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LISC Had a Robust Financial Year in 2009

Tuesday, June 29, 2010

Despite the economic downturn, and exceeding all expectations, National LISC did very well in the past year, with results that LISC President and CEO Michael Rubinger termed as “remarkable.”

LISC’s total national revenue for 2009, at $111 million including both private contributions and public resources, was a full 19 percent ahead of projected budget.

As important, the organization’s total net assets increased by 7.5 percent, while total unrestricted net assets increased by 22 percent and LISC’s net worth increased by 35 percent.

Although early 2009 saw LISC negatively affected by the general credit squeeze throughout the broader credit markets, borrowing became easier in the third and fourth quarters, a trend that has continued in 2010.

So far this year, LISC has closed on new multi-million dollar loan deals with ten different lending institutions, allowing the organization to continue to support constituent local organizations and communities around the country.

In an additional sign of fiscal health, Joe Hagan, president and CEO of National Equity Fund, a LISC affiliate, reports that NEF has “a growing pipeline of deals” and expects to invest more than $600 million for the coming year.

“In spite of the financial turmoil that has surrounded us for the past two years, LISC is financially solid,” Rubinger said. “We ended the year in a considerably stronger financial position than we entered it, we have capital to lend and invest, and we are well-positioned to face whatever challenges and opportunities the future holds.”

This article first appeared in the Spring 2010 issue of Working Capital, LISC/Chicago's quarterly newsletter. To see the full issue, please click here.