Impact Finance
- Assets
- $0.0
- Revenue
- $279.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Rochester, MN
- Founding
- Data as of
- 12/2020
- EIN
- 27-4641831
Organization Overview
Impact Finance is located in Rochester, MN. Impact Finance is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2020, Impact Finance generated $279.6k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $31.8k during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE PRIMARY MISSION OF IMPACT FINANCE IS TO PROMOTE COMMUNITY DEVELOPMENT BY PROVIDING ACTIVITIES DIRECTED TOWARDS IMPROVING THE SOCIAL OR ECONOMIC CONDITIONS OF UNDERSERVED PEOPLE OR RESIDENTS OF DISTRESSED COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IMPACT FINANCE, FORMERLY KNOWN AS ROCHESTER COMMUNITY FINANCE (RCF), HELPS COMMUNITIES GROW BY PROVIDING DOWN PAYMENT ASSISTANCE LENDING SO LOW-AND MODERATE-INCOME FAMILIES CAN ATTAIN AFFORDABLE HOUSING. IMPACT FINANCE HELPS PEOPLE IN SEVEN LOCAL COUNTIES AFFORD HOME OWNERSHIP. IMPACT FINANCE HAS A SUCCESSFUL GAP LOAN PROGRAM THAT PROVIDES LOW-INTEREST GAP LOANS TO UNDERSERVED BUYERS THROUGH OUR LENDING PRODUCT AND IN PARTNERSHIP WITH LOCAL BANKS TO ENABLE QUALIFIED BUYERS TO ACHIEVE AFFORDABLE HOMEOWNERSHIP. INDIVIDUALS MAY BE ELIGIBLE FOR FUNDS TO PAY FOR CLOSING COSTS AND/OR DOWN PAYMENT ASSISTANCE TO HELP REDUCE MONTHLY MORTGAGE PAYMENTS. IMPACT FINANCE PROVIDES UP TO $10,000 FOR QUALIFIED BUYERS AT TWO OPTIONS:2% INTEREST GAP LOAN AMORTIZED OVER 10 YEARS.0% INTEREST DEFERRED GAP LOAN AMORTIZED OVER 30 YEARS WHEN PURCHASING A FIRST HOMES COMMUNITY LAND TRUST PROPERTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Jo Majerus Chair | OfficerTrustee | 0.5 | $0 |
Jose Rivas Secretary | OfficerTrustee | 0.5 | $0 |
Susan Strandberg Treasurer | OfficerTrustee | 0.5 | $0 |
Athieei Lam Member | Trustee | 0.5 | $0 |
Jeff Urban Member | Trustee | 0.5 | $0 |
Jennifer Woodford Executive Director | Officer | 2 | $6,824 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $50,000 |
| Total Program Service Revenue | $6,270 |
| Investment income | $223,358 |
| 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 | $279,628 |
| 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. | $6,974 |
| Compensation of current officers, directors, key employees. | $2,441 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,737 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,435 |
| Payroll taxes | $3,743 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,655 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $538 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $545 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $435 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,201 |
| Insurance | $0 |
| All other expenses | $816 |
| Total functional expenses | $31,831 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $0 |