Accion Opportunity Fund Community Development is located in San Jose, CA. The organization was established in 2000. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Accion Opportunity Fund Community Development employed 155 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Accion Opportunity Fund Community Development 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, Accion Opportunity Fund Community Development generated $53.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.6% each year . All expenses for the organization totaled $37.9m during the year ending 06/2021. While expenses have increased by 17.9% 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.
Since 2018, Accion Opportunity Fund Community Development has awarded 12 individual grants totaling $305,104. 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 DELIVER AFFORDABLE CAPITAL AND RESPONSIBLE FINANCIAL SOLUTIONS (SEE SCH. O FOR CONTINUATION) TO UNDERSERVED ENTREPRENEURS AND COMMUNITIES, WITH A SPECIAL FOCUS ON LOW-INCOME PEOPLE, PEOPLE OF COLOR, AND WOMEN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS LENDING PROGRAM - THE ORGANIZATION MAKES LOANS TO SMALL BUSINESSES THAT LACK ACCESS TO AFFORDABLE CREDIT FROM TRADITIONAL SOURCES. SINCE INCEPTION, THE ORGANIZATION HAS MADE OVER 22,000 LOANS TOTALING $625 MILLION TO SMALL BUSINESSES WHOSE OWNERS ARE PRIMARILY PEOPLE OF COLOR AND/OR LOW TO MODERATE INCOME. MANY LOANS TO CALIFORNIA-BASED BORROWERS ARE ENROLLED IN A LOAN LOSS RESERVE PARTIALLY FUNDED BY THE STATE OF CALIFORNIA AS PART OF ITS CAPITAL ACCESS PROGRAM.BEGINNING IN JUNE 2020, IN RESPONSE TO COVID-19, THE ORGANIZATION BEGAN OFFERING LOWER COST LOANS WITH INTEREST RATES FROM 4-4.25% TO SELECT BORROWERS WHO WERE SEVERELY IMPACTED BY COVID-19. THE ORGANIZATION ALSO BEGAN PARTICIPATING IN SELECT PUBLIC-PRIVATE PARTNERSHIPS THAT OFFER LOW-RATE LOAN PROGRAMS. THESE LOANS ARE TYPICALLY BACKSTOPPED BY A LOAN LOSS RESERVE PROGRAM ADMINISTERED BY A GOVERNMENT PROGRAM AND SOLD TO A SPECIAL PURPOSE CREDIT VEHICLE WHERE ONLY A PORTION OF THE LOANS, TYPICALLY 5-10%, REMAIN ON THE ORGANIZATION'S STATEMENT OF FINANCIAL POSITION.IN APRIL 2020 THE ORGANIZATION WAS APPROVED AS A PAYCHECK PROTECTION PROGRAM ("PPP") LENDER BY THE U.S. SMALL BUSINESS ADMINISTRATION. THIS PRODUCT FOR SMALL BUSINESSES RANGES IN SIZE BASED ON THE PAYROLL OF THE COMPANY, HAS A 1 % FIXED INTEREST RATE, AND MAY BE FULLY FORGIVABLE IF THE FUNDS ARE USED FOR AN ELIGIBLE PURPOSE.THE ORGANIZATION SELLS PARTICIPATIONS IN ITS LOAN PORTFOLIO TO A FEW INSTITUTIONS. THE PURPOSE OF THESE SALES IS TO MANAGE CREDIT CONCENTRATION IN THE ORGANIZATION'S PORTFOLIO AND TO GENERATE LIQUIDITY TO PROVIDE FOR ADDITIONAL LOAN GROWTH. LOANS ARE TYPICALLY SOLD AT A PREMIUM OVER FACE VALUE AND THE ORGANIZATION RETAINS THE SERVICING OF THE LOANS, FOR WHICH IT CHARGES A MONTHLY FEE.THE ORGANIZATION USES A GLOBAL SERVICE PROVIDER TO ASSIST WITH SOME OF ITS LOAN ORIGINATIONS AND SERVICING FUNCTIONS. THE GLOBAL SERVICE PROVIDER PERFORMS THESE FUNCTIONS OUTSIDE THE US AND HAS INDUSTRY APPROPRIATE BUSINESS CONTINUITY PLANS IN PLACE. AOFCD DOES NOT HAVE ANY EMPLOYEES OR ASSETS OUTSIDE THE US.
NEW MARKET TAX CREDITS PROGRAM - IN 2003, THE ORGANIZATION WAS CERTIFIED BY THE U.S. DEPARTMENT OF TREASURY COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND ("CDFI FUND") AS A COMMUNITY DEVELOPMENT ENTITY ("CDE") UNDER ITS NEW MARKET TAX CREDIT ("NMTC") PROGRAM. AS OF JUNE 30, 2021, THE ORGANIZATION HAS RECEIVED A CUMULATIVE TOTAL OF $388 MILLION OF TAX CREDIT ALLOCATIONS. THE ORGANIZATION THROUGH ITS SUBSIDIARY CDE, THE LCD NEW MARKETS FUND, LLC USES THESE ALLOCATIONS TO ATTRACT NEW CAPITAL TO SUPPORT LARGE REAL ESTATE PROJECTS PROVIDING HIGH COMMUNITY IMPACT IN LOW INCOME AREAS. AS OF JUNE 30, 2021 AND 2020, THE ORGANIZATION HAS DEPLOYED $388 MILLION AND $377 MILLION IN QUALIFIED EQUITY INVESTMENTS ("QEIS"), RESPECTIVELY.
POLICY PROGRAM: ACCION OPPORTUNITY FUND CONDUCTS PROGRAM EVALUATION AND RESEARCH AND ADVOCATES FOR FEDERAL, STATE AND LOCAL PUBLIC POLICIES THAT WILL BENEFIT OUR MISSION AND THE WORKING FAMILIES THAT OUR PROGRAMS SERVE.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Luz Lopez Urrutia Chief Executive Officer | OfficerTrustee | 37 | $327,593 |
Michael Rapaport President, Chief Operating Officer | Officer | 40 | $248,867 |
Luis Rodriguez Sr VP Service Ops & Compliance | Officer | 40 | $231,148 |
Adriana Eiriz Vp, Sales And Partnerships | 40 | $222,651 | |
S Jamila Buckner Chief People Officer | Officer | 40 | $210,780 |
Mike Torres Interim Chief Financial Officer | Officer | 37 | $207,620 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Virsa Capital Inc Referral Fees For Small Business Loans | 6/29/21 | $954,571 |
Sgs Holding De Mexico Consulting & Training | 6/29/21 | $670,797 |
Measured Connections Software Development Services | 6/29/21 | $500,906 |
Q2 Software Inc Software Development Services | 6/29/21 | $467,212 |
Lending Club Referral Fees For Small Business Loans & | 6/29/21 | $314,548 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $5,224,443 |
All other contributions, gifts, grants, and similar amounts not included above | $25,656,110 |
Noncash contributions included in lines 1a–1f | $262,000 |
Total Revenue from Contributions, Gifts, Grants & Similar | $30,880,553 |
Total Program Service Revenue | $22,654,762 |
Investment income | $83,499 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$18,200 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $53,600,614 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
Grants and other assistance to domestic individuals. | $4,324,547 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $1,572,524 |
Compensation of current officers, directors, key employees. | $1,058,767 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $10,080,283 |
Pension plan accruals and contributions | $233,187 |
Other employee benefits | $1,556,164 |
Payroll taxes | $915,564 |
Fees for services: Management | $0 |
Fees for services: Legal | $356,799 |
Fees for services: Accounting | $142,425 |
Fees for services: Lobbying | $43,432 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $798,473 |
Advertising and promotion | $329,603 |
Office expenses | $592,513 |
Information technology | $1,757,392 |
Royalties | $0 |
Occupancy | $922,270 |
Travel | $10,868 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $52,580 |
Interest | $2,330,029 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,537,269 |
Insurance | $128,437 |
All other expenses | $0 |
Total functional expenses | $37,865,674 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $22,750,613 |
Pledges and grants receivable | $3,398,519 |
Accounts receivable, net | $1,377,539 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $137,331,322 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $368,099 |
Net Land, buildings, and equipment | $1,706,270 |
Investments—publicly traded securities | $861,376 |
Investments—other securities | $0 |
Investments—program-related | $851,450 |
Intangible assets | $733,333 |
Other assets | $31,103,238 |
Total assets | $200,481,759 |
Accounts payable and accrued expenses | $4,368,169 |
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 | $144,281,796 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $399 |
Total liabilities | $148,650,364 |
Net assets without donor restrictions | $44,043,750 |
Net assets with donor restrictions | $7,787,645 |
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 | $200,481,759 |
Over the last fiscal year, Accion Opportunity Fund Community Development has awarded $15,000 in support to 2 organizations.
Grant Recipient | Amount |
---|---|
North Hollywood, CA PURPOSE: SPONSORSHIP TO THE ORG ANNUAL GALA | $10,000 |
San Francisco, CA PURPOSE: SPONSORSHIP TO THE ORG ANNUAL FUNDRAISING EVENT | $5,000 |
Over the last fiscal year, we have identified 20 grants that Accion Opportunity Fund Community Development has recieved totaling $2,531,120.
Awarding Organization | Amount |
---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $1,000,000 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: Human Services | $625,607 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $200,000 |
The California Endowment Los Angeles, CA PURPOSE: BUILDING HEALTH AND INVESTMENT ACROSS COMMUNITIES IN CALIFORNIA: TO IMPROVE THE CAPACITY FOR SMALL AND MINORITY ENTREPRENEURS TO SUPPORT VIABLE ECONOMIC DEVELOPMENT OPPORTUNITIES VIA MICROLENDING AS A MEANS TO PROMOTE HEALTH IN UNDERSERVED COMMUNITIES IN CALIFORNIA. | $200,000 |
Great Rivers Community Tr Zebulon, NC PURPOSE: GENERAL SUPPORT | $148,980 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $100,000 |
Organization Name | Assets | Revenue |
---|---|---|
Cplc Texas Inc Phoenix, AZ | $13,673,290 | $82,582,605 |
Community Investment Corporation Tucson, AZ | $12,041,358 | $40,472,550 |
Accion Opportunity Fund Community Development San Jose, CA | $200,481,759 | $53,600,614 |
Mission Asset Fund San Francisco, CA | $54,523,090 | $57,826,731 |
Civic San Diego San Diego, CA | $12,596,747 | $8,835,597 |
Csac Finance Corporation Sacramento, CA | $22,360,310 | $12,934,423 |
Ampac Tri-State Cdc Inc Ontario, CA | $22,461,621 | $9,676,882 |
Local First Arizona Foundation Phoenix, AZ | $3,232,104 | $5,988,087 |
Inclusive Action For The City Los Angeles, CA | $6,839,271 | $6,785,637 |
Genesis La Economic Growth Corporation Los Angeles, CA | $84,073,617 | $20,248,596 |
Business Development Finance Corporation Tucson, AZ | $22,193,625 | $4,107,444 |
Economic Development Collaborative Ventura County Camarillo, CA | $6,956,185 | $3,790,106 |