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Nonprofiteer
← IRCS CENTER FOR ECONOMIC OPPORTUNITY INC

Form 990 for tax year 2022

Filed by IRCS CENTER FOR ECONOMIC OPPORTUNITY INC.

Totals

Total revenue
$6,039,414
Total expenses
$1,353,615
Contributions and grants received
$4,973,077
Grants paid
$1,950
Program service revenue
$818,017
Investment income
$36,978
Other revenue
$211,342
Total assets, end of year
$18,295,231
Total liabilities, end of year
$5,716,530
Net assets or fund balances, end of year
$12,578,701
Program services expenses (Part IX)
$1,029,661
Management and general expenses
$234,968
Fundraising expenses
$88,986
Program service expenses (Part III)
$1,029,661

Program services were 76.1% 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.

  • 1d · Related organizations

    $435,237

  • 1e · Government grants (contributions)

    $107,863

  • 1f · All other contributions, gifts and grants

    $4,429,977

  • 1g · Noncash contributions included above

    $20,237

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $474,210 · related or exempt $474,210

  • 2b · Program service revenue: LOAN ASSISTANCE

    total $343,807 · related or exempt $343,807

  • 3 · Investment income

    total $36,978 · excluded $36,978

  • 11a · Other revenue: REVERSAL OF LOAN LOSS

    total $208,217 · excluded $208,217

  • 11b · Other revenue: OTHER INCOME

    total $3,125 · excluded $3,125

  • 11e · Other revenue, total

    $211,342

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,950 · program services $1,950

  • 5 · Compensation of officers, directors and key employees

    total $283,683 · program services $221,777 · management and general $36,926 · fundraising $24,980

  • 7 · Other salaries and wages

    total $330,909 · program services $258,699 · management and general $43,072 · fundraising $29,138

  • 8 · Pension plan contributions

    total $50,669 · program services $39,612 · management and general $6,595 · fundraising $4,462

  • 9 · Other employee benefits

    total $129,947 · program services $101,591 · management and general $16,914 · fundraising $11,442

  • 10 · Payroll taxes

    total $215,373 · program services $168,375 · management and general $28,034 · fundraising $18,964

  • 11c · Fees: accounting

    total $21,084 · management and general $21,084

  • 11g · Fees: other

    total $25,509 · program services $21,952 · management and general $3,557

  • 13 · Office expenses

    total $44,489 · management and general $44,489

  • 14 · Information technology

    total $149,233 · program services $141,564 · management and general $7,669

  • 16 · Occupancy

    total $546 · management and general $546

  • 17 · Travel

    total $15,717 · program services $420 · management and general $15,297

  • 20 · Interest

    total $62,957 · program services $62,957

  • 23 · Insurance

    total $10,658 · management and general $10,658

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $5,756 · program services $5,756

  • 24b · Other expenses: MISC OPERATING EXPENSES

    total $5,135 · program services $5,008 · management and general $127

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,346,869 · end of year $2,870,507

  • 2 · Savings and temporary cash investments

    beginning of year $859,632 · end of year $892,682

  • 3 · Pledges and grants receivable

    beginning of year $833,728 · end of year $298,336

  • 4 · Accounts receivable

    beginning of year $1,080 · end of year $19,075

  • 13 · Investments: program-related

    beginning of year $7,077,707 · end of year $14,184,631

  • 15 · Other assets

    beginning of year $30,000 · end of year $30,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $234,447 · end of year $330,419

  • 24 · Unsecured notes and loans payable

    beginning of year $4,021,667 · end of year $5,386,111

  • 27 · Net assets without donor restrictions

    beginning of year $1,662,931 · end of year $3,510,866

  • 28 · Net assets with donor restrictions

    beginning of year $6,229,971 · end of year $9,067,835

Mission and programs · 2022

Mission

TO UNLOCK ACCESS TO CREDIT FOR REFUGEES, IMMIGRANTS, AND OTHERS SEEKING TO BUILD BETTER LIVES.

Activities or mission (Part I)

TO HELP CREATE A MORE FAIR FINANCIAL SYSTEM THROUGH WHICH PEOPLE REALIZE THEIR POTENTIAL AND COMMUNITIES PROSPER.

  • CEO SEEKS TO RESPONSIBLY DEPLOY CAPITAL TO UNDERSERVED, CREDIT-THIN REFUGEE AND IMMIGRANT COMMUNITIES THROUGH TRUSTED COMMUNITY PARTNERS THAT ALSO OFFER CREDIT EDUCATION AND RELATED ASSET-BUILDING SERVICES. IN FISCAL YEAR 2023, CEO REALIZED SIGNIFICANT GROWTH IN EVERY FACET OF OUR OPERATION - INCLUDING ACROSS ALL PRODUCTS AND LINES OF BUSINESS. THE ORGANIZATION CLOSED OVER 2,200 LOANS TOTALING MORE THAN $10 MILLION FINANCED ALMOST EXLUCISVELY TO LOW-INCOME INDIVIDUALS RFERRED TO US THROUGH OUR NETWORK OF PARTNERS.

    Expenses $1,029,661 · Grants $1,950 · Revenue $818,017

As filed on the 2022 return.

Listed in Part VII

  • Hans Van De Weerd

    PRESIDENT

    Total calculated
    $372,593
    From this org
    $0
    From related orgs
    $334,189
    Other
    $38,404
    Hours/week
    0.5 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $331,586 related
    Bonus
    $0
    Other
    $0 + $2,603 related
    Deferred
    $0 + $33,065 related
    Nontaxable benefits
    $0 + $5,339 related
    Filer's total
    $0 + $372,593 related

  • Ellen Beattie

    TREASURER

    Total calculated
    $184,108
    From this org
    $0
    From related orgs
    $154,127
    Other
    $29,981
    Hours/week
    0.5 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $152,142 related
    Bonus
    $0
    Other
    $0 + $1,985 related
    Deferred
    $0 + $18,519 related
    Nontaxable benefits
    $0 + $11,462 related
    Filer's total
    $0 + $184,108 related

  • Sean Carpenter

    CHAIRMAN

    Total calculated
    $6,406
    From this org
    $6,406
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5 + 1 related

  • Michael Aikens

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Radha Rajkotia

    DIRECTOR, THRU OCT. 2022

    Total calculated
    $0
    Hours/week
    0.5

  • Sutanto Widjaja

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Kasra Movahedi

    EXECUTIVE DIRECTOR

    Total calculated
    $161,534
    From this org
    $135,712
    From related orgs
    $0
    Other
    $25,822
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $135,442
    Bonus
    $0
    Other
    $270
    Deferred
    $14,450
    Nontaxable benefits
    $11,372
    Filer's total
    $161,534

  • Mary Grace Ner

    DEPUTY DIR., FINANCE & ADMIN.

    Total calculated
    $112,886
    From this org
    $84,752
    From related orgs
    $0
    Other
    $28,134
    Hours/week
    37.5

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 · Approval by the board or compensation committee

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

The filer's explanations (Part III)

PART I, LINE 3
INTERNATIONAL RESCUE COMMITTEE, A RELATED ORGANIZATION, COMPENSATES SEVERAL MEMBERS OF THE BOARD. BELOW IS THEIR COMPENSATION POLICY: THE IRC BOARD OF DIRECTORS ESTABLISHED A COMPENSATION COMMITTEE. PURSUANT TO IRC BYLAWS AND BOARD GOVERNANCE GUIDELINES, COMPENSATION COMMITTEE MEMBERS ARE NOMINATED BY THE NOMINATING AND GOVERNANCE COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL AT THE ANNUAL MEETINGS. ALL COMPENSATION COMMITTEE MEMBERS ARE INDEPENDENT, UNCOMPENSATED MEMBERS OF THE BOARD. THE COMPENSATION COMMITTEE MEETS ANNUALLY TO REVIEW THE PERFORMANCE OF AND DETERMINE COMPENSATION FOR THE PRESIDENT AND CEO. IN ADDITION, THE COMMITTEE REVIEWS THE COMPENSATION FOR THE SENIOR EXECUTIVE TEAM, WHICH INCLUDES OFFICERS AND KEY EMPLOYEES. AN EXPERIENCED, INDEPENDENT CONSULTANT IS ENGAGED TO COMPILE COMPARATIVE COMPENSATION DATA, COMPENSATION RANGES, AND RELATED MATTERS. THE CONSULTANT ALSO PRESENTS TO THE COMMITTEE, A REVIEW OF INTERMEDIATE SANCTIONS RULES, CHANGES IN THOSE RULES IN THE PRECEDING YEAR, AND THE MANNER IN WHICH THE COMPENSATION COMMITTEE NEEDS TO PROCEED IN ORDER TO BE COMPLIANT. THE CONSULTANT MAKES HIS PRESENTATION VERBALLY, IN PERSON, TO THE COMMITTEE, AS WELL AS IN THE FORM OF A WRITTEN REPORT. THE COMPENSATION COMMITTEE MAINTAINS A RECORD OF ITS REVIEW AND DETERMINATIONS IN COMMITTEE MEETING MINUTES.

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.

  • INTERNATIONAL RESCUE COMMITTEE

    501(C)(3) · HUMANITARIAN AID · NY

  • IRC HELLAS

    501(C)(3) · HUMANITARIAN AID · GR

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC DEUTSCHLAND GGMBH

    501(C)(3) · HUMANITARIAN AID · GM

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC SVERIGE INSAMLINGSSTIFTELSE

    501(C)(3) · HUMANITARIAN AID · SW

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC KOREA FOUNDATION

    501(C)(3) · HUMANITARIAN AID · KS

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC UK

    501(C)(3) · HUMANITARIAN AID · UK

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC POLSKA

    501(C)(3) · HUMANITARIAN AID · PL

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC GUATAMALA

    501(C)(3) · HUMANITARIAN AID · GT

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

Provenance

Return type
form_990
Tax year
2022
Filed
15 August 2024
IRS schema version
2022v5.0
Source object
202442289349302909

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