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Nonprofiteer
← OPPORTUNITY RESOURCE FUND

Form 990 for tax year 2022

Filed by OPPORTUNITY RESOURCE FUND.

Totals

Total revenue
$4,959,860
Total expenses
$2,498,380
Contributions and grants received
$3,952,856
Grants paid
$37,832
Program service revenue
$1,002,668
Investment income
$4,336
Other revenue
$0
Total assets, end of year
$26,919,241
Total liabilities, end of year
$18,731,773
Net assets or fund balances, end of year
$8,187,468
Program services expenses (Part IX)
$2,031,868
Management and general expenses
$463,274
Fundraising expenses
$3,238
Program service expenses (Part III)
$2,031,868

Program services were 81.3% 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)

    $3,735,875

  • 1f · All other contributions, gifts and grants

    $216,981

  • 2a · Program service revenue: Interest Income - Loan

    total $758,881 · related or exempt $758,881

  • 2b · Program service revenue: Contractual Services

    total $148,724 · related or exempt $148,724

  • 2c · Program service revenue: Loan Origination Fees

    total $83,875 · related or exempt $83,875

  • 2d · Program service revenue: Other Income

    total $11,188 · related or exempt $11,188

  • 3 · Investment income

    total $4,336 · excluded $4,336

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $37,832 · program services $37,832

  • 5 · Compensation of officers, directors and key employees

    total $346,713 · program services $251,275 · management and general $94,776 · fundraising $662

  • 7 · Other salaries and wages

    total $791,950 · program services $573,955 · management and general $216,483 · fundraising $1,512

  • 8 · Pension plan contributions

    total $12,814 · program services $9,287 · management and general $3,503 · fundraising $24

  • 9 · Other employee benefits

    total $170,004 · program services $123,208 · management and general $46,471 · fundraising $325

  • 10 · Payroll taxes

    total $90,528 · program services $65,609 · management and general $24,746 · fundraising $173

  • 11c · Fees: accounting

    total $64,377 · program services $55,026 · management and general $9,286 · fundraising $65

  • 11g · Fees: other

    total $153,070 · program services $130,835 · management and general $22,080 · fundraising $155

  • 12 · Advertising and promotion

    total $51 · program services $23 · management and general $27 · fundraising $1

  • 13 · Office expenses

    total $156,633 · program services $135,245 · management and general $21,238 · fundraising $150

  • 16 · Occupancy

    total $98,832 · program services $84,265 · management and general $14,466 · fundraising $101

  • 17 · Travel

    total $9,542 · program services $8,712 · management and general $824 · fundraising $6

  • 19 · Conferences, conventions and meetings

    total $58,899 · program services $53,778 · management and general $5,086 · fundraising $35

  • 20 · Interest

    total $338,399 · program services $338,399

  • 22 · Depreciation, depletion and amortization

    total $4,792 · program services $3,936 · management and general $850 · fundraising $6

  • 23 · Insurance

    total $11,705 · program services $9,950 · management and general $1,742 · fundraising $13

  • 24a · Other expenses: Loan Loss Provision

    total $96,929 · program services $96,929

  • 24b · Other expenses: Property Charge off

    total $36,894 · program services $36,894

  • 24c · Other expenses: Miscellaneous

    total $18,416 · program services $16,710 · management and general $1,696 · fundraising $10

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,455,302 · end of year $5,680,247

  • 2 · Savings and temporary cash investments

    beginning of year $5,517,709 · end of year $2,481,102

  • 3 · Pledges and grants receivable

    beginning of year $139,604 · end of year $3,689,802

  • 4 · Accounts receivable

    beginning of year $151,533 · end of year $111,868

  • 7 · Other notes and loans receivable

    beginning of year $22,362,727 · end of year $14,615,589

  • 9 · Prepaid expenses and deferred charges

    beginning of year $40,261 · end of year $52,452

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

    $172,366

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

    $166,482

  • 10c · Land, buildings and equipment, net

    beginning of year $10,675 · end of year $5,884

  • 15 · Other assets

    beginning of year $117,583 · end of year $282,297

  • 17 · Accounts payable and accrued expenses

    beginning of year $109,380 · end of year $135,405

  • 19 · Deferred revenue

    beginning of year $408,906 · end of year $381,177

  • 21 · Escrow or custodial account liability

    beginning of year $335,230 · end of year $333,075

  • 22 · Loans and payables to officers and key people

    beginning of year $3,000 · end of year $3,000

  • 23 · Secured mortgages and notes payable

    beginning of year $24,914,145 · end of year $17,415,657

  • 25 · Other liabilities

    beginning of year $274,020 · end of year $463,459

  • 27 · Net assets without donor restrictions

    beginning of year $4,890,885 · end of year $4,535,534

  • 28 · Net assets with donor restrictions

    beginning of year $859,828 · end of year $3,651,934

Mission and programs · 2022

Mission

Opportunity Resource Fund (OppFund) promotes affordable housing, small business ownership, single family mortgages, strong communities, and fosters social and economic justice by providing loans and development services throughout the state of Michigan. By making funds available to those denied access to traditional capital, OppFund is breaking the cycle of poverty and assisting in the revitalization of Michigan neighborhoods and communities. Pre and post loan closing development services are a provision of services offered to individuals, nonprofits, and business owners.OppFund is a certified community development financial institution and functions as a revolving loan fund. It accepts socially motivated investments from individuals, not for profit organizations and banks with interest rates ranging generally from zero to three percent. These investment dollars are pooled to provide loans at affordable rates for real estate development, small business and homeownership loans.

Activities or mission (Part I)

Promotes affordable home and small business ownership to benefit and strengthen MI Communities.

  • OppFund's history of successful lending spans more than 36 years. Commitment and diligence has earned OppFund a reputation as a solid, dependable, and flexible lender and development services provider throughout the state of Michigan. As a recognized Michigan lender, OppFund seeks collaboration opportunities and has strong relationships and positive partnerships with key concerns in Michigan's economic community. Since 1985, OppFund has loaned more than $70.8 million providing 416 real estate development, 197 small business, 11 consumer, 265 Payroll Protection Program loans under the CARES Act, and 466 homeownership loans. These loans have leveraged more than $190 million from public and private investments helping to create or maintain 3,014 units of affordable housing, 1804 jobs, 594 new or safer housing for predominantly low and moderate-income families, and ensuring at least 125 children are safer in organized daycare facilities. OppFund loans empower people throughout the state of Michigan.

    Expenses $2,031,868 · Grants $37,832 · Revenue $991,480

  • OppFund relies upon its Board-approved Strategic Plan in its continuing quest to act as a catalyst for change to benefit and strengthen Michigan communities. The Strategic Plan includes lending goals to increase financing for the creation, renovation, and/or preservation of affordable housing, assist individual homeowners, and help to fuel Michigan's economy with the creation of jobs. OppFund launched the Justice Fund Initiative to better serve our minority borrowers which includes a full campus without walls and full wrap-around technical support services. We believe this is a positive step in eliminating the racial wealth gap.

    Revenue $11,188

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Christine Coady Narayanan

    President/CEO

    Total calculated
    $183,768
    From this org
    $182,768
    From related orgs
    $0
    Other
    $1,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,768
    Bonus
    $0
    Other
    $0
    Deferred
    $1,000
    Nontaxable benefits
    $0
    Filer's total
    $183,768

  • Kevin Fitzgerald

    VP of Finance/CFO

    Total calculated
    $162,945
    From this org
    $161,945
    From related orgs
    $0
    Other
    $1,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,945
    Bonus
    $0
    Other
    $0
    Deferred
    $1,000
    Nontaxable benefits
    $0
    Filer's total
    $162,945

  • Amy Hovey

    Board Chair

    Total calculated
    $0
    Hours/week
    4

  • Thomas Seabron

    Vice Chair

    Total calculated
    $0
    Hours/week
    2

  • Marc Craig

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Sheilah P Clay

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Tarik Bazzy

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Thomas Johnson

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Sonali Allen

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Raymond Henney

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Curtis Smith

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Robert Hunt

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Anika Goss

    Trustee

    Total calculated
    $0
    Hours/week
    2

  • Carol Tarnowsky

    Trustee

    Total calculated
    $0
    Hours/week
    2

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 survey or study
  • 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

The filer's explanations (Part III)

Part I, Line 3
The compensation of the President/CEO is reviewed and approved by independent members of OppFund's Board of Trustees, provided persons with conflicts of interest with respect to the compensation arrangement at issue are not involved in the review and approval. The review and approval of the President/CEO's compensation is made using compensation data for similarly qualified persons in functionally comparable positions at similarly situated organizations. The review and approval process is documented by the Board of Trustees via documentation and recordkeeping with respect to the deliberations and decisions regarding the compensation arrangement.

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

Provenance

Return type
form_990
Tax year
2022
Filed
24 July 2023
IRS schema version
2022v5.0
Source object
202312089349300546

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