Opportunity Finance Network
- Assets
- $225.4m
- Revenue
- $52.0m
- Investments
- $0.0
- Employees
- 43
- Location
- Philadelphia, PA
- Founding
- 08/2008
- Data as of
- 12/2021
- EIN
- 20-5189202
Organization Overview
Opportunity Finance Network is located in Philadelphia, PA. The organization was established in 2008. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Opportunity Finance Network employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Opportunity Finance Network is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Opportunity Finance Network generated $52.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.3% each year . All expenses for the organization totaled $22.1m during the year ending 12/2021. While expenses have increased by 8.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Opportunity Finance Network has awarded 243 individual grants totaling $25,523,463. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
OPPORTUNITY FINANCE NETWORK'S (OFN) MISSION IS TO LEAD COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) AND THEIR PARTNERS TO ENSURE THAT LOW-INCOME, LOW-WEALTH, AND OTHER DISINVESTED PEOPLE AND COMMUNITIES HAVE ACCESS TO AFFORDABLE, RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES. OFN IS A NATIONAL LEADERSHIP NETWORK OF MORE THAN 350 CDFIS, INCLUDING COMMUNITY BANKS, CREDIT UNIONS, AND LOAN FUNDS. OFN, THROUGH ITS MEMBERS, INVEST IN LOW-INCOME AND UNDERSERVED RURAL, URBAN, AND NATIVE AMERICAN COMMUNITIES ACROSS ALL 50 STATES IN AMERICA; PROVIDING AFFORDABLE, RESPONSIBLE CREDIT THAT FINANCES COMMUNITY BUSINESSES, SPARKS JOB GROWTH IN THE AREAS THAT NEED IT MOST, AND DELIVERING BOTH SOUND FINANCIAL RETURNS AND REAL CHANGES FOR PEOPLE AND COMMUNITIES. OFN'S PROGRAM AND SERVICES INCLUDES PROVIDING FINANCIAL PRODUCTS AND SERVICES FOR CDFIS, INCREASING THE STRENGTH AND CAPACITY OF THE CDFI INDUSTRY, AS WELL AS AMPLIFYING THE VOICE OF THE INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SERVICES: EXPANDING ACCESS TO RESPONSIBLE, AFFORDABLE CAPITAL.FINANCIAL SERVICES INCLUDES THE FOLLOWING ACTIVITIES WHICH BENEFIT LOW-INCOME AND LOW-WEALTH COMMUNITIES THROUGHOUT THE U.S: OFN'S FINANCING FUND (ON BALANCE-SHEET LENDING AND INVESTING TO CDFIS); FUND MANAGEMENT SERVICES (FEE-BASED BUSINESS PROVIDING CDFI FUND MANAGEMENT AND ASSET MANAGEMENT SERVICES TO THIRD PARTY INVESTORS); NEW MARKETS TAX CREDIT ACTIVITY; AND CDFI BOND GUARANTEE PROGRAM BOND ISSUANCE AND ADMINISTRATIVE SERVICES. THIS INCLUDES GRANTS TO MEMBER CDFIS IN CONJUNCTION WITH FINANCING.
STRENGTH: BUILDING POTENTIAL FOR IMPACT.OFN STRENGTHENS THE CDFI INDUSTRY BY PROVIDING PEER LEARNING OPPORTUNITIES, RESEARCH, INNOVATIVE NETWORKING PLATFORMS, AND SIGNATURE ANNUAL EVENTS (E.G. THE OFN CONFERENCE AND SMALL BUSINESS FINANCE FORUM) FOR CDFI PRACTITIONERS, PARTNERS, AND INVESTORS. THIS INCLUDES PROGRAMMATIC GRANTS TO MEMBERS.
VOICE: AMPLIFYING THE CDFI MESSAGE AND SECURING STAKEHOLDER SUPPORT.ACROSS MULTIPLE PLATFORMS AND AUDIENCES, OFN'S STRATEGIC COMMUNICATIONS AND POLICY ADVOCACY DRIVE THE MESSAGE THAT CDFI INVESTMENTS TRANSFORM COMMUNITIES AND CHANGE LIVES-AND INCREASES RESOURCES TO CDFIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Mensah President & CEO | OfficerTrustee | 40 | $436,715 |
Amir Kirkwood Chief Lending & Investment (to 10/22) | 40 | $236,479 | |
Beth Lipson Chief Financial Officer | Officer | 40 | $234,801 |
Jennifer Vasiloff Chief External Affairs Off | Officer | 40 | $216,303 |
Andrew Givens Chief Operating Officer (to 3/31) | 40 | $184,701 | |
Seth Julyan Executive Vp, Membership | Officer | 40 | $178,841 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
All Around Creative Marketing Services | 12/30/21 | $157,130 |
The Raben Group Llc Marketing & Communications Services | 12/30/21 | $126,400 |
Faegre Drinker Biddle & Reath Llp Legal Services | 12/30/21 | $115,768 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $769,779 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,826,265 |
| All other contributions, gifts, grants, and similar amounts not included above | $40,249,655 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $42,845,699 |
| Total Program Service Revenue | $8,858,742 |
| Investment income | $137,904 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $178,815 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $52,021,160 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,804,840 |
| Compensation of current officers, directors, key employees. | $499,260 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,044,690 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $456,042 |
| Payroll taxes | $345,959 |
| Fees for services: Management | $90,042 |
| Fees for services: Legal | $211,978 |
| Fees for services: Accounting | $134,991 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $804,505 |
| Advertising and promotion | $0 |
| Office expenses | $29,118 |
| Information technology | $729,881 |
| Royalties | $0 |
| Occupancy | $577,551 |
| Travel | $378,366 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $136,673 |
| Interest | $1,579,056 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $159,978 |
| Insurance | $67,627 |
| All other expenses | $152,230 |
| Total functional expenses | $22,092,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $69,253,310 |
| Pledges and grants receivable | $2,087,500 |
| Accounts receivable, net | $837,466 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $143,912,767 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $159,747 |
| Net Land, buildings, and equipment | $870,596 |
| Investments—publicly traded securities | $3,810,960 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,432,329 |
| Total assets | $225,364,675 |
| Accounts payable and accrued expenses | $604,662 |
| Grants payable | $0 |
| Deferred revenue | $1,741,192 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $109,714,562 |
| Other liabilities | $12,577,815 |
| Total liabilities | $124,638,231 |
| Net assets without donor restrictions | $57,654,885 |
| Net assets with donor restrictions | $43,071,559 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $225,364,675 |
Grants Awarded
Over the last fiscal year, Opportunity Finance Network has awarded $10,875,000 in support to 68 organizations.
| Grant Recipient | Amount |
|---|---|
Longmont, CO PURPOSE: FINANCE JUSTICE FUND SUBGRANT | $1,000,000 |
Jackson, MS PURPOSE: OFNS SMALL BUSINESS GRANT PROGRAM FUNDED BY GOOGLE.ORG | $425,000 |
Indianapolis, IN PURPOSE: FINANCE JUSTICE FUND SUBGRANT | $250,000 |
Philadelphia, PA PURPOSE: OFNS SMALL BUSINESS GRANT PROGRAM FUNDED BY GOOGLE.ORG | $250,000 |
Austin, TX PURPOSE: FINANCE JUSTICE FUND SUBGRANT | $250,000 |
Saint Louis, MO PURPOSE: OFNS SMALL BUSINESS GRANT PROGRAM FUNDED BY GOOGLE.ORG | $250,000 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Opportunity Finance Network has recieved totaling $4,990,342.
| Awarding Organization | Amount |
|---|---|
Tides Foundation San Francisco, CA PURPOSE: EQUITY, HUMAN RIGHTS, AND ECONOMIC EMPOWERMENT | $2,095,000 |
Focusing Philanthropy Inc Santa Monica, CA PURPOSE: ACCESS TO CREDIT | $2,095,000 |
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 1 GRANT(S) FOR VARYING PURPOSES | $500,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $125,405 |
Annie E Casey Foundation Baltimore, MD PURPOSE: PROVIDE GENERAL OPERATING SUPPORT | $50,000 |
Kresge Foundation Troy, MI PURPOSE: OFN IS REQUESTING SILVER-LEVEL SPONSORSHIP BY THE KRESGE FOUNDATION OF THE 2021 OFN CONFERENCE. | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pheaa Student Loan Foundation Inc Harrisburg, PA | $2,204,662,034 | $55,394,256 |
Opportunity Finance Network Philadelphia, PA | $225,364,675 | $52,021,160 |
Anabaptist Financial Lewisburg, PA | $625,930,441 | $18,548,671 |
Sharefax Credit Union Inc Cincinnati, OH | $476,733,976 | $17,127,744 |
0053 Ih Credit Union Springfield, OH | $344,796,959 | $14,795,069 |
544 C E S Credit Union Inc Mount Vernon, OH | $208,699,156 | $7,355,905 |
Friends Fiduciary Corporation Philadelphia, PA | $693,443,242 | $5,444,683 |
Provident Loan Society Of New York New York, NY | $16,413,058 | $4,285,682 |
1087 Millstream Area Credit Union Inc Findlay, OH | $59,199,918 | $3,448,457 |
True Access Capital Corporation Wilmington, DE | $20,176,608 | $8,295,807 |
Christian Family Credit Union Inc Milford, OH | $92,848,088 | $2,695,170 |
West Liberty University Foundation Inc West Liberty, WV | $23,210,678 | $4,184,811 |