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Nonprofiteer
← IRCS CENTER FOR ECONOMIC OPPORTUNITY INC

Form 990 for tax year 2023

Filed by IRCS CENTER FOR ECONOMIC OPPORTUNITY INC.

Totals

Total revenue
$6,038,537
Total expenses
$6,995,733
Contributions and grants received
$4,256,729
Grants paid
$0
Program service revenue
$1,726,248
Investment income
$55,560
Other revenue
$0
Total assets, end of year
$28,193,836
Total liabilities, end of year
$16,572,331
Net assets or fund balances, end of year
$11,621,505
Program services expenses (Part IX)
$6,298,800
Management and general expenses
$361,495
Fundraising expenses
$335,438
Program service expenses (Part III)
$6,298,800

Program services were 90.0% 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)

    $436,956

  • 1f · All other contributions, gifts and grants

    $3,819,773

  • 2a · Program service revenue: Loan interest and fee

    total $1,181,173 · related or exempt $1,181,173

  • 2b · Program service revenue: Portfolio management

    total $545,075 · related or exempt $545,075

  • 3 · Investment income

    total $55,560 · related or exempt $55,560

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,283,730 · program services $992,863 · management and general $107,326 · fundraising $183,541

  • 9 · Other employee benefits

    total $376,295 · program services $291,008 · management and general $31,459 · fundraising $53,828

  • 11g · Fees: other

    total $216,083 · program services $2,100 · management and general $145,455 · fundraising $68,528

  • 13 · Office expenses

    total $28,030 · program services $4,995 · management and general $23,035

  • 14 · Information technology

    total $139,601 · program services $133,792 · management and general $4,014 · fundraising $1,795

  • 16 · Occupancy

    total $2,962 · management and general $2,962

  • 17 · Travel

    total $65,732 · program services $35,019 · management and general $2,967 · fundraising $27,746

  • 20 · Interest

    total $240,882 · program services $240,882

  • 23 · Insurance

    total $17,310 · management and general $17,310

  • 24a · Other expenses: Bad debts expenses

    total $12,660 · program services $12,660

  • 24b · Other expenses: Miscellaneous

    total $562,386 · program services $560,481 · management and general $1,905

  • 24c · Other expenses: Bank fees

    total $25,062 · management and general $25,062

  • 24d · Other expenses: Recoverable grants expenses

    total $4,025,000 · program services $4,025,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,870,507 · end of year $7,391,634

  • 2 · Savings and temporary cash investments

    beginning of year $892,682 · end of year $939,595

  • 3 · Pledges and grants receivable

    beginning of year $298,336 · end of year $1,267,570

  • 4 · Accounts receivable

    beginning of year $19,075 · end of year $73,666

  • 13 · Investments: program-related

    beginning of year $14,184,631 · end of year $18,491,371

  • 15 · Other assets

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

  • 17 · Accounts payable and accrued expenses

    beginning of year $330,419 · end of year $123,609

  • 24 · Unsecured notes and loans payable

    beginning of year $5,386,111 · end of year $16,448,722

  • 27 · Net assets without donor restrictions

    beginning of year $3,510,866 · end of year $3,221,676

  • 28 · Net assets with donor restrictions

    beginning of year $9,067,835 · end of year $8,399,829

Mission and programs · 2023

Mission

To unlock access to credit to help create a fair financial system where low-income people can realize their potential to build better lives and communities prosper.

  • CEO provides support to low and very low income households with consumer and small business loans in partnership with local community organizations that also offer credit education and related asset-building services. By fiscal year end 2024, CEO had 3,179 loans in its $19.5 million portfolio, reaching borrowers in 18 states with 37 local partners providing support to borrowers in their communities. 94% of these borrowers were from low income households and 63% of those borrowers had no or sub-prime credit scores before becoming CEO clients. CEOs lending activity, when combined with credit education and technical assistance, is proven to lead to improved credit scores: in a study conducted in 2024 with the Credit Builders Alliance, 98% of those who had no credit score before getting a CEO-funded loan were able to establish credit and 66% of these borrowers achieved a prime score of 660 or higher. These outcomes...(continuation in Schedule O, General Explanation)

    Expenses $6,298,800 · Grants $4,070 · Revenue $1,181,655

As filed on the 2023 return.

Listed in Part VII

  • Johannes Van de Weerd

    Board President

    Total calculated
    $340,523
    From this org
    $340,523
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $340,523
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $340,523

  • Ellen Beattie

    Board Tresurer

    Total calculated
    $247,000
    From this org
    $247,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $247,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $247,000

  • Kasra Movahedi

    Executive Director

    Total calculated
    $149,618
    From this org
    $149,618
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $149,618
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $149,618

  • Megan Hershiser

    Assoc Dir Corporate Partne

    Total calculated
    $115,038
    From this org
    $115,038
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Gokcen Topbas

    Director Credit Strategy

    Total calculated
    $107,210
    From this org
    $107,210
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Senad Voloder

    Dep Dir Origination & Serv

    Total calculated
    $100,237
    From this org
    $100,237
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Mary Grace Ner

    Dep Dir Finance & Administ

    Total calculated
    $95,635
    From this org
    $95,635
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Zachary Bezold

    Dep Dir Learning & Innovat

    Total calculated
    $92,438
    From this org
    $92,438
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Ariana Miller

    Executive Director

    Total calculated
    $0
    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

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

    501C3 · HUMANITARIAN AID · NY

  • IRC HELLAS

    501C3 · HUMANITARIAN AID · GR

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC DEUTSCHLAND GGMBH

    501C3 · HUMANITARIAN AID · GM

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC SVERIGE INSAMLINGSSTIFTELSE

    501C3 · HUMANITARIAN AID · SW

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC KOREA FOUNDATION

    501C3 · HUMANITARIAN AID · KS

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC UK

    501C3 · HUMANITARIAN AID · UK

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC POLSKA

    501C3 · HUMANITARIAN AID · PL

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

  • IRC GUATAMALA

    501C3 · HUMANITARIAN AID · GT

    Directly controlled by INTERNATIONAL RESCUE COMMITTEE

Provenance

Return type
form_990
Tax year
2023
Filed
14 August 2025
IRS schema version
2023v6.0
Source object
202502279349303985

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