National Equity Fund Inc
501(c)(4)
88% goes to programs Growing revenue
National Equity Fund Inc is a 501(c)(4) organization based in Chicago, Illinois, with $85,480,265 in FY2024 revenue. CharityIndex grades it A, and it directs about 88% of spending to programs.
540 W Madison St Ste 1900, Chicago, IL, 60661 EIN 36-3490231
Revenue (FY2024)
$85.5M
▼ 0.6% vs prior year
Expenses (FY2024)
$93.5M
Net assets
$35.1M
Employees
247
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
AProgram efficiency40% of the rating88% to programs
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For National Equity Fund Inc: 88% to programs earns a A on this criterion. See the exact thresholds →
B+Financial health25% of the rating5 mo reserves · -9% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For National Equity Fund Inc: 5 mo reserves · -9% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For National Equity Fund Inc: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For National Equity Fund Inc: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
Show this grade on your website
A live seal — it updates automatically when the grade changes and links donors to this verified profile.
Mission
National equity fund's mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. we envision a society where increased access to affordable housing empowers every individual and family to reach their full potential.
Contact & location
Financial trends
Revenue grew from $35.7M (FY2013) to $85.5M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $87.0MNet assets $35.1M
Operating margin
-9.4%
Spent more than it raised in the latest fiscal year.
Total assets
$122.2M
Total liabilities
$87.0M
Net assets
$35.1M
Salaries & benefits
$53.5M
57% of expenses
Board members
18
13 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $85,480,265▼0.6% | $93,522,251▲3.9% | $35,114,711▲1.0% | $122,158,786▼3.3% | 990 |
| 2023 | $85,962,936▲46.3% | $90,040,711▲9.0% | $34,760,757▲12.7% | $126,377,114▲19.7% | 990 |
| 2022 | $58,767,848▼1.3% | $82,608,491▼3.2% | $30,842,212▼22.3% | $105,588,099▼11.2% | 990 |
| 2021 | $59,533,345▼5.9% | $85,349,142▲20.5% | $39,682,855▼21.4% | $118,912,735▲12.2% | 990 |
| 2020 | $63,282,557▲19.6% | $70,825,279▲3.3% | $50,496,466▲3.0% | $106,020,434▲8.4% | 990 |
| 2019 | $52,923,109▼4.5% | $68,583,075▲12.2% | $49,048,421▲6.3% | $97,839,893▲9.0% | 990 |
| 2018 | $55,401,603▲12.2% | $61,139,710▲8.5% | $46,133,384▲41.6% | $89,732,932▲0.1% | 990 |
| 2017 | $49,385,594▼3.8% | $56,345,236▲4.1% | $32,589,150▼14.4% | $89,686,200▲0.2% | 990 |
| 2016 | $51,317,523▼7.8% | $54,146,338▲2.7% | $38,086,292▲0.4% | $89,535,769▲5.7% | 990 |
| 2015 | $55,675,713▲25.1% | $52,709,587▲15.1% | $37,930,407▲8.4% | $84,676,239▲18.0% | 990 |
| 2014 | $44,489,284▲24.5% | $45,791,389▲12.1% | $34,996,691▲5.0% | $71,740,591▲17.0% | 990 |
| 2013 | $35,745,570 | $40,865,086▼8.1% | $33,334,513▲9.0% | $61,338,405▼12.4% | 990 |
| 2012 | — | $44,451,007▼12.3% | $30,587,490▲10.7% | $70,039,754▲1.6% | 990 |
| 2011 | — | $50,657,342▲9.0% | $27,640,272▲45.5% | $68,936,327▲6.4% | 990 |
| 2010 | — | $46,468,611 | $19,000,249 | $64,804,911 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Matthew Reilein — $1,177,767 (1.26% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Matthew Reilein | President & Ceo (and Director) | 18 | $1,177,767 |
| Alex Denja | Svp, Coo, Cfo | 18 | $822,313 |
| Reena Bramblett | Svp, Chief of Production | 18 | $756,328 |
| Judy Schneider | Svp, Chief Credit & Risk Officer | 18 | $689,613 |
| Rachel Rhodes | Svp, Lihtc Production | 40 | $683,183 |
| Mark Siranovic | Svp, Capital Markets | 18 | $676,909 |
| Todd Fabian | Managing Director - West Region | 40 | $647,858 |
| Kristen Senff | Managing Director - Central Region | 40 | $641,820 |
| Peter Harrison | Svp, Asset Management | 18 | $625,598 |
| Ed Simon | Svp/cio | 40 | $575,151 |
| Emily Chen | Managing Director - East Region | 40 | $564,136 |
| Michael Rogers | Svp, Gen. Counsel & Secretary | 18 | $539,756 |
| Jaclyn Jackson | Svp, Chief Administrative Officer | 18 | $532,385 |
| Daryl Shore | Svp, Structured Finance | 40 | $476,557 |
| Michael May | Director | 7 | $81,000 |
| Edward Sigler | Director | 2 | $17,000 |
| Vicky Arroyo | Director | 2 | $16,000 |
| Al Morisato | Director | 2 | $14,000 |
| Violet Clarke | Director | 2 | $14,000 |
| Eldridge Edgecombe | Director | 2 | $11,000 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Novogradac & Company LLP | Audit and Tax Services | $3,245,734 |
| Barnes & Thornburg LLP | Legal Services | $1,996,497 |
| Holland & Knight LLP | Legal Services | $1,771,223 |
| Kraus Lam LLC | Legal Services | $1,699,500 |
| Cohnreznick | Audit and Tax Services | $1,296,677 |
Grants received · $55K total
1 grant to National Equity Fund Inc totaling $55K, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Local Initiatives Support Corporation | See part iv | 2018 | $55,000 |
Grants made · $17.5M in FY2024
3 grants totaling $17.5M in FY2024. All grants made by National Equity Fund Inc →
| Recipient | Purpose | Amount |
|---|---|---|
| Local Initiatives Support Corporation | Support community development | $17,400,000 |
| Abbey Road Inc | Support low-income housing development | $40,000 |
| Chicago Rehabilitation Network | Support low-income housing development | $15,000 |
Frequently asked questions
- Is National Equity Fund Inc a legitimate nonprofit?
- Yes. National Equity Fund Inc is a 501(c)(4) organization registered with the U.S. Internal Revenue Service under EIN 36-3490231, based in Chicago, Illinois.
- What is National Equity Fund Inc's EIN?
- National Equity Fund Inc's Employer Identification Number (EIN) is 36-3490231.
- How much revenue does National Equity Fund Inc report?
- National Equity Fund Inc reported $85,480,265 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of National Equity Fund Inc's spending goes to programs?
- National Equity Fund Inc spends about 88% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does National Equity Fund Inc have?
- CharityIndex grades National Equity Fund Inc A, based on program efficiency and fundraising cost.
- How much does National Equity Fund Inc's highest-paid employee make?
- The highest reported compensation on National Equity Fund Inc's latest Form 990 is $1,177,767, paid to Matthew Reilein (President & Ceo (and Director)).
More nonprofits in Chicago
Explore more
Data for National Equity Fund Inc (EIN 36-3490231) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.