Overview
What is First City Fund Corporation?
First City Fund Corporation (FCFC) is a charitable organization established in 2004, following negotiations between the city of New Haven and New Haven Savings Bank (now KeyCorp). The primary aim was to ensure continued financial support for New Haven's underprivileged citizens, as the bank was planning to expand beyond the region. FCFC received tax-exempt status in 2005 and used its resources to establish a community development bank, New Haven Bank. The bank provides various banking services to private customers in south-central Connecticut and operates within the Greater New Haven Area, focusing on community development projects such as affordable housing, education, and small business development. FCFC supports initiatives that revitalize or stabilize low-income neighborhoods and offers charitable assistance to those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 40%
First City Fund Corporation has received a Zero-Star out of Four Star rating, indicating significant concerns regarding its financial accountability and transparency. The organization scores particularly low in areas such as program expenses, where it reports a 0.00% ratio, meaning it does not allocate funds towards its stated programs. This raises questions about the effectiveness of its operations and its overall impact.
Despite the low financial score, the organization does have some strengths. It has a fully independent board, scoring 100% for majority independent members, and it has no reported material diversion of assets. Additionally, their conflict of interest policy is in place, which reflects an effort towards ethical management.
However, there are notable limitations that contribute to its low rating. The absence of a whistleblower policy and a document retention and destruction policy are serious oversights in governance practices. Furthermore, critical financial information, such as the posting of the tax form on the nonprofit's website, is missing, which further undermines trust and accountability.
This AI summary has been generated from information found on Charity Navigator.
Is First City Fund Corporation legitimate?
First City Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. First City Fund 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
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of First City Fund Corporation?
The First City Fund Corporation is committed to promoting community development within its area of operation, which is not specified in the provided information. Their activities encompass various sectors such as affordable housing, education, community services, small business development, economic development, and revitalizing or stabilizing low and moderate income geographies. They also offer charitable assistance to those in need and engage in activities that promote community development financial institutions serving low and moderate income geographies. These activities may include planning, marketing, studying, researching, or investing in these institutions. The corporation can acquire, own, hold, control, maintain, manage, convey, dispose of, or change the character of property for lawful purposes.
Who is the CEO of First City Fund Corporation?
Michael Kinne is the Director & President of First City Fund Corporation.
What is the revenue of First City Fund Corporation?
First City Fund Corporation's revenue in 2022 was $0.
Who are the executives of First City Fund Corporation and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for First City Fund Corporation?
First City Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of First City Fund Corporation
First City Fund Corporation is an organization dedicated to promoting community development within the greater New Haven area. Its mission encompasses various initiatives aimed at enhancing the lives of individuals in need. These initiatives include affordable housing, education, community services, small business development, economic development, and revitalizing or stabilizing low and moderate income geographies. Beyond these, the corporation also extends charitable assistance to those in need.
In addition to these, First City Fund Corporation focuses on community development financial institutions within the greater New Haven area. This involves planning, marketing, studying, researching, or investing in low and moderate income geographies. The corporation has the power to acquire property, own, hold, control, maintain, manage, convey, dispose of, or change the character of such property, and engage in any lawful act or activity for which a corporation may be organized under the Revised Non-Stock Corporation Act. This broad scope allows First City Fund Corporation to contribute significantly to the community development in a comprehensive and impactful manner.
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Impact
October, 2024
First City Fund Corporation (FCFC) has a significant impact on the Greater New Haven area by actively promoting community development through various initiatives. Established in 2004 to ensure financial access for lower-income and underserved citizens, FCFC has been instrumental in addressing economic disparities and revitalizing neighborhoods.
One of the key contributions of FCFC has been the creation of the New Haven Bank, a community development bank that provides essential banking services to the local population. This bank not only enhances financial inclusion but also supports housing, education, community services, and small business development in the region.
By focusing on activities that stabilize and revitalize low and moderate-income areas, FCFC plays a critical role in fostering economic development. This includes investing in affordable housing and providing charitable assistance to those in need, effectively addressing the challenges faced by vulnerable communities.
Additionally, FCFC engages in activities that promote community development financial institutions, creating pathways for investment and growth in financially underserved regions. Through strategic planning, marketing, and research, FCFC ensures that the economic needs of the Greater New Haven area are met and that opportunities for community improvement are actively pursued.
Overall, FCFC's initiatives are central to enhancing the quality of life for residents in New Haven, fostering economic resilience, and building a supportive community fabric.
This information is meant to be a general summary of First City Fund 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.
Assets and Liabilities:
- Total Assets: $20,161,444
- Total Liabilities: $16,041
- Net Assets: $20,145,403
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Organization Details
Founding Year
2004
Phone
(203) 772-1426Principal Officer
Michael Kinne
Main Address
299 WHALLEY AVENUE, NEW HAVEN, CT, 065113141
NTEE Category
Code: S11 - Community improvement
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