Community Reinvestment Fund Inc
- Assets
- $307.7m
- Revenue
- $69.2m
- Investments
- $0.0
- Employees
- 118
- Location
- Minneapolis, MN
- Founding
- 03/1989
- Data as of
- 06/2021
- EIN
- 41-1616861
Organization Overview
Community Reinvestment Fund Inc is located in Minneapolis, MN. The organization was established in 1989. 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 06/2023, Community Reinvestment Fund Inc employed 118 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Reinvestment 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 06/2021, Community Reinvestment Fund Inc generated $69.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $46.7m during the year ending 06/2021. While expenses have increased by 9.0% 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.
Since 2018, Community Reinvestment Fund Inc has awarded 47 individual grants totaling $4,990,423. 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 IMPROVE LIVES AND STRENGTHEN COMMUNITIES THROUGH INNOVATIVE FINANCIAL SOLUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING PROGRAMS - FOUNDED IN 1988, COMMUNITY REINVESTMENT FUND, USA (CRF) IS A NATIONAL NON-PROFIT ORGANIZATION AND A LEADING COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). CRF WORKS COLLABORATIVELY WITH COMMUNITY LENDERS AND STAKEHOLDERS TO INCREASE ECONOMIC MOBILITY, BUILD STRONG LOCAL ECONOMIES, AND REDUCE THE WEALTH GAP IN PURSUIT OF A JUST ECONOMY THAT WORKS FOR ALL. IN PARTNERSHIP WITH OTHERS, CRF CO-CREATES AND DELIVERS PROGRAMS, PRODUCTS AND SERVICES THAT ADDRESS THE BARRIERS AND INEQUITIES SMALL BUSINESSES WITH A HISTORY OF UNDERREPRESENTATION FACE. CAPITAL IS PROVIDED DIRECTLY TO SMALL BUSINESSES THROUGH DIRECT LENDING PROGRAMS INCLUDING SBA 7(A) AND NEW MARKET TAX CREDITS, AS WELL AS INDIRECTLY THROUGH PROGRAMS SUCH AS THE BOND GUARANTY PROGRAM. DURING THE FISCAL YEAR 2023, CRF PROVIDED FINANCING TOTALING $26.6 MILLION TO SMALL BUSINESSES ACROSS THE COUNTRY, LEADING TO THE CREATION OR RETENTION OF MORE THAN 816 JOBS.
TECHNOLOGY SOLUTIONS - CRF OFFERS TECHNOLOGY SOLUTIONS THAT SUPPORT AND ENABLE ACCESS TO AFFORDABLE AND RESPONSIBLE SMALL BUSINESS FINANCING AND IMPROVE THE EFFICIENCY AND SCALABILITY OF MISSION-BASED LENDERS. THESE SOLUTIONS ARE CRITICAL TO MANY PUBLIC-PRIVATE PARTNERSHIPS ACROSS THE COUNTRY, AS WELL AAS PARTNERSHIPS BETWEEN TRADITIONAL BANKS AND CDFIS. DURING THE FISCAL YEAR 2023, CRF FACILITATED THE ORIGINATION OF APPROXIMATELY 2,265 LOANS TOTALING $190 MILLION.
LOAN SERVICING AND FUND ADMINISTRATION - CRF IS A NATIONAL LOAN SERVICER AND FUND ADMINISTRATOR THAT SPECIALIZES IN PROVIDING HIGH-TOUCH, CUSTOMIZED SERVICE. WITH MORE THAN 20 YEARS OF EXPERIENCE, CRF FOCUSES ON PROVIDING SERVICING AND ADMINISTRATION FOR MISSION-ALIGNED ORGANIZATIONS WITH A VARIETY OF ASSET TYPES INCLUDING COMMERCIAL REAL ESTATE, COMMUNITY FACILITIES, RESIDENTIAL MORTGAGES, EQUIPMENT, AND OTHERS. DURING THE 2023 FISCAL YEAR, CRF PROVIDED THIRD PARTY LOAN SERVICING SUPPORT FOR 58 COMMUNITY DEVELOPMENT LENDERS WITH VOLUME OF APPROXIMATELY 4,000 LOANS TOTALING $127 MILLION. DURING THE 2023 FISCAL YEAR, CRF PROVIDED ADMINISTRATION FOR 10 FUNDS WITH ASSET TOTALING $87 MILLION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Altman CEO | Officer | 40 | $701,411 |
Jennifer Anderson Chief Administrative Officer | Officer | 40 | $521,050 |
Keith Rachey Evp Chief Impact Officer Until 6/23 | Officer | 40 | $449,342 |
Nicholas Elders CEO - Ignify | 0 | $0 | |
Gary Holmquist Regional Director Of Business Development Until 6/ | 40 | $324,437 | |
Jennifer Novak SVP Capital Markets | Officer | 40 | $314,137 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Robert Half Consulting | 6/29/23 | $560,397 |
Perkins Coie Llp Legal | 6/29/23 | $561,085 |
Mark Gavin Consulting Consulting | 6/29/23 | $273,500 |
Cliftonlarsonallen Llp Accounting | 6/29/23 | $256,686 |
Lifeline Global Consulting Consulting | 6/29/23 | $215,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,863,301 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$390 |
| 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 | $69,198,385 |
| Statement of Expenses | |
|---|---|
| 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. | $3,659,418 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,826,663 |
| Pension plan accruals and contributions | $218,827 |
| Other employee benefits | $1,695,270 |
| Payroll taxes | $730,647 |
| Fees for services: Management | $72,987 |
| Fees for services: Legal | $781,891 |
| Fees for services: Accounting | $328,141 |
| Fees for services: Lobbying | $87,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,665,000 |
| Advertising and promotion | $418,064 |
| Office expenses | $33,573 |
| Information technology | $520,284 |
| Royalties | $0 |
| Occupancy | $310,451 |
| Travel | $40,233 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,489,391 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $384,615 |
| Insurance | $276,241 |
| All other expenses | $0 |
| Total functional expenses | $46,700,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $74,540,310 |
| Pledges and grants receivable | $177,443 |
| Accounts receivable, net | $1,403,123 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $220,101,537 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,406,196 |
| Other assets | $7,899,395 |
| Total assets | $307,729,256 |
| Accounts payable and accrued expenses | $20,769,376 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $10,048,056 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $146,696,177 |
| Unsecured mortgages and notes payable | $85,279,148 |
| Other liabilities | $0 |
| Total liabilities | $262,792,757 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $44,936,499 |
Grants Awarded
Over the last fiscal year, Community Reinvestment Fund Inc has awarded $580,323 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
INVEST DETROIT FOUNDATION PURPOSE: OPERATING SUPPORT | $263,656 |
DETROIT DEVELOPMENT FUND PURPOSE: OPERATING SUPPORT | $166,667 |
ACCOMPANY CAPITAL INC PURPOSE: OPERATING SUPPORT | $18,750 |
ASCENDUS INC PURPOSE: OPERATING SUPPORT | $18,750 |
HARLEM ENTREPRENEURIAL FUND LLC PURPOSE: OPERATING SUPPORT | $18,750 |
NYBOC LOCAL DEVELOPMENT CORPORATION DBA PURSUIT COMMUNITY FINANCE PURPOSE: OPERATING SUPPORT | $18,750 |