Cincinnati Development Fund Inc
- Assets
- $69.0m
- Revenue
- $10.3m
- Investments
- $4.5m
- Employees
- 17
- Location
- Cincinnati, OH
- Founding
- 09/1989
- Data as of
- 03/2023
- EIN
- 31-1256064
Organization Overview
Cincinnati Development Fund Inc is located in Cincinnati, OH. The organization was established in 1989. According to its NTEE Classification (L82) the organization is classified as: Housing Expense Reduction Support, under the broad grouping of Housing & Shelter and related organizations. As of 03/2023, Cincinnati Development Fund Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cincinnati Development 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 03/2023, Cincinnati Development Fund Inc generated $10.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $4.9m during the year ending 03/2023. While expenses have increased by 5.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO DRIVE COMMUNITY REVITALIZATION BY PROVIDING CAPITAL ACCESS AND TECHNICAL ASSISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CINCINNATI DEVELOPMENT FUND (CDF) IS A NONPROFIT LENDING INSTITUTION ESTABLISHED IN 1988 TO FINANCE AFFORDABLE HOUSING DEVELOPMENT AND COMMUNITY REVITALIZATION IN THE GREATER CINCINNATI AREA. CDF'S MISSION IS TO PROVIDE INNOVATIVE REAL ESTATE FINANCING FOR PROJECTS THAT STRENGTHEN LOW-INCOME NEIGHBORHOODS AND IMPROVE LIVES.OVER THE PAST 35 YEARS, LOCAL FINANCIAL INSTITUTIONS, FOUNDATIONS, SOCIALLY MOTIVATED INVESTORS, AND LOCAL AND FEDERAL GOVERNMENTS HAVE ALL CONTRIBUTED TO CDF'S SOURCES OF CAPITAL. THESE ORGANIZATRIONS INVEST IN CDF BECAUSE OF OUR EXPERTISE IN EVALUATING COMPLEX LOAN APPLICATIONS WITH MULTIPLE FINANCING SOURCES. THIS EXPERIENCE MAKES IT EASIER AND MORE COST-EFFECTIVE FOR THESE ORGANIZATIONS TO INVEST IN THE COMMUNITY. AN ADDED BENEFIT IS THAT FUNDS ARE ORGANIZED INTO LOAN POOLS THAT ENABLE LENDERS TO DIVERSIFY THEIR LOAN PORTFOLIOS AND SHARE THE RISK ON EACH LOAN WITH OTHER CDF PARTICIPANTS. CDF HAS ORIGINATED MORE THAN $493 MILLION IN LOANS RESULTING IN THE CREATION OF MORE THAN 7,000 UNITS OF HOUSING. CDF FOCUSES ON LENDING IN LOW INCOME COMMUNITIES WHERE NEED AND IMPACT ARE THE GREATEST.CDF IS AN EQUAL OPPORTUNITY PROVIDER.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Huber President & CEO | Officer | 40 | $244,325 |
Jeanne Golliher CEO - Term Exp: 2022 | Officer | 40 | $187,508 |
Kimberly Mauer Board Chair | OfficerTrustee | 2 | $0 |
Susan Thomas Vice Chair | OfficerTrustee | 2 | $0 |
Kevin Cooney Treasurer | OfficerTrustee | 2 | $0 |
Kathleen Schwab Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Novogradac Audit And Tax Services | 3/30/23 | $289,500 |
Taft Legal Services | 3/30/23 | $159,791 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,734,352 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,246,925 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,981,277 |
| Total Program Service Revenue | $5,265,244 |
| Investment income | $228,121 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$84,714 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,309,687 |
| 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. | $1,149,550 |
| Compensation of current officers, directors, key employees. | $349,967 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $751,997 |
| Pension plan accruals and contributions | $39,319 |
| Other employee benefits | $111,944 |
| Payroll taxes | $118,125 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $146,250 |
| Fees for services: Accounting | $45,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $102,772 |
| Advertising and promotion | $0 |
| Office expenses | $272,350 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $94,208 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $688,029 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,024 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,890,754 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $458,101 |
| Savings and temporary cash investments | $19,343,843 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $552,133 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $29,888,724 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $61,905 |
| Net Land, buildings, and equipment | $21,950 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,497,450 |
| Investments—program-related | $5,163,053 |
| Intangible assets | $0 |
| Other assets | $9,016,167 |
| Total assets | $69,003,326 |
| Accounts payable and accrued expenses | $427,673 |
| Grants payable | $0 |
| Deferred revenue | $15,078,192 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $473,306 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $22,528,225 |
| Other liabilities | $209,138 |
| Total liabilities | $38,716,534 |
| Net assets without donor restrictions | $30,286,792 |
| 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 | $69,003,326 |