Form 990 for tax year 2022

Filed by COMMUNITY CREDIT LAB.

What the amendment changed

Compared with the return it replaced , filed 3 May 2023. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue: $1,003,534 changed to $4,631,133
Total expenses: $17,687 changed to $110,655
Contributions and grants received: $998,584 changed to $1,168,146
Other revenue: $0 changed to $3,458,037
Total assets, end of year: $6,635,083 changed to $7,169,714
Net assets or fund balances, end of year: $4,990,416 changed to $5,525,047
Program services expenses: $3,825 changed to $96,793
Program service expenses (Part III): $3,825 changed to $96,793

Totals

Total revenue: $4,631,133
Total expenses: $110,655
Contributions and grants received: $1,168,146
Grants paid: $0
Program service revenue: $0
Investment income: $4,950
Other revenue: $3,458,037
Total assets, end of year: $7,169,714
Total liabilities, end of year: $1,644,667
Net assets or fund balances, end of year: $5,525,047
Program services expenses (Part IX): $96,793
Management and general expenses: $13,862
Fundraising expenses: $0
Program service expenses (Part III): $96,793

Program services were 87.5% 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.

1f · All other contributions, gifts and grants

$1,168,146
3 · Investment income

total $4,950 · excluded $4,950
11a · Other revenue: INTERCOMPANY REVENUE

total $3,000,000 · related or exempt $3,000,000
11b · Other revenue: DEBT FORGIVENESS

total $458,037 · related or exempt $458,037
11e · Other revenue, total

$3,458,037

Functional expenses

Part IX, the statement of functional expenses.

9 · Other employee benefits

total $2,068 · management and general $2,068
11c · Fees: accounting

total $1,250 · management and general $1,250
14 · Information technology

total $1,717 · program services $1,609 · management and general $108
23 · Insurance

total $1,537 · management and general $1,537
24a · Other expenses: LOAN LOSS

total $92,968 · program services $92,968
24b · Other expenses: LOAN FORGIVENESS EXPENS

total $5,878 · program services $2,216 · management and general $3,662
24c · Other expenses: CONTRACTORS - OUTSOURCE

total $3,550 · management and general $3,550
24d · Other expenses: DUES AND SUBSCRIPTIONS

total $624 · management and general $624
24e · All other expenses

total $1,063 · management and general $1,063

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $1,299,875 · end of year $4,916,151
2 · Savings and temporary cash investments

beginning of year $387,749 · end of year $0
4 · Accounts receivable

beginning of year $23,250 · end of year $627,599
7 · Other notes and loans receivable

beginning of year $1,393,807 · end of year $1,617,575
9 · Prepaid expenses and deferred charges

beginning of year $16,959 · end of year $8,389
17 · Accounts payable and accrued expenses

beginning of year $74,846 · end of year $69,442
24 · Unsecured notes and loans payable

beginning of year $2,042,225 · end of year $1,575,225
27 · Net assets without donor restrictions

beginning of year $482,769 · end of year $5,525,047
28 · Net assets with donor restrictions

beginning of year $521,800 · end of year $0

Mission and programs · 2022

Mission

TO SUPPORT EQUITABLE ACCESS TO ECONOMIC OPPORTUNITIES FOR IMMIGRANTS, REFUGEES, LOW-INCOME, MARGINALIZED, AND UNDERSERVED COMMUNITIES IN KING COUNTY AND THE UNITED STATES.

DESIGN AND MANAGEMENT OF AFFORDABLE LENDING PROGRAMS THAT SEEK TO INCREASE ECONOMIC EQUALITY FOR COMMUNITIES FACING DISCRIMINATION.
Expenses $96,793

As filed on the 2022 return.

Listed in Part VII

Sandhya NakhasiSANDHYA NAKHASI

BOARD MEMBER/PRESIDENT

Total calculated

$0

Hours/week

1
Ryan GlasgoRYAN GLASGO

BOARD MEMBER/TREASURER

Total calculated

$0

Hours/week

1
Rodney FoxworthRODNEY FOXWORTH

BOARD MEMBER/VICE PRESIDENT

Total calculated

$0

Hours/week

1
Vivienne LeeVIVIENNE LEE

BOARD MEMBER/SECRETARY

Total calculated

$0

Hours/week

1

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.

Schedule J

Answered yes

None.

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)

FORM 990 PART VII: BASED ON THE AFFILIATION AGREEMENT BETWEEN COMMON FUTURE AND COMMUNITY CREDIT LAB, COMMON FUTURE BECOMES THE SOLE VOTING MEMBER OF COMMUNITY CREDIT LAB. COMMON FUTURE DETERMINES THE SIZE AND COMPOSITION OF COMMUNITY CREDIT LAB BOARD OF DIRECTORS.

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.

Provenance

Return type: form_990
Tax year: 2022
Filed: 22 January 2024
IRS schema version: 2022v5.0
Source object: 202420299349300932

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