Rocky Mountain Community Reinvestment Corporation
- Assets
- $409.4m
- Revenue
- $16.9m
- Investments
- $0.0
- Employees
- 21
- Location
- Salt Lake City, UT
- Founding
- 02/2016
- Data as of
- 12/2023
- EIN
- 87-0620659
Organization Overview
Rocky Mountain Community Reinvestment Corporation is located in Salt Lake City, UT. The organization was established in 2016. 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 12/2023, Rocky Mountain Community Reinvestment Corporation employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rocky Mountain Community Reinvestment 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, Rocky Mountain Community Reinvestment Corporation generated $16.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $16.1m during the year ending 12/2023. While expenses have increased by 12.7% 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
ASSISTING ROCKY MOUNTAIN REGION RESIDENTS BY FOSTERING THE AVAILABILITY OF QUALITY HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION (RMCRC) WAS FORMED ON MARCH 19, 1999, AND BEGAN GRANTING LOANS IN 2000. RMCRC IS A NONPROFIT, COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION WORKING IN COOPERATION WITH ITS MEMBER BANKS (MEMBERS) SERVING AS A CATALYST FOR COMMUNITY DEVELOPMENT BY OFFERING FLEXIBLE FINANCING FOR AFFORDABLE, QUALITY HOUSING TO ASSIST THE ROCKY MOUNTAIN REGION'S LOW AND MODERATE-INCOME RESIDENTS, WORKING WITH GOVERNMENT AGENCIES TO MAXIMIZE LEVERAGE OF PUBLIC AND PRIVATE DOLLARS, AND PROVIDING TECHNICAL ASSISTANCE TO PROJECT SPONSORS. RMCRC USES A POOL OF FUNDS PROVIDED BY ITS MEMBERS UNDER THE INTERCREDITOR AGREEMENT (ICA) ALONG WITH THE SALE OF DIRECT LOAN PARTICIPATIONS TO FUND LOANS TO MORTGAGORS. RMCRC IS A REGISTERED COMMUNITY DEVELOPMENT INSTITUTION FUND (CDFI).
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sam Bentley Chair | OfficerTrustee | 1 | $0 |
Robert Likes Vice Chair | OfficerTrustee | 1 | $0 |
Michael Palmer Past Chair | Trustee | 1 | $0 |
Stephanie White Board Member | Trustee | 1 | $0 |
Spencer Mcallister Board Member | Trustee | 1 | $0 |
Sharlene Wilde Board Member | Trustee | 1 | $0 |
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 | $12,680 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,680 |
| Total Program Service Revenue | $16,849,872 |
| Investment income | $0 |
| 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 | $16,862,552 |
| 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. | $1,196,658 |
| Compensation of current officers, directors, key employees. | $486,693 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $272,635 |
| Pension plan accruals and contributions | $77,423 |
| Other employee benefits | $0 |
| Payroll taxes | $173,695 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $351,054 |
| Advertising and promotion | $78,094 |
| Office expenses | $65,918 |
| Information technology | $41,071 |
| Royalties | $0 |
| Occupancy | $117,026 |
| Travel | $64,303 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $12,446,417 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,221 |
| Insurance | $97,967 |
| All other expenses | $61,387 |
| Total functional expenses | $16,147,329 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,102,366 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $375,872 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $406,207,180 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $169,822 |
| Net Land, buildings, and equipment | $88,425 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,460,887 |
| Total assets | $409,404,552 |
| Accounts payable and accrued expenses | $3,440,799 |
| 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 | $364,798,413 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $28,883,462 |
| Total liabilities | $397,122,674 |
| Net assets without donor restrictions | $12,281,878 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $409,404,552 |