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Nonprofiteer
← BCLF VENTURES INC

Form 990 for tax year 2022

Filed by BCLF VENTURES INC.

Totals

Total revenue
$7,927,140
Total expenses
$5,502,240
Contributions and grants received
$1,826,265
Grants paid
$0
Program service revenue
$4,616,949
Investment income
$236,628
Other revenue
$1,247,298
Total assets, end of year
$91,889,237
Total liabilities, end of year
$61,305,874
Net assets or fund balances, end of year
$30,583,363
Program services expenses (Part IX)
$5,011,553
Management and general expenses
$490,687
Fundraising expenses
$0
Program service expenses (Part III)
$5,011,553

Program services were 91.1% 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)

    $1,826,265

  • 2a · Program service revenue: INTEREST ON LOANS

    total $4,246,197 · related or exempt $4,246,197

  • 2b · Program service revenue: LOAN FEES

    total $333,243 · related or exempt $333,243

  • 2c · Program service revenue: MANAGEMENT FEES

    total $37,509 · related or exempt $37,509

  • 3 · Investment income

    total $236,628 · excluded $236,628

  • 11a · Other revenue: LOAN LOSS RECOVERIES

    total $714,828 · related or exempt $714,828

  • 11b · Other revenue: SHARE OF BCLF VENTURES

    total $532,470 · related or exempt $532,470

  • 11e · Other revenue, total

    $1,247,298

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $444,546 · program services $400,091 · management and general $44,455

  • 7 · Other salaries and wages

    total $1,000,578 · program services $875,695 · management and general $124,883

  • 8 · Pension plan contributions

    total $30,479 · program services $30,204 · management and general $275

  • 9 · Other employee benefits

    total $144,191 · program services $113,810 · management and general $30,381

  • 10 · Payroll taxes

    total $66,640 · program services $56,560 · management and general $10,080

  • 11b · Fees: legal

    total $228,193 · program services $228,193

  • 11c · Fees: accounting

    total $44,209 · program services $29,950 · management and general $14,259

  • 11g · Fees: other

    total $251,484 · program services $134,658 · management and general $116,826

  • 12 · Advertising and promotion

    total $407,536 · program services $407,536

  • 13 · Office expenses

    total $39,043 · program services $16,292 · management and general $22,751

  • 16 · Occupancy

    total $61,609 · management and general $61,609

  • 17 · Travel

    total $4,608 · program services $2,452 · management and general $2,156

  • 19 · Conferences, conventions and meetings

    total $5,871 · program services $191 · management and general $5,680

  • 20 · Interest

    total $2,406,770 · program services $2,406,770

  • 22 · Depreciation, depletion and amortization

    total $20,943 · management and general $20,943

  • 23 · Insurance

    total $158,500 · program services $134,714 · management and general $23,786

  • 24a · Other expenses: REPORTING EXPENSE

    total $105,725 · program services $105,725

  • 24b · Other expenses: FINANCING FEES

    total $25,735 · program services $25,735

  • 24c · Other expenses: FILING FEES

    total $18,866 · program services $17,585 · management and general $1,281

  • 24d · Other expenses: STAFF DEVELOPMENT

    total $18,155 · program services $14,718 · management and general $3,437

  • 24e · All other expenses

    total $18,559 · program services $10,674 · management and general $7,885

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $30,140,457 · end of year $28,603,013

  • 2 · Savings and temporary cash investments

    beginning of year $885,380 · end of year $856,891

  • 4 · Accounts receivable

    beginning of year $1,403,892 · end of year $1,427,920

  • 9 · Prepaid expenses and deferred charges

    beginning of year $106,848 · end of year $86,834

  • 13 · Investments: program-related

    beginning of year $72,102,757 · end of year $60,914,579

  • 15 · Other assets

    beginning of year $3,182 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $48,896 · end of year $50,182

  • 19 · Deferred revenue

    beginning of year $1,826,265

  • 23 · Secured mortgages and notes payable

    beginning of year $74,898,871 · end of year $61,163,303

  • 25 · Other liabilities

    beginning of year $50,672 · end of year $92,389

  • 27 · Net assets without donor restrictions

    beginning of year $27,817,812 · end of year $30,583,363

Mission and programs · 2022

Mission

COMMUNITY VENTURE CAPITAL

  • THE ORGANIZATION MANAGES EQUITY INVESTMENT FUNDS WHICH INVEST IN BOTH EMERGING AND EXISTING BUSINESSES THAT CREATE JOBS OR PROVIDE SERVICES FOR LOW-INCOME COMMUNITIES.

    Expenses $65,459 · Revenue $569,979

  • THE ORGANIZATION'S DISREGARDED ENTITY, AURA MORTGAGE ADVISORS, ACTS AS A MORTGAGE BROKER/LENDER FOR LOW-INCOME PEOPLE AND COMMUNITIES.

    Expenses $4,946,094 · Revenue $5,294,268

As filed on the 2022 return.

Listed in Part VII

  • Elyse Cherry

    CEO & EX-OFFICIO BOARD MEMBER

    Total calculated
    $1,007,926
    From this org
    $319,254
    From related orgs
    $478,880
    Other
    $209,792
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $191,254 + $286,880 related
    Bonus
    $128,000 + $192,000 related
    Other
    $0
    Deferred
    $39,320 + $158,980 related
    Nontaxable benefits
    $4,597 + $6,895 related
    Filer's total
    $363,171 + $644,755 related

  • Dewitt Jones

    EXECUTIVE VP & EX-OFFICIO

    Total calculated
    $489,255
    From this org
    $0
    From related orgs
    $352,707
    Other
    $136,548
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $292,707 related
    Bonus
    $0 + $60,000 related
    Other
    $0
    Deferred
    $16,000 + $92,300 related
    Nontaxable benefits
    $0 + $28,248 related
    Filer's total
    $16,000 + $473,255 related

  • Michelle Volpe

    PRESIDENT, LOAN FUND (UNTIL 4/22) & EX-OFFICIO BOA

    Total calculated
    $233,216
    From this org
    $0
    From related orgs
    $126,776
    Other
    $106,440
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $61,776 related
    Bonus
    $0 + $65,000 related
    Other
    $0
    Deferred
    $16,000 + $83,713 related
    Nontaxable benefits
    $0 + $6,727 related
    Filer's total
    $16,000 + $217,216 related

  • Michael Nilles

    INTERIM PRESIDENT, LOAN FUND & EX-OFFICIO BOARD ME

    Total calculated
    $325,627
    From this org
    $0
    From related orgs
    $277,073
    Other
    $48,554
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,073 related
    Bonus
    $0 + $39,000 related
    Other
    $0
    Deferred
    $0 + $17,479 related
    Nontaxable benefits
    $0 + $31,075 related
    Filer's total
    $0 + $325,627 related

  • Charles Clark

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Rev James Walsh Sj

    CLERK OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Sarah C Lincoln

    TREASURER OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Julie Gould

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Maria Maffei

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Victor R Rivera

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Mercedes Tompkins

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Reese Fayde

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Edward Dugger III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Lisa Zappala

    CHIEF FINANCIAL OFFICER

    Total calculated
    $416,874
    From this org
    $61,409
    From related orgs
    $245,637
    Other
    $109,828
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $47,409 + $189,637 related
    Bonus
    $14,000 + $56,000 related
    Other
    $0
    Deferred
    $19,426 + $87,704 related
    Nontaxable benefits
    $540 + $2,158 related
    Filer's total
    $81,375 + $335,499 related

  • E Matthew Gautieri

    SVP, CONTROLLER

    Total calculated
    $299,040
    From this org
    $36,573
    From related orgs
    $207,243
    Other
    $55,224
    Hours/week
    6 + 34 related

    Schedule J breakdown matched by us

    Base
    $31,045 + $175,921 related
    Bonus
    $5,528 + $31,322 related
    Other
    $0
    Deferred
    $2,133 + $12,087 related
    Nontaxable benefits
    $6,151 + $34,853 related
    Filer's total
    $44,857 + $254,183 related

  • Jaime Escott

    SVP, DIGITAL MARKETING, OPA

    Total calculated
    $253,913
    From this org
    $0
    From related orgs
    $238,710
    Other
    $15,203
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $215,260 related
    Bonus
    $0 + $23,450 related
    Other
    $0
    Deferred
    $0 + $13,740 related
    Nontaxable benefits
    $0 + $1,463 related
    Filer's total
    $0 + $253,913 related

  • Kathryn McHugh

    SVP, COMMERCIAL LENDING

    Total calculated
    $262,975
    From this org
    $0
    From related orgs
    $223,889
    Other
    $39,086
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $187,842 related
    Bonus
    $0 + $36,047 related
    Other
    $0
    Deferred
    $0 + $8,311 related
    Nontaxable benefits
    $0 + $30,775 related
    Filer's total
    $0 + $262,975 related

  • Andrew Koh

    SVP, OPERATIONS

    Total calculated
    $279,748
    From this org
    $0
    From related orgs
    $215,611
    Other
    $64,137
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $184,986 related
    Bonus
    $0 + $30,625 related
    Other
    $0
    Deferred
    $0 + $12,750 related
    Nontaxable benefits
    $0 + $51,387 related
    Filer's total
    $0 + $279,748 related

  • Lubna Elia

    CHIEF ADMINISTRATIVE OFFICER

    Total calculated
    $248,066
    From this org
    $0
    From related orgs
    $231,098
    Other
    $16,968
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $211,098 related
    Bonus
    $0 + $20,000 related
    Other
    $0
    Deferred
    $0 + $14,340 related
    Nontaxable benefits
    $0 + $2,628 related
    Filer's total
    $0 + $248,066 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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 4B
ELYSE CHERRY, CEO, 457F PLAN. DEWITT JONES, EXECUTIVE VP, 457F PLAN. MICHELLE VOLPE, SENIOR VP, 457F PLAN. LISA ZAPPALA, CFO, 457F PLAN.

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

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.

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.

  • AURA MORTGAGE ADVISORS LLC

    MORTGAGE BROKER/LENDER FOR LOW-INCOME PEOPLE & COMMUNITIES · MA · income $5,287,914 · assets $89,725,704

    Directly controlled by BCLF VENTURES INC

  • AURA DIRECT FINANCING LLC

    MORTGAGE BROKER/LENDER FOR LOW-INCOME PEOPLE & COMMUNITIES · MA · income $0 · assets $0

    Directly controlled by BCLF VENTURES INC

Related partnerships

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

  • BCLF VENTURES II LLC

    RELATED · TO MAKE INVESTMENTS IN BUSINESS THAT BENEFIT LOW-INCOME PEOPLE AND COMM. · MA · 10% owned · share of income $288,217 · share of assets $248,620 · general or managing partner

    Directly controlled by BCLF VENTURES INC

  • SUN INITIATIVE FINANCING LLC

    TO FINANCE THE OPERATIONS OF THE STABILIZING URBAN NEIGHBORHOODS INITIATIVE · MA · general or managing partner

  • BCC SOLAR III LLC

    TO FACILITATE THE DELIVERY OF SOLAR ENERGY TO AFFORDABLE HOUSING PROJECTS · DE

  • BCC NMTC CDE XXIII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXIV LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXVI LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXVIII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXIX LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXI LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXIII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXIV LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXX LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • BCC SOLAR ENERGY ADVANTAGE INC

    C · TO FACILITATE THE DELIVERY OF SOLAR ENERGY TO AFFORDABLE HOUSING PROJECTS · MA

  • BCC NMTC CDE XXV LLC

    C · TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXVII LLC

    C · TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXI LLC

    C · TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

Provenance

Return type
form_990
Tax year
2022
Filed
6 November 2023
IRS schema version
2022v5.0
Source object
202303129349304045

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