Chicago Community Loan Fund
- Assets
- $136.7m
- Revenue
- $16.9m
- Investments
- $0.0
- Employees
- 28
- Location
- Chicago, IL
- Founding
- 07/1991
- Data as of
- 12/2021
- EIN
- 36-3762123
Organization Overview
Chicago Community Loan Fund is located in Chicago, IL. The organization was established in 1991. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Chicago Community Loan Fund employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chicago Community Loan 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 12/2021, Chicago Community Loan Fund generated $16.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.1% each year . All expenses for the organization totaled $7.4m during the year ending 12/2021. While expenses have increased by 8.3% per year over the past 7 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
PROVIDE LOW-COST COMMUNITY DEVELOPMENT PROJECT LOANS
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING - CCLF OPERATES AS A REVOLVING LOAN FUND, PROVIDING FINANCING THROUGH ITS LOAN POOL OF LENDING CAPITAL FOR AFFORDABLE HOUSING, NONPROFIT FACILITY AND OFFICE SPACE, COMMERCIAL AND RETAIL DEVELOPMENT AND OTHER ACTIVITIES. THESE PROJECTS PROMISE HIGH SOCIAL IMPACT THROUGH THE PRODUCTION AND PRESERVATION OF AFFORDABLE HOUSING, JOB CREATION AND OTHER SERVICES FOR LOW AND MODERATE INCOME INDIVIDUALS, FAMILIES AND COMMUNITIES.
TECHNICAL ASSISTANCE - CCLF'S GATEWAY TO COMMUNITY DEVELOPMENT PROGRAM PROVIDES TECHNICAL ASSISTANCE TO BORROWERS AND NON-BORROWERS THROUGH TIME SENSITIVE REAL ESTATE DEVELOPMENT ADVICE AND REFERRALS, A RANGE OF WORKSHOP TOPICS, FACILITATED PLANNING PROCESSES AND SUPPORT FOR SUSTAINABLE BUILDING PRACTICES.
ECONOMIC DEVELOPMENT - CCLF IS HISTORICALLY A NICHE LENDER: ONE THAT MEETS THE FINANCING AND TECHNICAL ASSISTANCE NEEDS THAT ARE UNMET IN THE LOW TO MODERATE INCOME COMMUNITIES. THE 2012 - 2016 STRATEGIC PLAN HAS DIRECTED A COURSE OF COLLABORATIVE RELATIONSHIPS, EXPLORATION OF AVAILABLE PROGRAMS NEW TO CCLF AND THE CO-CREATION OF PROGRAMS TO BUILD AND/OR REHABILITATE COMMERCIAL REAL ESTATE. THIS PROGRAM IS DESIGNED TO RESEARCH AND FINANCE SUCH OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Calvin Holmes President | Officer | 55 | $265,782 |
Robert Tucker Coo, Evp Of Programs | Officer | 50 | $212,894 |
Angela Dowell Chief Financial Officer | Officer | 50 | $192,937 |
Maurice Williams VP Econ. Development | 50 | $167,969 | |
Lycrecia Parks VP Portfolio Mgmt. | 50 | $162,867 | |
Wendell Harris VP Lending Operations | 50 | $154,217 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Revel Event Planning Services | 12/30/21 | $160,000 |
Msc Advisory Llc Loan Underwriting Services | 12/30/21 | $112,513 |
Sb Friedman & Co Program Management Services | 12/30/21 | $103,238 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $227,000 |
| Related organizations | $0 |
| Government grants | $2,015,065 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,173,479 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,415,544 |
| Total Program Service Revenue | $6,353,097 |
| Investment income | $297,661 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,173 |
| Net Income from Fundraising Events | -$225,297 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,943,178 |
| 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. | $747,489 |
| Compensation of current officers, directors, key employees. | $386,377 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,101,115 |
| Pension plan accruals and contributions | $96,825 |
| Other employee benefits | $245,011 |
| Payroll taxes | $190,122 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $69,458 |
| Fees for services: Accounting | $66,407 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $137,816 |
| Fees for services: Other | $564,447 |
| Advertising and promotion | $93,532 |
| Office expenses | $112,754 |
| Information technology | $8,630 |
| Royalties | $0 |
| Occupancy | $249,344 |
| Travel | $3,028 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,292 |
| Interest | $1,992,936 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $94,084 |
| Insurance | $79,939 |
| All other expenses | $0 |
| Total functional expenses | $7,392,965 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,724 |
| Savings and temporary cash investments | $36,677,080 |
| Pledges and grants receivable | $95,558 |
| Accounts receivable, net | $48,922 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $84,834,422 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $71,855 |
| Net Land, buildings, and equipment | $320,552 |
| Investments—publicly traded securities | $13,889,840 |
| Investments—other securities | $0 |
| Investments—program-related | $57,538 |
| Intangible assets | $0 |
| Other assets | $731,067 |
| Total assets | $136,728,558 |
| Accounts payable and accrued expenses | $2,265,425 |
| Grants payable | $0 |
| Deferred revenue | $18,648 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $289,455 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $9,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $92,291,285 |
| Other liabilities | $0 |
| Total liabilities | $94,873,813 |
| Net assets without donor restrictions | $34,001,219 |
| Net assets with donor restrictions | $7,853,526 |
| 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 | $136,728,558 |
Grants Recieved
Over the last fiscal year, we have identified 12 grants that Chicago Community Loan Fund has recieved totaling $632,500.
| Awarding Organization | Amount |
|---|---|
Opportunity Finance Network Philadelphia, PA PURPOSE: FINANCE JUSTICE FUND SUBGRANT | $200,000 |
John D & Catherine T Macarthur Foundation Chicago, IL PURPOSE: IN SUPPORT OF ITS WORK LEADING THE CHICAGOLAND OPPORTUNITY ZONES CONSORTIUM | $100,000 |
John D & Catherine T Macarthur Foundation Chicago, IL PURPOSE: IN SUPPORT OF ITS WORK LEADING THE CHICAGOLAND OPPORTUNITY ZONES CONSORTIUM. | $100,000 |
John D & Catherine T Macarthur Foundation Chicago, IL PURPOSE: IN SUPPORT OF ITS WORK LEADING THE CHICAGOLAND OPPORTUNITY ZONES CONSORTIUM. | $100,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Robert R Mccormick Foundation Chicago, IL PURPOSE: CHICAGOLAND OPPORTUNITY ZONES CONSORTIUM | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Embarras River Basin Agency Inc Greenup, IL | $2,961,671 | $18,793,359 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Tri-County Opportunities Council Rock Falls, IL | $4,101,390 | $18,238,868 |
Upper Des Moines Opportunity Inc Graettinger, IA | $5,376,639 | $17,208,548 |
Community Action Agency Of Siouxland Sioux City, IA | $5,735,581 | $15,017,682 |
Mid-Iowa Community Action -Mica- Incorporated Marshalltown, IA | $3,849,705 | $14,587,976 |
Inner-City Muslim Action Network Chicago, IL | $22,441,569 | $25,574,850 |
Will County Center For Community Concerns Inc Joliet, IL | $2,259,108 | $13,384,526 |