Form 990 for tax year 2022

Totals

Total revenue

$2,892,220

Total expenses

$2,378,212

Contributions and grants received

$2,607,793

Grants paid

$60,902

Program service revenue

$0

Investment income

$277,946

Other revenue

$6,481

Total assets, end of year

$27,595,951

Total liabilities, end of year

$6,852,646

Net assets or fund balances, end of year

$20,743,305

Program services expenses (Part IX)

$1,404,700

Management and general expenses

$319,793

Fundraising expenses

$653,719

Program service expenses (Part III)

$1,404,700

Program services were 59.1% 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.

Mission and programs · 2022

• WE DISBURSED A TOTAL OF $8 MILLION IN INTEREST-FREE LOANS DURING THE PAST YEAR. THIS REPRESENTS A 43% INCREASE IN THE DOLLAR AMOUNT OF LOANS AND A 30% INCREASE IN THE NUMBER OF LOANS DISBURSED AS COMPARED TO THE YEAR BEFORE. WE CLOSED THE 2022-23 FISCAL YEAR WITH 1,501 LOANS TOTALING $20.6 MILLION OUT IN THE COMMUNITY HELPING PEOPLE IN NEED.THESE INCREASES STEM FROM A CONFLUENCE OF FACTORS, INCLUDING INFLATION, HIGH INTEREST RATES, AND THE LINGERING FINANCIAL IMPACTS OF COVID-19. MANY PEOPLE WERE UNEMPLOYED OR UNDEREMPLOYED DURING THE PANDEMIC YEARS, AND THEY DEPLETED THEIR SAVINGS OR WERE FORCED TO RELY ON CREDIT CARDS TO SURVIVE. BECAUSE OUR VISIBILITY GREW SO DRAMATICALLY DURING THE PANDEMIC, MORE PEOPLE KNEW WE WERE HERE TO HELP THEM WITH THEIR FINANCIAL STRUGGLES. WE WITNESSED A DRAMATIC UPTICK IN LOAN APPLICATIONS THAT PERSISTED THROUGHOUT THE ENTIRE 2022-23 FISCAL YEAR.MANY LOAN APPLICANTS ASKED FOR OUR HELP TO ADDRESS FINANCIAL HARDSHIPS, WHILE OTHERS NEEDED SUPPORT TO PURSUE LIFE-ENRICHING GOALS. THE MOST FREQUENTLY REQUESTED TYPE OF ASSISTANCE WAS STUDENT LOANS (239 LOANS TOTALING $2.4 MILLION), AS THE COST OF HIGHER EDUCATION CONTINUED TO RISE, AND MANY FAMILIES WERE STRAPPED FOR RESOURCES AFTER THE PANDEMIC.FOLLOWING STUDENT LOANS, THE TWO TYPES OF ASSISTANCE REQUESTED MOST FREQUENTLY WERE FOR DEBT CONSOLIDATION (93 LOANS TOTALING $1.7 MILLION) AND GENERAL NEEDS (93 LOANS TOTALING $1.5 MILLION). THE AMOUNT OF DEBT CONSOLIDATION LOANS GREW 94% OVER THE PREVIOUS YEAR, HELPING DOZENS OF PEOPLE GET OUT FROM UNDER THE CRUSHING WEIGHT OF HIGH-INTEREST DEBT. GENERAL NEEDS LOANS GREW 63% OVER THE PREVIOUS YEAR, HELPING TO MEET NEEDS SUCH AS PREVENTING EVICTION, PURCHASING A SECONDHAND CAR, OR COVERING LIVING EXPENSES DURING A GAP IN EMPLOYMENT.

  Expenses $1,404,700 · Grants $60,902 · Revenue $6,481

• IN 2014, HEBREW FREE LOAN LAUNCHED THE POLLAK COMMUNITY LOAN PROGRAM TO PROVIDE SUPPORT TO A BROADER COMMUNITY: NON-JEWISH STUDENTS FROM LOWER-INCOME HOMES THROUGHOUT THE BAY AREA WHO NEED HELP TO PURSUE HIGHER EDUCATION. THE PROGRAM PROVIDES INTEREST-FREE STUDENT LOANS TO CLOSE FUNDING GAPS FOR PEOPLE WHO MIGHT NOT OTHERWISE BE ABLE TO ATTEND COLLEGE. IT IS SEPARATELY FUNDED BY DONORS INTERESTED IN ASSISTING THESE STUDENTS REACH THEIR EDUCATIONAL GOALS.DURING THE PAST YEAR, THE POLLAK COMMUNITY LOAN PROGRAM PROVIDED $366,000 IN STUDENT LOANS TO 51 STUDENTS, THE HIGHEST AMOUNT WE'VE DISBURSED AND THE MOST STUDENTS WE'VE SERVED IN ANY YEAR SINCE THE PROGRAM LAUNCHED IN 2014. AT THE CLOSE OF THE FISCAL YEAR, THE AMOUNT OF THESE LOANS ASSISTING STUDENTS IN THE COMMUNITY CAME TO $847,750.THE NUMBER OF PARTNER AGENCIES WHO REFER STUDENTS TO US GREW TO 20 (FROM AN INITIAL FOUR IN 2014). IN ADDITION TO PROVIDING LOANS UP TO $6,000 FOR UNDERGRADUATE STUDENTS, WE BEGAN OFFERING LOANS UP TO $10,000 FOR STUDENTS PURSUING A GRADUATE OR PROFESSIONAL DEGREE. GRADUATE STUDENTS TYPICALLY HAVE FAR LESS ACCESS TO GRANTS AND SCHOLARSHIPS THAN UNDERGRADUATE STUDENTS DO, AND THEY FACE SIGNIFICANTLY HIGHER INTEREST RATES FOR FEDERAL STUDENT LOANS.BY THE CLOSE OF THE 2022-23 FISCAL YEAR, NINE YEARS AFTER THE 2014 LAUNCH OF THE POLLAK COMMUNITY LOAN PROGRAM, WE HAD RAISED CLOSE TO $1.4 MILLION IN LOAN CAPITAL DEDICATED TO THIS PROGRAM. BECAUSE THE FUNDS GET RECYCLED AS LOANS ARE REPAID, WE HAVE BEEN ABLE TO DISBURSE A TOTAL OF $1.8 MILLION IN INTEREST-FREE LOANS AND SERVE 174 STUDENTS. APPROXIMATELY 80% OF THESE LOAN RECIPIENTS ARE FIRST-GENERATION COLLEGE STUDENTS, AND MOST ARE STUDENTS OF COLOR. WE CONTINUE TO SEEK OUT NEW SOURCES OF LOAN CAPITAL TO GROW THE PROGRAM FURTHER, AS THE PROGRAM'S SUCCESS HAS BECOME EVIDENT.

• WE ARE PROUD OF OUR 126-YEAR TRADITION OF PROMOTING SELF-SUFFICIENCY AND FINANCIAL RESPONSIBILITY THROUGH INTEREST-FREE LENDING, EVEN AS WE EVOLVE TO MEET THE EVER-CHANGING NEEDS OF OUR COMMUNITY. WELL OVER 100,000 INDIVIDUALS AND FAMILIES HAVE BEEN ABLE TO PURSUE THEIR DREAMS, LIVE THE LIVES THEY WANTED, OR OVERCOME CHALLENGING FINANCIAL SITUATIONS BECAUSE WE HAVE BEEN HERE TO HELP THEM IN THEIR TIME OF NEED. IN THE LAST 33 YEARS ALONE (SINCE OUR RECORDS BECAME COMPUTERIZED IN 1990), WE HAVE DISBURSED OVER $112 MILLION IN LOANS, DESPITE STARTING THAT PERIOD WITH ONLY $4 MILLION IN ASSETS. AS LOANS ARE REPAID, THE FUNDS ARE RECYCLED INTO NEW LOANS, ALLOWING US TO UTILIZE OUR ASSETS TO ASSIST OTHERS IN NEED. DESPITE THE HARDSHIPS SO MANY EXPERIENCED DURING AND AFTER THE PANDEMIC, OUR LOAN REPAYMENT RATE REMAINED AT 99.9%, AS IT HAS THROUGHOUT OUR AGENCY'S HISTORY.

• AGENCY ACCOMPLISHMENT #1:WE CONTINUED TO STRENGTHEN OUR FINANCIAL BASE TO SUSTAIN OUR ROLE AS THE CENTRAL LENDING INSTITUTION FOR NORTHERN CALIFORNIA'S JEWISH COMMUNITY. AS PART OF OUR ONGOING WORK TO IDENTIFY NEW SOURCES OF CAPITAL, WE DEVELOPED ONE NEW PARTNERSHIP WITH A MAJOR NATIONAL FOUNDATION AND STRENGTHENED OUR ONGOING PARTNERSHIP WITH THE SAN FRANCISCO JEWISH COMMUNITY FEDERATION AND ENDOWMENT FUND. WE ARE PROUD THAT DESPITE A WAVE OF EXTRAORDINARY NEED SWEEPING THE REGION, WE DID NOT HAVE TO TURN AWAY ANY QUALIFIED LOAN APPLICANTS, PROVIDING MORE FINANCIAL SUPPORT TO MORE PEOPLE IN NEED THAN IN EITHER OF THE PREVIOUS TWO FISCAL YEARS.AT THE SAME TIME THAT WE WERE DEVELOPING NEW SOURCES OF LOAN CAPITAL FOR THE FUTURE, WE CONTINUED TO REPAY THE RECOVERABLE GRANT OF $5.6 MILLION THAT WE RECEIVED EARLY IN THE PANDEMIC FROM THE FEDERATION AND ITS SUPPORTING FOUNDATIONS AND DONOR-ADVISED FUNDS. AS OF THE CLOSE OF THE 2022-23 FISCAL YEAR, WE HAD RETURNED $3.8 MILLION, AS PER OUR ORIGINAL AGREEMENT, MAKING THESE FUNDS AVAILABLE TO BE REDEPLOYED FOR OTHER CHARITABLE PURPOSES.AGENCY ACCOMPLISHMENT #2:TOWARD THE CLOSE OF THE 2022-23 FISCAL YEAR, WE WERE NOMINATED AND SELECTED FOR PROJECT ACCELERATE, A PRESTIGIOUS PROGRAM OFFERED BY A PROMINENT NATIONAL FOUNDATION. THE PROJECT'S GOAL IS TO BUILD THE CAPACITY OF HIGH PERFORMING, INNOVATIVE, SMALL, AND MID-SIZED ORGANIZATIONS SERVING THE JEWISH COMMUNITY. THE PROGRAM IS DESIGNED FOR ORGANIZATIONS WITH STRONG VISION AND PROGRAMS THAT ARE POISED TO ENTER A NEW STAGE IN THEIR GROWTH AND DEVELOPMENT BUT NEED TO STRENGTHEN THEIR ORGANIZATIONAL INFRASTRUCTURE TO ADVANCE TO THE NEXT LEVEL. OUR EXECUTIVE DIRECTOR WILL BE PART OF A SELECT COHORT ENGAGING IN TRAINING SEMINARS, SKILL-BUILDING WORKSHOPS, MENTORING, AND PEER SUPPORT TO STRENGTHEN THE SKILLS OF THE PARTICIPATING ORGANIZATIONS' SENIOR LEADERSHIP.PROJECT ACCELERATE INCLUDES A CHALLENGE GRANT TO HELP BUILD ORGANIZATIONAL INFRASTRUCTURE OVER THE COMING TWO YEARS. OUR TASK IS TO RAISE NEW FUNDING FOR IDENTIFIED CAPACITY BUILDING PROJECTS, WHICH WILL GENERATE A MATCHING GRANT FROM THE FOUNDATION. OUR SUCCESS WITH THIS CHALLENGE WILL LEVERAGE SIGNIFICANT NEW FUNDING FOR HEBREW FREE LOAN. THIS OPPORTUNITY HOLDS TREMENDOUS POTENTIAL TO MOVE US FORWARD ON OUR GROWTH CURVE, AS WE HOLD FAST TO OUR VISION OF HELPING MORE PEOPLE AND HELPING PEOPLE MORE.AGENCY ACCOMPLISHMENT #3:OUR TOP RATINGS WERE RENEWED BY VARIOUS EXTERNAL AGENCIES: CANDID (FORMERLY CALLED GUIDESTAR) PLATINUM SEAL OF TRANSPARENCY; GREAT NONPROFITS TOP RATING; AND THE JEWISH NEWS OF NORTHERN CALIFORNIA READERS' CHOICE AWARD (FOR THE NINTH CONSECUTIVE YEAR).WE FINALLY SUCCEEDED IN OUR EFFORTS TO HAVE CHARITY NAVIGATOR REEXAMINE OUR BUSINESS MODEL, RESULTING IN BEING AWARDED THEIR FOUR-STAR "GIVE WITH CONFIDENCE" RATING. CHARITY NAVIGATOR'S PREVIOUS ASSESSMENT OF HEBREW FREE LOAN DID NOT TAKE INTO ACCOUNT THE FACT THAT OUR LOAN DISBURSEMENTS REMAIN ASSETS OF THE AGENCY, DESPITE BEING DISBURSED IN DIRECT SUPPORT OF OUR PROGRAM ACTIVITIES. THIS KEPT OUR CHARITY NAVIGATOR SCORE ARTIFICIALLY LOW FOR A NUMBER OF YEARS, DESPITE REPEATED ATTEMPTS TO COMMUNICATE WITH THEM ABOUT OUR MODEL AS A NONPROFIT LENDING ORGANIZATION. WITH THE NEW RATING, WE HAVE EARNED CHARITY NAVIGATOR'S ENDORSEMENT: "IF THIS ORGANIZATION ALIGNS WITH YOUR PASSIONS AND VALUES, YOU CAN GIVE WITH CONFIDENCE."

As filed on the 2022 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. 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

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.

• CHARLES H MILLER CHARITABLE TRUST

  501(C)(3) · INTEREST FREE STUDENT LOANS · CA

  Directly controlled by HEBREW FREE LOAN ASSOCIATION OF SAN FRANCISCO

Provenance

Return type

form_990

Tax year

2022

Filed

8 February 2024

IRS schema version

2022v5.0

Source object

202430449349301238

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