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Nonprofiteer
← COMMUNITY INVESTMENT CORP

Form 990 for tax year 2023

Filed by COMMUNITY INVESTMENT CORP.

Totals

Total revenue
$38,598,910
Total expenses
$21,051,270
Contributions and grants received
$19,604,167
Grants paid
$0
Program service revenue
$18,994,743
Investment income
$0
Other revenue
$0
Total assets, end of year
$349,185,880
Total liabilities, end of year
$285,261,001
Net assets or fund balances, end of year
$63,924,879
Program services expenses (Part IX)
$18,104,092
Management and general expenses
$2,736,665
Fundraising expenses
$210,513
Program service expenses (Part III)
$18,104,092

Program services were 86.0% 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)

    $3,489,113

  • 1f · All other contributions, gifts and grants

    $16,115,054

  • 2a · Program service revenue: MORTGAGE INTEREST

    total $14,389,704 · related or exempt $14,389,704

  • 2b · Program service revenue: CONSULTING SERVICES

    total $2,435,854 · related or exempt $2,435,854

  • 2c · Program service revenue: LOAN SERVICING

    total $1,087,265 · related or exempt $1,087,265

  • 2d · Program service revenue: LOAN FEE INCOME

    total $1,017,383 · related or exempt $1,017,383

  • 2e · Program service revenue: LOW INCOME HOUSING INVESTMENTS

    total $64,537 · related or exempt $64,537

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $1,555,254 · program services $1,337,518 · management and general $202,183 · fundraising $15,553

  • 7 · Other salaries and wages

    total $4,709,230 · program services $4,049,938 · management and general $612,200 · fundraising $47,092

  • 8 · Pension plan contributions

    total $330,125 · program services $283,908 · management and general $42,916 · fundraising $3,301

  • 9 · Other employee benefits

    total $687,067 · program services $590,877 · management and general $89,319 · fundraising $6,871

  • 10 · Payroll taxes

    total $386,870 · program services $332,708 · management and general $50,293 · fundraising $3,869

  • 11a · Fees: management

    total $102,755 · program services $88,369 · management and general $13,358 · fundraising $1,028

  • 11b · Fees: legal

    total $23,284 · program services $20,024 · management and general $3,027 · fundraising $233

  • 11c · Fees: accounting

    total $191,115 · program services $164,359 · management and general $24,845 · fundraising $1,911

  • 11g · Fees: other

    total $545,003 · program services $468,703 · management and general $70,850 · fundraising $5,450

  • 12 · Advertising and promotion

    total $29,909 · program services $25,722 · management and general $3,888 · fundraising $299

  • 13 · Office expenses

    total $93,827 · program services $80,691 · management and general $12,198 · fundraising $938

  • 14 · Information technology

    total $305,708 · program services $262,909 · management and general $39,742 · fundraising $3,057

  • 16 · Occupancy

    total $522,668 · program services $449,494 · management and general $67,947 · fundraising $5,227

  • 17 · Travel

    total $122,192 · program services $105,085 · management and general $15,885 · fundraising $1,222

  • 20 · Interest

    total $9,675,439 · program services $8,320,878 · management and general $1,257,807 · fundraising $96,754

  • 22 · Depreciation, depletion and amortization

    total $144,064 · program services $123,895 · management and general $18,728 · fundraising $1,441

  • 23 · Insurance

    total $149,861 · program services $128,880 · management and general $19,482 · fundraising $1,499

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $902,064 · program services $775,775 · management and general $117,268 · fundraising $9,021

  • 24b · Other expenses: BUSINESS DEVELOPMENT

    total $510,345 · program services $438,898 · management and general $66,345 · fundraising $5,102

  • 24c · Other expenses: TRUSTEE AND TITLE FEES

    total $64,490 · program services $55,461 · management and general $8,384 · fundraising $645

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,504,473 · end of year $6,402,136

  • 2 · Savings and temporary cash investments

    beginning of year $54,146,637 · end of year $57,090,166

  • 4 · Accounts receivable

    beginning of year $242,852,821 · end of year $272,516,540

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,438,330 · end of year $1,632,658

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,147,068 · end of year $2,207,460

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

    $1,303,438

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

    $812,762

  • 10c · Land, buildings and equipment, net

    beginning of year $498,620 · end of year $490,676

  • 12 · Investments: other securities

    beginning of year $696,202 · end of year $696,202

  • 13 · Investments: program-related

    beginning of year $3,138,386 · end of year $7,303,955

  • 15 · Other assets

    beginning of year $1,080,790 · end of year $846,087

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,041,539 · end of year $1,032,705

  • 19 · Deferred revenue

    beginning of year $30,415,218 · end of year $31,180,909

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $176,290,889 · end of year $197,484,109

  • 24 · Unsecured notes and loans payable

    beginning of year $43,833,333 · end of year $39,600,000

  • 25 · Other liabilities

    beginning of year $18,993,037 · end of year $15,963,278

  • 27 · Net assets without donor restrictions

    beginning of year $42,487,978 · end of year $60,633,537

  • 28 · Net assets with donor restrictions

    beginning of year $3,441,333 · end of year $3,291,342

Mission and programs · 2023

Mission

COMMUNITY INVESTMENT CORPORATION (CIC) IS A NOT-FOR-PROFIT 501(C)(3) CORPORATION. INCORPORATED IN 1973, CIC'S MISSION IS TO BE THE LEADING FORCE IN NEIGHBORHOOD REVITALIZATION THROUGH INNOVATIVE FINANCIAL PROGRAMS. IN PURSUIT OF THIS MISSION, CIC HAS BECOME THE LEADING LENDER FOR THE ACQUISITION, REHABILITATION, AND PRESERVATION OF AFFORDABLE RENTAL HOUSING THROUGHOUT THE CHICAGO METROPOLITAN AREA. CIC PROVIDES ONE OF THE VERY FEW SOURCES OF CAPITAL FOR REDEVELOPING AND MAINTAINING AFFORDABLE RENTAL HOUSING, PRIMARILY LOCATED IN LOW AND MODERATE-INCOME COMMUNITIES. CIC EXERCISES SOUND MANAGEMENT AND FISCAL PRUDENCE IN ITS OPERATIONS.

Activities or mission (Part I)

COMMUNITY INVESTMENT CORPORATION'S ("CIC") PURPOSE IS TO PRESERVE AND REVITALIZE LOWER INCOME NEIGHBORHOODS IN THE SIX COUNTY CHICAGO METRO AREA THROUGH THE PUBLIC AND PRIVATE FINANCING OF THE REHABILITATION OF LOW AND MODERATE INCOME RENTAL HOUSING.

  • DURING FY 2024, CIC CLOSED 74 LOANS FOR A TOTAL OF $56.9 MILLION UNDER THE MULTIFAMILY LOAN PROGRAM. THESE LOANS FINANCED THE ACQUISITION AND REHAB OF 1,397 RESIDENTIAL AND 17 COMMERCIAL UNITS. ALL LOANS CARRIED A 10-YEAR TERM AND MOST LOANS HAD A 25-YEAR AMORTIZATION. IN TOTAL, AT THE CLOSE OF FY 2024, CIC'S MULTIFAMILY LOAN PROGRAM PORTFOLIO STANDS AT $169.8 MILLION OF NOTES SOLD TO INVESTORS.

    Expenses $16,736,941 · Revenue $17,461,971

  • CIC DIDN'T CLOSE ANY SINGLE-FAMILY RENTAL PROPERTY LOANS IN FY 2024. LOOKING FORWARD, THIS PROGRAM WILL WIND DOWN EFFECTIVE IN MARCH 2025. SINCE THE INCEPTION OF THIS PROGRAM 9 YEARS AGO, CIC HAS CLOSED 84 LOANS FOR $47.8 MILLION TOTALING 796 RESIDENTIAL UNITS.

    Expenses $739,829 · Revenue $794,531

  • IN FY 2018, CIC AND THE PRESERVATION COMPACT SECURED $34 MILLION TO CREATE THE OPPORTUNITY INVESTMENT FUND (OIF), AN INNOVATIVE, STREAMLINED VEHICLE TO FINANCE MULTIFAMILY RENTAL BUILDINGS AND CREATE AFFORDABLE HOUSING IN HIGH COST NEIGHBORHOODS. OIF PROVIDES EXISTING, FUNCTIONING MULTIFAMILY RENTAL BUILDINGS WITH LOW-COST MEZZANINE DEBT. IN RETURN, OWNER WILL KEEP 20% OF THEIR UNITS AFFORDABLE FOR 15 YEARS. BOTH NON-PROFIT AND FOR-PROFIT OWNERS WILL BE ABLE TO USE OIF. OWNERS MAY CHOOSE TO USE HOUSING CHOICE VOUCHERS OR OTHER TYPES OF OPERATING SUBSIDY TO HELP OFFSET REDUCED RENTS FOR THE AFFORDABLE UNITS. IN FY 2024, CIC CLOSED 4 LOANS FOR $4.5 MILLION IN OIF MEZZANINE DEBT. IN ADDITION, CIC CLOSED FOUR FIRST MORTGAGES FOR $14 MILLION AS PART OF THE OIF TRANSACTIONS. THESE LOANS WERE FOR BUILDINGS WITH A TOTAL OF 230 UNITS OF MIXED-INCOME HOUSING, OF WHICH 46 UNITS ARE AFFORDABLE TO HOUSEHOLDS AT 50% AMI. OVERALL, SINCE INCEPTION, $12.8 MILLION IN OIF LOANS HAVE BEEN CLOSED, AND CIC HAS PROVIDED $55 MILLION IN ASSOCIATED FIRST MORTGAGE FINANCING.

    Expenses $627,322 · Revenue $673,704

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

Listed in Part VII

  • Stacie Young

    PRESIDENT

    Total calculated
    $355,205
    From this org
    $328,700
    From related orgs
    $0
    Other
    $26,505
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $242,748
    Bonus
    $85,400
    Other
    $552
    Deferred
    $24,804
    Nontaxable benefits
    $1,701
    Filer's total
    $355,205

  • Andrew Salk

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Angie Marks

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Collete English Dixon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Watts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Dykstra

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Erika Poethig

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frank Pettaway

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jeff Newcom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Gholar

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • John Hein

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karen Case

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Marjan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Scott Ferris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Timothy Hadro

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Crane

    SVP/DIRECTOR OF LENDING

    Total calculated
    $307,243
    From this org
    $263,464
    From related orgs
    $0
    Other
    $43,779
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $207,123
    Bonus
    $53,293
    Other
    $3,048
    Deferred
    $20,488
    Nontaxable benefits
    $23,291
    Filer's total
    $307,243

  • Jonah Hess

    CII VICE PRESIDENT

    Total calculated
    $224,470
    From this org
    $196,757
    From related orgs
    $0
    Other
    $27,713
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $159,290
    Bonus
    $37,227
    Other
    $240
    Deferred
    $15,143
    Nontaxable benefits
    $12,570
    Filer's total
    $224,470

  • Michael Ciaccia

    TREASURER/CFO

    Total calculated
    $295,928
    From this org
    $244,555
    From related orgs
    $0
    Other
    $51,373
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $200,675
    Bonus
    $43,520
    Other
    $360
    Deferred
    $19,192
    Nontaxable benefits
    $32,181
    Filer's total
    $295,928

  • Monica Kirby

    ASSISTANT SECRETARY

    Total calculated
    $99,143
    From this org
    $82,244
    From related orgs
    $0
    Other
    $16,899
    Hours/week
    39 + 1 related

  • Nick Brunick

    SECRETARY & GENERAL COUNSEL

    Total calculated
    $0
    Hours/week
    1

  • Phillip Moore

    VP/DIRECTOR OF CREDIT ADMIN

    Total calculated
    $176,307
    From this org
    $162,628
    From related orgs
    $0
    Other
    $13,679
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,740
    Bonus
    $21,528
    Other
    $360
    Deferred
    $12,680
    Nontaxable benefits
    $999
    Filer's total
    $176,307

  • Andre Collins

    AQUISITION MANAGER

    Total calculated
    $434,233
    From this org
    $404,299
    From related orgs
    $0
    Other
    $29,934
    Hours/week
    15 + 25 related

    Schedule J breakdown matched by us

    Base
    $45,957
    Bonus
    $357,982
    Other
    $360
    Deferred
    $16,859
    Nontaxable benefits
    $13,075
    Filer's total
    $434,233

  • Anne Cole

    DIRECTOR OF COMMUNICATIONS

    Total calculated
    $190,130
    From this org
    $158,334
    From related orgs
    $0
    Other
    $31,796
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,094
    Bonus
    $21,000
    Other
    $240
    Deferred
    $12,322
    Nontaxable benefits
    $19,474
    Filer's total
    $190,130

  • Darris Shaw

    SENIOR CONSTRUCTION INSPECTOR

    Total calculated
    $182,403
    From this org
    $140,674
    From related orgs
    $0
    Other
    $41,729
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,818
    Bonus
    $17,272
    Other
    $1,584
    Deferred
    $11,499
    Nontaxable benefits
    $30,230
    Filer's total
    $182,403

  • Rene Barazza

    CONSTRUCTION MANAGER

    Total calculated
    $181,749
    From this org
    $139,928
    From related orgs
    $0
    Other
    $41,821
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,178
    Bonus
    $13,390
    Other
    $360
    Deferred
    $11,515
    Nontaxable benefits
    $30,306
    Filer's total
    $181,749

  • Tommy Jackson

    LOAN OFFICER

    Total calculated
    $216,319
    From this org
    $184,384
    From related orgs
    $0
    Other
    $31,935
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,440
    Bonus
    $0
    Other
    $4,944
    Deferred
    $9,165
    Nontaxable benefits
    $22,770
    Filer's total
    $216,319

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings
  • 7 · Other non-fixed payments

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
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization
ANDRE COLLINS, ACQUISITION MANAGER, IS PAID A COMMISSION BY CIC, COMPUTED AS A PERCENTAGE OF NET REVENUE GENERATED FROM THE ACQUISITION AND LINE OF CREDIT PROGRAM. CIC ALSO PAYS ANDRE COLLINS A SALARY RELATED TO THE ACTIVITIES OF CEPF, LLC.
Schedule J, Part I, Line 7 Non-fixed payments
As indicated in Schedule J, Part II, employees of the organization, including officers and highest compensated individuals, received a bonus based on performance and the financial results of the organization. This bonus was approved by the executive committee of the board.

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.

  • COMMUNITY INITIATIVES

    501(c)(3) · PRESERVE LOW INCOME MULTI-FAMILY HOUSING · IL · controlled entity

    Directly controlled by Community Investment Corporation

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.

  • CIC GOVERNMENT INVESTOR LLC

    LOW-COST MEZZANINE LOANS · IL · income $0 · assets $5,001,950

    Directly controlled by Community Investment Corporation

  • CEPF LLC

    EQUITY FINANCING · IL · income $64,537 · assets $4,346,873

    Directly controlled by Community Investment Corporation

Related partnerships

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

  • 7456 S Eberhart LLC

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income $1,107 · share of assets $1,271,379

    Directly controlled by CEPF LLC

  • 6807 MICHIGAN HOLDING LLC

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income -$5,498 · share of assets $2,479,257

    Directly controlled by CEPF LLC

  • 7800 RIDGELAND JV

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income -$5,949 · share of assets $559,000

    Directly controlled by CEPF LLC

  • INSPIRE WOODLAWN LLC

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income $0 · share of assets $0

    Directly controlled by CEPF LLC

  • 1804 CONSTRUCTION LLC

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income $0 · share of assets $0

    Directly controlled by CEPF LLC

  • DVH PROPERTIES & DEVELOPMENT 101 LLC

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income $0 · share of assets $0

    Directly controlled by CEPF LLC

  • United Strategies Holdings LLC

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income $0 · share of assets $0

    Directly controlled by CEPF LLC

  • 6959 Merrill LJ Promise LLC

    Related · COMMUNITY DEVELOPMENT REAL ESTATE ACTIVITIES · IL · share of income $0 · share of assets $0

    Directly controlled by CEPF LLC

Provenance

Return type
form_990
Tax year
2023
Filed
14 August 2025
IRS schema version
2023v6.0
Source object
202502269349302955

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