Vermont Community Loan Fund Inc
- Assets
- $52.2m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 20
- Location
- Montpelier, VT
- Founding
- 04/1988
- Data as of
- 12/2021
- EIN
- 22-2864900
Organization Overview
Vermont Community Loan Fund Inc is located in Montpelier, VT. The organization was established in 1988. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Vermont Community Loan Fund Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont Community Loan Fund Inc 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, Vermont Community Loan Fund Inc generated $6.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. While expenses have increased by 0.7% 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 2016, Vermont Community Loan Fund Inc has awarded 41 individual grants totaling $1,089,168. 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
TO CREATE OPPORTUNITIES THAT LEAD TO HEALTHY COMMUNITIES AND FINANCIAL STABILITY FOR ALL VERMONTERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A MISSION-DRIVEN, COMMUNITY-FOCUSED ALTERNATIVE LENDER. WE MAKE LOANS TO LOCAL BUSINESSES, COMMUNITY ORGANIZATIONS & NONPROFITS, CHILD CARE PROVIDERS AND DEVELOPERS OF AFFORDABLE HOUSING WHO DON'T QUALIFY FOR A LOAN FROM A TRADITIONAL LENDER. WE COMBINE OUR LOANS WITH FINANCIAL CONSULTING AND BUSINESS DEVELOPMENT SERVICES TO MAKE SURE OUR BORROWERS HAVE ACCESS TO ALL THE TOOLS THEY NEED TO SUCCEED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Belongia Executive Di | Officer | 40 | $186,127 |
Jake Ide Employee | 40 | $111,262 | |
Katherine Nelson Employee | 40 | $103,910 | |
Alec Barclay Secretary | OfficerTrustee | $0 | |
Gwen Pokalo Treasurer | OfficerTrustee | $0 | |
Janet Spitler President | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,589,110 |
| All other contributions, gifts, grants, and similar amounts not included above | $775,796 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,364,906 |
| Total Program Service Revenue | $1,835,398 |
| Investment income | $56,574 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,288,284 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $140,314 |
| 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. | $186,127 |
| Compensation of current officers, directors, key employees. | $186,127 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,070,868 |
| Pension plan accruals and contributions | $51,720 |
| Other employee benefits | $140,313 |
| Payroll taxes | $97,569 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,761 |
| Fees for services: Accounting | $35,220 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $37,430 |
| Office expenses | $5,851 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $87,958 |
| Travel | $91 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $530,830 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,966 |
| Insurance | $17,858 |
| All other expenses | $100,858 |
| Total functional expenses | $2,856,645 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,137,320 |
| Savings and temporary cash investments | $17,153,795 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $27,301,890 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $47,185 |
| Net Land, buildings, and equipment | $213,851 |
| Investments—publicly traded securities | $3,409,127 |
| Investments—other securities | $0 |
| Investments—program-related | $2,752,266 |
| Intangible assets | $175,672 |
| Other assets | $4,308 |
| Total assets | $52,195,414 |
| Accounts payable and accrued expenses | $342,823 |
| Grants payable | $0 |
| Deferred revenue | $57,946 |
| 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 | $5,700,906 |
| Unsecured mortgages and notes payable | $28,607,894 |
| Other liabilities | $341,090 |
| Total liabilities | $35,050,659 |
| Net assets without donor restrictions | $13,284,527 |
| Net assets with donor restrictions | $3,860,228 |
| 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 | $52,195,414 |
Grants Awarded
Over the last fiscal year, Vermont Community Loan Fund Inc has awarded $140,314 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Hardwick, VT | | $96,164 |
AGRICULTURAL DIGESTERS LLC | | | $22,150 |
NE FARM ENERGY | | | $22,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Vermont Community Loan Fund Inc has recieved totaling $55,506.
| Awarding Organization | Amount |
|---|---|
O P & W E Edwards Foundation Inc Red Lodge, MT PURPOSE: PHILANTHROPIC PURPOSE | $30,000 |
Vermont Community Foundation Middlebury, VT PURPOSE: GENERAL PURPOSE | $13,000 |
Granite State Economic Development Corp Portsmouth, NH | | $10,000 |
Bay Colony Development Corp Waltham, MA PURPOSE: ECONOMIC DEVELOPMENT | $2,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $6 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |
Rupco Inc Kingston, NY | $24,947,682 | $11,097,811 |
Fit-Nhnh Inc Manchester, NH | $20,051,648 | $10,413,245 |
Cambridge Community Housing Development Inc Cambridge, MA | $56,982,552 | $7,704,327 |
Providence Housing Development Corporation Rochester, NY | $12,131,024 | $9,484,321 |