IFF surpasses the $200 million mark in loans closed

IFF continues to grow as a lending leader. As of September 22, 2008, IFF provided 642 loans, totaling more than $205 million, to 367 nonprofit organizations. IFF's affordable and in-demand services have allowed a record number of nonprofit clients to develop facilities and/or expand their organizational capacity in a way that better serves the needs of their community.

CDFI Fund awards $1 million for IFF's Midwest expansion

The U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund awarded IFF $1 million in August to support its Midwest expansion and help it provide more flexible, below-market financing to nonprofits serving low-income areas in Illinois, Missouri, Iowa, Indiana and Wisconsin.

The CDFI Fund invests in and builds the capacity of private, for-profit and nonprofit financial institutions that serve low-income people and communities lacking adequate access to affordable financial products and services. The award recipients were selected after a competitive review process of more than 200 applications from organizations across the nation.

"IFF is delighted to receive this award," said Trinita Logue, IFF President and CEO. "We're especially pleased because this isn't simply a one-time grant. This is an equity investment in our loan fund, which our experience has shown we can leverage into more than $10 million in total community investment. That translates into more savings for nonprofits, and more jobs, more child care, more classrooms, and increased opportunity in the communities they serve."

For more information on the CDFI Fund and the award, click here.

IFF picked to compete for $5.5 million Wachovia NEXT Awards for Opportunity Finance

One of the nation's largest and most prestigious awards programs in the financial services industry has selected IFF as a semifinalist for $5.5 million, which IFF would use to strengthen its organizational capacity and expand its loan capital. The Wachovia NEXT Awards for Opportunity Finance recognize excellence among financial institutions responsible for serving low-income and low-wealth communities. It is run by the Opportunity Finance Network (OFN) and funded by The Wachovia Foundation and The John D. and Catherine T. MacArthur Foundation.

"IFF has blazed an unlikely trail on solid ground against expectations," said Mark Pinsky, CEO of the Philadelphia-based Opportunity Finance Network. "All 10 CDFIs have proven their ability to transform communities and markets and are ready to make significant leaps forward."

The ten semifinalists will be narrowed down to four organizations and a winner will be announced on December 10, 2008.

Click here to read the full press release.

First-ever survey on the financial health of Missouri nonprofits

IFF, on behalf of the Nonprofit Services Center (formerly the Nonprofit Service Consortium), released the first-ever statewide survey on the financial health of Missouri nonprofits this past July. The survey, Missouri Nonprofits: Building Capacity for the 21st Century, establishes a baseline of data on the finances and management of small to midsized nonprofits, which provide direct services to the Missouri public. The study suggests that Missouri nonprofits are adept at managing the constant challenges posed by uncertain and restricted income but are challenged to grow their programs without additional resources to do so.

You can learn about the report and its findings in more detail by visiting the Research and Thought Leadership page on IFF's Web site.

Client Success Story: Identifying and creating new spaces

Cabrini Green Legal Aid (CGLA), a free legal services organization once located near the Cabrini Green public housing development, was in need of a new location after outgrowing the central office. Initially designed to serve Cabrini Green residents, CGLA transitioned 10 years ago to a citywide service area, resulting in substantial growth in staff size, clients served, and volunteer involvement. To address CGLA's specific facility needs, IFF's Real Estate Services division helped the agency prioritize and articulate location and financial needs, identify a site and select an architect for the new facility. IFF's involvement in the agency's new facility went on to include an IFF loan to fill a financing gap for the facility and IFF was hired as the project manager for the facility's substantial renovations.

Since moving into the new space, the agency has been able to serve more clients and create a warmer, more welcoming and professional environment, imbuing clients with the confidence that they will receive the highest quality services available regardless of their ability to pay.

Client Success Story: Helping charter schools accommodate more students

UNO Charter School Network utilized IFF financing and credit enhancement to fund its school expansion. On September 12th, the network celebrated the opening of its new Veterans Campus on Chicago's southwest side. This new campus will serve more than 1,500 students in two K-8 schools as well as a high school. It also expands on UNO Charter School Network's existing five K-8 schools in Chicago and its one in New Orleans, which together serve more than 3,500 students.

IFF awarded generous investment from the Kresge Foundation

IFF is grateful to The Kresge Foundation for its generous investment of $2,500,000, which will provide an important source of capital and operating funding for IFF as it embarks on its new strategic plan. This funding will support the investments necessary to double its lending business in the next five years, growing the loan portfolio to nearly $240 million by 2012.

Useful planning tool for developing community facilities

This issue of ifffyi features Worksheet 7 from the technical assistance portion of our web site - Approaching a Real Estate Project. There are a range of issues organizations must consider before undertaking a real estate project. IFF has developed a general overview to aid nonprofits in approaching and planning such projects. Some of the components outlined in this overview include:

• Determining Project Parameters: Space, size, location, and more
• Planning for Project Funding: Identifying predevelopment and project funding sources
• Developing a Space Plan: Reviewing appropriate space requirements and building specifications
• Entering into a Lease or Purchase Agreement

To learn all the components of real estate planning, download template number 7 - Approaching a Real Estate Project, by clicking here.

To view all of IFF's free technical assistance worksheets for nonprofits, visit our online library.