Local Initiatives Support Corporation
413 Stuart Circle, #300
Richmond VA 23220
Mission Statement

Virginia Local Initiatives Support Corporation (LISC) is the catalyst for neighborhood and resident inspired transformation. We are place-based, partner-focused and resident-driven.

 

Web and Social Media
Community Planning Charrette
Leadership
CEO/Executive Director Ms. Candice Streett
Board Chair Cindy Mims
Board Chair Company Affiliation BB&T, Community Development Specialist
Contact Information
Address 413 Stuart Circle, #300
Richmond, VA 23220
Telephone 804 358-7602 11
Fax 804 358-7603
E-mail cstreett@lisc.org
History and Background
Year of Incorporation 1980
Former Names
NameYear
Richmond LISC2004
Financial Summary
Revenue vs Expense Bar Graph - All Years
Expense Breakdown Bar Chart - All Years
 
 
Projected Revenue $1,018,629.00
Projected Expenses $1,018,629.00
Statements
Mission

Virginia Local Initiatives Support Corporation (LISC) is the catalyst for neighborhood and resident inspired transformation. We are place-based, partner-focused and resident-driven.

 

Impact
With the support of many private and public leaders, and through the collaboration of more than a dozen community partners, we have helped to invest nearly $430 million of leveraged capital into neighborhoods across the region. 
 
Virginia LISC highlights include:
  • We recently celebrated the launching of the two new Financial Opportunity Centers (FOC) in Richmond and Petersburg, which are housed at Ways to Work Richmond at the Partnership for Families in the Northside and Pathways, VA in Petersburg. The Neighborhood Resource Center in Fulton is in its third year of providing services and launched the Fulton Thrive a collaboration with United Way and the City's Center for Workforce Innovation in 2015.
  • Partnered with the City of Richmond and Chesterfield County on the Hull Street Corridor Revitalization Plan, known as Tiger II.  Staff have facilitated and presented at area community meetings.
  • Completed our fifth round of the Supporting East End Entrepreneur Development (SEED) Program, which grants funds to businesses looking to start up or expand in the Church Hill neighborhood along 25th Street and the Nine Mile corridor.
  • Provided predevelopment financing to the Black History Museum, which is moving into the Leigh Armory on Leigh Street.
  • Partnered with the City of Richmond to provide a loan fund for underserved communities to change blighted properties into neighborhood assets.
Needs
Virginia LISC seeks local financial support from the Greater Richmond region to match our funding at the national and federal levels.
 
 
Background

 Thirty years ago, LISC formally went into the business of helping community groups revitalize neighborhoods, thanks to the Ford Foundation and six major corporate funders. Local community development leaders invited LISC to come to Richmond in 1990 and we have been here ever since.

For the past 25 years, Virginia LISC has distinguished itself as a provider of vital capacity building and organizational development support to community development corporations (CDCs) in Central Virginia. Our work has resulted in the growth of high performing nonprofit developers who have significantly increased the production of quality affordable rental and owner occupied housing units, childcare facilities and commercial projects throughout the region.

Since 1990, LISC has raised $26.1 million locally, attracting $428 million to invest in Virginia neighborhoods.

 
CEO Statement

LISC promotes positive change through its comprehensive programs. LISC’s resources make a big difference in communities’ environments through collaborations with community development corporations. We have made great improvements in the quality and quantity of affordable housing in Richmond. What makes LISC a unique organization is its ability to bring together community development groups, government leaders, business associations, and faith-based organizations for the sole purpose of improving neighborhoods and the lives of the residents who live there.

We are excited about our Neighborhoods Rising Initiative because the quality of life planning process will be driven by the residents---what changes they want to see in their community. It is very exciting and brings important players to the table---businesses, government, educators, and community residents. These folks are all important stakeholders who become actively involved at the neighborhood level to create change in a dynamic way. This initiative extends beyond improving buildings to improving the fabric of the community.

 
Board Chair Statement

What’s really powerful about Virginia LISC is how it brings together corporations, nonprofits, and government entities to collectively build stronger communities. That collaboration among both the public and private sector is crucial in meeting our shared vision for driving meaningful community and economic development.

 
Areas of Service
Areas Served
Area
Metro Richmond
Petersburg, City
Nationally, LISC operates out of 30 offices across the U.S. serving major urban cities, and rural communities. Locally, Virginia LISC targets its effort in Central Virginia, with a primary focus on the cities of Richmond and Petersburg. 
 
Board Chair
Board Chair Cindy Mims
Company Affiliation BB&T, Community Development Specialist
Term Jan 2016 to Feb 2018
Email CMims@BBandT.com
Board of Directors
Board Members
NameAffiliation
P. Rodney Blevins Dominion
Regina Chaney H.O.M.E., Inc.
Peyton Cox Purcell Construction Corporation
Susan F. Dewey Virginia Housing Development Authority
Chad Eisele Capital One, Managing Vice President and Chief Financial Officer for U.S. Branded and Partnership Card
Ross Folkenroth Woodforest National Bank, Community Development Officer
J. Conrad Garcia Williams Mullen
Jeff Hedrick Richmond International Raceway, Senior Director of Operations
Corey Lane Martin Agency
Penny McPherson Wells Fargo
Cindy Mims Woodforest National Bank
Michael Mulvihill PadillaCRT
Brian Rountree Bank of America, Merrill Lynch Pierce, Fenner & Smith Inc.
Brent Smith Ph.D.VCU
S. Mark Strickler Henrico County
Edward Winks Edward H. Winks- James D. Snowa Architects, P.C., President
Board Demographics - Ethnicity
African American/Black 2
Asian American/Pacific Islander 0
Caucasian 13
Hispanic/Latino 1
Native American/American Indian 0
Board Demographics - Gender
Male 12
Female 4
Governance
Board Term Limits 3
Board Meeting Attendance % 90
Written Conflict of Interest Policy? No
Percentage Making Monetary Contributions 100
Number of Full Board Meetings Annually 6
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Executive Director
Executive Director Ms. Candice Streett
Experience Candice Streett took leadership position at Virginia LISC at the start of 2010. She works to support LISC's mission and provides a new direction for the organization. Candice serves on Mayor Jones' Comprehensive Economic Development Strategy Committee. She is also a Community Advisor for the Urban Land Institute. Previously, Candice worked as Deputy Director of Housing and Director of External Affairs at Virginia Supportive Housing. 
Former CEOs
NameTerm
Ms. Greta Harris Jan 1996 - Mar 2006
Ford Weber Jan 2006 - Mar 2009
Staff
Full Time Staff 5
Part Time Staff 0
Volunteers 0
Contractors 0
Retention Rate 50
Plans
Organization has a Fundraising Plan? Under Development
Organization has a Strategic Plan? Yes
Years Strategic Plan Considers 3
Date Strategic Plan Adopted Sept 2014
Organization Policy and Procedures Yes
Nondiscrimination Policy Yes
Whistleblower Policy Yes
Document Destruction Policy Yes
Collaborations
LISC's collaborative partners include Virginia Housing and Development Authority, the Virginia Department of Housing and Community Development, the Virginia Housing Coalition, the City of Richmond, the City of Petersburg, Henrico County, Chesterfield County, Virginia Commonwealth University, the University of Richmond, Richmond Association of Realtors, the Southern Environmental Law Center, Better Housing Coalition, Boaz and Ruth, Community Housing Partners, ElderHomes, Habitat for Humanity, Homeward, NeighborWorks Resource Group, Neighborhood Resource Center, Pathways, the Petersburg Library Foundation, Restoration of Petersburg CDC, Southside Community Housing and Development Corporation and Virginia Supportive Housing.
Programs
Description

Neighborhoods Rising Initiative

By utilizing the holistic approach inherent in the sustainable communities model, Virginia LISC is launching its Neighborhoods Rising Initiative in five targeted communities in the Richmond region. The Neighborhoods Rising Initiative is a citizen-directed quality of life planning process that engages a variety of stakeholders in identifying strategies and projects for improving neighborhoods. The product of this process, a quality of life plan, will become a blueprint for the community as plan recommendations are implemented.

 
Financial Services 
LISC is a financial intermediary that provides loans and lines of credit, grants and recoverable grants, and equity investments to help community developers and other partners revitalize their neighborhoods. Real estate development includes: for-sale and rental housing; community facilities such as child care centers, schools, health care facilities, playing fields; and economic development projects such as retail and commercial buildings, and commercial corridor revitalization.
 
 
Population Served Poor,Economically Disadvantaged,Indigent
Long Term Success Since 1980, LISC has aggregated and invested $8.6 billion in equity, loans and grants, which has leveraged $25.3 billion for development projects and programs directed at low-income communities.
Description

Founded in 1979, LISC has become the nation's largest community development support organization. Headquartered in New York City, National LISC offers nationwide program initiatives that can be implemented at the local field office level. With 30 urban programs and a national rural program operating in 36 states, LISC delivers capital from corporations, foundations, individuals and the government to a network of hundreds of community organizations across the country. This unique "on the ground" presence enables LISC to work closely with community development organizations to identify local priorities and challenges, thereby creating a tailored plan to address each community's needs.

 

Virginia LISC, working in Central Virginia for the past 20 years, takes advantage of National LISC programs while also creating its own programmatic agenda to fit the needs of the communities the organization serves. For example, the NFL Grassroots Program is a nationwide effort to refurbish community athletic fields. Virginia LISC partnered with City of Richmond Parks and Recreation to garner resources to make improvements to four athletic fields in the city. Virginia LISC has also partnered with National LISC and Americorps to provide Americorps members to our nonprofit partners.

Other National LISC programs being woven into the Neighborhoods Rising Initiative include the Community Safety Initiative, Community Collaborative for Kids, and the Vacant Properties Initiative. As the quality of life planning process unfolds in our targeted communities we will pair additional programs with the specific needs of each neighborhood.

 

Population Served Poor,Economically Disadvantaged,Indigent
Fiscal Year
Projected Revenue $1,018,629.00
Projected Expenses $1,018,629.00
Spending Policy N/A
Form 990s
IRS Letter of Exemption
Detailed Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201520142013
Foundation and
Corporation Contributions
------
Government Contributions$39,679,355$47,087,329$39,989,066
Federal----$39,989,066
State------
Local------
Unspecified$39,679,355$47,087,329--
Individual Contributions$58,946,332$58,432,339$70,916,902
------
$37,109,462$29,105,677--
Investment Income, Net of Losses$1,007,435$298,624$9,213,680
Membership Dues------
Special Events------
Revenue In-Kind$15,924----
Other$199,700$561,719$3,613,048
Expense Allocation
Fiscal Year201520142013
Program Expense$101,084,445$101,879,962$85,930,346
Administration Expense$14,033,572$15,309,208$11,736,697
Fundraising Expense$6,365,750$6,150,603$6,498,076
Payments to Affiliates------
Total Revenue/Total Expenses1.131.101.19
Program Expense/Total Expenses83%83%82%
Fundraising Expense/Contributed Revenue6%6%6%
Assets and Liabilities
Fiscal Year201520142013
Total Assets$532,851,753$487,398,511$440,728,127
Current Assets$202,342,350$127,672,836$176,816,118
Long-Term Liabilities$221,908,413$197,504,744$167,993,155
Current Liabilities$50,595,200$44,270,195$39,551,764
Total Net Assets$260,348,140$245,623,572$233,183,208
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities4.002.884.47
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets42%41%38%
Capital Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit Application Confirmation 12/2015View
Comments
Organization Comments

The financial structure of LISC is unique. LISC is a national corporation, of which Virginia LISC is a part. There are 30 local offices and some special programs, all of which are financed individually. This type of financial structuring makes local financial support to Virginia LISC essential.

Foundation Comments
  • Financial information provided for local affiliate.
  • Local financial information prepared by Comptroller, Lily Lim.
  • Revenue and expense breakdown provided from internal documents sent to the Community Foundation. 
  • Audited financial statements and IRS 990s are for the LISC parent organization, which includes the Virginia LISC offices as well as other LISC national offices.
  • "Other" revenue includes revenue from LISC parent organization.
  • Local affiliate does not have any of its own assets or liabilities.