Form 990 for tax year 2023

Totals

Total revenue

$1,898,365

Total expenses

$2,331,151

Contributions and grants received

$1,489,917

Grants paid

$1,205,922

Program service revenue

$83,726

Investment income

$324,722

Other revenue

$0

Total assets, end of year

$8,038,883

Total liabilities, end of year

$1,021,608

Net assets or fund balances, end of year

$7,017,275

Program services expenses (Part IX)

$2,158,570

Management and general expenses

$168,183

Fundraising expenses

$4,398

Program service expenses (Part III)

$2,158,570

Program services were 92.6% 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.

Mission and programs · 2023

• EARLY EDUCATION AND OUT OF SCHOOL TIME (EEOST) CAPITAL FUND: THE PROGRAM WAS FIRST AUTHORIZED BY THE MASSACHUSETTS LEGISLATURE AS PART OF THE 2013 COMMUNITY DEVELOPMENT CAPITAL BOND BILL. IN MAY 2018, EEOST WAS RE-AUTHORIZED BY THE LEGISLATURE AS PART OF THE HOUSING CAPITAL BOND BILL. EACH OF THE BOND BILLS HAVE AUTHORIZED THE ISSUANCE OF UP TO $45 MILLION IN GENERAL OBLIGATION BONDS, SUBJECT TO ANNUAL ALLOCATIONS DETERMINED BY THE EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE. IN JULY 2024, EEOST WAS RE-AUTHORIZED FOR UP TO $50 MILLION. THE PURPOSE OF EEOST IS TO PROVIDE CAPITAL GRANTS TO LICENSED CENTER-BASED NONPROFIT EARLY EDUCATION AND OUT-OF-SCHOOL TIME PROGRAMS TO FUND FACILITY ACQUISITION, DESIGN, CONSTRUCTION, AND/OR RENOVATION. CIF, UNDER CONTRACT WITH CEDAC, UNDERWRITES, CLOSES AND DISBURSES THE GRANT FUNDS AWARDED BY THE DEPARTMENT OF EARLY EDUCATION AND CARE FOR THE FIRST TIME, CIF STAFF PROVIDED A FACILITY IMPROVEMENT PROGRAM FOR FOR-PROFIT CENTER-BASED ORGANIZATIONS. THE PROGRAM OFFERS GRANTS BETWEEN $200K - $500K AND WILL UTILIZE $7.5 MILLION FROM THE DEPARTMENT OF EARLY EDUCATION AND CARE THROUGH AN APPROPRIATION FROM THE FAIR SHARE AMENDMENT.

  Expenses $504,139

• TECHNICAL ASSISTANCE AND LENDING: CIF PROVIDES A FULL RANGE OF FINANCING, TRAINING, AND TECHNICAL SERVICES OPTIONS FOR EARLY EDUCATION AND OUT-OF-SCHOOL TIME PROVIDERS SEEKING TO CONSTRUCT OR IMPROVE THEIR FACILITIES. CIF'S SIGNATURE TRAINING, THE BUILDING STRONGER CENTERS INSTITUTE, IS A FOUR-DAY, INTENSIVE TRAINING DESIGNED FOR CHILDCARE CENTERS THAT ARE PLANNING A MAJOR RENOVATION OR CONSTRUCTION PROJECT. CONTENT INCLUDES INFORMATION ON THE DEVELOPMENT PROCESS, FINANCING STRATEGIES, HIGH-QUALITY DESIGN, AND EXAMPLES OF SUCCESSFUL PROJECTS. IN ADDITION TO PROVIDING TECHNICAL EXPERTISE AND TRAINING, CIF OFFERS PREDEVELOPMENT, SITE ACQUISITION, CONSTRUCTION LOANS, AND TERM LOANS TO HELP FINANCE THE COST OF DEVELOPING LARGER CAPITAL PROJECTS, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT ON FLEXIBLE LOAN TERMS THAT MEET THE NEEDS OF CHILDCARE PROVIDERS OF ALL SIZES. IN 2018, CIF EXTENDED THIS SUPPORT TO AFFORDABLE HOUSING DEVELOPERS THAT ARE CREATING FAMILY UNITS IN MASSACHUSETTS.

  Expenses $396,022 · Revenue $83,726

• FACILITY IMPROVEMENT GRANTS: CIF RAISES CAPITAL THAT CAN BE USED FOR GRANTS TO PROVIDERS TO FUND THE COST OF FACILITY IMPROVEMENTS. CIF HAS RECEIVED TOTAL FUNDING OF $2 MILLION FROM THE LIBERTY MUTUAL FOUNDATION TO FUND ACCESSIBILITY IMPROVEMENTS IN BOSTON-BASED EARLY EDUCATION AND OUT-OF-SCHOOL TIME CENTERS. IN FISCAL YEAR 2024, CIF RECEIVED A GRANT FROM THE U.S. DEPARTMENT OF THE TREASURY'S CDFI FUND FOR $986,991 UNDER THE EQUITABLE RECOVERY PROGRAM (ERP). CIF IS USING THESE FUNDS TO PROVIDE CAPITAL GRANTS TO CHILD CARE PROVIDERS LOCATED IN LOW OR MODERATE INCOME MAJORITY MINORITY CENSUS TRACTS IN MASSACHUSETTS. CIF HAS AWARDED $900,000 OF THE ERP GRANTS TO FIVE PROVIDERS AS OF JUNE 30, 2024.

  Expenses $1,258,409 · Grants $1,205,922

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

Listed in Part VII

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

• THE CRISPUS ATTUCKS CHILDREN'S CENTER INC

  $235,000

  EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT

• BOSTON CHINATOWN NEIGHBORHOOD CENTER INC

  $235,000

  EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT

• PAIGE ACADEMY

  $200,000

  EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT

• EAST BOSTON SOCIAL CENTERS

  $158,679

  LIBERTY MUTUAL INCLUSIVE FUTURES GRANT PROGRAM - FACILITY GRANT

• JOHN F KENNEDY FAMILY SERVICE CENTER INC

  $150,000

  EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT

• DIMOCK COMMUNITY FOUNDATION INC

  $117,841

  LIBERTY MUTUAL INCLUSIVE FUTURES GRANT PROGRAM - FACILITY GRANT

• ELIZABETH PEABODY HOUSE

  $80,000

  EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT

• PAIGE ACADEMY

  $29,402

  LIBERTY MUTUAL INCLUSIVE FUTURES GRANT PROGRAM - FACILITY GRANT

Provenance

Return type

form_990

Tax year

2023

Filed

9 October 2024

IRS schema version

2023v5.1

Source object

202422839349302162

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