Civic Intelligence

Equitable Facilities Fund Inc.

990 • Fiscal year 2023 • EIN 82-2351889

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

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

86th percentile

0.74x

Higher debt load relative to assets than 86% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Liabilities / Revenue

97th percentile

14.74x

Higher debt load relative to revenue than 97% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Net Margin

94th percentile

57%

Higher net margin than 94% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Top Officer Pay

18th percentile

$707,881

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2023 filings • 501(c)3 • $1B+ nonprofits • Source year 2023

Asset Growth

95th percentile

29%

Faster asset growth than 95% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2022 to 2023

Revenue Growth

9th percentile

-33%

Faster revenue growth than 9% of similar nonprofits.

2023 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$1,479,720,868

Up $328,898,927 (+29%) from 2022

Net Assets

Up

$391,998,652

Up $44,797,161 (+13%) from 2022

Liabilities

Up

$1,087,722,216

Up $284,101,766 (+35%) from 2022

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin94th percentile

Revenue

Down

$73,775,771

Down $35,805,911 (-33%) from 2022

Expenses

Up

$31,779,216

Up $7,219,818 (+29%) from 2022

Net Income

Down

$41,996,555

Down $43,025,729 (-51%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth95th 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

2023

Assets$1,479,720,868
Liabilities$1,087,722,216
Net Assets$391,998,652
Open 2023 Filing

Operations Trend

Revenue Growth9th 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

2023

Revenue$73,775,771
Expenses$31,779,216
Net Income$41,996,555
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$73,775,771
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$939,232,216$1,105,452,701▲ $166,220,485
Investments Other Securities$196,970,074$364,891,569▲ $167,921,495
Pledges and Grants Receivable$7,275,000$2,266,667▼ $5,008,333
Cash and Non-Interest-Bearing Accounts$3,175,828$2,066,938▼ $1,108,890
Prepaid Expenses and Deferred Charges$597,051$250,823▼ $346,228
Land, Buildings, and Equipment, Net$16,350$17,032▲ $682
Accounts Receivable$0$6,175▲ $6,175
Savings and Temporary Cash Investments$1,540$1,547▲ $7
Total Assets$1,150,821,941$1,479,720,868▲ $328,898,927
Other Assets Total$3,553,882$4,767,416▲ $1,213,534
Liabilities
Tax Exempt Bond Liabilities$791,139,415$1,074,666,885▲ $283,527,470
Accounts Payable and Accrued Expenses$8,681,035$6,734,936▼ $1,946,099
Unsecured Notes Loans Payable$3,800,000$3,800,000→ $0
Other Liabilities$0$2,520,395▲ $2,520,395
Total Liabilities$803,620,450$1,087,722,216▲ $284,101,766
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$330,926,491$363,467,777▲ $32,541,286
Net Assets With Donor Restrictions$16,275,000$28,530,875▲ $12,255,875
Total Net Assets Fund Balance$347,201,491$391,998,652▲ $44,797,161
Total Liabilities and Net Assets / Fund Balance$1,150,821,941$1,479,720,868▲ $328,898,927

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$17,032$56,064$73,096
Leasehold Improvements$0$3,805$3,805
Other Securities$309,885--
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Anand KesavanCEOFT$550,000$157,881$707,881
Michelle GetzChief Credit OfficerFT$242,000$72,984$314,984
Mike McgregorChief Operations OfficerFT$220,000$51,916$271,916
Wendy BerryInvestment PrincipalFT$192,000$44,686$236,686
Shawn MccormackInvestment PrincipalFT$167,250$55,817$223,067
Marc WancerInvestment PrincipalFT$196,000$20,975$216,975

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$210,653
Kevin AlinConsulting Services595 COVERED BRIDGE TRAIL, Chapel Hill, NC 27517$160,917
Mark MedemaConsulting Services3505 CAMERON MILLS RD, Alexandria, VA 22305$131,128
Revenue and Support

Revenue Composition

Contributions and Grants
$24,601,164
Program Service Revenue
$41,168,130
Investment Income
$6,973,300
Other Revenue
$1,033,177
All Other Contributions
$12,551,164
Change in Net Assets
$41,996,555

Audited Revenue Reconciliation

Revenue per Audited Statements
$73,775,771
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,243,042
Total Revenue per Audited Statements
$75,018,813
Total Revenue per Form 990
$73,775,771
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$28,407,825
Salaries, Compensation, and Employee Benefits$3,371,391
Total Fundraising Expense$145,825
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$25,843,660--$25,843,660
Current Officers, Directors, Trustees, and Key Employees$1,640,056$400,424$24,948$2,065,428
Fees for Services Other$841,343$512,299$19,676$1,373,318
Comp Disqual Persons$574,766$111,889$41,906$728,561
Travel$272,447$56,569$15,745$344,761
Other Employee Benefits$204,260$42,411$11,804$258,475
Fees for Services Accounting-$211,117-$211,117
Payroll Taxes$139,516$28,968$8,063$176,547
Information Technology$137,437$28,537$7,943$173,917
Pension Plan Contributions$95,495$19,828$5,519$120,842
Insurance-$107,147-$107,147
All Other Expenses$23,297$49,205$1,080$73,582
Occupancy$50,717$10,531$2,931$64,179
Advertising-$57,642-$57,642
Other Salaries and Wages$17,020$3,534$984$21,538
Other Expenses$24,909$17,032$1,235$17,032
Depreciation Depletion$11,172$2,320$646$14,138
Office Expenses$10,712$2,224$619$13,555
Fees for Services Legal-$2,145-$2,145
Total Functional Expenses$29,955,339$1,678,052$145,825$31,779,216

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$32,253,052
Expenses per Audited Statements$31,779,217
Total Expenses per Form 990$31,779,217
Expenses Not Reported on Form 990$473,835
Expenses Not Reported on Financial Statements$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$2,520,395

Bond Issues

BondIssuerIssuedIssue PricePurpose
DArizona Industrial Development Authority2023-12-19$301,549,583To finance loans for capital projects for public charter schools
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 Infrastructure and Economic Development Bank2022-08-30$70,354,565To finance loans for capital projects for public charter schools
DCalifornia Infrastructure and Economic Development Bank2020-08-27$57,945,093To finance loans for capital projects for public charter schools
BCalifornia Infrastructure 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 Infrastructure 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
D$305,540,614--$2,713,180
B$164,855,862--$1,579,011
C$149,185,195$66,304,843$5,020,000$1,985,532
A$144,797,920$7,682,869$4,790,000$306,962
A$111,351,326$68,009,182$6,105,000$2,191,102
C$71,241,007--$607,594
D$58,733,896$1,043,753$2,320,000$712,100
B$36,096,731$20,446,183-$332,240
D$29,121,814--$466,262
B$23,587,093$13,575,947$1,275,000$463,376
A$23,425,197--$50,885
C$20,907,111$27,641,114-$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 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
2125065089
Address
228 PARK AVE S PMB 61633, NEW YORK, NY 10003-1502

Signing Officer

Name
Anand Kesavan
Title
CEO
Phone
2125065089
Signed
2024-11-15
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
20
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:

“Gain on derivatives 2,031,400.”

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, 2023, 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 1,408 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/Desc0THE EQUITABLE FACILITIES FUND LEVERAGES DONATIONS AND OTHER PHILANTHROPIC MONIES IT RECEIVES AND HOLDS TO ENABLE CHARTER SCHOOLS TO BORROW MORE CHEAPLY AND EFFECTIVELY. DESIGNING, IMPLEMENTING AND MAINTAINING THIS NEW SOURCE OF CAPITAL FOR CHARTER SCHOOL FACILITIES WILL ULTIMATELY LEAD TO IMPROVED PUBLIC EDUCATION FOR CHILDREN.
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IRS990/Form990PartVIISectionAGrp/TitleTxt5CEO
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IRS990/Form990PartVIISectionAGrp/TitleTxt7CHIEF OPERATIONS OFFICER
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IRS990/Form990PartVIISectionAGrp/TitleTxt9INVESTMENT PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt10INVESTMENT PRINCIPAL
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IRS990/MinutesOfCommitteesInd00
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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/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0NATIONAL ASSOCIATION OF CHARTER SCHOOL AUTHORIZERS

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,479,720,868
Liabilities
$1,087,722,216
Net assets
$391,998,652
Revenue
$73,775,771
Expenses
$31,779,216
Net income
$41,996,555
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