Cinnaire Lending Corporation
- Assets
- $130.9m
- Revenue
- $17.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Lansing, MI
- Founding
- 06/2004
- Data as of
- 12/2023
- EIN
- 38-3666288
Organization Overview
Cinnaire Lending Corporation is located in Lansing, MI. The organization was established in 2004. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cinnaire Lending Corporation 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 12/2023, Cinnaire Lending Corporation generated $17.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $10.4m during the year ending 12/2023. While expenses have increased by 4.9% 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 RAISE & DEPLOY CAPITAL TO SUPPORT THE DEVELOPMENT OF HEALTHY & VIBRANT NEIGHBORHOODS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO DEPLOY CAPITAL TO UNDERSERVED COMMUNITIES TO FUEL ECONOMIC DEVELOPMENT AND PROMOTE VIBRANT, HEALTHY COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathy Kamp Chair | OfficerTrustee | 1 | $0 |
Adrian Brooks Secretary/treasurer | OfficerTrustee | 1 | $0 |
Mark Angelini Director | Trustee | 1 | $0 |
Josh Earn Director | Trustee | 1 | $0 |
Kenyetta Mccurdy-Byrd Director | Trustee | 1 | $0 |
Brett Macleod Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Clark Hill Plc Legal Services | 12/30/23 | $285,769 |
225 Washington Llc Leasing And Building Management | 12/30/23 | $178,170 |
Paul Sherrington Legal Services | 12/30/23 | $155,010 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,457,678 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,239,659 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,697,337 |
| Total Program Service Revenue | $7,710,053 |
| Investment income | $613,171 |
| 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 | $17,020,561 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,507,219 |
| Pension plan accruals and contributions | $297,315 |
| Other employee benefits | $336,545 |
| Payroll taxes | $347,383 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $55,176 |
| Fees for services: Accounting | $55,181 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $992,693 |
| Advertising and promotion | $73,544 |
| Office expenses | $201,708 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $194,402 |
| Travel | $146,333 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,823,950 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $10,410,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,100,256 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $6,175 |
| Accounts receivable, net | $1,734,065 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $80,024,134 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,999,887 |
| Intangible assets | $0 |
| Other assets | $28,991,104 |
| Total assets | $130,855,621 |
| Accounts payable and accrued expenses | $5,522,001 |
| Grants payable | $0 |
| Deferred revenue | $13,815,670 |
| 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 | $69,838,783 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,209,279 |
| Total liabilities | $92,385,733 |
| Net assets without donor restrictions | $16,777,687 |
| Net assets with donor restrictions | $21,692,201 |
| 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 | $130,855,621 |