Form 990 for tax year 2023

Filed by COMMUNITY FIRST FUND.

Totals

Total revenue: $22,595,432
Total expenses: $14,738,819
Contributions and grants received: $13,117,996
Grants paid: $861,117
Program service revenue: $9,477,436
Investment income: $0
Other revenue: $0
Total assets, end of year: $146,347,142
Total liabilities, end of year: $91,022,592
Net assets or fund balances, end of year: $55,324,550
Program services expenses (Part IX): $11,032,769
Management and general expenses: $2,808,675
Fundraising expenses: $897,375
Program service expenses (Part III): $11,032,769

Program services were 74.9% 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)

$11,480,973
1f · All other contributions, gifts and grants

$1,637,023
2a · Program service revenue: INTEREST INCOME

total $6,831,200 · related or exempt $6,831,200
2b · Program service revenue: NEW MARKET TAX CREDIT

total $1,240,219 · related or exempt $1,240,219
2c · Program service revenue: LOAN AND SERVICE FEES

total $788,972 · related or exempt $788,972
2d · Program service revenue: OTHER

total $617,045 · related or exempt $617,045

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $861,117 · program services $861,117
7 · Other salaries and wages

total $6,689,666 · program services $5,835,020 · management and general $335,294 · fundraising $519,352
9 · Other employee benefits

total $1,159,975 · program services $1,010,701 · management and general $66,995 · fundraising $82,279
10 · Payroll taxes

total $392,135 · program services $342,068 · management and general $18,333 · fundraising $31,734
11b · Fees: legal

total $351,802 · program services $55,628 · management and general $296,174
11g · Fees: other

total $102,018 · program services $16,131 · management and general $85,887
12 · Advertising and promotion

total $151,641 · program services $74,866 · management and general $30,553 · fundraising $46,222
13 · Office expenses

total $707,182 · program services $583,504 · management and general $48,517 · fundraising $75,161
16 · Occupancy

total $526,719 · program services $464,384 · management and general $17,485 · fundraising $44,850
17 · Travel

total $216,437 · program services $188,708 · management and general $10,257 · fundraising $17,472
19 · Conferences, conventions and meetings

total $192,943 · program services $95,847 · management and general $38,736 · fundraising $58,360
20 · Interest

total $1,842,598 · management and general $1,842,598
22 · Depreciation, depletion and amortization

total $241,286 · program services $215,136 · management and general $11,631 · fundraising $14,519
23 · Insurance

total $38,394 · program services $32,147 · management and general $3,242 · fundraising $3,005
24a · Other expenses: LOAN LOSS PROVISION

total $794,506 · program services $794,506
24b · Other expenses: MISCELLANEOUS

total $263,528 · program services $263,528
24c · Other expenses: FILING FEES

total $76,888 · program services $76,888
24d · Other expenses: BANK FEES

total $73,985 · program services $73,985
24e · All other expenses

total $55,999 · program services $48,605 · management and general $2,973 · fundraising $4,421

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $13,137,655 · end of year $17,010,454
2 · Savings and temporary cash investments

beginning of year $4,599,780 · end of year $2,804,631
3 · Pledges and grants receivable

beginning of year $738,041 · end of year $667,444
4 · Accounts receivable

beginning of year $9,151,851 · end of year $10,760,770
7 · Other notes and loans receivable

beginning of year $74,612,432 · end of year $103,003,354
9 · Prepaid expenses and deferred charges

beginning of year $220,304 · end of year $224,937
10a · Land, buildings and equipment: cost or other basis

$9,179,717
10b · Land, buildings and equipment: accumulated depreciation

$1,101,620
10c · Land, buildings and equipment, net

beginning of year $5,239,510 · end of year $8,078,097
13 · Investments: program-related

beginning of year $16,363,865 · end of year $3,509,107
15 · Other assets

beginning of year $234,714 · end of year $288,348
17 · Accounts payable and accrued expenses

beginning of year $1,655,780 · end of year $1,817,364
18 · Grants payable

beginning of year $4,725,000 · end of year $1,862,501
19 · Deferred revenue

beginning of year $7,619,624 · end of year $42,549
23 · Secured mortgages and notes payable

beginning of year $49,278,974 · end of year $60,085,035
25 · Other liabilities

beginning of year $20,214,035 · end of year $27,215,143
27 · Net assets without donor restrictions

beginning of year $40,508,052 · end of year $55,041,404
28 · Net assets with donor restrictions

beginning of year $296,687 · end of year $283,146

Mission and programs · 2023

Mission

TO PROMOTE COMMUNITY AND WORK-BASED ECONOMIC DEVELOPMENT. THE ORGANIZATION PROVIDES LOANS FOR COMMUNITY PROJECTS AND TECHNICAL ASSISTANCE TO HOUSING & ECONOMIC DEVELOPMENT PROJECTS THAT HAVE A DIRECT AND MEASURABLE BENEFIT TO LOW INCOME PERSONS AND CONTRIBUTE TO SOCIAL PROGRESS AND ECONOMIC DEVELOPMENT IN THE SOUTH CENTRAL PENNSYLVANIA REGION.

Activities or mission (Part I)

TO PROVIDE LOANS AND TECHNICAL ASSISTANCE TO HOUSING & ECONOMIC DEVELOPMENT PROJECTS THAT HAVE A DIRECT AND MEASURABLE BENEFIT FOR LOW INCOME PERSONS AND CONTRIBUTE TO SOCIAL PROGRESS AND ECONOMIC DEVELOPMENT.

COMMUNITY FIRST FUND PROMOTES COMMUNITY AND ECENOMIC DEVELOPMENT BY PROVIDING AFFORDABLE LOANS TO ENTITIES THROUGHOUT CENTRAL AND EASTERN PENNSYLVANIA, INCLUDING SMALL BUSINESSES, DEVELOPERS OF AFFORDABLE HOUSING, COMMUNITY-BASED ORGANIZATIONS, WOMEN, PEOPLE OF COLOR. DURING THE YEAR ENDING JUNE 30, 2024, THE ORGANIZATION CLOSED 225 NEW LOANS. THE ORGANIZATION FINANCED 476 HOUSING UNITS FOR LOW AND MODERATE INCOME INDIVIDUALS. THROUGH THE ORGANIZATIONS FINANCING EFFORTS, 1,637 JOBS WERE CREATED OR RETAINED, AND 688,659 SQUARE FEET OF BUSINESS REAL ESTATE WAS DEVELOPED OR REHABBED. IN MARCH 2020 IN RESPONSE TO THE COVID-19 PANDEMIC, THE ORGANIZATION SHIFTED ITS FOCUS TO PARTICIPATION IN AND PROMOTION OF VARIOUS GRANT AND LOAN PROGRAMS TO BUSINESSES LOCATED IN LOW-INCOME COMMUNITIES AND OWNED BY PEOPLE OF COLOR. BY JUNE 30, 2020, THE ORGANIZATION HAD DIRECTLY PROVIDED EMERGENCY FINANCIAL RELIEF IN THE FORM OF LOW-INTEREST LOANS TO 24 BUSINESSES AND HAD MANAGED THE PROGRAM TO FUND 461 SBA PAYCHECK PROTECTION PROGRAM LOANS TOTALING 15,784,735 THROUGH ITS SUBSIDIARY COMMUNITY FIRST CAPITAL CORP.

Expenses $11,032,769 · Grants $861,117 · Revenue $8,237,217
NEW MARKETS TAX CREDIT PROGRAM TO DATE THE ORGANIZATION WAS GRANTED 90 MILLION OF NEW MARKETS TAX CREDIT ALLOCATION FROM THE US TREASURY. THE ORGANIZATION HAS ENTERED INTO AGREEMENTS WITH INVESTOR MEMBERS TO FUND 14 NEW MARKETS TAX CREDIT PROJECTS THROUGHOUT CENTRAL AND EASTERN PA. SEVEN PROJECTS ARE REMAINING AT 6/30/2024.

Revenue $1,240,219

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

Listed in Part VII

Daniel BetancourtDANIEL BETANCOURT

PRESIDENT &

Total calculated

$391,275

From this org

$363,943

From related orgs

$0

Other

$27,332

Hours/week

60 + 1 related

Schedule J breakdown matched by us

Base

$363,943

Bonus

not reported

Other

not reported

Deferred

$13,500

Nontaxable benefits

$13,832

Filer's total

$391,275
Joan BrodheadJOAN BRODHEAD

CHIEF STRAT.

Total calculated

$239,208

From this org

$206,704

From related orgs

$0

Other

$32,504

Hours/week

48 + 1 related

Schedule J breakdown matched by us

Base

$206,704

Bonus

not reported

Other

not reported

Deferred

$2,036

Nontaxable benefits

$30,468

Filer's total

$239,208
James BuergerJAMES BUERGER

LENDER

Total calculated

$181,149

From this org

$158,342

From related orgs

$0

Other

$22,807

Hours/week

50 + 1 related

Schedule J breakdown matched by us

Base

$158,342

Bonus

not reported

Other

not reported

Deferred

$7,871

Nontaxable benefits

$14,936

Filer's total

$181,149
Lloyd ShieldsLLOYD SHIELDS

INTERIM CFO

Total calculated

$164,223

From this org

$164,223

From related orgs

$0

Other

$0

Hours/week

45 + 1 related

Schedule J breakdown matched by us

Base

$164,223

Bonus

not reported

Other

not reported

Deferred

not reported

Nontaxable benefits

not reported

Filer's total

$164,223
Anthony PappionANTHONY PAPPION

CFO ('23-'24

Total calculated

$71,818

From this org

$58,794

From related orgs

$0

Other

$13,024

Hours/week

45 + 1 related
Elizabeth BennettELIZABETH BENNETT

CFO ('24-'25

Total calculated

$9,176

From this org

$9,176

From related orgs

$0

Other

$0

Hours/week

45 + 1 related
Lenin AgudoLENIN AGUDO

BOARD MEMBER

Total calculated

$0

Hours/week

1 + 1 related
Jonathan BowserJONATHAN BOWSER

CHAIR

Total calculated

$0

Hours/week

1 + 1 related
Natalia Dominguez BuckleyNATALIA DOMINGUEZ BUCKLEY

BOARD MEMBER

Total calculated

$0

Hours/week

1 + 1 related
Marilyn BrownMARILYN BROWN

SECRETARY

Total calculated

$0

Hours/week

1 + 1 related
Samuel T Cooper EsqSAMUEL T COOPER ESQ

BOARD MEMBER

Total calculated

$0

Hours/week

1 + 1 related
Dr Gregory EdwardsDR GREGORY EDWARDS

BOARD MEMBER

Total calculated

$0

Hours/week

1 + 1 related
Carlos LopezCARLOS LOPEZ

BOARD MEMBER

Total calculated

$0

Hours/week

1 + 1 related
R Eric MenzerR ERIC MENZER

BOARD MEMBER

Total calculated

$0

Hours/week

1 + 1 related
Lawrence McComieLAWRENCE MCCOMIE

VICE CHAIR

Total calculated

$0

Hours/week

1 + 1 related
Robert TorresROBERT TORRES

TREASURER

Total calculated

$0

Hours/week

1 + 1 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

COMMUNITY FIRST FUND FEDERAL CREDIT

$861,117

FUNDING

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.

COMMUNITY FIRST CAPITAL CORP

501C3 · SBA LOANS · PA

Directly controlled by COMMUNITY FIRST FUND
FINANTA

501C3 · LOANS · PA

Directly controlled by COMMUNTY FIRST FUND

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.

Related partnerships

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

CFF SUB CDE 6 LLC

RELATED · NMTC · PA · general or managing partner

Directly controlled by CFF SUB CDE 6 LLC
CFF SUB CDE 7 LLC

RELATED · NMTC · PA · share of income -$2,130 · general or managing partner

Directly controlled by CFF SUB CDE 7 LLC
CFF SUB CDE 8 LLC

RELATED · NMTC · PA · share of income $24 · general or managing partner

Directly controlled by CFF SUB CDE 8 LLC
CFF SUB CDE 9 LLC

RELATED · NMTC · PA · 0.01% owned · share of income $13 · share of assets $678 · general or managing partner

Directly controlled by CFF SUB CDE 9 LLC
CFF SUB CDE 10 LLC

RELATED · NMTC · PA · 0.01% owned · share of income $34 · share of assets $805 · general or managing partner

Directly controlled by CFF SUB CDE 10 LLC
CFF SUB CDE 12 LLC

RELATED · NMTC · PA · 0.01% owned · share of assets $609 · general or managing partner

Directly controlled by CFF SUB CDE 12 LLC
CFF SUB CDE 13 LLC

RELATED · NMTC · PA · 0.01% owned · share of income $18 · share of assets $535 · general or managing partner

Directly controlled by CFF SUB CDE 13 LLC
CFF SUB CDE 14 LLC

RELATED · NMTC · PA · 0.01% owned · share of income $3 · share of assets $979 · general or managing partner

Directly controlled by CFF SUB CDE 14 LLC

Related corporations and trusts

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

CFF SUB CDE 11 LLC

C CORP · NMTC · PA · 0.01% owned · share of income $154,793 · share of assets $8,025,067

Directly controlled by CFF SUB

Provenance

Return type: form_990
Tax year: 2023
Filed: 15 May 2025
IRS schema version: 2023v6.0
Source object: 202521359349312122

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