Community Ventures Corporation Inc
- Assets
- $86.8m
- Revenue
- $14.0m
- Investments
- $133.1k
- Employees
- 65
- Location
- Lexington, KY
- Founding
- 07/1983
- Data as of
- 12/2022
- EIN
- 31-1064807
Organization Overview
Community Ventures Corporation Inc is located in Lexington, KY. The organization was established in 1983. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Community Ventures Corporation Inc employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Ventures Corporation 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 12/2022, Community Ventures Corporation Inc generated $14.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $13.3m during the year ending 12/2022. While expenses have increased by 7.1% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY VENTURES CORPORATION, INC.'S (CVC) CENTRAL MISSION IS TO PROVIDE INDIVIDUALS AND FAMILIES WITH THE SKILLS, INCOME, AND ASSETS THEY NEED TO ACHIEVE FINANCIAL INDEPENDENCE. CVC HELPS PEOPLE INCREASE INCOME AND BUILD ASSETS WITH THREE MAIN STRATEGIES: SMALL BUSINESS OWNERSHIP, HOME OWNERSHIP, AND JOB CREATION THROUGH BUSINESS EXPANSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING LENDING ASSISTANCE TO LOW-INCOME INDIVIDUALS SEEKING FIRST TIME HOME OWNERSHIP AND LOW INCOME BUSINESS OWNERS. ADVANTAGES OF CVC'S LENDING PROGRAMS OVER CONVENTIONAL FINANCING INCLUDE: LOW DOWN PAYMENTS, FIXED INTEREST RATES, LONG TERMS, LOW INTEREST RATES, AND THE ABILITY FOR LOAN FEES TO BE FINANCED IN THE LOAN. EXAMPLES OF PROGRAMS OPERATED TO FACILITATE LENDING ASSISTANCE ARE; 1) DEPARTMENT OF TREASURY (COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUNDS) - PROVIDES ASSISTANCE TO STRENGTHEN AND EXPAND COMMUNITY DEVELOPMENT TO LOW-INCOME INDIVIDUALS 2) THE COMMUNITY HOUSING DEVELOPMENT ORGANIZATION ("CHDO") - REPRESENTS FUNDS PROVIDED BY A COMMUNITY-BASED SERVICE ORGANIZATION THAT HAS SIGNIFICANT CAPACITY TO DEVELOP AFFORDABLE HOUSING FOR THE COMMUNITY IT SERVES.
OTHER SIGNIFICANT SERVICES PROVIDE BY THE ORGANIZATION INCLUDE PROPERTY MANAGEMENT AND RENTAL OF PROPTERY IS SIGNIFICANTLY ECONOMICALLY DISTRESSED AREAS.
COMMUNITY DEVELOPMENT AND ASSISTANCE IN THE ACQUISITION AND SUBSTANTIAL REHABILITATION OF SINGLE-FAMILY HOMES FOR FIRST-TIME BUYERS. CVC HAS A LONGSTANDING COMMITMENT TO KENTUCKY'S NEIGHBORHOODS AND THE ORGANIZATION IS CONSTANTLY EXPLORING OPPORTUNITIES TO ADDRESS THE COMPLEX CHALLENGES FACED BY KENTUCKY'S COMMUNITIES. CVC ADDRESSES THE CHALLENGES THROUGH DEVELOPING PROJECTS IN UNDERSERVED AREAS, CONSTRUCTING SINGLE-FAMILY HOMES FOR FIRST- TIME HOME BUYERS, AND ASSISTING IN FINANCING AND SUPPORTING PROJECTS IN RURAL AREAS.
CVC ASSISTS FAMILIES ACCOMPOLISH THEIR DREAMS OF PURCHASING HOMES, REDUCING DEBT, AND INCREASING FINANCIAL LITERACY THROUGH THEIR EHOME AMERICA PLATFORM. EHOME AMERICA IS AN ONLINE FINANCIAL EDUCATION PLATFORM THAT OFFERS AFFORDABLE FINANCIAL EDUCATION TO CUSTOMERS ACROSS THE GLOBE. THE COURSES ARE OFFERED ON DEMAND AT THE CUSTOMERS CONVENIENCE. THE PLATFORM OFFERS EDUCTION IN THE FOLLOWING AREAS: 1) HOMEBUYER EDUCATION - COMPREHENSIVE 8 HOUR ONLINE HOMEBUYER COURSE THAT IS OFFERED IN ENGLISH AND SPANSISH AND SANCTIONED BY HUD AND USDA 2.) MONEY MANAGEMENT - A 2-3 HOUR COURSE WITH A PROFESSIONAL PARTNER TO ASSIST CUSTOMERS IN TAKING CONTROL OF THEIR FINANACES AND GENERATING PEACE OF MIND FOR THEIR FINANCIAL FUTURES 3.) FORECOLSURE PREVENTION - COURSE IS DESIGNED TO ASSIST CUSTOMERS NAVIGATE THE CHALLENGES OF THE FORECLOSURE PROCESS AND STEPS THAT CAN BE TAKEN TO AVOID THE LOSS OF THEIR HOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Watz Chairman | OfficerTrustee | 1 | $0 |
Reverend Fred Mitchell Secretary | OfficerTrustee | 1 | $0 |
Robert Henry Director | Trustee | 1 | $0 |
Arthur Salomon Director | Trustee | 1 | $0 |
Larry Johnson Director | Trustee | 1 | $0 |
Jerry Johnston Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Grc Construction Construction | 12/30/22 | $195,114 |
Select Homes Llc Construction | 12/30/22 | $443,206 |
Mitchell Construction Management Construction | 12/30/22 | $148,740 |
Lexingtons Real Estate Co Project Mgmt | 12/30/22 | $105,168 |
College Hill Capital Consulting | 12/30/22 | $131,100 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $157,363 |
| Government grants | $7,615,391 |
| All other contributions, gifts, grants, and similar amounts not included above | $171,666 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,944,420 |
| Total Program Service Revenue | $5,707,347 |
| Investment income | $52,841 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $156,677 |
| Net Gain/Loss on Asset Sales | $150,384 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,011,669 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000,000 |
| Grants and other assistance to domestic individuals. | $4,440 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,030,838 |
| Compensation of current officers, directors, key employees. | $539,216 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,021,677 |
| Pension plan accruals and contributions | $330,326 |
| Other employee benefits | $717,103 |
| Payroll taxes | $309,281 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $90,931 |
| Fees for services: Accounting | $63,213 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $170,734 |
| Office expenses | $4,593 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $338,069 |
| Travel | $94,595 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,840 |
| Interest | $1,242,086 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,049,837 |
| Insurance | $187,085 |
| All other expenses | $1,067,296 |
| Total functional expenses | $13,285,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $12,025,561 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,077,846 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $48,107,285 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $35,948 |
| Net Land, buildings, and equipment | $22,408,153 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $133,058 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $86,787,851 |
| Accounts payable and accrued expenses | $514,332 |
| Grants payable | $0 |
| Deferred revenue | $2,500,000 |
| 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 | $46,425,154 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,126,043 |
| Total liabilities | $52,565,529 |
| Net assets without donor restrictions | $19,813,141 |
| Net assets with donor restrictions | $14,409,181 |
| 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 | $86,787,851 |