IFF is a mission-driven Community Development Financial Institution (CDFI) certified by the U.S. Department of the Treasury. Headquartered in Chicago, Illinois, IFF operates as a lender, developer, and consultant that works at the intersection of facilities and finance to strengthen nonprofits and the communities they serve. The organization maintains regional offices in Cleveland, Columbus, Detroit, Grand Rapids, Indianapolis, Kansas City, Milwaukee, and St. Louis, serving nonprofits and communities throughout the Midwest.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$779.5M
+13.1% YoY
Annual Giving
$17.0M
-58.7% YoY
Grant Count
270
-55.0% YoY
Avg Grant Size
$63K
-8.3% YoY
Mission & Focus Areas
IFF strengthens nonprofits and the communities they serve by providing leadership, capital, and real estate solutions. The organization's mission encompasses three core components:
- Leadership: Research, policy, sector work, and convening role
- Capital: A range of financial products including loans, New Markets Tax Credits, and equity
- Real Estate Solutions: Consultant services, development, and ownership
IFF believes that every person—regardless of income or neighborhood—has the right to a good education, fresh food, health care, and affordable, safe housing. The organization provides comprehensive solutions with transformational outcomes in low-income and special needs communities throughout the Midwest.
Primary funding areas include education, human services, housing, healthcare, and nonprofit capacity building. IFF works to help nonprofits increase their financial stability and programmatic offerings while achieving their missions.
Grantmaking
IFF provides nonprofit organizations with tools and resources to help communities thrive. The organization offers a range of financial products and solutions rather than traditional grants. Recent grantmaking activity includes:
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Geographic Focus
Where this funder awards grants
IFF serves nonprofits and communities throughout the Midwest, with particular emphasis on Illinois, Michigan, and Wisconsin. The organization maintains regional offices across eight Midwest cities: Cleveland, Columbus, Detroit, Grand Rapids, Indianapolis, Kansas City, Milwaukee, and St. Louis.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent Financial Data (FY 2023-2024):
- Total Assets: $689,365,712 to $779,493,171
- Total Annual Revenue: $102,836,770 (FY 2023)
- Total Giving: $53,214,488 (FY 2023) to $18,813,493 (2024)
- Total Liabilities: $541 million (2023)
- Total Expenses: $96.5 million (2023)
Staffing: The organization employs approximately 145-173 individuals.
Ratings & Certifications: IFF holds a three-star rating (79%) from Charity Navigator and is one of only a few CDFIs nationally to hold the top-ranked Aeris four-star rating for impact management and AAA rating for financial strength and performance.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $779,493,171 | $689,365,712 | $568,632,430 |
| Revenue | $134,604,883 | $102,836,770 | $64,193,835 |
| Expenses | $73,001,008 | $96,465,275 | $60,208,929 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $2,899,585 | $3,002,766 | $388,417 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
212 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Joe Neri serves as Principal Officer of the organization.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Joe Neri | CEO | 40 | $377,300 |
| Cheryl Wilson | Board Chair (until 12/31/24) | 1 | — |
| Sakura Takano | Board Chair | 1 | — |
| Monique Jones | Vice Chair | 1 | — |
| John Sassaris | Treasurer/Secretary | 1 | — |
| George Burciaga | Board Member | 1 | — |
| Hamilton Chang | Board Member | 1 | — |
| Evelyn Diaz | Board Member (until 12/31/24) | 1 | — |
| Sidney Dillard | Board Member (until 12/31/24) | 1 | — |
| James Due | Board Member | 1 | — |
| Derrick Johnson | Board Member | 1 | — |
| Rodney Jones-Tyson | Board Member (until 12/31/24) | 1 | — |
| Jason Mercer | Board Member | 1 | — |
| Emmet Pierson | Board Member | 1 | — |
| Angela Reyes | Board Member | 1 | — |
| Greg Robinson | Board Member | 1 | — |
| Aaron Seybert | Board Member | 1 | — |
| Kirby Burkholder | President, Core Business Solutions | 39 | $337,234 |
| Suza Leao-Reuter | CFO & Assistant Secy. (until 3/1/24) | 39 | $50,622 |
| Lloyd Shields Acting CFO | Assistant Secretary (until 9/10/24) | 40 | $88,025 |
| Rodrigo Vela | CFO & Assistant Secretary | 40 | $160,253 |
| Tara Townsend | President, Social Impact Accelerator | 40 | $260,904 |
| Jose Cerda III | Chief of Staff | 40 | $240,613 |
| Dana Lieberman | SVP Cap. Sol., Chief Lending Officer | 40 | $233,284 |
| Victoria Lakes-Battle | Exec. Director - Chicago Region | 40 | $220,111 |
| Michael Goldberg | SVP Real Estate Solutions | 40 | $205,676 |
| Terrence Young | Chief Credit Officer & SVP Cap. Sol. | 40 | $203,107 |
Subject Areas
Focus areas based on grantmaking activity
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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