Overview
What is Hartford Community Loan Fund Inc?
Hartford Community Loan Fund Inc, located in Hartford, Connecticut, is a nonprofit organization dedicated to improving the living conditions of low-income residents in the greater Hartford area. They achieve this by offering acquisition and rehabilitation financing for blighted and underutilized residential and mixed-use properties. This initiative aims to reduce urban blight and expand the availability of affordable housing in the city. The organization continues to service loans originated under its commercial loan and home improvement loan programs, which were discontinued prior to June 30, 2015. Hartford Community Loan Fund Inc's mission is to provide and promote just and affordable financial services that benefit the communities it serves. It employs a team of 11 individuals to carry out its mission.
Official website here: www.hartfordloans.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 92%, Four-Star out of Four Star rating.
Hartford Community Loan Fund Inc has achieved a commendable Four-Star rating from Charity Navigator, reflecting strong accountability and finance practices. With a perfect score for majority independent board members and a solid financial statement oversight, the organization demonstrates a commitment to effective governance and transparency. Specifically, the absence of material asset diversion further underscores its reliability and integrity in financial management.
The organization excels in its financial health, evidenced by the favorable liabilities to assets ratio and a high program expense ratio, indicating that a significant portion of its funding is directed towards its programs. These metrics suggest a well-managed organization that prioritizes its mission and services to the community. The independent board structure and policies in place contribute to its operational effectiveness.
However, the absence of a whistleblower policy noted in the assessment may indicate a gap in its governance practices. While overall accountability is strong, addressing this potential limitation could enhance the organization's commitment to transparency and ethical standards even further.
This AI summary has been generated from information found on Charity Navigator.
Is Hartford Community Loan Fund Inc legitimate?
Hartford Community Loan Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hartford Community Loan Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $128,033
Professional Fundraising Fees: $0
Other Salaries and Wages: $641,883
For more financial information, click here
Official website here: www.hartfordloans.org
What is the mission statement of Hartford Community Loan Fund Inc?
Hartford Community Loan Fund Inc's mission is centered around providing and promoting just and affordable financial services that benefit low-income residents in the communities they serve. Their goal is to enhance the financial well-being of these individuals by offering suitable financial solutions. The organization actively works towards the renovation of blighted and underutilized residential and mixed-use properties in their region. This initiative aims to reduce urban decay and increase the availability of affordable housing for low-income residents. Hartford Community Loan Fund Inc continues to maintain loans originated under its commercial loan and home improvement loan programs, which were discontinued prior to the fiscal year ending June 30, 2015.
Official website here: www.hartfordloans.org
Who is the CEO of Hartford Community Loan Fund Inc?
Rex Fowler is the President of Hartford Community Loan Fund Inc. The CEO's salary of Hartford Community Loan Fund Inc is $98,708 and their total compensation is $112,207.
Official website here: www.hartfordloans.org
What is the revenue of Hartford Community Loan Fund Inc?
Hartford Community Loan Fund Inc's revenue in 2022 was $2,492,245.
Official website here: www.hartfordloans.org
Who are the executives of Hartford Community Loan Fund Inc and what are their salaries?
The average compensation at Hartford Community Loan Fund Inc during 2022 was $69,992. There are 11 employees and 11 volunteers at Hartford Community Loan Fund Inc.
Here are 12 key members and their salaries (Hartford Community Loan Fund Inc's CEO's salary is $98,708 and their total compensation is $112,207):
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- Compensation: $98,708
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- Other: $13,499
Official website here: www.hartfordloans.org
Where can I find the form 990 for Hartford Community Loan Fund Inc?
Hartford Community Loan Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hartfordloans.org
Learn more at the official website: www.hartfordloans.org
Mission Statement of Hartford Community Loan Fund Inc
Hartford Community Loan Fund Inc is dedicated to providing and promoting just and affordable financial services that benefit low-wealth residents in the communities it serves. The nonprofit organization's mission is to facilitate the renovation of blighted and underutilized residential and mixed-use properties in the greater Hartford region. By doing so, Hartford Community Loan Fund aims to reduce urban decay and increase the availability of affordable housing for low-income residents. In addition, the nonprofit continues to service loans originated under its commercial loan program and home improvement loan program, which were discontinued before the fiscal year ending June 30, 2015.
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Impact
July, 2024
Hartford Community Loan Fund Inc's impact can be seen in the revitalization of blighted and underutilized properties in the Greater Hartford region. By providing acquisition and rehab financing, they contribute to the renovation of properties, ultimately reducing blight and increasing the availability of affordable housing for low-income residents in the city. Through their programs, Hartford Community Loan Fund works towards creating a more vibrant and inclusive community, promoting economic stability, and improving the overall quality of life for residents in the areas they serve.
This information is meant to be a general summary of Hartford Community Loan Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3,715
- Program Service Revenue: $784,711
- Gross Receipts: $2,589,849
Assets and Liabilities:
- Total Assets: $15,357,554
- Total Liabilities: $6,025,004
- Net Assets: $9,332,550
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$718,002
LOAN PORTFOLIO FEE INC
Revenue
$66,709
Organization Details
Founding Year
1994
Phone
(860) 296-7005Principal Officer
Rex Fowler
Main Address
215 GARDEN STREET, HARTFORD, CT, 06105
Website
www.hartfordloans.orgNTEE Category
Code: S410 - Community improvement
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