Community First Fund
- Assets
- $129.0m
- Revenue
- $45.0m
- Investments
- $0.0
- Employees
- 40
- Location
- Lancaster, PA
- Founding
- 03/1993
- Data as of
- 06/2021
- EIN
- 23-2689714
Organization Overview
Community First Fund is located in Lancaster, PA. The organization was established in 1993. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 06/2021, Community First Fund employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community First Fund 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 06/2021, Community First Fund generated $45.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 39.5% each year . All expenses for the organization totaled $34.8m during the year ending 06/2021. While expenses have increased by 42.8% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOANS AND TECHNICAL ASSISTANCE TO HOUSING & ECONOMIC DEVELOPMENT PROJECTS THAT HAVE A DIRECT AND MEASURABLE BENEFIT FOR LOW INCOME PERSONS AND CONTRIBUTE TO SOCIAL PROGRESS AND ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY FIRST FUND PROMOTES COMMUNITY AND ECENOMIC DEVELOPMENT BY PROVIDING AFFORDABLE LOANS TO ENTITIES THROUGHOUT CENTRAL AND EASTERN PENNSYLVANIA, INCLUDING SMALL BUSINESSES, DEVELOPERS OF AFFORDABLE HOUSING, COMMUNITY-BASED ORGANIZATIONS, WOMEN, PEOPLE OF COLOR. ON JULY 1, 2020, COMMUNITY FIRST FUND MERGED WITH FINANTA, A PHILADELPHIA BASED NONPROFIT CDFI LOAN FUND. FINANTA CONVERTED TO A MEMBER OWNED NONPROFIT CORPORATION AND APPOINTED COMMUNITY FIRST FUND AS ITS SOLE MEMBER. DURING THE YEAR ENDING JUNE 30, 2021, THE ORGANIZATION CLOSED 389 NEW LOANS. THE ORGANIZATION FINANCED 304 HOUSING UNITS FOR LOW AND MODERATE INCOME INDIVIDUALS. THROUGH THE ORGANIZATIONS FINANCING EFFORTS, 1,835 JOBS WERE CREATED OR RETAINED, AND 255,895 SQUARE FEET OF BUSINESS REAL ESTATE WAS DEVELOPED OR REHABBED. IN MARCH 2020 IN RESPONSE TO THE COVID-19 PANDEMIC, THE ORGANIZATION SHIFTED ITS FOCUS TO PARTICIPATION IN AND PROMOTION OF VARIOUS GRANT AND LOAN PROGRAMS TO BUSINESSES LOCATED IN LOW-INCOME COMMUNITIES AND OWNED BY PEOPLE OF COLOR. BY JUNE 30, 2020, THE ORGANIZATION HAD DIRECTLY PROVIDED EMERGENCY FINANCIAL RELIEF IN THE FORM OF LOW-INTEREST LOANS TO 24 BUSINESSES AND HAD MANAGED THE PROGRAM TO FUND 461 SBA PAYCHECK PROTECTION PROGRAM LOANS TOTALING 15,784,735 THROUGH ITS SUBSIDIARY COMMUNITY FIRST CAPITAL CORP.
NEW MARKETS TAX CREDIT PROGRAM TO DATE THE ORGANIZATION WAS GRANTED 90 MILLION OF NEW MARKETS TAX CREDIT ALLOCATION FROM THE US TREASURY. THE ORGANIZATION HAS ENTERED INTO AGREEMENTS WITH INVESTOR MEMBERS TO FUND 14 NEW MARKETS TAX CREDIT PROJECTS THROUGHOUT CENTRAL AND EASTERN PA. TWELVE PROJECTS ARE REMAINING AT 6/30/2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Betancourt President & | Officer | 40 | $275,612 |
Joan Brodhead Senior Evp, | Officer | 40 | $208,928 |
James Buerger Evp Chief Le | Officer | 40 | $163,163 |
Michael Carper Chief Credit | Officer | 40 | $123,735 |
Anthony Pappion Sr Vp, CFO | Officer | 40 | $110,197 |
Lloyd Shields Financial Co | Officer | 40 | $110,122 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Appel Yost Zee Llp Legal | 6/29/21 | $131,217 |
Cohnreznick Llp Nmtc Tax/audit | 6/29/21 | $144,155 |
Michael Carper Cco | 6/29/21 | $123,735 |
Lloyd Shields Cfo | 6/29/21 | $110,122 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $17,923,369 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,391,055 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $38,314,424 |
| Total Program Service Revenue | $6,649,519 |
| Investment income | $0 |
| 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 | $44,963,943 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,532,875 |
| Grants and other assistance to domestic individuals. | $11,460,010 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,475,007 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $773,894 |
| Payroll taxes | $231,327 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75,887 |
| Fees for services: Accounting | $74,415 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $455,038 |
| Advertising and promotion | $108,153 |
| Office expenses | $268,396 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $396,859 |
| Travel | $43,556 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,529 |
| Interest | $1,455,952 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $203,945 |
| Insurance | $71,497 |
| All other expenses | $105,428 |
| Total functional expenses | $34,774,915 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,232,424 |
| Savings and temporary cash investments | $36,674,804 |
| Pledges and grants receivable | $1,106,972 |
| Accounts receivable, net | $89,733 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $67,315,849 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $107,357 |
| Net Land, buildings, and equipment | $6,500,266 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $852,325 |
| Intangible assets | $0 |
| Other assets | $156,000 |
| Total assets | $129,035,730 |
| Accounts payable and accrued expenses | $2,607,290 |
| Grants payable | $6,963,524 |
| Deferred revenue | $5,013,624 |
| 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 | $48,448,186 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,645,500 |
| Total liabilities | $80,678,124 |
| Net assets without donor restrictions | $40,944,633 |
| Net assets with donor restrictions | $7,412,973 |
| 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 | $129,035,730 |
Grants Awarded
Over the last fiscal year, Community First Fund has awarded $7,532,875 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
COMMUNITY FIRST FUND FEDERAL CR UN PURPOSE: CR UNION CAPITAL | $7,113,524 |
Philadelphia, PA PURPOSE: ECONOMIC DEVELOPMENT | $180,000 |
Lancaster, PA PURPOSE: LANC RECOVERY FD | $143,200 |
Philadelphia, PA PURPOSE: ECONOMIC DEVELOPMENT | $73,651 |
YORK COUNTY PURPOSE: ECONOMIC DEVELOPMENT | $22,500 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Community First Fund has recieved totaling $1,130,789.
| Awarding Organization | Amount |
|---|---|
Prosperity Now Washington, DC PURPOSE: TO PROMOTE THE ORGANIZATION'S MISSION & EXPAND ITS REACH TO THE UNDERSERVED POPULATION | $375,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $200,000 |
Lancaster County Community Foundation Lancaster, PA PURPOSE: DESIGNATED FOR GENERAL OPERATING SUPPORT, SUPPORT TO LOW INCOME HOUSING COMMUNITIES, TO BUILD ENTREPRENEURIAL RESILIENCY AS SMALL BUSINESSES RECOVER FROM COVID-19 | $193,004 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $100,000 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $100,000 |
National Community Reinvestment Coalition Inc Washington, DC PURPOSE: FIELD EMPOWERMENT FUND | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chn Housing Partners Cleveland, OH | $74,492,798 | $91,427,214 |
Aspire Of Western New York Inc Getzville, NY | $37,144,710 | $73,972,719 |
Allegheny Council To Improve Our Neighborhoods-Housing Incorporated Pittsburgh, PA | $58,739,057 | $67,049,805 |
Commission On Economic Opportunity Of Luzerne County Wilkesbarre, PA | $24,684,280 | $41,061,242 |
Emerald Development And Economic Cleveland, OH | $37,695,936 | $37,548,229 |
Community First Fund Lancaster, PA | $129,035,730 | $44,963,943 |
Womens Housing And Economic Development Corporation Bronx, NY | $29,527,353 | $27,859,543 |
Joint Ownership Entity New York City Corp New York, NY | $155,995,039 | $17,434,025 |
Breaking Ground Housing Development Fund Corporation New York, NY | $193,138,085 | $25,961,669 |
Highland Park Community Development Corporation Brooklyn, NY | $3,265,910 | $15,414,103 |
Beyond Owners Group Inc Willow Street, PA | $131,731,512 | $8,827,345 |
Springpoint Senior Living Inc Cherry Hill, NJ | $72,542,176 | $10,591,630 |