Provides affordable loans, real estate consulting, and research services to Midwest nonprofits, helping them strengthen and expand facilities in low-income and special-needs communities.
Provides affordable loans, real estate consulting, and research services to Midwest nonprofits, helping them strengthen and expand facilities in low-income and special-needs communities.
For fiscal year 2024 it reported $134.6M in revenue, $73.0M in expenses, and $197.5M in net assets.Pt I
Where the money goes · FY2024
Total revenue
$134.6M
Pt VIII · Ln 12
Total expenses
$73.0M
Pt IX · Ln 25
Net assets
$197.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $61.6M
Where spending went · Part IX cols B–D
95%
Program services $0.95 Management & general $0.04 Fundraising $0.01
Program efficiency
95%
of spending reaches programs▼ -2% vs prior filing year
Operating runway
16.8mo
months of highly liquid reserves at operating expense rate▲ +127% vs prior filing year
Surplus margin
+46%
revenue over expenses, this year▲ +639% vs prior filing year
Summary of the Filing
Part I · fiscal year 2024 · Form 990
Revenue
$134.6M
FY2024▲ +31%
$134.6M$67.3M$0
FY2020FY2024
Expenses
$73.0M
FY2024▼ -24%
$96.5M$48.2M$0
FY2020FY2024
Total assets
$779.5M
FY2024▲ +13%
$779.5M$389.7M$0
FY2020FY2024
Total liabilities
$582.0M
FY2024▲ +8%
$582.0M$291.0M$0
FY2020FY2024
Total revenue
$134.6M
Pt VIII · Ln 12
Total expenses
$73.0M
Pt IX · Ln 25
Net assets
$197.5M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$61.6M
Total assetsPt X · Ln 16$779.5M
Program-expense ratioPt IX · col B95%
Voting members of governing bodyPt I · Ln 317
Independent voting membersPt I · Ln 416
Mission & Programs · Part III
Where the work happens
3 program services account for $57.4M of program spending, described in the organization's own filed words · FY2024.
01
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.
$26.8Mprogram expense
02
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.
$22.2Mprogram expense
03
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…
Joe Neri’s $377K as CEO
is at the 23rd percentile of top reported officer pay among 44 $100M+ community development nonprofits.
Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 8 named individuals · Part VII
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
Individual Joe Neri · Reported title CEO · Highest reported compensation $377K · Total expenses $73.0M
1%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $20.2M · Total expenses $73.0M
28%
Peer comparison
Same NTEE category, revenue band, and state where available. Descriptive — not a grade.
Metric
This org
Peer median
Percentile
Program ratio
95%
—
—
Overhead ratio
4%
—
—
Fundraising cost ratio
1%
—
—
Revenue growth
31%
—
—
Legal fee ratio
0%
—
—
Accounting fee ratio
0%
—
—
Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.
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Sources
Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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