named programs · 2 · from sources
What they call their work
Education Finance Analyst (EFA) Program
Training initiative co-sponsored with Civic Builders and other partners to develop talent in education finance, with cohorts focused on underwriting and originating loans for high-impact charter schools
School Lending Program
Provides affordable, long-term financing to high-performing public charter schools across the U.S., supporting access to permanent, quality facilities
activities · 4 groups
What they do
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Teacher & Classroom Innovation Grants 3 activities
- Funding charter school facility projects in NevadaOffers long-term, low-cost facility financing to early-phase, growing, and independent charter school operators in Nevada through the Nevada Facilities Fund. Committed to deploying $100 million by 2028, financing 10 facility projects, and supporting the creation of 7,500 new quality public school seats.
- Funding charter school facility projects in TexasProvides short-term, low-cost facility financing to growing independent charter school operators in Texas, with a commitment to deploy $250 million in financing by 2026. To date, has financed 20 charter school facility projects in the state, supporting the creation of 10,000 new student enrollment seats in high-quality charter schools.
- Generating cost savings for charter schools through favorable financingGenerates annual cost savings of over $150,000 per school for partner charter schools through below-market financing, with cumulative savings exceeding $340 million redirected to teaching, learning, and student outcomes. For example, enabled James Irwin Charter Schools to save $150,000 annually and Blackstone Valley Prep to save over $8 million in financing costs.
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Public School Support Fundraising 1 activity
- Issuing bonds to fund charter school loansIssues bonds through the Equitable School Revolving Fund to raise capital for charter school financing, having issued $720 million in bonds to date and pledged $990 million in charter school loans to bondholders. Achieved over $4 billion in total investor orders across offerings and attracted more than 60 investors, including 25 new entrants to the charter bond market, with a fifth bond offering planned for fall 2023.
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Individual Child Education Sponsorship 1 activity
- Providing low-cost, long-term financing to charter schoolsProvides low-cost, long-term, fixed-rate loans—often 30-year terms—to high-performing nonprofit public charter schools and networks across the United States, enabling them to refinance debt, acquire or construct facilities, and redirect savings to educational programming. The organization finances up to 100% of project costs and has committed $2 billion in funding to support over 140,000 students in 23 states and Washington, DC.
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Interest-Free Loan and Grant Support 1 activity
- Scaling loan capital through philanthropic leverageGenerates $6 in low-cost loans for every $1 of philanthropic funding received, amplifying impact through mission-related investments and capital markets.
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financials · form 990 · fy2024
revenue
Total revenue$134.91M
Contributions & grants$68.16M51%
Program service revenue$55.33M41%
Investment income$14.63M11%
Other revenue$-3.21M
expenses
Total expenses$51.70M
Program expenses95%
Admin / overhead4%
Fundraising1%
Salaries & benefits$4.93M
Grants paid out$1.00M
Largest expense lineCompensation
balance sheet
Total assets$1.93B
Cash$1.74M
Investments$513.18M
Liabilities$1.45B
Net assets$476.49M
Liquid reserves119.5 mo
3 years on record · 2020–2024 · YoY revenue +82.9%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 7
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| ANAND KESAVAN | CEO | 40 | $613K |
| MIKE MCGREGOR | CHIEF OPERATIONS OFFICER | 40 | $497K |
| MICHELLE GETZ | CHIEF CREDIT OFFICER | 40 | $299K |
| JON MCINTOSH | CHIEF OF STAFF | 40 | $263K |
| MARC WANCER | INVESTMENT PRINCIPAL | 40 | $240K |
| SHAWN MCCORMACK | INVESTMENT PRINCIPAL | 40 | $240K |
| WENDY BERRY | INVESTMENT PRINCIPAL | 40 | $240K |
board members · 5
- AARTHI SOWRIRAJAN — DIRECTOR
- BUDDY PHILPOT — CHAIRMAN
- KEVIN HALL — TREASURER
- NGUYEN HUYHN — DIRECTOR
- SCOTT PEARSON — SECRETARY
relationships · 21
Who they work with
- Afton Partners Partner — Cosponsors the Education Finance Analyst (EFA) Program with Equitable Facilities Fund.
- Arizona State Board of Education Government — Consulted by Wendy Berry on charter school finance policy.
- Bill and Melinda Gates Foundation Government — Consulted by Wendy Berry on charter school finance initiatives.
- Blackstone Valley Prep Partner — Charter school that refinanced and purchased its high school facility with support from EFF, redirecting six figures annually to classroom spending.
- Blackstone Valley Prep Mayoral Academy Partner — Provided multiple loans totaling over $31.9 million to acquire and refinance school facilities in Rhode Island
- Charter Schools Development Corporation Partner — Partner in the Education Finance Analyst (EFA) Program.
- Civic Builders Partner — Cosponsors the Education Finance Analyst (EFA) Program with Equitable Facilities Fund.
- Equitable School Revolving Fund Partner — EFF serves as Program Administrator for the Equitable School Revolving Fund, a 'A' rated investment vehicle for charter school facilities.
- Equitable School Revolving Fund Partner — Program Administrator relationship; EFF administers ESRF's bond investment program.
- James Irwin Charter Schools Partner — Finances James Irwin Charter Schools, enabling annual savings on debt service.
- KIPP Nashville Partner — Charter school network receiving financing from Equitable Facilities Fund.
- Local Initiatives Support Corporation Government — Collaborated with Wendy Berry on charter school bond issuance research.
- Memphis Rise Academy Partner — Provided $11.6 million loan to refinance and improve school facilities in Memphis, TN
- New York State Housing Finance Agency Government — Consulted by Wendy Berry on charter school finance matters.
- Opportunity 180 Partner — Co-launched the Nevada Facilities Fund with EQUITABLE FACILITIES FUND INC to expand access to quality charter schools in Nevada.
- Scuola Vita Nuova Charter School Partner — Provided $8.8 million loan to refinance debt and construct a new facility in Kansas City, MO
- Self-Help Credit Union Partner — Partner in the Education Finance Analyst (EFA) Program.
- Specific Named Organization Partner — High-performing public charter schools supported by EFF through financing
- State University of New York Charter Schools Institute Government — Consulted by Wendy Berry on charter school finance topics.
- State of Nevada Partner — Partnered with EQUITABLE FACILITIES FUND INC to launch the Nevada Facilities Fund.
- Texas Permanent School Fund Government — Target long-term financing source for schools supported by the Texas Facilities Fund.
strategies · 5
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Blended Finance for Equitable Charter School Accessmethodology: blended_financeBy combining philanthropic capital with private investment through blended finance structures, the organization provides low-cost, long-term financing to high-performing charter schools, because this de-risks lending and expands access to capital for schools that face systemic financial barriers.
- Cross-Sector Expertise Integration in Lending Decisionsmethodology: cross-sector expertise integrationBy integrating insights from charter school operators and financial professionals, the organization improves its lending and partnership decisions, because combining operational and financial expertise leads to more informed, context-sensitive financing solutions.
- Long-Term Fixed-Rate Financing for Financial Stabilitymethodology: long-term fixed-rate financingBy structuring 30-year, fixed-rate loans similar to home mortgages, the organization provides predictable, stable financing for growing charter schools, because eliminating interest rate volatility supports long-term planning and accelerates the path to financial sustainability.
- Performance-Based Underwriting to Ensure Impact and Sustainabilitymethodology: performance-based underwritingBy applying rigorous underwriting standards focused on academic performance, financial sustainability, and equitable access, the organization selects high-credit-quality charter schools for financing, because aligning capital with proven performance increases educational impact and repayment reliability.
- Philanthropy-Enhanced Financing to Subsidize Loan Termsmethodology: philanthropy-enhanced financingBy using philanthropy to subsidize interest rates and loan terms, the organization enables 100% loan-to-value, fixed-rate financing for charter schools, because removing fundraising requirements and interest rate risk allows schools to achieve financial stability and focus resources on education.