ascendium Education Solutions Inc Madison, WI | $288,144,309 | $427,280,088 |
Ewing Marion Kauffman Foundation Kansas City, MO | $2,462,142,090 | $452,428,747 |
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |