Center For Responsible Lending
- Assets
- $10.5m
- Revenue
- $6.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Durham, NC
- Founding
- 06/2002
- Data as of
- 12/2021
- EIN
- 74-3043913
Organization Overview
Center For Responsible Lending is located in Durham, NC. The organization was established in 2002. According to its NTEE Classification (I80) the organization is classified as: Legal Services, under the broad grouping of Crime & Legal-Related and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Center For Responsible Lending 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, Center For Responsible Lending generated $6.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $6.8m during the year ending 12/2021. While expenses have increased by 3.0% 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 2015, Center For Responsible Lending has awarded 105 individual grants totaling $1,284,063. 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
PROTECT ECONOMIC OPPORTUNITY FOR LOW-INCOME & MINORITY FAMILIES & COMMUNITIES BY CONDUCTING RESEARCH & PROVIDING EDUCATION & TECHNICAL ASSISTANCE REGARDING PREDATORY LENDING & OTHER ABUSIVE FINANCIAL PRACTICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHNICAL ASSISTANCE: PROVIDED LEGAL ANALYSIS AND MARKET INSIGHT ON DEBT COLLECTION AND ABUSIVE LENDING PRACTICES IN THE AREAS OF MORTGAGE, SMALL LOANS, AND STUDENT AND AUTO LOANS. PROPOSED POLICY SOLUTIONS TO CONSUMER AND COMMUNITY GROUPS AND REGULATORS IN THE STATES AND AT THE FEDERAL LEVEL. PRIMARY FOCUS WAS ON POLICIES AND MARKET CHANGES THAT WOULD STOP LENDING ABUSES THAT PREVENT LOW-AND MODERATE-INCOME FAMILIES AND COMMUNITIES OF COLOR FROM BUILDING WEALTH.
OUTREACH/COMMUNICATIONS: RAISED VISIBILITY OF ABUSIVE SMALL-DOLLAR LOAN PREDATORY LENDING ISSUES AMONG NATIONAL, STATEWIDE, AND LOCAL GROUPS, E.G. CIVIL RIGHTS, FAITH-BASED ORGANIZATIONS. SIMILARLY BROUGHT ATTENTION TO THE NEED FOR INCREASING ACCESS TO RESPONSIBLE MORTGAGE CREDIT, AND DISPARITIES IN MORTGAGE LENDING, RACE, ETHNICITY, AND INCOME. HIGHLIGHTED IMPACT OF UNFAIR DEBT COLLECTION PRACTICES, WEAKNESS OF FOR-PROFIT COLLEGE PROGRAMS, AND OTHER NEEDED REFORMS FOR STUDENT LENDING PRACTICES AT ORIGINATION AND STUDENT LOAN SERVICING. PRESENTED AT OVER 125 WORKSHOPS AND CONFERENCES, EDUCATING THOUSANDS OF INDIVIDUALS ABOUT ABUSIVE FINANCIAL SERVICES. COMMUNICATIONS RESULTED IN THOUSANDS OF CITATIONS BY THE MEDIA COVERING FINANCIAL ABUSES THAT IMPACT BORROWERS AND MENTIONS CRLS RESEARCH AND POLICY WORK.
RESEARCH SERVICES: PUBLISHED RESEARCH REPORTS AND ANALYSIS DESCRIBING THE AVERAGE INTEREST RATES OF PAYDAY LENDING BY STATE, THE YEARS TO SAVE FOR A TYPICAL DOWN PAYMENT BY RACE AND ETHNICITY, LOCATION, OCCUPATION, AND THE PRESENCE OF STUDENT DEBT, A STUDY ON THE IMPACT OF STUDENT DEBT ON ELIGIBILITY FOR THE PAYCHECK PROTECTION PROGRAM, AND A STUDY ON THE IMPACT OF ABUSIVE DEBT COLLECTION PRACTICES BY A LARGE INSTALLMENT LOAN LENDER ACTIVE IN LATINO COMMUNITIES. OTHER RESEARCH PRODUCTS MODELED A FRAMEWORK FOR DOWN PAYMENT ASSISTANCE FOR FIRST GENERATION HOMEBUYERS, CONDUCTED SURVEYS ON THE IMPACT OF THE COVID PANDEMIC ON STUDENT BORROWERS IN THE STATES OF PENNSYLVANIA, NORTH CAROLINA AND MINNESOTA, AND POLLED CONSUMERS OPINIONS ON THE REGULATION OF WALL STREET, THE 10TH ANNIVERSARY OF THE DODD FRANK ACT, AND A VARIETY OF CONSUMER FINANCIAL PTOTECTION MEASURES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Martin Eakes Ceodirectorsecretary | OfficerTrustee | 0 | $0 |
Ira Rheingold Directorchair | OfficerTrustee | 0.5 | $0 |
Michael Calhoun President | Officer | 0 | $0 |
Randy Chambers Treasurer | Officer | 0 | $0 |
Sarah Ludwig Director | Trustee | 0.5 | $0 |
Mark Goldhaber Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Spitfire Strategiesllc Consutling | 12/30/21 | $103,584 |
Westfront Strategies Llc Consulting Fee | 12/30/21 | $120,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,151,504 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,151,504 |
| Total Program Service Revenue | $331,707 |
| Investment income | $4,789 |
| 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 | $6,504,480 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $231,942 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $961 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $323,899 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $316,396 |
| Advertising and promotion | $78,777 |
| Office expenses | $57,785 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $552,406 |
| Travel | $49,520 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,500 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,872 |
| Insurance | $17,521 |
| All other expenses | $187,646 |
| Total functional expenses | $6,811,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,143,593 |
| Pledges and grants receivable | $1,119,070 |
| Accounts receivable, net | $43,051 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $27,881 |
| Net Land, buildings, and equipment | $52,069 |
| Investments—publicly traded securities | $21,094 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $75,000 |
| Total assets | $10,481,758 |
| Accounts payable and accrued expenses | $486,051 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $486,051 |
| Net assets without donor restrictions | $8,783,137 |
| Net assets with donor restrictions | $1,212,570 |
| 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 | $10,481,758 |
Grants Awarded
Over the last fiscal year, Center For Responsible Lending has awarded $185,413 in support to 16 organizations.
| Grant Recipient | Amount |
|---|---|
Decatur, GA PURPOSE: Assistance to combat predatory lending | $15,000 |
Washington, DC PURPOSE: Assistance to combat predatory lending | $15,000 |
NATIONAL BAPTIST CONVENTION USAINC PURPOSE: Assistance to combat predatory lending | $15,000 |
VETERIANS EDUCATION SUCCESS PURPOSE: Assistance to combat predatory lending | $15,000 |
Newark, NJ PURPOSE: Assistance to combat predatory lending | $14,000 |
Rapid City, SD PURPOSE: Assistance to combat predatory lending | $13,000 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that Center For Responsible Lending has recieved totaling $5,176,000.
| Awarding Organization | Amount |
|---|---|
Sandler Foundation San Francisco, CA PURPOSE: GENERAL SUPPORT | $2,750,000 |
Crankstart Foundation San Francisco, CA PURPOSE: GENERAL SUPPORT | $1,000,000 |
Foundation To Promote Open Society New York, NY PURPOSE: TO PROVIDE GENERAL SUPPORT | $750,000 |
Prudential Foundation Inc Newark, NJ PURPOSE: CONFRONTING THE INEQUITIES CREATED AND EXACERBATED BY AMERICAS STUDENT DEBT BURDEN | $200,000 |
Z Smith Reynolds Foundation Inc Winstonsalem, NC PURPOSE: RESPONSIBLE LENDING IN NORTH CAROLINA: PROTECTING ECONOMIC OPPORTUNITY FOR FAMILIES BY ELIMINATING ABUSIVE LENDING PRACTICES PROJECT | $100,000 |
Z Smith Reynolds Foundation Inc Winstonsalem, NC PURPOSE: RESPONSIBLE LENDING IN NC: PROTECTING ECONOMIC OPPORTUNITY FOR FAMILIES BY ELIMINATING ABUSIVE LENDING PRACTICES PROJECT | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia Legal Services Program Inc Atlanta, GA | $10,846,145 | $21,808,357 |
Federal Defender Program Inc Atlanta, GA | $3,000,349 | $16,976,185 |
Legal Services Corporation Of Virginia Richmond, VA | $10,646,853 | $14,922,389 |
Atlanta Legal Aid Society Inc Atlanta, GA | $13,961,359 | $12,435,415 |
South Carolina Legal Services Greenville, SC | $14,465,887 | $11,660,522 |
Legal Aid Justice Center Charlottesville, VA | $15,560,165 | $9,357,960 |
Legal Aid Society Of Middle Tennessee And The Cumberlands Nashville, TN | $8,528,233 | $10,472,394 |
Pisgah Legal Services Asheville, NC | $13,378,824 | $8,135,399 |
South Carolina Bar Columbia, SC | $17,865,633 | $9,322,223 |
Legal Services Of Northern Virginia Inc Fairfax, VA | $4,319,530 | $7,978,477 |
Center For Responsible Lending Durham, NC | $10,481,758 | $6,504,480 |
National Right To Work Legal Defense & Education Foundation Inc Springfield, VA | $44,865,136 | $9,345,910 |