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Core Community Partners FY2023 filing

Tax-deductible

Bingham Farms, MI501(c)(3)HousingEIN 83-4273534

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Core Community Partners has provided loans and consulting to multiple organizations that are working on the development or re-development of affordable housing.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $1.3M a year · 81% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
55 mo
of spending, in cash
Looks good: 55.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6.0M
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.0M
17% of total assets
Looks good: liabilities are 17% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 4 voting members
Looks good: 3 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.1M
+392% vs prior year
Spent
$444K
To programs
100%
Net assets
$4.9M
By yearFY2020–FY2025
Revenue
$2.1M
FY2023▲ +392%
Revenue by fiscal year
FY2020$62K
FY2021$3.2M
FY2022$421K
FY2023$2.1M
FY2024$1.0M
FY2025$3.2M
Expenses
$444K
FY2023▲ +62%
Expenses by fiscal year
FY2020$16K
FY2021$132K
FY2022$274K
FY2023$444K
FY2024$555K
FY2025$511K
Net assets
$4.9M
FY2023▲ +50%
Net assets by fiscal year
FY2020$46K
FY2021$3.1M
FY2022$3.3M
FY2023$4.9M
FY2024$5.4M
FY2025$8.1M

From the FY2023 Form 990 (year ending March 2023) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2020.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $444K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Timothy V Fox
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Steven Champa
Secretary
$0Pt VII · Sec A
Tom Edmiston
Treasurer
$0Pt VII · Sec A
Brian a Gallaher
Chief Financial Officer
$0Pt VII · Sec A
Andrew Martin
Vice President
$0Pt VII · Sec A
See Core Community Partners 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 15aYes

Programs and updates

Provides loans and consulting to organizations developing affordable housing.

Provided by the organization

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1 program · $444K · in their own filed words · FY2022
01

The mission of core community partners is to provide timely and cost-effective lending, investing, consulting and other financial services to support the development and re-development of affordable housing stock and related community economic development in order to increase the quality of life in low-income communities.

$444Kprogram 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 · FY2020
Mht Housing INCFY2020$6.0M
Total grants receivedfrom 1 funder$6.0M
Grants paid · 5 grants · $157K · 2020–2024
The Chaldean Community FoundationMI · FY2024$7,500
The Chaldean Community FoundationMI · FY2023$7,500
The Chaldean Community FoundationMI · FY2022$7,500
The Chaldean Community FoundationMI · FY2021$60,500
Little Rock Missionary Baptist ChurchMI · FY2020$74,300

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.1M
Ln 12
Gifts and grantsLn 1h$1.7M
Fees for servicesLn 2g$289K
Investment incomeLn 3$69K
Money outPt IX
$444K
Ln 25
Programscol B$444K
Owns and owesPt X
$4.9M
net assets · Ln 32
Cash and savingsLn 1–2$2.0M
Total assetsLn 16$5.9M
LiabilitiesLn 26$1.0M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.7M
Government grantsLn 1e$1.6M
Fees for servicesLn 2g$289K
Investment incomeLn 3$69K
Total revenueLn 12$2.1M
Assets in detailPt X, end of year
CashLn 1$2.0M
Cash and savings togetherLn 1–2$2.0M
InvestmentsLn 11–13$158K
Other assetsLn 15$8K
Total assetsLn 16$5.9M
LiabilitiesLn 26$1.0M
Net assetsLn 32$4.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderMarch
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 FY23End FY23
Cash and savingsLn 1–2$2.6M$2.0M
InvestmentsLn 11–13$0$158K
Total assetsLn 16$4.5M$5.9M
LiabilitiesLn 26$1.2M$1.0M
Net assetsLn 32$3.3M$4.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$14K$14K
Management feesLn 11a$15K$15K
Legal feesLn 11b$96K$96K
Accounting feesLn 11c$12K$12K
Other fees for servicesLn 11g$1K$1K
Office expensesLn 13$5K$5K
Payments to affiliatesLn 21$300K$300K
Other expenses (24a–d)Ln 24$724$724
Total functional expensesLn 25$444K$444K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.2M$511K$2.7M$8.1M 990 PDF
FY2024 $1.0M$555K$491K$5.4M 990 PDF
FY2023 Viewing $2.1M$444K$1.6M$4.9M 990 PDF
FY2022 $421K$274K$146K$3.3M 990 PDF
FY2021 $3.2M$132K$3.1M$3.1M 990 PDF
FY2020 $62K$16K$46K$46K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $2,069,177 across 6 lines filed
VIII-1e Government grants$1,636,131
VIII-1f All other contributions, gifts and grants$75,000
VIII-1h Total contributions, gifts and grants$1,711,131
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $288,780$288,780
VIII-3 Investment incomeExcluded from tax $69,266$69,266
VIII-12 Total revenueRelated to mission $288,780 · Unrelated business $0 · Excluded from tax $69,266$2,069,177
Part IX · Statement of functional expenses $443,942 across 8 lines filed
IX-1 Grants to domestic organizationsPrograms $14,053$14,053
IX-11a Management feesPrograms $14,600$14,600
IX-11b Legal feesPrograms $96,127$96,127
IX-11c Accounting feesPrograms $12,500$12,500
IX-11g Other fees for servicesPrograms $1,359$1,359
IX-13 Office expensesPrograms $4,900$4,900
IX-21 Payments to affiliatesPrograms $299,679$299,679
IX-24 Other expenses (24a–d)Programs $724$724
IX-25 Total functional expensesPrograms $443,942 · Management $0 · Fundraising $0$443,942
Part X · Balance sheet $5,885,609 assets, 11 lines filed
Asset lines not itemized here account for $3,499,943; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,587,794$2,044,649
X-4 Accounts receivableStart of year $182,934$175,976
X-12 Other securitiesStart of year $0$157,541
X-15 Other assetsStart of year $0$7,500
X-16 Total assetsStart of year $4,470,020$5,885,609
X-17 Accounts payable and accrued expensesStart of year $0$63,999
X-19 Deferred revenueStart of year $0$5,833
X-25 Other liabilitiesStart of year $982,180$938,534
X-26 Total liabilitiesStart of year $1,218,012$1,008,366
X-32 Total net assets or fund balancesStart of year $3,252,008$4,877,243
X-33 Total liabilities and net assetsStart of year $4,470,020$5,885,609
Part XI · Reconciliation of net assets $4,877,243 net assets at year end
XI-1 Total revenue$2,069,177
XI-2 Total expenses$443,942
XI-3 Revenue less expenses$1,625,235
XI-4 Net assets at start of year$3,252,008
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$4,877,243

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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