Overview
What is International Institute Community Development Corporation?
The International Institute Community Development Corporation, abbreviated as IICDC, is a nonprofit organization situated in St. Louis, Missouri. Established in 2006, their primary mission is to foster the long-term self-sufficiency of immigrants in the St. Louis metropolitan area. They achieve this by offering microlending services, credit and asset training, business technical assistance, and income tax preparation assistance to eligible immigrant entrepreneurs. IICDC provides micro-loans up to $35,000, supported by wraparound business development assistance and training, covering topics like credit counseling, business plan development, and market analysis. Additionally, they offer small-dollar credit builder/repair loans to help newly arrived immigrants build and repair their credit. The organization received Community Development Financial Institution (CDFI) status in 2008 and successfully completed the CDFI re-certification process in 2013. Their lending capital comprises funds from partner banks, CDFI funding, and institutional donors. In 2022, they made 24 new loans to immigrant and refugee entrepreneurs, totaling $146,750. IICDC also hosts a free tax filing program, completing 702 returns and generating $926,800 in refunds for individuals and households, resulting in $174,980 in cost avoidance due to the tax preparation fees being offered at no cost.
Official website here: www.iicdcstl.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100%, Four-Star out of Four Star rating.
The International Institute Community Development Corporation has achieved an impressive 100% rating, reflecting its strong commitment to accountability and financial management. This high score is based entirely on its Accountability & Finance beacon, indicating a robust operational structure and effective governance practices. The organization boasts a fully independent board of 11 members, ensuring that decision-making is unbiased and in the best interest of its stakeholders.
Strengths of the organization include a low material diversion of assets and high transparency, as evidenced by the presence of essential policies like conflict of interest and whistleblower protections. The charity also maintains a strong program expense ratio of 97.46%, demonstrating that a significant portion of its funding is directed toward fulfilling its mission rather than administrative costs. Furthermore, all necessary documents, including meeting minutes and tax forms, are readily available on its website, enhancing its transparency.
While the organization showcases many strengths, the liabilities to assets ratio stands at 45.01%, which may indicate a moderate level of debt. However, this figure does not detract significantly from their overall financial health. Overall, the International Institute Community Development Corporation represents an effective and accountable nonprofit, dedicated to its community development mission.
This AI summary has been generated from information found on Charity Navigator.
Is International Institute Community Development Corporation legitimate?
International Institute Community Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. International Institute Community Development Corporation 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: $0
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Other Salaries and Wages: $25,194
For more financial information, click here
Official website here: www.iicdcstl.org
What is the mission statement of International Institute Community Development Corporation?
The International Institute Community Development Corporation's mission is centered around advancing the long-term self-sufficiency of immigrants. They achieve this through various asset-building strategies, including microlending. The corporation provides credit, business, and asset training to immigrants, as well as microlending opportunities for immigrant entrepreneurs. They also offer credit builder loans and income tax preparation assistance to help immigrants build and repair their credit. The organization's activities are funded by a variety of sources, including the Office of Refugee Resettlement, local banks, and institutional donors. In 2022, the corporation made 24 new loans to immigrant and refugee entrepreneurs, totaling $146,750. The corporation also hosted weekly events for their annual free tax filing program, completing 702 returns and generating a total of $926,800 in refunds for both state and federal returns, resulting in $174,980 in cost avoidance.
Official website here: www.iicdcstl.org
Who is the CEO of International Institute Community Development Corporation?
Benjamin C Washington is the Chair of International Institute Community Development Corporation.
Official website here: www.iicdcstl.org
What is the revenue of International Institute Community Development Corporation?
International Institute Community Development Corporation's revenue in 2022 was $43,116.
Official website here: www.iicdcstl.org
Who are the executives of International Institute Community Development Corporation and what are their salaries?
There 18 volunteers at International Institute Community Development Corporation.
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Official website here: www.iicdcstl.org
Where can I find the form 990 for International Institute Community Development Corporation?
International Institute Community Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.iicdcstl.org
Learn more at the official website: www.iicdcstl.org
Mission Statement of International Institute Community Development Corporation
The International Institute Community Development Corporation, abbreviated as IICDC, is dedicated to advancing the long-term self-sufficiency of immigrants in the St. Louis metro area. The organization achieves this mission through various asset-building strategies, primarily focusing on microlending. The Microlending and Asset Building Program of the IICDC offers credit, asset, and business training to immigrants, along with microlending opportunities for entrepreneurial immigrants. Additionally, IICDC provides Credit Builder Loans to assist immigrants in building and repairing their credit. The organization also offers income tax preparation assistance, a service funded by a private donor.
Established in 2006, IICDC is committed to expanding its microlending services to a broader immigrant community. The organization has received CDFI (Community Development Financial Institution) status from the US Department of the Treasury, and its board of directors includes representatives from the target lending markets and financial institutions. IICDC's lending capital is sourced from various funding sources, including partner banks, CDFI funding, and a private trust fund. The organization made 24 new loans to immigrant and refugee entrepreneurs in the fiscal year of 2022, totaling $146,750. During this year, IICDC managed 47 active loans with an outstanding balance of $156,904.25. Furthermore, IICDC hosted weekly events for their annual free tax filing program, completing 702 returns for individuals and households, generating a total of $926,800 in refunds for both state and federal returns, resulting in $174,980 in cost avoidance due to the tax preparation fees being offered at no cost.
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Impact
October, 2024
The International Institute Community Development Corporation (IICDC) plays a critical role in enhancing the self-sufficiency and economic empowerment of immigrants in the St. Louis metro area. Through its microenterprise and asset-building programs, IICDC provides essential services that include credit and business training, technical assistance, microlending, and credit builder loans. This multifaceted approach helps immigrants navigate the challenges of establishing their own businesses and improving their financial stability.
In 2022, IICDC made a significant impact by issuing 24 new loans totaling $146,750 to immigrant and refugee entrepreneurs, supporting their journey to financial independence. The organization also manages a portfolio of active loans, which stands at 47, showcasing its commitment to sustained financial support for immigrant communities.
Additionally, IICDC runs a yearly free tax filing program that alleviates financial burdens for low-income households. In its most recent campaign, IICDC completed 702 tax returns, generating a substantial total of $926,800 in refunds. This effort not only boosts financial resources for families but also saves them approximately $174,980 in tax preparation fees, which would have been otherwise incurred.
Through its strategic partnerships with local banks and financial institutions, along with funding from various sources, IICDC is equipped to offer loans of up to $35,000 to qualified immigrant entrepreneurs. The organization emphasizes comprehensive support by providing training in areas such as credit counseling, business plan development, financial modeling, and market analysis. This integrated approach fosters a supportive environment where immigrant entrepreneurs can thrive, ultimately contributing to the economic vitality of the St. Louis community.
This information is meant to be a general summary of International Institute Community Development Corporation. 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.
- Program Service Revenue: $26,116
- Gross Receipts: $43,116
Assets and Liabilities:
- Total Assets: $956,505
- Total Liabilities: $430,569
- Net Assets: $525,936
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST
Revenue
$13,230
LOAN AND CLOSING FEES
Revenue
$12,886
Organization Details
Founding Year
2006
Phone
(314) 773-9090Principal Officer
Benjamin C Washington
Main Address
3401 ARSENAL STREET, ST LOUIS, MO, 63118
Website
www.iicdcstl.orgNTEE Category
Code: P84 - Human services
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