Opportunity Resource Fund
- Assets
- $26.9m
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 19
- Location
- Lansing, MI
- Founding
- 11/2001
- Data as of
- 12/2022
- EIN
- 38-2784136
Organization Overview
Opportunity Resource Fund is located in Lansing, MI. The organization was established in 2001. According to its NTEE Classification (P80) the organization is classified as: Centers to Support the Independence of Specific Populations, under the broad grouping of Human Services and related organizations. As of 12/2022, Opportunity Resource Fund employed 19 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Opportunity Resource 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 12/2022, Opportunity Resource Fund generated $5.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.4% each year . All expenses for the organization totaled $2.5m during the year ending 12/2022. While expenses have increased by 6.2% 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
PROMOTES AFFORDABLE HOME AND SMALL BUSINESS OWNERSHIP TO BENEFIT AND STRENGTHEN MI COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPPFUND'S HISTORY OF SUCCESSFUL LENDING SPANS MORE THAN 36 YEARS. COMMITMENT AND DILIGENCE HAS EARNED OPPFUND A REPUTATION AS A SOLID, DEPENDABLE, AND FLEXIBLE LENDER AND DEVELOPMENT SERVICES PROVIDER THROUGHOUT THE STATE OF MICHIGAN. AS A RECOGNIZED MICHIGAN LENDER, OPPFUND SEEKS COLLABORATION OPPORTUNITIES AND HAS STRONG RELATIONSHIPS AND POSITIVE PARTNERSHIPS WITH KEY CONCERNS IN MICHIGAN'S ECONOMIC COMMUNITY. SINCE 1985, OPPFUND HAS LOANED MORE THAN $70.8 MILLION PROVIDING 416 REAL ESTATE DEVELOPMENT, 197 SMALL BUSINESS, 11 CONSUMER, 265 PAYROLL PROTECTION PROGRAM LOANS UNDER THE CARES ACT, AND 466 HOMEOWNERSHIP LOANS. THESE LOANS HAVE LEVERAGED MORE THAN $190 MILLION FROM PUBLIC AND PRIVATE INVESTMENTS HELPING TO CREATE OR MAINTAIN 3,014 UNITS OF AFFORDABLE HOUSING, 1804 JOBS, 594 NEW OR SAFER HOUSING FOR PREDOMINANTLY LOW AND MODERATE-INCOME FAMILIES, AND ENSURING AT LEAST 125 CHILDREN ARE SAFER IN ORGANIZED DAYCARE FACILITIES. OPPFUND LOANS EMPOWER PEOPLE THROUGHOUT THE STATE OF MICHIGAN.
OPPFUND RELIES UPON ITS BOARD-APPROVED STRATEGIC PLAN IN ITS CONTINUING QUEST TO ACT AS A CATALYST FOR CHANGE TO BENEFIT AND STRENGTHEN MICHIGAN COMMUNITIES. THE STRATEGIC PLAN INCLUDES LENDING GOALS TO INCREASE FINANCING FOR THE CREATION, RENOVATION, AND/OR PRESERVATION OF AFFORDABLE HOUSING, ASSIST INDIVIDUAL HOMEOWNERS, AND HELP TO FUEL MICHIGAN'S ECONOMY WITH THE CREATION OF JOBS. OPPFUND LAUNCHED THE JUSTICE FUND INITIATIVE TO BETTER SERVE OUR MINORITY BORROWERS WHICH INCLUDES A FULL CAMPUS WITHOUT WALLS AND FULL WRAP-AROUND TECHNICAL SUPPORT SERVICES. WE BELIEVE THIS IS A POSITIVE STEP IN ELIMINATING THE RACIAL WEALTH GAP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christine Coady Narayanan President/ceo | Officer | 40 | $182,768 |
Kevin Fitzgerald VP Of Finance/cfo | Officer | 40 | $161,945 |
Amy Hovey Board Chair | OfficerTrustee | 4 | $0 |
Thomas Seabron Vice Chair | OfficerTrustee | 2 | $0 |
Marc Craig Treasurer | OfficerTrustee | 2 | $0 |
Sheilah P Clay Secretary | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fortune Builders Construction | 12/30/21 | $156,255 |
Omp Construction Inc Construction | 12/30/21 | $129,185 |
Ampro Construction Construction | 12/30/21 | $109,140 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,735,875 |
| All other contributions, gifts, grants, and similar amounts not included above | $216,981 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,952,856 |
| Total Program Service Revenue | $1,002,668 |
| Investment income | $4,336 |
| 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 | $4,959,860 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $37,832 |
| 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. | $346,713 |
| Compensation of current officers, directors, key employees. | $94,776 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $791,950 |
| Pension plan accruals and contributions | $12,814 |
| Other employee benefits | $170,004 |
| Payroll taxes | $90,528 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $64,377 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $153,070 |
| Advertising and promotion | $51 |
| Office expenses | $156,633 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $98,832 |
| Travel | $9,542 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $58,899 |
| Interest | $338,399 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,792 |
| Insurance | $11,705 |
| All other expenses | $0 |
| Total functional expenses | $2,498,380 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,680,247 |
| Savings and temporary cash investments | $2,481,102 |
| Pledges and grants receivable | $3,689,802 |
| Accounts receivable, net | $111,868 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,615,589 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $52,452 |
| Net Land, buildings, and equipment | $5,884 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $282,297 |
| Total assets | $26,919,241 |
| Accounts payable and accrued expenses | $135,405 |
| Grants payable | $0 |
| Deferred revenue | $381,177 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $333,075 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $3,000 |
| Secured mortgages and notes payable | $17,415,657 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $463,459 |
| Total liabilities | $18,731,773 |
| Net assets without donor restrictions | $4,535,534 |
| Net assets with donor restrictions | $3,651,934 |
| 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 | $26,919,241 |