The Mortgage Capital Development Company
- Assets
- $77.4m
- Revenue
- $21.3m
- Investments
- $0.0
- Employees
- 85
- Location
- Oakland, CA
- Founding
- 09/1996
- Data as of
- 09/2021
- EIN
- 94-3247824
Organization Overview
The Mortgage Capital Development Company, operating under the name Tmc Financing, is located in Oakland, CA. The organization was established in 1996. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 09/2021, Tmc Financing employed 85 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tmc Financing is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Tmc Financing generated $21.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $15.7m during the year ending 09/2021. While expenses have increased by 6.7% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
AS A CERTIFIED DEVELOPMENT COMPANY, THE ORGANIZATION'S PRIMARY PURPOSE IS TO ASSIST SMALL BUSINESSES AND INDIVIDUALS IN ACQUIRING SBA LOANS AND THEN TO MONITOR THOSE LOANS ON BEHALF OF THE SBA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION CONTRIBUTES TO THE ECONOMIC DEVELOPMENT OF ITS REGION BY WORKING WITH THE SBA AND PRIVATE-SECTOR LENDERS TO PROVIDE FINANCING TO SMALL BUSINESSES. THE ORGANIZATION ASSISTS SMALL BUSINESSES IN GAINING ACCESS TO LONG-TERM FIXED RATE FINANCING FOR THE PURCHASE OF MAJOR FIXED ASSETS SUCH AS LAND AND BUILDINGS. THE PROGRAM IS DESIGNED TO ENABLE SMALL BUSINESSES TO CREATE AND RETAIN JOBS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Morrison President | OfficerTrustee | 40 | $863,041 |
Kurt Chambliss Executive VP | Officer | 40 | $658,551 |
Jennifer Davis Bus Dev Officer | 40 | $431,600 | |
James Avezedo Bus Dev Officer | 40 | $323,176 | |
Mike Vanecek CFO | Officer | 40 | $318,904 |
Bruce Whitaker Bus Dev Officer | 40 | $318,137 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Law Offices Of Noel M Nino Inc Legal Services | 9/29/21 | $345,000 |
Marquis Aurbach Coffing Attorneys At La Legal Services | 9/29/21 | $120,005 |
Law Offices Of Michael Rubenstein Legal Services | 9/29/21 | $108,567 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $20,767,112 |
| Investment income | $48,261 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,173 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,275,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $187,322 |
| 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. | $2,639,359 |
| Compensation of current officers, directors, key employees. | $493,098 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,190,979 |
| Pension plan accruals and contributions | $148,353 |
| Other employee benefits | $827,056 |
| Payroll taxes | $654,001 |
| 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 | $130,551 |
| Advertising and promotion | $266,300 |
| Office expenses | $258,923 |
| Information technology | $100,616 |
| Royalties | $0 |
| Occupancy | $365,445 |
| Travel | $10,135 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $106,759 |
| Insurance | $119,094 |
| All other expenses | $464,852 |
| Total functional expenses | $15,735,299 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,607,726 |
| Savings and temporary cash investments | $3,911,924 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,312,800 |
| 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 | $301,152 |
| Net Land, buildings, and equipment | $122,720 |
| Investments—publicly traded securities | $4,715,455 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,455,184 |
| Total assets | $77,426,961 |
| Accounts payable and accrued expenses | $2,050,656 |
| 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 | $58,228,836 |
| Other liabilities | $2,560,460 |
| Total liabilities | $62,839,952 |
| Net assets without donor restrictions | $14,587,009 |
| 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 | $77,426,961 |
Grants Awarded
Over the last fiscal year, The Mortgage Capital Development Company has awarded $180,336 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Oakland, CA PURPOSE: WORKING CAPITAL & GRANT PROGRAM | $175,000 |
San Francisco, CA PURPOSE: GRANT PROGRAM | $5,336 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Habitat For Humanity International Inc Oakland, CA | $41,053,789 | $44,589,163 |
National Community Renaissance Of California Rancho Cucamonga, CA | $192,617,949 | $51,023,842 |
Bridge Housing Corporation San Francisco, CA | $222,728,888 | $38,426,338 |
Baywood Apartments Inc Hayward, CA | $6,801,146 | $110,627 |
Eden Development Inc Hayward, CA | $30,040,019 | $4,613,123 |
Habitat For Humanity International Inc Bellflower, CA | $37,732,130 | $31,053,929 |
Reach Community Development Inc Portland, OR | $100,210,196 | $29,644,026 |
Millennium Housing Corporation Costa Mesa, CA | $189,019,442 | $31,052,319 |
Chinatown Community Development Center Inc San Francisco, CA | $109,257,292 | $38,436,421 |
Self Help Enterprises Visalia, CA | $105,976,522 | $29,798,676 |
Jamboree Housing Corporation Irvine, CA | $221,855,825 | $24,784,050 |
Single Room Occupancy Housing Corp Los Angeles, CA | $62,333,693 | $24,140,740 |