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Ncrc Community Development Fund INC FY2022 filing

Tax-deductible

Washington, DC501(c)(3)Community Development EIN 26-1269202Revenue $1.4M in FY2022

On file with the IRS740 15th Street Suite 400, 20005-1019 · Washington, DCTax-exempt since Aug 2010Publicly supported charity — 170(b)(1)(A)(vi)

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To act as a lending institution to low and moderate income individuals and families and to provide credit to low in income individuals and businesses.

501(c)(3) charity; gifts are tax-deductible.
71¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $2.2M a year · 6% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
71%
of spending
Fine: 71% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
24 mo
of spending, in cash
Looks good: 23.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $100K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$36.4M
60% of total assets
Fine: liabilities are 60% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.4M
-79% vs prior year
Spent
$3.0M
To programs
71%
Net assets
$24.1M
By yearFY2020–FY2024
Revenue
$1.4M
FY2022▼ -79%
Tap a bar for its year
Revenue by fiscal year
FY2020$15.2M
FY2021$6.9M
FY2022$1.4M
FY2023$164.7M
FY2024$2.3M
Expenses
$3.0M
FY2022▼ -24%
Tap a bar for its year
Expenses by fiscal year
FY2020$791K
FY2021$3.9M
FY2022$3.0M
FY2023$164.1M
FY2024$7.7M
Net assets
$24.1M
FY2022▼ -6%
Tap a bar for its year
Net assets by fiscal year
FY2020$22.7M
FY2021$25.6M
FY2022$24.1M
FY2023$22.3M
FY2024$16.9M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 2010.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

71 cents of each dollar spent went to programs.

Program services 71% · $2.1M Management & general 29% · $857K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
Jesse Van Tol
Board Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Marisa Calderon
Executive Director
$0Pt VII · Sec A
See Ncrc Community Development Fund INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides loans and credit to low- and moderate-income individuals, families, and businesses, while offering pandemic recovery grants to hard-hit Illinois hospitality and arts enterprises.

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Provided by the organization

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2 programs · $2.1M · in their own filed words · FY2022
01

Small Business

The small business program provides funding to minority-owned, women-owned, and low-income owned businesses.

$1.2Mprogram expense
02

Growth

The growth program provides funding to its affiliates, NCRC housing rehab fund, LLC ("NCRC HRF") and NCRC holding, LLC and other entities, to rehabilitate, develop, and promote affordable housing and home ownership in low- and moderate-income census tracts for persons of low- or moderate-income.

$972Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
The Blackbaud Giving FundFY2024$100K
Total grants receivedfrom 1 funder$100K
Grants paid · 2,733 grants · $152.1M · 2021–2023
Kato Kagaku Co Ltd DBA Hyatt Regency ChicagoFY2023$1,769,933
Thor Palmer House Hotel LLC DBA the Palmer House Hilton by and Through HltFY2023$1,429,360
Chicago Lessee LLCFY2023$1,344,870
Sch&t Corporation of IllinoisFY2023$1,060,915
Marriott Hotel Services LLCFY2023$1,045,236
Q Center LLCFY2023$907,613
Ihg Managment Maryland LLCFY2023$689,856
909 North Michigan Avenue CorporationFY2023$653,273
Dtrs Columbus Drive LLCFY2023$598,398
Breswiss LPFY2023$576,622
Marriott Hotel Services LLCFY2023$531,328
Renaissance Hotel Operating CoFY2023$487,777
140 E Walton Building LLCFY2023$466,001
Cp Ipers Rosemont Hotel LLCFY2023$457,291
Chsp Trs Lakeshore LLCFY2023$452,936
Michigan Cermak Indiana LLCFY2023$405,900
Cces Chicago LLCFY2023$396,319
360 Management Company LLCFY2023$393,706
See all 2,733 grants →

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.4M
Ln 12
Fees for servicesLn 2g$1.4M
Investment incomeLn 3$19K
Gifts and grantsLn 1h$10K
Money outPt IX
$3.0M
Ln 25
Programscol B$2.1M
Managementcol C$857K
Owns and owesPt X
$24.1M
net assets · Ln 32
Cash and savingsLn 1–2$6.0M
Total assetsLn 16$60.5M
LiabilitiesLn 26$36.4M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$10K
Fees for servicesLn 2g$1.4M
Investment incomeLn 3$19K
Total revenueLn 12$1.4M
Assets in detailPt X, end of year
CashLn 1$5.1M
SavingsLn 2$911K
Cash and savings togetherLn 1–2$6.0M
InvestmentsLn 11–13$1.3M
Total assetsLn 16$60.5M
LiabilitiesLn 26$36.4M
Net assetsLn 32$24.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$6.6M$6.0M
InvestmentsLn 11–13$0$1.3M
Total assetsLn 16$59.3M$60.5M
LiabilitiesLn 26$33.6M$36.4M
Net assetsLn 32$25.6M$24.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$510K$510K
Legal feesLn 11b$134K$110K$24K
Accounting feesLn 11c$35K$35K
Other fees for servicesLn 11g$1.2M$572K$649K
Advertising and promotionLn 12$49K$654$48K
Office expensesLn 13$1K$1K
Information technologyLn 14$10K$3K$7K
OccupancyLn 16$12K$12K
TravelLn 17$67K$67K
Conferences, conventions and meetingsLn 19$19K$6K$13K
InterestLn 20$931K$931K
Total functional expensesLn 25$3.0M$2.1M$857K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.3M$7.7M−$5.4M$16.9M 990 PDF
FY2023 $164.7M$164.1M$593K$22.3M 990 PDF
FY2022 Viewing $1.4M$3.0M−$1.5M$24.1M 990 PDF
FY2021 $6.9M$3.9M$2.9M$25.6M 990 PDF
FY2020 $15.2M$791K$14.4M$22.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $1,445,810 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,726,265$10,000
I-9 Program service revenuePrior year $1,120,341$1,417,195
I-10 Investment incomePrior year $12,588$18,615
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $6,859,194$1,445,810
I-13 Grants and similar amounts paidPrior year $2,250,000$510,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,688,148$2,479,322
I-18 Total expensesPrior year $3,938,148$2,989,322
I-19 Revenue less expensesPrior year $2,921,046−$1,543,512
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,445,810 across 5 lines filed
VIII-1f All other contributions, gifts and grants$10,000
VIII-1h Total contributions, gifts and grants$10,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,417,195$1,417,195
VIII-3 Investment incomeExcluded from tax $18,615$18,615
VIII-12 Total revenueRelated to mission $1,417,195 · Unrelated business $0 · Excluded from tax $18,615$1,445,810
Part IX · Statement of functional expenses $2,989,322 across 11 lines filed
IX-1 Grants to domestic organizationsPrograms $510,000$510,000
IX-11b Legal feesPrograms $109,620 · Management $24,457$134,077
IX-11c Accounting feesManagement $34,892$34,892
IX-11g Other fees for servicesPrograms $572,472 · Management $649,099$1,221,571
IX-12 Advertising and promotionPrograms $654 · Management $48,030$48,684
IX-13 Office expensesManagement $1,306$1,306
IX-14 Information technologyPrograms $3,318 · Management $7,000$10,318
IX-16 OccupancyManagement $12,121$12,121
IX-17 TravelManagement $66,703$66,703
IX-19 Conferences, conventions and meetingsPrograms $5,576 · Management $13,476$19,052
IX-20 InterestPrograms $930,598$930,598
IX-25 Total functional expensesPrograms $2,132,238 · Management $857,084 · Fundraising $0$2,989,322
Part X · Balance sheet $60,523,002 assets, 14 lines filed
Asset lines not itemized here account for $50,012,592; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $3,965,333$5,051,968
X-2 Savings and temporary cash investmentsStart of year $2,650,330$910,963
X-4 Accounts receivableStart of year $3,586,368$3,241,581
X-9 Prepaid expenses and deferred chargesStart of year $9,216$5,898
X-12 Other securitiesStart of year $0$1,300,000
X-16 Total assetsStart of year $59,265,863$60,523,002
X-17 Accounts payable and accrued expensesStart of year $24,956$126,480
X-24 Unsecured notes and loans payableStart of year $33,000,000$36,000,000
X-25 Other liabilitiesStart of year $610,301$309,428
X-26 Total liabilitiesStart of year $33,635,257$36,435,908
X-27 Net assets without donor restrictionsStart of year $22,008,115$23,955,462
X-28 Net assets with donor restrictionsStart of year $3,622,491$131,632
X-32 Total net assets or fund balancesStart of year $25,630,606$24,087,094
X-33 Total liabilities and net assetsStart of year $59,265,863$60,523,002
Part XI · Reconciliation of net assets $24,087,094 net assets at year end
XI-1 Total revenue$1,445,810
XI-2 Total expenses$2,989,322
XI-3 Revenue less expenses−$1,543,512
XI-4 Net assets at start of year$25,630,606
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$24,087,094

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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