IFF

EIN: 363656836 501(c)(3) Community Improvement

Chicago, IL

Total Revenue
$134,604,883
Total Expenses
$73,001,008
Total Assets
$779,493,171
Net Assets
$197,523,634
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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
IL
Principal Officer
Joe Neri
Phone
3126290060
Tax Period
2024-01-01 to 2024-12-31

IFF, founded in 1988, is a major nonprofit in the Community Improvement sector that reported $134.6M in total revenue in fiscal year 2024. Revenue surged 31% from the prior year, signaling strong growth momentum. The organization ran a surplus of $61.6M, a strong 46% operating margin.

Mission

IFF strengthens nonprofits and the communities they serve by providing leadership, capital, and real estate solutions.- Leadership reflects our research, policy, sector work, and convening role- Capital includes a range of financial products: loans, New Markets Tax Credits, and equity - Real Estate Solutions includes a range of consultant services, development, and ownership

Program Service Accomplishments

Program 1
Expenses: $26,785,037 Revenue: $37,858,783

Capital Solutions: This program makes affordable loans to nonprofit agencies. Since 1990, the total loan volume reached over $1.8 billion which includes 2,369 loans closed that has leveraged over...

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Capital Solutions: This program makes affordable loans to nonprofit agencies. Since 1990, the total loan volume reached over $1.8 billion which includes 2,369 loans closed that has leveraged over $6.7 billion in capital. Since 1990, these loans to over 1,282 nonprofits have assisted with the renovation or construction of 43.7 million square feet and created 16,305 child care slots, 160,986 student seats, 820,672 new patients/visits at health care clinics, 21,786 affordable and supportive/special needs housing units, and 4,475 beds. In addition, the loans have helped to employ 91,226 full time equivalents.

Program 2
Expenses: $22,167,433 Revenue: $185,102

Social Impact Accelerator - Program & Initiatives, Hope Starts Here, and Comprehensive Based Placed Initiatives (Early Child Services, and School Services) Early Child services is designed to...

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Social Impact Accelerator - Program & Initiatives, Hope Starts Here, and Comprehensive Based Placed Initiatives (Early Child Services, and School Services) Early Child services is designed to increase capacity and improve access to quality early care and education across the Midwest states we serve. Providers can receive technical assistance, consulting services, and grants to improve facility quality. School Services is a program in which we work across all education systems with school districts, charter schools and charter school authorizers, private schools, policymakers, and education advocates to increase opportunity and improve outcomes for students. Coordinated and focused efforts allow IFF to strategize, develop, and implement programmatic responses. Informed by data, IFF helps plan, find, finance, and develop schools in the places where they are needed the most.

Program 3
Expenses: $8,481,768 Revenue: $3,182,645

Real Estate Solutions: This program helps nonprofits make better real estate and space decisions to support growth planning, program changes, and financial and organizational capacity. The goals and...

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Real Estate Solutions: This program helps nonprofits make better real estate and space decisions to support growth planning, program changes, and financial and organizational capacity. The goals and objectives of each nonprofit client determine IFF's scope of consulting services, from advising on real estate strategies to solving specific need for additional or new space. Clients choose from a comprehensive menu of fully integrated services based on a proposal tailored to specific needs, all at below market fees. Services provided include feasibility assessments, facilities assessments, strategic facility plans, site search and due diligence, and owner's representative services. Since 1997, 1,734 projects have been worked on in this program and has funded the renovations or construction of over 4.1 million square feet of real estate developed. In addition, this program has created 13,357 K-12 student slots, 5,155 Early Childhood Education slots, and developed 381 housing units.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $86,680,276
Program Service Revenue $45,025,022
Investment Income $2,899,585
Other Revenue $0
TOTAL REVENUE $134,604,883

Expense Breakdown

Grants Paid $18,813,493
Salaries & Benefits $20,188,362
Fundraising Expenses $482,215
Program Expenses $69,568,815
Other Expenses $33,999,153
TOTAL EXPENSES $73,001,008

Year-over-Year Comparison

2024 2023 Change
Revenue $134,604,883 $102,836,770 +0.3%
Expenses $73,001,008 $96,465,275 -0.2%
Net Income $61,603,875 $6,371,495 +8.7%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
17
Independent Members
16
Employees
182
Volunteers
51

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
10
$1,382,651
Total Directors
17
$396,960
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Joe Neri CEO 40.00
Officer Director
$377,300 $19,660 $396,960
Cheryl Wilson Board Chair (until 12/31/24) 1.00
Officer Director
$0 $0 $0
Sakura Takano Board Chair 1.00
Officer Director
$0 $0 $0
Monique Jones Vice Chair 1.00
Officer Director
$0 $0 $0
John Sassaris Treasurer/Secretary 1.00
Officer Director
$0 $0 $0
George Burciaga Board Member 1.00
Director
$0 $0 $0
Hamilton Chang Board Member 1.00
Director
$0 $0 $0
Evelyn Diaz Board Member (until 12/31/24) 1.00
Director
$0 $0 $0
Sidney Dillard Board Member (until 12/31/24) 1.00
Director
$0 $0 $0
James Due Board Member 1.00
Director
$0 $0 $0
Derrick Johnson Board Member 1.00
Director
$0 $0 $0
Rodney Jones-Tyson Board Member (until 12/31/24) 1.00
Director
$0 $0 $0
Jason Mercer Board Member 1.00
Director
$0 $0 $0
Emmet Pierson Board Member 1.00
Director
$0 $0 $0
Angela Reyes Board Member 1.00
Director
$0 $0 $0
Greg Robinson Board Member 1.00
Director
$0 $0 $0
Aaron Seybert Board Member 1.00
Director
$0 $0 $0
Kirby Burkholder President, Core Business Solutions 39.00
Officer
$337,234 $28,336 $365,570
Suza Leao-Reuter CFO & Assistant Secy. (until 3/1/24) 39.00
Officer
$50,622 $12,684 $63,306
Lloyd Shields Acting CFO Assistant Secretary (until 9/10/24) 40.00
Officer
$88,025 $0 $88,025
Rodrigo Vela CFO & Assistant Secretary 40.00
Officer
$160,253 $13,552 $173,805
Tara Townsend President, Social Impact Accelerator 40.00
Officer
$260,904 $34,081 $294,985
Jose Cerda III Chief of Staff 40.00
Highest
$240,613 $28,969 $269,582
Dana Lieberman SVP Cap. Sol., Chief Lending Officer 40.00
Highest
$233,284 $17,510 $250,794
Victoria Lakes-Battle Exec. Director - Chicago Region 40.00
Highest
$220,111 $15,782 $235,893
Michael Goldberg SVP Real Estate Solutions 40.00
Highest
$205,676 $12,273 $217,949
Terrence Young Chief Credit Officer & SVP Cap. Sol. 40.00
Highest
$203,107 $12,072 $215,179
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $134,604,883 $73,001,008 $779,493,171 $61,603,875
2023 $102,836,770 $96,465,275 $689,365,712 $6,371,495
2022 $64,193,835 $60,208,929 $568,632,430 $3,984,906
2021 $81,768,477 $60,965,605 $571,089,169 $20,802,872
2020 $66,930,783 $48,794,353 $515,692,324 $18,136,430
2019 $42,753,567 $40,041,254 $492,576,736 $2,712,313
2018 $43,463,005 $36,721,552 $463,520,249 $6,741,453
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