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Nonprofiteer
← COMMUNITY INVESTMENT CORPORATION

Form 990 for tax year 2023

Filed by COMMUNITY INVESTMENT CORPORATION.

Totals

Total revenue
$2,069,939
Total expenses
$3,095,091
Contributions and grants received
$1,131,098
Grants paid
$460,537
Program service revenue
$732,427
Investment income
$205,138
Other revenue
$1,276
Total assets, end of year
$6,396,809
Total liabilities, end of year
$3,122,715
Net assets or fund balances, end of year
$3,274,094
Program services expenses (Part IX)
$2,420,408
Management and general expenses
$674,683
Fundraising expenses
$0
Program service expenses (Part III)
$2,420,408

Program services were 78.2% 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)

    $528,154

  • 1f · All other contributions, gifts and grants

    $602,944

  • 2a · Program service revenue: HOME OWNERSHIP ASSISTANCE

    total $372,558 · related or exempt $372,558

  • 2b · Program service revenue: SCHOOL SERVICES PROGRAM

    total $210,452 · related or exempt $210,452

  • 2c · Program service revenue: LOAN SERVICING PROGRAM

    total $149,417 · related or exempt $149,417

  • 3 · Investment income

    total $205,138 · excluded $205,138

  • 11a · Other revenue: OTHER INCOME

    total $1,276 · related or exempt $1,276

  • 11e · Other revenue, total

    $1,276

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $460,537 · program services $460,537

  • 5 · Compensation of officers, directors and key employees

    total $335,272 · program services $192,379 · management and general $142,893

  • 7 · Other salaries and wages

    total $1,172,070 · program services $868,479 · management and general $303,591

  • 9 · Other employee benefits

    total $184,854 · program services $148,238 · management and general $36,616

  • 10 · Payroll taxes

    total $116,342 · program services $85,720 · management and general $30,622

  • 11b · Fees: legal

    total $33,003 · program services $14,703 · management and general $18,300

  • 11c · Fees: accounting

    total $21,688 · program services $9,662 · management and general $12,026

  • 11f · Fees: investment management

    total $19,381 · management and general $19,381

  • 11g · Fees: other

    total $30,782 · program services $24,951 · management and general $5,831

  • 12 · Advertising and promotion

    total $82,358 · program services $78,945 · management and general $3,413

  • 13 · Office expenses

    total $21,315 · program services $17,590 · management and general $3,725

  • 17 · Travel

    total $19,292 · program services $15,495 · management and general $3,797

  • 20 · Interest

    total $17,537 · program services $12,267 · management and general $5,270

  • 22 · Depreciation, depletion and amortization

    total $13,032 · management and general $13,032

  • 23 · Insurance

    total $49,944 · program services $39,955 · management and general $9,989

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $192,755 · program services $192,755

  • 24b · Other expenses: COMPUTER EXPENSE

    total $132,521 · program services $129,349 · management and general $3,172

  • 24c · Other expenses: MISCELLANEOUS

    total $89,261 · program services $57,136 · management and general $32,125

  • 24d · Other expenses: BUILDING EXPENSE

    total $81,814 · program services $62,754 · management and general $19,060

  • 24e · All other expenses

    total $21,333 · program services $9,493 · management and general $11,840

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $259,617 · end of year $66,465

  • 2 · Savings and temporary cash investments

    beginning of year $3,817,520 · end of year $1,885,231

  • 3 · Pledges and grants receivable

    beginning of year $26,886 · end of year $89,548

  • 4 · Accounts receivable

    beginning of year $219,770 · end of year $75,946

  • 7 · Other notes and loans receivable

    beginning of year $1,570,941 · end of year $2,058,092

  • 9 · Prepaid expenses and deferred charges

    beginning of year $9,297 · end of year $6,835

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

    $437,696

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

    $95,655

  • 10c · Land, buildings and equipment, net

    beginning of year $355,073 · end of year $342,041

  • 11 · Investments: publicly traded securities

    beginning of year $957,361 · end of year $1,872,651

  • 17 · Accounts payable and accrued expenses

    beginning of year $153,150 · end of year $182,911

  • 19 · Deferred revenue

    beginning of year $149,446

  • 23 · Secured mortgages and notes payable

    beginning of year $121,930 · end of year $114,572

  • 25 · Other liabilities

    beginning of year $2,492,693 · end of year $2,825,232

  • 27 · Net assets without donor restrictions

    beginning of year $4,299,246 · end of year $3,070,826

  • 28 · Net assets with donor restrictions

    end of year $203,268

Mission and programs · 2023

Mission

TO CREATE A BETTER LIFE FOR THE RESIDENTS OF OUR COMMUNITY THROUGH VARIOUS PROGRAMS TARGETING ECONOMIC DEVELOPMENT OPPORTUNITIES. TO SECURE STRATEGIC INVESTMENTS IN OUR COMMUNITIES THAT SERVE PUBLIC PURPOSE, ENHANCE EMPLOYMENT OPPORTUNITIES, AND LEVERAGE ITS CAPITAL WITH A REASONABLE RATE OF RETURN.

  • CIC PROVIDED LOANS AND FINANCIAL ASSISTANCE IN PIMA COUNTY AND THE INTERCONNECTED REGIONAL ECONOMY OF SOUTHERN ARIZONA TO BUSINESSES THAT WERE UNABLE TO OBTAIN SUCH THROUGH AND/OR THAT HAVE BEEN HISTORICALLY UNDERSERVED BY TRADITIONAL CAPITAL ACCESS INSTITUTIONS. LOANS WERE MADE ON THE BASIS OF SERVING THE PUBLIC PURPOSE OF SUPPORTING LOCAL AND REGIONAL ECONOMIC DEVELOPMENT WHICH INCLUDES BUSINESS AND EMPLOYMENT CREATION/RETENTION.

    Expenses $828,871

  • CIC'S HOME OWNERSHIP SUPPORT SERVICES EMPOWER FIRST-TIME HOMEBUYERS ACROSS ARIZONA, PARTICULARLY IN PIMA COUNTY, BY PROVIDING ESSENTIAL FINANCIAL ASSISTANCE. THROUGH OUR MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM, INCOME- QUALIFIED BUYERS CAN REDUCE THEIR ANNUAL MORTGAGE INTEREST BY CLAIMING UP TO 2,000 AS A FEDERAL TAX CREDIT. THIS BENEFIT IS RENEWABLE EACH YEAR, ADDING UP TO POTENTIAL SAVINGS OF OVER 50,000 ACROSS THE LIFE OF THE MORTGAGE. THE MCC PROGRAM IS FUNDED BY THE PIMA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY. IN ADDITION TO THE MCC PROGRAM, WE ADMINISTER DOWN PAYMENT ASSISTANCE IN COLLABORATION WITH THE INDUSTRIAL DEVELOPMENT AUTHORITES (IDAS) OF PIMA COUNTY AND THE CITY OF TUCSON. THIS PROGRAM PROVIDES BETWEEN 2% AND 5% OF THE PURCHASE PRICE TO ELIGIBLE HOMEBUYERS, REDUCING THE FINANCIAL BURDEN OF UPFRONT COSTS AND MAKING THE PATH TO HOMEOWNERSHIP MORE ACCESIBLE.

    Expenses $938,629 · Grants $460,537

  • CIC'S BOND COMPLIANCE PROGRAM SERVED 61 DIFFERENT PUBLIC SCHOOLS OR SCHOOL NETWORKS THROUGH 75 SEPARATE BOND AGREEMENTS GENERATING NEARLY 210,000 IN REVENUES. BOND COMPLIANCE SERVICES CONSIST OF SUPPORTING BOND RECIPIENTS (SCHOOLS) WITH THEIR CONTRACTUAL OBLIGATIONS TO PROVIDE CONTINUING DISCLOSURE INFORMATION TO THE ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) WEBSITE. THESE DISCLOSURES SERVE AN ESSENTIAL ROLE FOR A PROPERLY AND EFFICIENTLY FUNCTIONING BOND MARKET BY ENHANCING TRANSPARENCY FOR INVESTORS AND IN THE BOND MARKET AT LARGE, AS WELL AS HELPING PRESERVE/ENHANCE SCHOOLS' BOND RATINGS.

    Expenses $652,908

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

Listed in Part VII

  • Daniel Knee

    EXECUTIVE DI

    Total calculated
    $141,399
    From this org
    $141,399
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Caroline Nelson

    CHIEF OPERAT

    Total calculated
    $102,781
    From this org
    $102,781
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Nicholas Henry

    CHIEF STRATE

    Total calculated
    $91,092
    From this org
    $91,092
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • John H Payne

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • Steven Russo

    CORPORATE CO

    Total calculated
    $0
    Hours/week
    10

  • Kenneth M Silverman

    TREASURER

    Total calculated
    $0
    Hours/week
    10

  • Jeff Singleton

    SECRETARY

    Total calculated
    $0
    Hours/week
    10

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.

Grants on this return

No itemized grants to organizations on this return.

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.

  • INDUSTRIAL DEVELOPMENT AUTHORITY

    GOVT · BONDS · AZ

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.0
Source object
202403119349304450

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