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Nonprofiteer
← OPPORTUNITY FINANCE NETWORK

Form 990 for tax year 2023

Filed by OPPORTUNITY FINANCE NETWORK.

Totals

Total revenue
$24,971,319
Total expenses
$31,233,261
Contributions and grants received
$7,042,460
Grants paid
$15,225,000
Program service revenue
$12,841,534
Investment income
$3,173,095
Other revenue
$1,914,230
Total assets, end of year
$313,600,163
Total liabilities, end of year
$180,110,817
Net assets or fund balances, end of year
$133,489,346
Program services expenses (Part IX)
$28,849,884
Management and general expenses
$1,863,010
Fundraising expenses
$520,367
Program service expenses (Part III)
$28,849,884

Program services were 92.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $926,626

  • 1e · Government grants (contributions)

    $3,640,000

  • 1f · All other contributions, gifts and grants

    $2,475,834

  • 2a · Program service revenue: INTEREST ON LOANS

    total $6,022,035 · related or exempt $6,022,035

  • 2b · Program service revenue: OTHER FEES

    total $2,769,984 · related or exempt $2,769,984

  • 2c · Program service revenue: SPONSORSHIP INCOME

    total $2,152,167 · related or exempt $2,152,167

  • 2d · Program service revenue: TRAINING EVENTS

    total $1,897,348 · related or exempt $1,897,348

  • 3 · Investment income

    total $4,067,079 · excluded $4,067,079

  • 7b · Less cost or other basis and sales expenses

    securities $893,984

  • 7c · Gain or loss

    securities -$893,984

  • 7d · Net gain or loss

    total -$893,984 · excluded -$893,984

  • 11a · Other revenue: LOAN LOSS RESERVE

    total $1,900,620 · related or exempt $1,900,620

  • 11b · Other revenue: REVERSAL OF LOSS ON DISPOSAL OF L

    total $13,610 · related or exempt $13,610

  • 11e · Other revenue, total

    $1,914,230

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $15,225,000 · program services $15,225,000

  • 5 · Compensation of officers, directors and key employees

    total $1,916,006 · program services $1,418,486 · management and general $377,244 · fundraising $120,276

  • 7 · Other salaries and wages

    total $4,327,132 · program services $3,301,105 · management and general $834,409 · fundraising $191,618

  • 9 · Other employee benefits

    total $479,522 · program services $357,292 · management and general $92,116 · fundraising $30,114

  • 10 · Payroll taxes

    total $431,231 · program services $321,310 · management and general $82,840 · fundraising $27,081

  • 11a · Fees: management

    total $114,815 · program services $114,815

  • 11b · Fees: legal

    total $219,907 · program services $209,882 · management and general $7,555 · fundraising $2,470

  • 11c · Fees: accounting

    total $135,252 · program services $100,776 · management and general $25,982 · fundraising $8,494

  • 11g · Fees: other

    total $1,050,040 · program services $1,049,996 · management and general $44

  • 13 · Office expenses

    total $90,400 · program services $57,806 · management and general $28,588 · fundraising $4,006

  • 14 · Information technology

    total $663,326 · program services $563,509 · management and general $82,297 · fundraising $17,520

  • 16 · Occupancy

    total $702,740 · program services $523,612 · management and general $134,996 · fundraising $44,132

  • 17 · Travel

    total $2,653,258 · program services $2,562,256 · management and general $60,234 · fundraising $30,768

  • 19 · Conferences, conventions and meetings

    total $275,166 · program services $248,205 · management and general $21,117 · fundraising $5,844

  • 20 · Interest

    total $1,963,372 · program services $1,963,372

  • 22 · Depreciation, depletion and amortization

    total $163,286 · program services $121,665 · management and general $31,367 · fundraising $10,254

  • 23 · Insurance

    total $84,782 · program services $63,171 · management and general $16,287 · fundraising $5,324

  • 24a · Other expenses: STAFF DEVELOPMENT

    total $225,433 · program services $167,970 · management and general $43,306 · fundraising $14,157

  • 24b · Other expenses: MEMBERSHIP

    total $184,516 · program services $183,679 · management and general $438 · fundraising $399

  • 24c · Other expenses: MISC EXPENSES

    total $146,885 · program services $137,792 · management and general $6,851 · fundraising $2,242

  • 24d · Other expenses: EQUIPMENT

    total $68,115 · program services $50,752 · management and general $13,085 · fundraising $4,278

  • 24e · All other expenses

    total $113,077 · program services $107,433 · management and general $4,254 · fundraising $1,390

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $63,584,438 · end of year $31,484,326

  • 3 · Pledges and grants receivable

    beginning of year $3,175,000

  • 4 · Accounts receivable

    beginning of year $645,381 · end of year $1,100,201

  • 7 · Other notes and loans receivable

    beginning of year $179,544,269 · end of year $214,498,137

  • 9 · Prepaid expenses and deferred charges

    beginning of year $240,522 · end of year $380,703

  • 10a · Land, buildings and equipment: cost or other basis

    $2,318,361

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,576,101

  • 10c · Land, buildings and equipment, net

    beginning of year $732,707 · end of year $742,260

  • 11 · Investments: publicly traded securities

    beginning of year $29,245,310 · end of year $46,032,426

  • 15 · Other assets

    beginning of year $17,057,019 · end of year $19,362,110

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,046,735 · end of year $2,595,783

  • 19 · Deferred revenue

    beginning of year $1,468,706 · end of year $80,895

  • 24 · Unsecured notes and loans payable

    beginning of year $122,370,000 · end of year $150,120,000

  • 25 · Other liabilities

    beginning of year $29,790,727 · end of year $27,314,139

  • 27 · Net assets without donor restrictions

    beginning of year $91,533,037 · end of year $106,548,735

  • 28 · Net assets with donor restrictions

    beginning of year $48,015,441 · end of year $26,940,611

Mission and programs · 2023

Mission

OFN'S MISSION IS TO LEAD CDFIS AND THEIR PARTNERS TO ENSURE THAT LOW-INCOME, LOW-WEALTH, AND OTHER DIVESTED PEOPLE AND COMMUNITIES HAVE ACCESS TO AFFORDABLE, RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES.

Activities or mission (Part I)

OPPORTUNITY FINANCE NETWORK'S (OFN) MISSION IS TO LEAD COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) AND THEIR PARTNERS TO ENSURE THAT LOW-INCOME, LOW-WEALTH, AND OTHER DISINVESTED PEOPLE AND COMMUNITIES HAVE ACCESS TO AFFORDABLE, RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES. OFN IS A NATIONAL LEADERSHIP NETWORK OF MORE THAN 400 CDFIS, INCLUDING COMMUNITY BANKS, CREDIT UNIONS, AND LOAN FUNDS. OFN, THROUGH ITS MEMBERS, INVEST IN LOW-INCOME AND UNDERSERVED RURAL, URBAN, AND NATIVE AMERICAN COMMUNITIES ACROSS ALL 50 STATES IN AMERICA; PROVIDING AFFORDABLE, RESPONSIBLE CREDIT THAT FINANCES COMMUNITY BUSINESSES, SPARKS JOB GROWTH IN THE AREAS THAT NEED IT MOST, AND DELIVERING BOTH SOUND FINANCIAL RETURNS AND REAL CHANGES FOR PEOPLE AND COMMUNITIES. OFN'S PROGRAM AND SERVICES INCLUDES PROVIDING FINANCIAL PRODUCTS AND SERVICES FOR CDFIS, INCREASING THE STRENGTH AND CAPACITY OF THE CDFI INDUSTRY, AS WELL AS AMPLIFYING THE VOICE OF THE INDUSTRY.

  • FINANCIAL SERVICES: EXPANDING ACCESS TO RESPONSIBLE, AFFORDABLE CAPITAL.FINANCIAL SERVICES INCLUDES THE FOLLOWING ACTIVITIES WHICH BENEFIT LOW-INCOME AND LOW-WEALTH COMMUNITIES THROUGHOUT THE U.S: OFN'S FINANCING FUND (ON BALANCE-SHEET LENDING AND INVESTING TO CDFIS); FUND MANAGEMENT SERVICES (FEE-BASED BUSINESS PROVIDING CDFI FUND MANAGEMENT AND ASSET MANAGEMENT SERVICES TO THIRD PARTY INVESTORS); NEW MARKETS TAX CREDIT ACTIVITY; AND CDFI BOND GUARANTEE PROGRAM BOND ISSUANCE AND ADMINISTRATIVE SERVICES.

    Expenses $20,775,291 · Grants $15,075,000 · Revenue $8,712,052

  • STRENGTH: BUILDING POTENTIAL FOR IMPACT.OFN STRENGTHENS THE CDFI INDUSTRY BY PROVIDING PEER LEARNING OPPORTUNITIES, RESEARCH, INNOVATIVE NETWORKING PLATFORMS, AND SIGNATURE ANNUAL EVENTS (E.G. THE OFN CONFERENCE AND SMALL BUSINESS FINANCE FORUM) FOR CDFI PRACTITIONERS, PARTNERS, AND INVESTORS.

    Expenses $5,976,312 · Grants $150,000 · Revenue $4,129,482

  • VOICE: AMPLIFYING THE CDFI MESSAGE AND SECURING STAKEHOLDER SUPPORT.ACROSS MULTIPLE PLATFORMS AND AUDIENCES, OFN'S STRATEGIC COMMUNICATIONS AND POLICY ADVOCACY DRIVE THE MESSAGE THAT CDFI INVESTMENTS TRANSFORM COMMUNITIES AND CHANGE LIVES-AND INCREASES RESOURCES TO CDFIS.

    Expenses $2,098,281

As filed on the 2023 return.

Listed in Part VII

  • Donna Gambrell

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Betsy Biemann

    BOARD VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Robert Villarreal

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    2

  • David Beck

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Aisha Benson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Marla Bilonick

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Martina Edwards

    BOARD MEMBER (SINCE 10/23)

    Total calculated
    $0
    Hours/week
    2

  • Elena Gonzales

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Henry Jimenez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Ted Piccolo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Sara Razavi

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Christina Travers

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Harold Pettigrew

    PRESIDENT & CEO (SINCE 06/23)

    Total calculated
    $251,875
    From this org
    $250,939
    From related orgs
    $0
    Other
    $936
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,939
    Bonus
    $25,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $936
    Filer's total
    $251,875

  • Beth Lipson

    EVP, CHIEF FINANCIAL OFFICER

    Total calculated
    $302,171
    From this org
    $298,249
    From related orgs
    $0
    Other
    $3,922
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,749
    Bonus
    $9,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,922
    Filer's total
    $302,171

  • Amber Kuchar Bell

    EVP, CHIEF STRATEGY & OPERATIONS OFFICER

    Total calculated
    $290,333
    From this org
    $263,591
    From related orgs
    $0
    Other
    $26,742
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,091
    Bonus
    $9,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $26,742
    Filer's total
    $290,333

  • Shakeyda Daniels

    SENIOR VP, FINANCIAL SERVICES

    Total calculated
    $192,446
    From this org
    $182,077
    From related orgs
    $0
    Other
    $10,369
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,077
    Bonus
    $7,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $10,369
    Filer's total
    $192,446

  • Bhumip Patel

    SENIOR VP, ACCOUNTING & FINANCE

    Total calculated
    $194,368
    From this org
    $190,365
    From related orgs
    $0
    Other
    $4,003
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,865
    Bonus
    $8,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $4,003
    Filer's total
    $194,368

  • Dafina Williams

    EVP, CHIEF EXTERNAL AFFAIRS OFFICER

    Total calculated
    $250,100
    From this org
    $233,976
    From related orgs
    $0
    Other
    $16,124
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,476
    Bonus
    $33,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,124
    Filer's total
    $250,100

  • Mary Wright

    SENIOR VP, FINANCIAL SERVICES

    Total calculated
    $205,596
    From this org
    $201,387
    From related orgs
    $0
    Other
    $4,209
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,387
    Bonus
    $7,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $4,209
    Filer's total
    $205,596

  • Seth Julyan

    EVP, CHIEF NETWORK OFFICER

    Total calculated
    $244,047
    From this org
    $221,347
    From related orgs
    $0
    Other
    $22,700
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,847
    Bonus
    $9,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $22,700
    Filer's total
    $244,047

  • Adrienne Smith

    SENIOR VP, RESEARCH

    Total calculated
    $178,902
    From this org
    $175,355
    From related orgs
    $0
    Other
    $3,547
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,355
    Bonus
    $7,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,547
    Filer's total
    $178,902

  • Lisa Chensvold

    SENIOR VP, STRATEGIC COMMUNICATIONS

    Total calculated
    $180,686
    From this org
    $168,820
    From related orgs
    $0
    Other
    $11,866
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,320
    Bonus
    $7,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,866
    Filer's total
    $180,686

  • Tamara Frye

    SENIOR VP, HUMAN RESOURCES

    Total calculated
    $163,375
    From this org
    $160,328
    From related orgs
    $0
    Other
    $3,047
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,328
    Bonus
    $8,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,047
    Filer's total
    $163,375

  • Sindhu Lakshmanan

    SENIOR VP, DEVELOPMENT SERVICES

    Total calculated
    $166,242
    From this org
    $157,382
    From related orgs
    $0
    Other
    $8,860
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,882
    Bonus
    $8,500
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $8,860
    Filer's total
    $166,242

  • Khalid Sarwary

    SENIOR INVESTMENT OFFICER

    Total calculated
    $163,721
    From this org
    $135,539
    From related orgs
    $0
    Other
    $28,182
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,539
    Bonus
    $6,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $28,182
    Filer's total
    $163,721

  • Jennifer Vasiloff

    EVP, CHIEF EXTERNAL AFFAIRS OFFICER (UNTIL 10/23)

    Total calculated
    $218,199
    From this org
    $214,109
    From related orgs
    $0
    Other
    $4,090
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,109
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $4,090
    Filer's total
    $218,199

  • Andrea Longton

    SENIOR VP, DEVELOPMENT & CAPITALIZATION (UNTIL 08/

    Total calculated
    $122,049
    From this org
    $119,185
    From related orgs
    $0
    Other
    $2,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,185
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $2,864
    Filer's total
    $122,049

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE ORGANIZATION PROVIDED INCENTIVE BONUSES TO SELECT HIGHLY COMPENSATED EMPLOYEES RELATED TO PERFORMANCE. THE CEO RECEIVED A BONUS IN AGREEMENT WITH THEIR EMPLOYMENT CONTRACT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • NCCA GENERAL PARTNER LLC

    GENERAL PARTNER OF OPPORTUNITY FUND I, II, AND III · DE · income $3 · assets $99,702

    Directly controlled by OPPORTUNITY FINANCE NETWORK

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CDFI COMMUNITY INVESTMENT FUND I LLC

    EXCLUDED · INVESTMENT IN OTHER CDFI ENTITIES · DE · 9.09% owned · share of income $29,876 · share of assets $1,310,497 · general or managing partner

    Directly controlled by OPPORTUNITY FINANCE NETWORK

  • GOOD TO GROW CDFI INVESTMENT FUND LLC

    EXCLUDED · INVESTMENT IN OTHER CDFI ENTITIES · DE · 5% owned · share of income $30,538 · share of assets $1,259,390 · general or managing partner

    Directly controlled by OPPORTUNITY FINANCE NETWORK

Provenance

Return type
form_990
Tax year
2023
Filed
14 October 2024
IRS schema version
2023v5.1
Source object
202422889349301667

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