2011-08-12T10:17:55-05:00 2010-12-31 RSM MCGLADREY INC ONE SOUTH WACKER DRIVE SUITE 800 CHICAGO IL 606063392 990 2010-01-01 363656836 IFF IFF 3126290060 ONE NORTH LASALLE STREET No 700 CHICAGO IL 60602 Joe Neri 3126290060 2011-07-28 1 Zack Fortsch 3126343400 2010 2016-02-24 21:20:13Z Joe Neri ONE NORTH LASALLE STREET No 700 CHICAGO IL 60602 14152743 0 X WWW.IFF.ORG X 1988 IL IFF offers lending, real estate and research services to nonprofits for disadvantaged populations. 15 14 64 35 0 0 8685320 4734933 7910353 9354740 78204 40298 0 -71612 16673877 14058359 1903208 649592 0 0 4192502 4268760 0 0 201540 5360203 6189778 11455913 11108130 5217964 2950229 165885731 188224311 123339105 144314793 42546626 43909518 X IFF is a nonprofit organization that offers lending, facilities planning, real estate development and research services to Midwest nonprofits serving disadvantaged populations. IFF services help nonprofits complete their real estate-related projects and strengthen their financial, operational and management capacity to meet their missions. 0 0 7159555 8232164 Loan Program: This program makes below market loans to nonprofit agencies. Since 1990, the total loan volume reached $312.4 million which include 848 loans closed that has resulted in total cost savings of $18.9 million for clients. Since 1990, these loans have assisted with the renovation or construciton of 11.3 million square feet and created 4,574 child care openings, 20,604 student seats created, 150,357 new patients/visits at health care clinincs, and 1,771 affordable and supportive/special needs housing units. In addition, the loans have helped to employ 41,607 full time equivalents. 2368463 649592 1026464 Real Estate Services Program: This program provides consulting services to help nonprofits plan and complete real estate development projects. Since 1997, this program has resulted in a total cost savings for clients of $12.5 million and has funded the renovation or construciton of 1.5 million square feet. In addition, this program has created 3,795 child care openings, 5,110 charter school seats created, 48,540 new patients/visits at health care clinics, and 36 housing beds. 447894 Public Policy and Communications: IFF's public policy and communications department advances IFF's priorities in the areas of community development finance, the nonprofit sector, charter schools, early care and education, health care and housing. It also supports the growth of IFF in the Midwest. 295950 24500 Research Program 295950 24500 10271862 1 1 0 1 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 29 0 1 64 1 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 0 1 1 IL X Lloyd Shields 3126290060 One North LaSalle Street Suite 700 Chicago IL 60602 Trinita Logue 40.00 X X 255020 0 48187 Jeffrey Kolb 1.00 X X 0 0 0 Carl Jenkins 1.00 X X 0 0 0 David Crawford 1.00 X 0 0 0 Edward Tune 1.00 X 0 0 0 Kevin Ridley 1.00 X 0 0 0 Luke Collins 1.00 X 0 0 0 Meredith O'Connor 1.00 X 0 0 0 Michael Fisher 1.00 X 0 0 0 Mohini Chopra 1.00 X 0 0 0 Raul Raymundo 1.00 X 0 0 0 Robin Coffey 1.00 X 0 0 0 Sandra Moore 1.00 X 0 0 0 Martin Sinnott 1.00 X 0 0 0 Ramon Cepeda 1.00 X 0 0 0 Joe Neri 40.00 X 154577 0 8858 Jose Cerda 40.00 X 120793 0 13682 Lucy Tuck 40.00 X 122623 0 7432 Kirby Burkholder 40.00 X 102540 0 11150 David Reynolds 40.00 X 126377 0 13042 Tanya Vartivarian 40.00 X 100656 0 11141 982586 0 113492 7 0 1 0 Sidley Austin LLP PO Box 0642 Chicago IL 60690 Legal 123492 1 4448932 286001 4734933 Interest on Loans 522291 8058087 8058087 Consulting Contract Fe 523930 1094599 1094599 IFF Capital Mgmt Fees 523920 110739 110739 Loan Origination Fees 522291 91315 91315 9354740 40298 40298 22772 94384 -71612 -71612 -71612 14058359 9283128 0 40298 649592 649592 466642 263649 140737 62256 3170166 2809616 295107 65443 143297 130420 9800 3077 221422 189955 26150 5317 267233 238546 25667 3020 156681 156152 418 111 57372 15300 40585 1487 20000 20000 293463 245485 11484 36494 12149 12149 204978 186047 14821 4110 15817 14557 999 261 395840 350953 35587 9300 96364 93362 1667 1335 60837 55808 3411 1618 4455917 4455917 290401 260940 23357 6104 28079 25579 1983 517 Printing 48928 47767 927 234 Dues,Books&Subscription 48633 46215 1658 760 Other Expenses 4319 3853 370 96 11108130 10271862 634728 201540 422 342 12545106 10086744 853799 569536 412720 464942 129628434 151690733 92372 71791 5140191 1806946 931015 3333245 19036448 18918489 1556024 2175162 829391 913327 165885731 188224311 2881327 2465752 3812806 2962806 116644972 138886235 123339105 144314793 X 12830748 13958721 29715878 29950797 42546626 43909518 165885731 188224311 X 2950229 -1587337 X 0 1 1 X 1 1 X 2266950 13170525 2099708 8685320 4734933 30957436 2266950 13170525 2099708 8685320 4734933 30957436 4934001 26023435 808727 1282124 963169 106961 63070 3224051 37068 45449 -146877 -28757 -333 -93450 34088037 34798941 0.76340 0.79520 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 41717 41717 11066413 11108130 705407 176352 0 0 523001 571736 722796 705407 2522940 3784410 60000 30000 0 41717 131717 130750 142934 180699 176352 630735 946103 8645860 75000 1379337 7341523 9410992 1020450 1785582 8645860 10444628 1033636 9410992 1.00000 0 0 2619779 2619779 323804 164457 159347 2196608 1642489 554119 3333245 14058359 11108130 2950229 -208000 -1379337 -1587337 1362892 17508903 3450544 3450544 14058359 0 14058359 16146011 5037881 5037881 11108130 0 11108130 Description of Intended Use of Endowment Funds: Part V, Line 4: Capital to be used for loan disbursements and to cover loan losses. Description of Uncertain Tax Positions Under FIN 48: Part X: In accordance with the accounting standard on Accounting for Uncertainty in Income Taxes, IFF addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, IFF may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of IFF and various positions related to the potential sources of unrelated business taxable income. There were no unrecognized tax benefits identified or recorded as liabilities during 2010 or 2009. Part XI, Line 8 - Other Adjustments: Net Assets Released from Restriction -1,379,337. Part XII, Line 2d - Other Adjustments: Unrealized Gain/Loss on Investments -208,000. Net Assets Released from Restriction 3,658,544. Part XIII, Line 2d - Other Adjustments: Net Assets Released from Restriction 3,658,544. Provision for Loan Losses 1,379,337. 0 Mercy Housing Lakefront 120 S LaSalle St Suite 1850 Chicago IL 60603 363453183 501(c)(3) 85874 General operations Search Inc 1925 N Clybourn Suite 200 Chicago IL 60614 237058758 501(c)(3) 563718 Book 2 properties transferred Property/housing for group/supportive homes 2 Schedule I, Part I, Line 2: The grantee must follow up with the organization with a report that details the use of grant funds awarded to them. X 1 1 X X X 0 0 0 0 0 0 0 0 0 Trinita Logue 205020 0 50000 0 0 0 32500 0 15687 0 303207 0 0 0 Joe Neri 154577 0 0 0 0 0 7729 0 1129 0 163435 0 0 0 Part I, Line 1a IFF pays dues to a social club on behalf of Trinita Logue. The amount is not included on her W-2 because membership to the social club is for business uses only. Form 990, Part VI, Section B, line 11 IFF's tax advisors prepare the Form 990 using information provided by financial management. The completed Form 990 is reviewed by the CFO and audit committee before being provided to the full board and then filed with the IRS. Form 990, Part VI, Section B, line 12c IFF believes that it is a stronger organization by virtue of having both investors and borrowers represented on its board. There are also cases in which a board member serves on the board of a borrower whose loan may be brought to the board level. In the instance that a conflict exists, any involved parties do not participate in the voting. The minutes also record the conflict. IFF intentionally avoids relationships with major vendors whose owners or employees serve on the board, but if such a relationship exists, it is handled in the way described above. Form 990, Part VI, Section B, line 15a IFF has a compensation committee that reviews and approves the compensation of the President on an annual basis. This process is documented in the minutes. In 2005, IFF hired an independent compensation consultant to review all compensation paid by the organization based on job descriptions and market analysis. Comparison data has been used in the review of compensation of the President each year. This included an industry compensation survey done by the National Trade Association as well as local surveys done by Crain's Chicago Business. Compensation of other officers and key employees is approved by the President after review of performance, market conditions and the agency's budget. Form 990, Part VI, Section C, line 19 Governing documents (e.g., by-laws), Conflict of Interest Policy and Form 990 are available to anyone upon request. IFF's annual budget, financial forecast, and audited financial statements and the annual report, which contains the list of all investors and contributors and the list of borrowers and clients, are available to the public on the IFF's website. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -208,000. Net Assets Released from Restriction -1,379,337. Total to Form 990, Part XI, Line 5: -1,587,337. Form 990, Part VI, Lines 12-14 The Conflict of Interest Policy, Whistleblower Policy and Document Retention and Destruction Policy are reviewed by the Board, but they are not formally approved by the Board. IFF Capital LLC One N LaSalle St Ste 700 Chicago IL 60602 030477974 Lending IL N/A Related -1 1006 0 1 0.00010 IFF Capital II LLC One N LaSalle St Ste 700 Chicago IL 60602 205277860 Lending IL N/A Related 387 8298 0 1 0.00100 Chase NMTC II LLC One N LaSalle St Ste 700 Chicago IL 60602 205647038 Lending IL N/A Related 46 136960 0 1 0.00100 1 0 0 1 0 0 0 0 0 0 1 0 1 1 0 0 0 0 Chase NMTC II LLC A 8414 Chase NMTC II LLC D 4984700 Cash Value