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Nonprofiteer
← COMMUNITY FIRST FUND

Form 990 for tax year 2022

Filed by COMMUNITY FIRST FUND.

Totals

Total revenue
$19,580,531
Total expenses
$14,804,627
Contributions and grants received
$12,119,435
Grants paid
$644,925
Program service revenue
$7,461,096
Investment income
$0
Other revenue
$0
Total assets, end of year
$149,979,380
Total liabilities, end of year
$87,561,622
Net assets or fund balances, end of year
$62,417,758
Program services expenses (Part IX)
$11,005,470
Management and general expenses
$2,921,082
Fundraising expenses
$878,075
Program service expenses (Part III)
$11,005,470

Program services were 74.3% 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)

    $8,239,538

  • 1f · All other contributions, gifts and grants

    $3,879,897

  • 2a · Program service revenue: INTEREST INCOME

    total $5,079,724 · related or exempt $5,079,724

  • 2b · Program service revenue: NEW MARKET TAX CREDIT

    total $1,354,730 · related or exempt $1,354,730

  • 2c · Program service revenue: OTHER

    total $684,396 · related or exempt $684,396

  • 2d · Program service revenue: LOAN AND SERVICE FEES

    total $342,246 · related or exempt $342,246

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $644,925 · program services $644,925

  • 7 · Other salaries and wages

    total $6,279,363 · program services $5,441,696 · management and general $354,784 · fundraising $482,883

  • 9 · Other employee benefits

    total $1,306,473 · program services $1,130,360 · management and general $74,600 · fundraising $101,513

  • 10 · Payroll taxes

    total $416,911 · program services $360,711 · management and general $23,806 · fundraising $32,394

  • 11b · Fees: legal

    total $167,357 · program services $49,370 · management and general $117,987

  • 11c · Fees: accounting

    total $86,350 · program services $25,473 · management and general $60,877

  • 11g · Fees: other

    total $443,366 · program services $130,793 · management and general $312,573

  • 12 · Advertising and promotion

    total $210,864 · program services $105,432 · management and general $42,173 · fundraising $63,259

  • 13 · Office expenses

    total $484,309 · program services $392,990 · management and general $35,335 · fundraising $55,984

  • 16 · Occupancy

    total $633,141 · program services $547,796 · management and general $36,151 · fundraising $49,194

  • 17 · Travel

    total $268,353 · program services $232,179 · management and general $15,323 · fundraising $20,851

  • 19 · Conferences, conventions and meetings

    total $105,490 · program services $52,745 · management and general $21,098 · fundraising $31,647

  • 20 · Interest

    total $1,796,724 · management and general $1,796,724

  • 22 · Depreciation, depletion and amortization

    total $203,793 · program services $176,322 · management and general $11,636 · fundraising $15,835

  • 23 · Insurance

    total $60,021 · program services $51,917 · management and general $3,433 · fundraising $4,671

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $857,571 · program services $857,571

  • 24b · Other expenses: MISCELLANEOUS

    total $261,154 · program services $261,154

  • 24c · Other expenses: FILING FEES

    total $209,463 · program services $209,463

  • 24d · Other expenses: TEMPORARY HELP

    total $209,210 · program services $181,008 · management and general $11,946 · fundraising $16,256

  • 24e · All other expenses

    total $159,789 · program services $153,565 · management and general $2,636 · fundraising $3,588

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,371,628 · end of year $13,137,655

  • 2 · Savings and temporary cash investments

    beginning of year $44,388,537 · end of year $20,040,419

  • 3 · Pledges and grants receivable

    beginning of year $1,165,123 · end of year $1,265,673

  • 4 · Accounts receivable

    beginning of year $140,334 · end of year $1,001,861

  • 7 · Other notes and loans receivable

    beginning of year $71,866,799 · end of year $89,988,384

  • 9 · Prepaid expenses and deferred charges

    beginning of year $280,323 · end of year $220,304

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

    $8,318,704

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

    $1,430,905

  • 10c · Land, buildings and equipment, net

    beginning of year $6,796,699 · end of year $6,887,799

  • 13 · Investments: program-related

    beginning of year $857,401 · end of year $17,202,571

  • 15 · Other assets

    end of year $234,714

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,895,357 · end of year $1,929,915

  • 18 · Grants payable

    beginning of year $4,388,524 · end of year $4,725,000

  • 19 · Deferred revenue

    beginning of year $5,181,425 · end of year $7,709,903

  • 23 · Secured mortgages and notes payable

    beginning of year $53,226,676 · end of year $52,982,769

  • 25 · Other liabilities

    beginning of year $19,320,658 · end of year $20,214,035

  • 27 · Net assets without donor restrictions

    beginning of year $51,568,576 · end of year $58,750,571

  • 28 · Net assets with donor restrictions

    beginning of year $6,285,628 · end of year $3,667,187

Mission and programs · 2022

Mission

TO PROMOTE COMMUNITY AND WORK-BASED ECONOMIC DEVELOPMENT. THE ORGANIZATION PROVIDES LOANS FOR COMMUNITY PROJECTS AND TECHNICAL ASSISTANCE TO HOUSING & ECONOMIC DEVELOPMENT PROJECTS THAT HAVE A DIRECT AND MEASURABLE BENEFIT TO LOW INCOME PERSONS AND CONTRIBUTE TO SOCIAL PROGRESS AND ECONOMIC DEVELOPMENT IN THE SOUTH CENTRAL PENNSYLVANIA REGION. ON JULY 1, 2020, THE ORGANIZATION MERGED WITH FINANTA, A PHILADELPHIA BASED NONPROFIT CDFI LOAN FUND FOUNDED IN 1996. FINANTA CONVERTED TO A MEMBER OWNED NONPROFIT CORPORATION AND APPOINTED THE ORGANIZATION AS ITS SOLE MEMBER. BY VIRTUE OF THE ORGANIZATION BEING THE SOLE MEMBER OF FINANTA, FINANTA IS CONSIDERED A SUBSIDIARY OF THE ORGANIZATION. THE CONSOLIDATION OF THE TWO ORGANIZATIONS ADDED 19,959,381.

Activities or mission (Part I)

TO PROVIDE LOANS AND TECHNICAL ASSISTANCE TO HOUSING & ECONOMIC DEVELOPMENT PROJECTS THAT HAVE A DIRECT AND MEASURABLE BENEFIT FOR LOW INCOME PERSONS AND CONTRIBUTE TO SOCIAL PROGRESS AND ECONOMIC DEVELOPMENT.

  • COMMUNITY FIRST FUND PROMOTES COMMUNITY AND ECONOMIC DEVELOPMENT BY PROVIDING AFFORDABLE LOANS TO ENTITIES THROUGHOUT CENTRAL AND EASTERN PENNSYLVANIA, INCLUDING SMALL BUSINESSES, DEVELOPERS OF AFFORDABLE HOUSING, COMMUNITY-BASED ORGANIZATIONS, WOMEN, PEOPLE OF COLOR. ON JULY 1, 2020, COMMUNITY FIRST FUND MERGED WITH FINANTA, A PHILADELPHIA BASED NONPROFIT CDFI LOAN FUND. FINANTA CONVERTED TO A MEMBER OWNED NONPROFIT CORPORATION AND APPOINTED COMMUNITY FIRST FUND AS ITS SOLE MEMBER. DURING THE YEAR ENDING JUNE 30, 2023, THE ORGANIZATION CLOSED 292 NEW LOANS. THE ORGANIZATION FINANCED 638 HOUSING UNITS FOR LOW AND MODERATE INCOME INDIVIDUALS. THROUGH THE ORGANIZATIONS FINANCING EFFORTS, 1,273 JOBS WERE CREATED OR RETAINED, AND 872,393 SQUARE FEET OF BUSINESS REAL ESTATE WAS DEVELOPED OR REHABBED. IN MARCH 2020 IN RESPONSE TO THE COVID-19 PANDEMIC, THE ORGANIZATION SHIFTED ITS FOCUS TO PARTICIPATION IN AND PROMOTION OF VARIOUS GRANT AND LOAN PROGRAMS TO BUSINESSES LOCATED IN LOW-INCOME COMMUNITIES AND OWNED BY PEOPLE OF COLOR. BY JUNE 30, 2020, THE ORGANIZATION HAD DIRECTLY PROVIDED EMERGENCY FINANCIAL RELIEF IN THE FORM OF LOW-INTEREST LOANS TO 24 BUSINESSES AND HAD MANAGED THE PROGRAM TO FUND 461 SBA PAYCHECK PROTECTION PROGRAM LOANS TOTALING 15,784,735 THROUGH ITS SUBSIDIARY COMMUNITY FIRST CAPITAL CORP.

    Expenses $10,997,190 · Grants $644,925 · Revenue $6,106,366

  • NEW MARKETS TAX CREDIT PROGRAM TO DATE THE ORGANIZATION WAS GRANTED 90 MILLION OF NEW MARKETS TAX CREDIT ALLOCATION FROM THE US TREASURY. THE ORGANIZATION HAS ENTERED INTO AGREEMENTS WITH INVESTOR MEMBERS TO FUND 14 NEW MARKETS TAX CREDIT PROJECTS THROUGHOUT CENTRAL AND EASTERN PA. SIX PROJECTS ARE REMAINING AT 6/30/2023.

    Expenses $8,280 · Revenue $1,354,730

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

Listed in Part VII

  • Daniel Betancourt

    PRESIDENT &

    Total calculated
    $402,256
    From this org
    $313,572
    From related orgs
    $0
    Other
    $88,684
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $313,572
    Bonus
    not reported
    Other
    not reported
    Deferred
    $83,445
    Nontaxable benefits
    $5,239
    Filer's total
    $402,256

  • Anthony Pappion

    CFO

    Total calculated
    $195,266
    From this org
    $182,938
    From related orgs
    $0
    Other
    $12,328
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $182,938
    Bonus
    not reported
    Other
    not reported
    Deferred
    $361
    Nontaxable benefits
    $11,967
    Filer's total
    $195,266

  • Joan Brodhead

    CHIEF STRAT.

    Total calculated
    $186,840
    From this org
    $177,389
    From related orgs
    $0
    Other
    $9,451
    Hours/week
    48 + 1 related

    Schedule J breakdown matched by us

    Base
    $177,389
    Bonus
    not reported
    Other
    not reported
    Deferred
    $2,233
    Nontaxable benefits
    $7,218
    Filer's total
    $186,840

  • James Buerger

    HOUSING & CR

    Total calculated
    $162,855
    From this org
    $142,517
    From related orgs
    $0
    Other
    $20,338
    Hours/week
    50 + 1 related

    Schedule J breakdown matched by us

    Base
    $142,517
    Bonus
    not reported
    Other
    not reported
    Deferred
    $7,411
    Nontaxable benefits
    $12,927
    Filer's total
    $162,855

  • Chris Casciano

    VP SALES & O

    Total calculated
    $128,718
    From this org
    $112,822
    From related orgs
    $0
    Other
    $15,896
    Hours/week
    45 + 1 related

  • Dragan Dodik

    CHIEF LENDIN

    Total calculated
    $105,371
    From this org
    $104,593
    From related orgs
    $0
    Other
    $778
    Hours/week
    47 + 1 related

  • Lenin Agudo

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jonathan Bowser

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Marilyn Brown

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Natalia Dominguez Buckley

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Joshua Druce

    VP LOAN ADMI

    Total calculated
    $0
    Hours/week
    40 + 1 related

  • Jonathan Encarnacion

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Gregory Edwards

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dana Hanchin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Samuel T Cooper III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Carlos Lopez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • R Eric Menzer

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lawrence McComie

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Robert Torres

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Vince Tseng

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Bennett

    CFO 1/1/2024

    Total calculated
    $0

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

  • COMMUNITY FIRST FUND FEDERAL CREDIT

    $644,925

    FUNDING

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FINANTA

    LOANS · PA · income $494,684 · assets $33,843,898

    Directly controlled by COMMUNITY FIRST FUND

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CFF SUB CDE 4 LLC

    RELATED · NMTC · PA · share of income $17 · general or managing partner

    Directly controlled by CFF SUB CDE 4 LLC

  • CFF SUB CDE 5 LLC

    RELATED · NMTC · PA · share of income $33 · general or managing partner

    Directly controlled by CFF SUB CDE 5 LLC

  • CFF SUB CDE 6 LLC

    RELATED · NMTC · PA · 0.01% owned · share of income -$10 · share of assets $572 · general or managing partner

    Directly controlled by CFF SUB CDE 6 LLC

  • CFF SUB CDE 7 LLC

    RELATED · NMTC · PA · 0.01% owned · share of income $23 · share of assets $1,148 · general or managing partner

    Directly controlled by CFF SUB CDE 7 LLC

  • CFF SUB CDE 8 LLC

    RELATED · NMTC · PA · 0.01% owned · share of income $9 · share of assets $438 · general or managing partner

    Directly controlled by CFF SUB CDE 8 LLC

  • CFF SUB CDE 9 LLC

    RELATED · NMTC · PA · 0.01% owned · share of income $13 · share of assets $682 · general or managing partner

    Directly controlled by CFF SUB CDE 9 LLC

  • CFF SUB CDE 10 LLC

    RELATED · NMTC · PA · 0.01% owned · share of income $34 · share of assets $808 · general or managing partner

    Directly controlled by CFF SUB CDE 10 LLC

  • CFF SUB CDE 12 LLC

    RELATED · NMTC · PA · 0.01% owned · share of assets $612 · general or managing partner

    Directly controlled by CFF SUB CDE 12 LLC

  • CFF SUB CDE 13 LLC

    RELATED · NMTC · PA · 0.01% owned · share of income $18 · share of assets $537 · general or managing partner

    Directly controlled by CFF SUB CDE 13 LLC

  • CFF SUB CDE 14 LLC

    RELATED · NMTC · PA · 0.01% owned · share of income $3 · share of assets $983 · general or managing partner

    Directly controlled by CFF SUB CDE 14 LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CFF SUB CDE 11 LLC

    C CORP · NMTC · PA · 0.01% owned · share of income $153,093 · share of assets $8,024,201

    Directly controlled by CFF SUB

Provenance

Return type
form_990
Tax year
2022
Filed
28 March 2024
IRS schema version
2022v5.0
Source object
202411349349301971

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