Civic Intelligence

Equitable Facilities Fund Inc

EIN 82-2351889 • 501(c)3 • New York, NY

Profile

Eff is a nonprofit social impact fund that believes all children deserve a quality education. We empower high-performing public charter schools with equitable access to low-cost, long-term financing by innovatively combining mission-related investments and capital markets.

228 Park Avenue South Suite 61633New York, NY 10003-1502

eqfund.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.75x

Higher debt load relative to assets than 87% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

96th percentile

10.74x

Higher debt load relative to revenue than 96% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Net Margin

94th percentile

62%

Higher net margin than 94% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

93rd percentile

30%

Faster asset growth than 93% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

95th percentile

83%

Faster revenue growth than 95% of similar nonprofits.

501(c)3 • $1B+ nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$1,925,279,588

Up $445,558,720 (+30%) from 2023

Liabilities

Up

$1,448,793,997

Up $361,071,781 (+33%) from 2023

Net Assets

Up

$476,485,591

Up $84,486,939 (+22%) from 2023

Operations
Liabilities / Revenue96th percentileNet Margin94th percentile

Revenue

Up

$134,913,992

Up $61,138,221 (+83%) from 2023

Expenses

Up

$51,702,521

Up $19,923,305 (+63%) from 2023

Net Income

Up

$83,211,471

Up $41,214,916 (+98%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth93rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0B$1.5B$1.0B$500M$0Assets 2018: $152,587,484Liabilities 2018: $337,145Net Assets 2018: $152,250,3392018Assets 2019: $338,841,611Liabilities 2019: $132,680,069Net Assets 2019: $206,161,5422019Assets 2020: $575,484,952Liabilities 2020: $333,173,996Net Assets 2020: $242,310,9562020Assets 2021: $843,754,758Liabilities 2021: $580,145,716Net Assets 2021: $263,609,0422021Assets 2022: $1,150,821,941Liabilities 2022: $803,620,450Net Assets 2022: $347,201,4912022Assets 2023: $1,479,720,868Liabilities 2023: $1,087,722,216Net Assets 2023: $391,998,6522023Assets 2024: $1,925,279,588Liabilities 2024: $1,448,793,997Net Assets 2024: $476,485,5912024

Highlighted filing

2024

Assets$1,925,279,588
Liabilities$1,448,793,997
Net Assets$476,485,591
Open 2024 Filing

Operations Trend

Revenue Growth95th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$150M$100M$50M$0Revenue 2018: $154,040,390Expenses 2018: $1,859,121Net Income 2018: $152,181,2692018Revenue 2019: $11,350,422Expenses 2019: $4,954,431Net Income 2019: $6,395,9912019Revenue 2020: $48,316,179Expenses 2020: $9,571,763Net Income 2020: $38,744,4162020Revenue 2021: $34,535,002Expenses 2021: $14,997,159Net Income 2021: $19,537,8432021Revenue 2022: $109,581,682Expenses 2022: $24,559,398Net Income 2022: $85,022,2842022Revenue 2023: $73,775,771Expenses 2023: $31,779,216Net Income 2023: $41,996,5552023Revenue 2024: $134,913,992Expenses 2024: $51,702,521Net Income 2024: $83,211,4712024

Highlighted filing

2024

Revenue$134,913,992
Expenses$51,702,521
Net Income$83,211,471
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,925,279,588
Liabilities
$1,448,793,997
Net assets
$476,485,591
Revenue
$134,913,992
Expenses
$51,702,521
Net income
$83,211,471
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,925$1,449$476$135$51.7$83.2
2023Detailed filing. Detailed filing data is available for this year.$1,480$1,088$392$73.8$31.8$42.0
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,151$804$347$110$24.6$85.0
2021Detailed filing. Detailed filing data is available for this year.$844$580$264$34.5$15.0$19.5
2020Detailed filing. Detailed filing data is available for this year.$575$333$242$48.3$9.57$38.7
2019Summary only. Only limited summary data is available for this year.$339$133$206$11.4$4.95$6.40
2018Detailed filing. Detailed filing data is available for this year.$153$0.34$152$154$1.86$152
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$134,913,992
Mission and Program Overview

Mission

Eff is a nonprofit social impact fund that believes all children deserve a quality education. We empower high-performing public charter schools with equitable access to low-cost, long-term financing by innovatively combining mission-related investments and capital markets.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$1,105,452,701$1,377,825,219▲ $272,372,518
Investments Other Securities$364,891,569$513,183,979▲ $148,292,410
Pledges and Grants Receivable$2,266,667$25,333,334▲ $23,066,667
Cash and Non-Interest-Bearing Accounts$2,066,938$1,739,606▼ $327,332
Prepaid Expenses and Deferred Charges$250,823$817,179▲ $566,356
Land, Buildings, and Equipment, Net$17,032$28,982▲ $11,950
Accounts Receivable$6,175$5,000▼ $1,175
Savings and Temporary Cash Investments$1,547$1,555▲ $8
Total Assets$1,479,720,868$1,925,279,588▲ $445,558,720
Other Assets Total$4,767,416$6,344,734▲ $1,577,318
Liabilities
Tax Exempt Bond Liabilities$1,074,666,885$1,410,779,667▲ $336,112,782
Unsecured Notes Loans Payable$3,800,000$19,042,125▲ $15,242,125
Accounts Payable and Accrued Expenses$6,734,936$12,102,441▲ $5,367,505
Other Liabilities$2,520,395$6,869,764▲ $4,349,369
Total Liabilities$1,087,722,216$1,448,793,997▲ $361,071,781
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$363,467,777$450,044,674▲ $86,576,897
Net Assets With Donor Restrictions$28,530,875$26,440,917▼ $2,089,958
Total Net Assets Fund Balance$391,998,652$476,485,591▲ $84,486,939
Total Liabilities and Net Assets / Fund Balance$1,479,720,868$1,925,279,588▲ $445,558,720

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$28,982$72,872$101,854
Leasehold Improvements$0$3,805$3,805
Other Securities$48,253,934--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Anand KesavanCEOFT$595,833$17,644$613,477
Mike McgregorChief Operations OfficerFT$219,792$277,292$497,084
Michelle GetzChief Credit OfficerFT$269,375$29,229$298,604
Jon McintoshChief of StaffFT$200,000$63,452$263,452
Marc WancerInvestment PrincipalFT$205,000$35,257$240,257
Shawn MccormackInvestment PrincipalFT$198,000$41,695$239,695
Wendy BerryInvestment PrincipalFT$200,000$39,561$239,561

Board Members and Trustees

NameTitle
Buddy PhilpotChairman
Aarthi SowrirajanDirector
Nguyen HuyhnDirector
Scott PearsonSecretary
Kevin HallTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Zata Consulting LLCConsulting Services2093 PHILADELPHIA PIKE 5807, Claymont, DE 19703$231,080
Kevin AlinConsulting Services595 COVERED BRIDGE TRAIL, Chapel Hill, NC 27517$140,250
Seven Cs Collective LLCConsulting Services676 E 18TH STREET, Brooklyn, NY 11230$130,905
Gradient ConsultingConsulting Services1 BEACON STREET 17TH FL, Boston, MA 02108$124,475
Revenue and Support

Revenue Composition

Contributions and Grants
$68,162,500
Program Service Revenue
$55,330,236
Investment Income
$14,634,993
Other Revenue
$-3,213,737
All Other Contributions
$68,162,500
Change in Net Assets
$83,211,471

Audited Revenue Reconciliation

Revenue per Audited Statements
$134,913,992
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$134,913,992
Total Revenue per Form 990
$134,913,992
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$45,773,507
Salaries, Compensation, and Employee Benefits$4,928,590
Grants and Similar Amounts Paid$1,000,424
Total Fundraising Expense$509,023
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$41,857,656--$41,857,656
Fees for Services Other$1,647,815$664,358$80,466$2,392,639
Current Officers, Directors, Trustees, and Key Employees$1,770,331$254,538$196,390$2,221,259
Other Salaries and Wages$579,390$324,841$96,259$1,000,490
Grants to Domestic Orgs$1,000,424--$1,000,424
Comp Disqual Persons$759,505$129,439$10,852$899,796
Travel$360,431$82,168$35,183$477,782
Other Employee Benefits$285,235$65,026$27,843$378,104
Fees for Services Accounting-$258,963-$258,963
Payroll Taxes$186,286$42,468$18,184$246,938
Pension Plan Contributions$137,300$31,301$13,402$182,003
Information Technology$130,554$29,763$12,744$173,061
Insurance-$117,168-$117,168
Advertising-$92,124-$92,124
Occupancy$60,237$13,732$5,880$79,849
Other Expenses$29,843$27,759$2,406$27,759
Depreciation Depletion$12,679$2,890$1,238$16,807
Fees for Services Legal-$10,860-$10,860
Office Expenses$8,004$1,825$781$10,610
Total Functional Expenses$49,014,582$2,178,916$509,023$51,702,521

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$51,702,521
Total Expenses per Audited Statements$51,702,521
Total Expenses per Form 990$51,702,521
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liability$6,869,764

Bond Issues

BondIssuerIssuedIssue PricePurpose
DArizona Industrial Development Authority2023-12-19$301,549,583To finance loans for capital pro
AArizona Industrial Development Authority2024-10-30$199,825,272To finance loans for capital pro
BArizona Industrial Development Authority2022-08-30$162,690,259To finance loans for capital pro
BCalifornia Infrastucture and Econom2024-10-30$154,477,337To finance loans for capital pro
CArizona Industrial Development Authority2020-08-27$146,976,682To finance loans for capital pro
AArizona Industrial Development Authority2021-10-20$142,415,764To finance loans for capital pro
AArizona Industrial Development Authority2019-08-29$109,558,533To finance loans for capital pro
CCalifornia Infrastucture and Econom2022-08-30$70,354,565To finance loans for capital pro
DCalifornia Infrastucture and Econom2020-08-27$57,945,093To finance loans for capital pro
BCalifornia Infrastucture and Econom2021-10-20$35,680,967To finance loans for capital pro
DCity of Albany Capital Resource Corp2021-10-20$28,759,224To finance loans for capital pro
AArizona Industrial Development Authority2021-10-20$23,608,055To finance loans for capital pro
BCalifornia Infrastucture and Econom2019-08-29$23,214,309To finance loans for capital pro
CMassachusetts Development Finance2021-10-20$20,647,335To finance loans for capital pro

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$307,945,602--$2,713,180
A$202,957,012--$1,296,146
B$156,520,777--$907,293
C$145,461,126$66,304,843$7,490,000$1,985,532
A$142,658,999$7,682,869$8,225,000$306,962
A$108,296,050$68,009,182$8,050,000$2,191,102
C$71,075,593--$607,594
D$57,274,439$1,043,753$3,300,000$712,100
B$35,980,506$20,446,183-$332,240
D$28,758,511--$466,262
A$23,616,822--$50,885
B$23,616,822--$1,579,011
B$22,937,034$13,575,947$1,675,000$463,376
C$20,646,824$27,641,114-$230,333

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Equitable facilities fund is made up of member organizations.”

Form 990, Part VI, Section A, Line 7A

“Equitable facilities fund has member organizations that elect board members.”

Form 990, Part VI, Section A, Line 8B

“The governing body currently does not have any sub-committees.”

Form 990, Part VI, Section B, Line 11B

“The board retains the services of an independent cpa firm to prepare the organization's form 990. Management reviews the completed form 990 and provides a full copy to all voting members of the governing body prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Officers, directors, trustees, and key employees are annually required to complete a conflict of interest disclosure statement as a precursor to their service to the organization. Potential conflicts are logged with and monitored by the board of directors.”

Form 990, Part VI, Section B, Line 15

“Annually, the board conducts a performance evaluation of the ceo, which includes reviewing compensation. The board annually ensures three elements are included in its review of executive compensation: 1) all compensations changes are approved in advance by the board; 2) there is concurrent documentation for the decision reflected in board minutes; and, 3) there is a reliance on appropriate comparability data. Any changes to executive compensation are a result of these procedures. Eff management prepared an executive compensation strategy for the board's review and approval during the december 2023 board meeting, updating the previous compensation strategy from 2017. The strategy was prepared based on a survey of other comparable nonprofit organizations. The strategy included pay bands and total compensation for executive team members and all team members as well as process for reviewing and approving executive team salary decisions. The board approved the strategy on 12.8.2023. Annually prior to the beginning of each fiscal year, the board has approved changes in executive compensation based on this original strategy and, now the revised strategy, by reviewing performance and appropriate comparable compensation data.”

Form 990, Part VI, Section C, Line 19

“Governing documents and financial statements are available through applicable governmental agencies; the conflict of interest policy is available upon written request to the organization.”

Filing and Contact Details

Filer

Filer Name
Equitable Facilities Fund Inc
EIN
82-2351889
Phone
5625333043
Address
228 PARK AVENUE SOUTH SUITE 61633, NEW YORK, NY 10003-1502

Signing Officer

Name
Anand Kesavan
Title
CEO
Phone
5625333043
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Anand Kesavan
Formed
2017
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
22
Volunteers
5

Preparer

Firm
Mitchell & Titus Llp
Address
80 PINE STREET 32ND FL, NEW YORK, NY 10005
Preparer
Eric Harrison
Phone
2127094500
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“Management has analyzed the tax positions taken by the fund and has concluded that as of december 31, 2024, there are no uncertain tax positions taken or are to be taken. Accordingly, no interest or penalties related to uncertain tax positions have been accrued in the accompanying financial statements.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“IN-KIND INTEREST”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“IN-KIND INTEREST”

Raw XML AppendixShowing 400 of 1,599 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0EFF IS A NONPROFIT SOCIAL IMPACT FUND THAT BELIEVES ALL CHILDREN DESERVE A QUALITY EDUCATION. WE EMPOWER HIGH-PERFORMING PUBLIC CHARTER SCHOOLS WITH EQUITABLE ACCESS TO LOW-COST, LONG-TERM FINANCING BY INNOVATIVELY COMBINING MISSION-RELATED INVESTMENTS AND CAPITAL MARKETS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt9INVESTMENT PRINCIPAL
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IRS990/MissionDesc0EFF IS A NONPROFIT SOCIAL IMPACT FUND THAT BELIEVES ALL CHILDREN DESERVE A QUALITY EDUCATION. WE EMPOWER HIGH-PERFORMING PUBLIC CHARTER SCHOOLS WITH EQUITABLE ACCESS TO LOW-COST, LONG-TERM FINANCING BY INNOVATIVELY COMBINING MISSION-RELATED INVESTMENTS AND CAPITAL MARKETS.
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IRS990ScheduleA/Form990SchASupportingOrgGrp/ListedByNameGoverningDocInd01
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