Overview
What is Opportunity Finance Network?
Opportunity Finance Network (OFN) is a leading organization dedicated to expanding access to responsible and affordable financial services for low-income and low-wealth communities throughout the United States. Based in Philadelphia, Pennsylvania, OFN functions as a network of more than 350 Community Development Financial Institutions (CDFIs), including community banks, credit unions, and loan funds. OFN's mission is to empower CDFIs and their partners by providing financial products and services, increasing their strength and capacity, and amplifying their voice in the industry. Through its members, OFN invests in underserved rural, urban, and Native American communities across all 50 states, delivering affordable credit that finances community businesses, fosters job growth, and generates both sound financial returns and real changes for people and communities.
Official website here: www.ofn.org
What are the reviews and ratings of this charity?
Charity Navigator rating: 91%, Four-Star out of Four Star rating
Opportunity Finance Network has achieved a strong 91% rating on Charity Navigator, which reflects its high standards in accountability and finance. The overall score is derived entirely from the accountability and finance category, highlighting the organization's commitment to transparency and effective financial management.
The nonprofit demonstrates exemplary governance with a fully independent board and comprehensive policies, including conflict of interest and whistleblower protections. Financially, Opportunity Finance Network excels with a high program expense ratio of 92.84% and impressive fundraising efficiency, indicating that the majority of resources are directed towards its mission rather than administrative costs.
However, while the organization maintains a reasonable liabilities to assets ratio of 52.57%, there could be potential concerns regarding leverage and financial risk. Nonetheless, the strong financial metrics and robust governance practices position Opportunity Finance Network as a trustworthy nonprofit in the community development finance sector.
This AI summary has been generated from information found on Charity Navigator.
Is Opportunity Finance Network legitimate?
Opportunity Finance Network is a legitimate nonprofit organization registered as a 501(c)(3) entity. Opportunity Finance Network 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: $2,761,825
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,240,753
For more financial information, click here
Official website here: www.ofn.org
What is the mission statement of Opportunity Finance Network?
The Opportunity Finance Network (OFN) aims to lead Community Development Financial Institutions (CDFIs) and their partners in ensuring that low-income, low-wealth, and other underserved communities have access to affordable and responsible financial products and services. OFN is a network of over 350 CDFIs, including community banks, credit unions, and loan funds, that invest in and finance community businesses in underprivileged areas across the US. Through OFN's financing activities, it provides affordable credit that sparks job growth and delivers both sound financial returns and real changes for people and communities. OFN offers various financial services such as on-balance-sheet lending and investing to CDFIs, fund management services, New Markets Tax Credit activity, and CDFI Bond Guarantee Program bond issuance and administrative services.
Official website here: www.ofn.org
Who is the CEO of Opportunity Finance Network?
Bhumip Patel is the Board Chair of Opportunity Finance Network. The CEO's salary of Opportunity Finance Network is $256,457 and their total compensation is $260,379.
Official website here: www.ofn.org
What is the revenue of Opportunity Finance Network?
Opportunity Finance Network's revenue in 2022 was $76,048,439.
Official website here: www.ofn.org
Who are the executives of Opportunity Finance Network and what are their salaries?
The average compensation at Opportunity Finance Network during 2022 was $84,789. There are 59 employees and 11 volunteers at Opportunity Finance Network.
Here are 27 key members and their salaries (Opportunity Finance Network's CEO's salary is $256,457 and their total compensation is $260,379):
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- Compensation: $339,989
- Related: $0
- Other: $24,078
- Compensation: $0
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- Other: $0
- Compensation: $256,457
- Related: $0
- Other: $3,922
- Compensation: $234,854
- Related: $0
- Other: $23,582
- Compensation: $230,875
- Related: $0
- Other: $3,923
- Compensation: $166,804
- Related: $0
- Other: $9,791
- Compensation: $175,650
- Related: $0
- Other: $4,140
- Compensation: $175,198
- Related: $0
- Other: $2,149
- Compensation: $187,649
- Related: $0
- Other: $3,923
- Compensation: $193,401
- Related: $0
- Other: $21,246
- Compensation: $169,638
- Related: $0
- Other: $14,060
- Compensation: $136,346
- Related: $0
- Other: $2,386
- Compensation: $130,398
- Related: $0
- Other: $7,669
- Compensation: $127,615
- Related: $0
- Other: $677
- Compensation: $122,589
- Related: $0
- Other: $27,293
- Compensation: $114,751
- Related: $0
- Other: $32,694
Official website here: www.ofn.org
Where can I find the form 990 for Opportunity Finance Network?
Opportunity Finance Network's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ofn.org
Learn more at the official website: www.ofn.org
Mission Statement of Opportunity Finance Network
Opportunity Finance Network (OFN), a leading network of over 350 Community Development Financial Institutions (CDFIs) in the United States, is dedicated to ensuring that low-income, low-wealth, and other underserved communities have access to affordable, responsible financial products and services. OFN's mission is to empower CDFIs and their partners to expand financial opportunities for people often overlooked by traditional financial institutions.
OFN's role extends beyond just financing. The organization provides various programs and services, including on-balance-sheet lending and investing to CDFIs, fee-based business services for CDFI fund management and asset management, New Markets Tax Credit activity, and CDFI bond guarantee program bond issuance and administrative services. Through these activities, OFN's members are able to finance community businesses, spur job growth, and deliver both sound financial returns and tangible changes to people and communities in need. OFN's influence within the CDFI industry not only strengthens and increases the capacity of CDFIs but also amplifies their voices. By leading this effort, Opportunity Finance Network plays a crucial role in expanding access to affordable, responsible credit for the most underserved communities across all 50 states in America.
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Impact
October, 2024
Opportunity Finance Network (OFN) drives significant impact by leading a national network of more than 350 community development financial institutions (CDFIs) that focus on providing affordable and responsible financial products and services to low-income, low-wealth, and underserved communities across the United States. By facilitating access to capital in rural, urban, and Native American areas, OFN plays a crucial role in financing community businesses and stimulating job growth in regions that require it the most.
Through its financial services, OFN supports CDFIs with on-balance-sheet lending, fund management, New Markets Tax Credit activities, and bond issuance through the CDFI Bond Guarantee Program. This strategic approach not only enhances the capacity and strength of the CDFI industry but also amplifies its voice, advocating for the needs of disinvested communities.
The cumulative effect of OFN's work translates into tangible improvements for individuals and communities, delivering both sound financial returns and meaningful changes in their economic landscape. This commitment to expanding access to responsible capital fosters a more equitable financial environment, thereby empowering those who have historically faced barriers to financial resources.
This information is meant to be a general summary of Opportunity Finance Network. 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: $1,035,933
- Program Service Revenue: $11,902,140
- Gross Receipts: $76,051,659
Assets and Liabilities:
- Total Assets: $294,224,646
- Total Liabilities: $154,676,168
- Net Assets: $139,548,478
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$5,053,861
OTHER FEES
Revenue
$3,422,644
SPONSORSHIP INCOME
Revenue
$1,928,583
TRAINING EVENTS
Revenue
$1,497,052
Organization Details
Founding Year
2006
Phone
(215) 320-4317Principal Officer
Bhumip Patel
Main Address
123 S BROAD STREET SUITE 1930, PHILADELPHIA, PA, 19109
Website
www.ofn.orgNTEE Category
Code: W60 - Public benefit
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