Overview
What is Community Capital New York Inc?
Community Capital New York Inc is a nonprofit organization situated in Elmsford, New York, with a mission to foster economic opportunity for underserved individuals and low-wealth communities. Established three decades ago, the organization has been revitalizing communities and transforming lives in the Mid-Hudson Valley, Bronx, and Fairfield County, Connecticut. Community Capital New York Inc specializes in providing innovative loans and business training to support entrepreneurs and the development of affordable homes, enabling all residents to become stakeholders in a more inclusive economy. The organization, which employs ten individuals, offers fair and transparent loans and lines of credit with flexible rates and terms, alongside free, ongoing financial coaching, one-on-one consulting, and business training services to ensure sustainable results. Since 2003, Community Capital New York Inc has extended microloans worth $12.5 million to over 500 small businesses, primarily targeting low- to moderate-income entrepreneurs of color who had difficulty accessing capital from traditional banks.
Official website here: www.communitycapitalny.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 98% (Four-Star out of Four Star rating)
Community Capital New York Inc has achieved a remarkable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. With a perfect score of 100 in several financial categories, the organization demonstrates excellent oversight, fiscal responsibility, and transparency. This includes 100% independent board membership and robust financial audits, indicating a solid governance structure.
The nonprofit also scores well in culture and community, receiving an 87% rating in this area. It excels in collecting and utilizing constituent feedback, ensuring that the voices of those it serves are considered in program development and organizational practices. This focus on community engagement contributes positively to its effectiveness and mission alignment.
However, while Community Capital New York Inc shows significant strengths, there are areas for improvement, particularly in equity strategies, where it scored 81 out of 100. This indicates that while the organization is making efforts in equity and inclusion, there are still gaps in data collection and policy development that could be addressed to enhance its overall impact.
This AI summary has been generated from information found on Charity Navigator.
Is Community Capital New York Inc legitimate?
Community Capital New York Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Capital New York 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: $141,667
Professional Fundraising Fees: $0
Other Salaries and Wages: $474,080
For more financial information, click here
Official website here: www.communitycapitalny.org
What is the mission statement of Community Capital New York Inc?
Community Capital New York Inc, as a nonprofit lender, has been revitalizing communities and transforming lives for 32 years in the Mid-Hudson Valley, Bronx, and Fairfield County, CT. The organization's mission is to foster economic opportunity for underserved individuals and low-wealth communities. They achieve this by providing innovative loans and business training to support entrepreneurs and the development of affordable homes. This empowers residents to become stakeholders in a more inclusive economy.
Official website here: www.communitycapitalny.org
Who is the CEO of Community Capital New York Inc?
Ian Benjamin is the Chairman of Community Capital New York Inc. The CEO's salary of Community Capital New York Inc is $41,667 and their total compensation is $41,667.
Official website here: www.communitycapitalny.org
What is the revenue of Community Capital New York Inc?
Community Capital New York Inc's revenue in 2022 was $4,212,008.
Official website here: www.communitycapitalny.org
Who are the executives of Community Capital New York Inc and what are their salaries?
The average compensation at Community Capital New York Inc during 2022 was $61,575. There are 10 employees and 19 volunteers at Community Capital New York Inc.
Here are 23 key members and their salaries (Community Capital New York Inc's CEO's salary is $41,667 and their total compensation is $41,667):
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- Compensation: $103,212
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- Other: $6,070
Official website here: www.communitycapitalny.org
Where can I find the form 990 for Community Capital New York Inc?
Community Capital New York Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.communitycapitalny.org
Learn more at the official website: www.communitycapitalny.org
Mission Statement of Community Capital New York Inc
Community Capital New York Inc, a nonprofit lender with a 32-year history, is dedicated to revitalizing communities and improving lives in the Mid-Hudson Valley, Bronx, and Fairfield County, CT. Its mission is to foster economic opportunity for underserved individuals and low-wealth communities by providing innovative loans and business training. This support is instrumental in nurturing entrepreneurs and facilitating the development of affordable homes. The ultimate goal is to enable all residents to become stakeholders in a more inclusive economy. By offering these resources, Community Capital New York Inc plays a significant role in uplifting disadvantaged communities, empowering individuals, and promoting equitable economic growth.
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Impact
August, 2024
Community Capital New York Inc's impact can be seen in the revitalization of communities and the transformation of lives in the Mid-Hudson Valley, Bronx, and Fairfield County, CT over the past 32 years. By providing innovative loans and business training, Community Capital supports entrepreneurs and facilitates the development of affordable homes, fostering economic opportunity for underserved individuals and low-wealth communities.
Through their small business lending and technical assistance initiatives, Community Capital has made a significant impact, offering fair and transparent loans to over 500 businesses totaling $12.5 million. The majority of these businesses are owned by low- to moderate-income individuals, women, and entrepreneurs of color who have struggled to access traditional financing. Additionally, borrowers receive free financial coaching, consulting, and business training services to ensure sustainable outcomes.
Community Capital's work not only helps businesses thrive but also empowers individuals and communities to participate in a more inclusive economy, making a lasting difference in the regions they serve.
This information is meant to be a general summary of Community Capital New York 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: $4,255
- Program Service Revenue: $748,434
- Gross Receipts: $4,212,008
Assets and Liabilities:
- Total Assets: $14,769,647
- Total Liabilities: $7,536,633
- Net Assets: $7,233,014
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADD ONE PROGRAM
Revenue
$319,841
INTEREST ON LOANS
Revenue
$298,703
LOAN ORIGINATION FEES
Revenue
$129,890
Organization Details
Founding Year
1989
Phone
(914) 747-8020Principal Officer
Ian Benjamin
Main Address
44 EXECUTIVE BLVD 203, ELMSFORD, NY, 10523
Website
www.communitycapitalny.orgNTEE Category
Code: L82Z - Housing
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