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Nonprofiteer
← NCRC COMMUNITY DEVELOPMENT FUND INC

Form 990 for tax year 2023

Filed by NCRC COMMUNITY DEVELOPMENT FUND INC.

Totals

Total revenue
$164,674,107
Total expenses
$164,081,061
Contributions and grants received
$161,969,918
Grants paid
$156,669,431
Program service revenue
$2,471,808
Investment income
$230,157
Other revenue
$2,224
Total assets, end of year
$67,297,534
Total liabilities, end of year
$45,012,394
Net assets or fund balances, end of year
$22,285,140
Program services expenses (Part IX)
$162,669,028
Management and general expenses
$1,412,033
Fundraising expenses
$0
Program service expenses (Part III)
$162,669,028

Program services were 99.1% 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.

  • 1e · Government grants (contributions)

    $161,954,918

  • 1f · All other contributions, gifts and grants

    $15,000

  • 2a · Program service revenue: INTEREST

    total $2,425,682 · related or exempt $2,425,682

  • 2b · Program service revenue: UNDERWRITING & PROCESSING FEES

    total $36,297 · related or exempt $36,297

  • 2c · Program service revenue: PROGRAM SERVICE FEES

    total $9,829 · related or exempt $9,829

  • 3 · Investment income

    total $230,157 · excluded $230,157

  • 11a · Other revenue: OTHER INCOME

    total $2,224 · excluded $2,224

  • 11e · Other revenue, total

    $2,224

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $156,669,431 · program services $156,669,431

  • 11b · Fees: legal

    total $238,326 · management and general $238,326

  • 11c · Fees: accounting

    total $82,673 · management and general $82,673

  • 11g · Fees: other

    total $5,061,137 · program services $4,197,377 · management and general $863,760

  • 12 · Advertising and promotion

    total $311,312 · program services $293,049 · management and general $18,263

  • 13 · Office expenses

    total $45,034 · program services $24,644 · management and general $20,390

  • 14 · Information technology

    total $74,283 · program services $43,595 · management and general $30,688

  • 17 · Travel

    total $112,797 · program services $8,203 · management and general $104,594

  • 19 · Conferences, conventions and meetings

    total $66,648 · program services $36,472 · management and general $30,176

  • 20 · Interest

    total $1,171,887 · program services $1,171,887

  • 23 · Insurance

    total $4,351 · program services $2,381 · management and general $1,970

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $196,373 · program services $196,373

  • 24b · Other expenses: BAD DEBT

    total $19,742 · program services $10,804 · management and general $8,938

  • 24c · Other expenses: DUES & SUBSCRIPTIONS

    total $15,883 · program services $8,692 · management and general $7,191

  • 24e · All other expenses

    total $11,184 · program services $6,120 · management and general $5,064

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,051,968 · end of year $10,529,201

  • 2 · Savings and temporary cash investments

    beginning of year $910,963 · end of year $1,373,458

  • 3 · Pledges and grants receivable

    end of year $1,840,786

  • 4 · Accounts receivable

    beginning of year $3,241,581 · end of year $3,353,154

  • 7 · Other notes and loans receivable

    beginning of year $50,012,592 · end of year $48,654,809

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,898 · end of year $553

  • 12 · Investments: other securities

    beginning of year $1,300,000 · end of year $1,545,573

  • 17 · Accounts payable and accrued expenses

    beginning of year $126,480 · end of year $79,701

  • 24 · Unsecured notes and loans payable

    beginning of year $36,000,000 · end of year $39,790,000

  • 25 · Other liabilities

    beginning of year $309,428 · end of year $5,142,693

  • 27 · Net assets without donor restrictions

    beginning of year $23,955,462 · end of year $22,285,140

  • 28 · Net assets with donor restrictions

    beginning of year $131,632 · end of year $0

Mission and programs · 2023

Mission

NCRC CDFI'S MISSION IS TO HELP BRIDGE THE RACIAL WEALTH DIVIDE BY SUPPORTING ENTREPRENEURSHIP AND AFFORDABLE HOMEOWNERSHIP IN AMERICA'S UNDERSERVED COMMUNITIES. NCRC CDFI IS A US TREASURY-CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT PROVIDES ACCESS TO CAPITAL NOT AVAILABLE THROUGH TRADITIONAL FINANCIAL INSTITUTIONS AS WELL AS ACCESS TO BUSINESS TRAINING SERVICES. NCRC CDFI ALSO ACCELERATES CREATION OF AFFORDABLE HOUSING BY PROVIDING DEVELOPERS WITH FINANCIAL INCENTIVES TO BUILD IN NEIGHBORHOODS HISTORICALLY UNDERSERVED.

Activities or mission (Part I)

TO ACT AS A LENDING INSTITUTION TO LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES AND TO PROVIDE CREDIT TO LOW INCOME INDIVIDUALS AND BUSINESSES.

  • THE AMERICAN RESCUE PLAN GRANT PROGRAM MADE FUNDS AVAILABLE FOR RECOVERY GRANTS TO BUSINESSES IN THE ARTS, RESTAURANTS, AND HOTEL SECTORS THAT EXPERIENCED FINANCIAL HARDSHIP DUE TO THE COVID-19 PANDEMIC. THE PROGRAM PROVIDED GRANTS TO BUSINESSES IN ILLINOIS.

    Expenses $159,286,248 · Grants $156,669,431

  • THE SMALL BUSINESS PROGRAM PROVIDES FUNDING TO MINORITY-OWNED, WOMEN-OWNED, AND LOW-INCOME OWNED BUSINESSES.

    Expenses $1,903,928 · Revenue $1,120,672

  • THE AFFORDABLE HOUSING PROGRAM PROVIDES FUNDING TO ENTITIES TO REHABILITATE, DEVELOP, AND PROMOTE AFFORDABLE HOUSING AND HOME OWNERSHIP IN LOW- AND MODERATE-INCOME CENSUS TRACTS FOR PERSONS OF LOW- AND MODERATE-INCOME.

    Expenses $1,478,852 · Revenue $1,351,136

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jesse Van Tol

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    4 + 40 related

  • Irvin Henderson

    TREASURER

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Robert Dickerson Jr

    SECRETARY

    Total calculated
    $0
    Hours/week
    2 + 5 related

  • Charles Harris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2 + 1 related

  • Donna Gambrell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Marisa Calderon

    EXECUTIVE DIRECTOR

    Total calculated
    $263,849
    From this org
    $0
    From related orgs
    $224,624
    Other
    $39,225
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $224,624 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,724 related
    Nontaxable benefits
    $0 + $23,501 related
    Filer's total
    $0 + $263,849 related

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

None.

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

  • KATO KAGAKU CO LTD DBA HYATT REGENCY CHICAGO

    $1,769,933

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • THOR PALMER HOUSE HOTEL LLC DBA THE PALMER HOUSE HILTON BY AND THROUGH HLT

    $1,429,360

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • CHICAGO LESSEE LLC

    $1,344,870

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • SCH&T CORPORATION OF ILLINOIS

    $1,060,915

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • MARRIOTT HOTEL SERVICES LLC

    $1,045,236

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • Q CENTER LLC

    $907,613

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • IHG MANAGMENT MARYLAND LLC

    $689,856

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • 909 NORTH MICHIGAN AVENUE CORPORATION

    $653,273

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • DTRS COLUMBUS DRIVE LLC

    $598,398

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

  • BRESWISS LP

    $576,622

    ILLINOIS CORONAVIRUS FISCAL RECOVERY FUNDS

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433209349319023

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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