Civic Intelligence

Equitable Facilities Fund Inc.

990 • Fiscal year 2022 • EIN 82-2351889

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 16, 2023

Organization ProfileEQFUND.ORG
228 Park Ave S Pmb 61633New York, NY 10003-1502

(212) 506-5089

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

84th percentile

0.70x

Higher debt load relative to assets than 84% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

95th percentile

7.33x

Higher debt load relative to revenue than 95% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Net Margin

96th percentile

78%

Higher net margin than 96% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Top Officer Pay

11th percentile

$539,683

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Asset Growth

96th percentile

36%

Faster asset growth than 96% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Revenue Growth

99th percentile

217%

Faster revenue growth than 99% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$1,150,821,941

Up $307,067,183 (+36%) from 2021

Net Assets

Up

$347,201,491

Up $83,592,449 (+32%) from 2021

Liabilities

Up

$803,620,450

Up $223,474,734 (+39%) from 2021

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin96th percentile

Revenue

Up

$109,581,682

Up $75,046,680 (+217%) from 2021

Expenses

Up

$24,559,398

Up $9,562,239 (+64%) from 2021

Net Income

Up

$85,022,284

Up $65,484,441 (+335%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2022

Assets$1,150,821,941
Liabilities$803,620,450
Net Assets$347,201,491
Open 2022 Filing

Operations Trend

Revenue Growth99th percentile

Revenue, expenses, and net income across loaded years, with this 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

2022

Revenue$109,581,682
Expenses$24,559,398
Net Income$85,022,284
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 16, 2023
Return Version
2022v5.0
Gross Receipts
$109,581,682
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$580,126,050$939,232,216▲ $359,106,166
Investments Other Securities$257,818,132$196,970,074▼ $60,848,058
Pledges and Grants Receivable-$7,275,000-
Cash and Non-Interest-Bearing Accounts$3,452,036$3,175,828▼ $276,208
Prepaid Expenses and Deferred Charges$359,886$597,051▲ $237,165
Land, Buildings, and Equipment, Net$24,182$16,350▼ $7,832
Savings and Temporary Cash Investments$1,541$1,540▼ $1
Intangible Assets$-481--
Total Assets$843,754,758$1,150,821,941▲ $307,067,183
Other Assets Total$1,973,412$3,553,882▲ $1,580,470
Liabilities
Tax Exempt Bond Liabilities$571,507,350$791,139,415▲ $219,632,065
Accounts Payable and Accrued Expenses$4,838,366$8,681,035▲ $3,842,669
Unsecured Notes Loans Payable$3,800,000$3,800,000→ $0
Total Liabilities$580,145,716$803,620,450▲ $223,474,734
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$262,609,042$330,926,491▲ $68,317,449
Net Assets With Donor Restrictions$1,000,000$16,275,000▲ $15,275,000
Total Net Assets Fund Balance$263,609,042$347,201,491▲ $83,592,449
Total Liabilities and Net Assets / Fund Balance$843,754,758$1,150,821,941▲ $307,067,183

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$16,350$41,927$58,277
Leasehold Improvements$0$3,805$3,805
Other Securities$2,682,274--
Compensation and Service Providers
Top Officer Pay11th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Anand KesavanCEOFT$500,000$39,683$539,683
Michelle GetzChief Credit OfficerFT$220,000$40,004$260,004
Mike McgregorChief Operations OfficerFT$190,000$61,089$251,089
Shawn Mccormack From 011122Investment PrincipalFT$176,250$72,732$248,982
Wendy BerryInvestment PrincipalFT$180,000$49,803$229,803
Marc WancerInvestment PrincipalFT$180,000$37,913$217,913
Mark MedemaSenior AdvisorFT$107,250$34,940$142,190

Board Members and Trustees

NameTitle
Buddy PhilpotChairman
Aarthi Sowrirajan From 11522Director
Nguyen Huyhn From 11522Director
Scott PearsonSecretary
Kevin HallTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Zata Consulting LLCConsulting Services2093 PHILADELPHIA PIKE 5807, Claymont, DE 19703$189,400
Zoga Insights LLCConsulting Services4302 NORTH HILLS DRIVE, Austin, TX 78731$142,157
Kevin AlinStrategic Consulting Services959 COVERED BRIDGE TRAIL, Chapel Hill, NC 27517$104,504
Revenue and Support

Revenue Composition

Contributions and Grants
$78,150,000
Program Service Revenue
$30,035,741
Investment Income
$1,395,941
Other Revenue
$0
All Other Contributions
$70,075,000
Change in Net Assets
$85,022,284

Audited Revenue Reconciliation

Revenue per Audited Statements
$109,581,682
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-1,276,836
Total Revenue per Audited Statements
$108,304,846
Total Revenue per Form 990
$109,581,682
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$21,851,478
Salaries, Compensation, and Employee Benefits$2,690,773
Total Fundraising Expense$199,786
Professional Fundraising Fees$17,147
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$20,068,231--$20,068,231
Current Officers, Directors, Trustees, and Key Employees$1,293,621$297,600$105,600$1,696,821
Fees for Services Other$463,327$305,649-$768,976
Comp Disqual Persons$469,390$55,071$21,450$545,911
Travel$182,358$36,479$13,141$231,978
Other Employee Benefits$179,912$35,990$12,965$228,867
Fees for Services Accounting-$219,415-$219,415
Information Technology$106,934$21,391$7,706$136,031
Payroll Taxes$99,753$19,955$7,189$126,897
Insurance-$104,540-$104,540
Pension Plan Contributions$72,539$14,511$5,227$92,277
Occupancy$45,633$9,128$3,289$58,050
Advertising-$54,626-$54,626
All Other Expenses$18,573$12,498$787$31,858
Fees for Services Professional Fundraising--$17,147$17,147
Office Expenses$11,247$2,250$810$14,307
Depreciation Depletion$9,482$1,897$683$12,062
Other Expenses$9,587$7,735$691$7,735
Fees for Services Legal-$4,392-$4,392
Total Functional Expenses$23,145,959$1,213,653$199,786$24,559,398

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$24,559,397
Total Expenses per Audited Statements$24,559,397
Total Expenses per Form 990$24,559,397
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
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$17,147
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
BArizona Industrial Development Authority2022-08-30$162,690,259To finance loans for capital projects for public charter schools
CArizona Industrial Development Authority2020-08-27$146,976,682To finance loans for capital projects for public charter schools
AArizona Industrial Development Authority2021-10-20$142,415,764To finance loans for capital projects for public charter schools
AArizona Industrial Development Authority2019-08-29$109,558,533To finance loans for capital projects for public charter schools
CCalifornia Infrastucture and Economic Development Bank2022-08-30$70,354,565To finance loans for capital projects for public charter schools
DCalifornia Infrastucture and Economic Development Bank2020-08-27$57,945,093To finance loans for capital projects for public charter schools
BCalifornia Infrastucture and Economic Development Bank2021-10-20$35,680,967To finance loans for capital projects for public charter schools
DCity of Albany Capital Resource Corporation2021-10-20$28,759,224To finance loans for capital projects for public charter schools
AArizona Industrial Development Authority2021-10-20$23,608,055To finance loans for capital projects for public charter schools
BCalifornia Infrastucture and Economic Development Bank2019-08-29$23,214,309To finance loans for capital projects for public charter schools
CMassachusetts Development Finance Agency2021-10-20$20,647,335To finance loans for capital projects for public charter schools

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$162,718,327--$1,579,011
C$147,511,508$1,043,753-$1,985,532
A$143,164,043$7,682,869$1,815,000$306,962
A$110,661,720$13,575,947$1,375,000$2,191,102
C$70,354,565--$607,594
D$58,082,367--$712,100
B$35,683,386$20,446,183$4,260,000$332,240
D$28,777,730$68,009,182$2,645,000$466,262
B$23,450,021$66,304,843-$463,376
A$23,414,795--$50,885
C$20,660,593$27,641,114$890,000$230,333

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
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 2022 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 12.8.2022. 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
2125065089
Address
228 PARK AVE S PMB 61633, NEW YORK, NY 10003-1502

Signing Officer

Name
Anand Kesavan
Title
CEO
Phone
2125065089
Signed
2023-11-16
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
16
Volunteers
5

Preparer

Firm
Mitchell & Titus Llp
Address
80 PINE STREET, NEW YORK, NY 10005
Preparer
Frederick E Davis Jr
Phone
2127094500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Loss on derivatives -153,000.”

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, 2022, 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.”

Raw XML AppendixShowing 400 of 1,296 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/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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Filings

Displayed year

2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,150,821,941
Liabilities
$803,620,450
Net assets
$347,201,491
Revenue
$109,581,682
Expenses
$24,559,398
Net income
$85,022,284
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