Overview
What is Community Financial Resources?
Community Financial Resources, based in Oakland, California, is a nonprofit organization dedicated to empowering both non-profit organizations and their low-income constituents. Through extensive research, education, and technical assistance, they aim to enhance financial literacy, money management skills, and the effective use of low-cost financial products and services. Their mission encompasses providing program development support, ensuring that these organizations can better serve their communities. With a team of six dedicated individuals, Community Financial Resources plays a crucial role in fostering financial stability and independence for underserved populations.
Official website here: www.communityfinancialresources.net
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Community Financial Resources received a Two-Star out of Four Star rating from Charity Navigator, with an overall score of 66%. This rating indicates that while the organization demonstrates some strengths in accountability and financial practices, there are significant areas requiring improvement. The organization boasts a highly independent board, with 83% of members being independent, which is a positive sign for governance.
Strengths include a strong program expense ratio at 81.02%, indicating that a substantial portion of their funds is directed towards their programs rather than administrative costs. Additionally, they have no material diversion of assets, and their conflict of interest policy is in place. However, the absence of a whistleblower policy and a document retention and destruction policy raises concerns about organizational transparency and risk management.
While the organization maintains good practices in certain areas, the missing policies could pose risks to its operational integrity. Overall, Community Financial Resources shows potential but must address its governance shortcomings to enhance its accountability and performance.
This AI summary has been generated from information found on Charity Navigator.
Is Community Financial Resources legitimate?
Community Financial Resources is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Financial Resources 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: $117,778
Professional Fundraising Fees: $20,430
Other Salaries and Wages: $279,731
For more financial information, click here
Official website here: www.communityfinancialresources.net
What is the mission statement of Community Financial Resources?
Community Financial Resources is committed to supporting non-profit organizations and their low-income constituents by conducting research, offering education, and providing technical assistance. The focus is on improving financial literacy, money management skills, and enhancing the ability to utilize and effectively access affordable financial products and services. This organization aims to empower these communities, contributing to their financial well-being and stability.
Official website here: www.communityfinancialresources.net
Who is the CEO of Community Financial Resources?
David Derryck is the President of Community Financial Resources.
Official website here: www.communityfinancialresources.net
What is the revenue of Community Financial Resources?
Community Financial Resources's revenue in 2022 was $1,083,185.
Official website here: www.communityfinancialresources.net
Who are the executives of Community Financial Resources and what are their salaries?
The average compensation at Community Financial Resources during 2022 was $66,252. There are 6 employees and 6 volunteers at Community Financial Resources.
Here are 6 key members and their salaries:
- Compensation: $117,778
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.communityfinancialresources.net
Where can I find the form 990 for Community Financial Resources?
Community Financial Resources's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.communityfinancialresources.net
Learn more at the official website: www.communityfinancialresources.net
Mission Statement of Community Financial Resources
Community Financial Resources, a non-profit organization, is dedicated to conducting research, delivering education, and facilitating program development and technical assistance for both non-profit entities and their low-income constituents. The primary focus of their mission is to enhance financial literacy, money management skills, and the effective utilization of affordable financial products and services among these groups. By providing this assistance, Community Financial Resources aims to empower non-profits and their low-income clients, enabling them to make informed financial decisions and improve their financial well-being.
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Impact
October, 2024
Community Financial Resources (CFR) plays a pivotal role in enhancing financial literacy and capability among low-income individuals and the organizations that support them. By offering comprehensive research, educational resources, and technical assistance, CFR equips nonprofit organizations with the tools they need to effectively teach money management skills and promote the use of affordable financial products and services.
In Oakland, CA, CFR's efforts create a ripple effect that uplifts communities by empowering individuals with the knowledge and resources to make informed financial decisions. By focusing on practical education and program development, CFR helps organizations tailor their services to meet the unique needs of their constituents, fostering greater financial inclusion and stability.
The impact of CFR is evident as it strengthens the financial foundations of vulnerable populations, reduces economic barriers, and promotes sustainable financial practices. Through these initiatives, CFR not only enhances individual well-being but also contributes to broader community resilience and economic empowerment.
This information is meant to be a general summary of Community Financial Resources. 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: $1,426
- Program Service Revenue: $338,812
- Gross Receipts: $1,083,185
Assets and Liabilities:
- Total Assets: $5,378,662
- Total Liabilities: $3,734,705
- Net Assets: $1,643,957
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Service Fees
Revenue
$338,812
Organization Details
Founding Year
2005
Phone
(917) 601-1377Principal Officer
David Derryck
Main Address
248 3rd St Suite 901-1007, Oakland, CA, 94607
NTEE Category
Code: W05 - Public benefit
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