Overview
What is Renaissance Community Loan Fund?
Renaissance Community Loan Fund is a nonprofit organization situated in Gulfport, Mississippi. Their primary objective is to support the development of safe, high-quality housing for the workforce and special needs residents of the Mississippi Gulf Coast. They achieve this by providing both technical and financial assistance, thereby facilitating community growth that retains or adds jobs within the community, and stimulates entrepreneurial opportunities. Their lending programs, such as MyHome MyCoast, The Dream Fund, New Market Tax Credits, MS Gulf Coast Development Fund, and Small Business and Commercial Lending, play a crucial role in creating a self-sustaining fund that can assist numerous residents for years to come. With a team of 39 dedicated individuals, Renaissance Community Loan Fund is committed to enhancing the living conditions and economic prospects of the Mississippi Gulf Coast community.
Official website here: www.rclfms.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75% (Three-Star out of Four Stars)
Renaissance Community Loan Fund has earned a Three-Star rating from Charity Navigator, indicating a solid performance in terms of accountability and financial practices. The organization benefits from a fully independent board and has established strong operational policies, including a whistleblower policy and conflict of interest policy, which are crucial for transparency and ethical governance.
The charity's financial metrics show a mixed picture. While they have a strong working capital ratio and no material diversion of assets, their program expense ratio and fundraising efficiency could be improved. With a program expense ratio of 56.83%, there is room for increased investment directly into programs, which is essential for long-term impact.
Despite these limitations, the organization maintains a robust financial structure with a relatively low liabilities to assets ratio. Overall, Renaissance Community Loan Fund demonstrates a commitment to accountability, but there is an opportunity to enhance its effectiveness in funding and executing its core programs.
This AI summary has been generated from information found on Charity Navigator.
Is Renaissance Community Loan Fund legitimate?
Renaissance Community Loan Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Renaissance Community Loan Fund 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: $806,670
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,133,846
For more financial information, click here
Official website here: www.rclfms.com
What is the mission statement of Renaissance Community Loan Fund?
The Renaissance Community Loan Fund's mission is to provide both technical and financial assistance, aiming to facilitate the development of communities that offer safe and quality housing for the workforce and residents with special needs. This initiative is focused on the Mississippi Gulf Coast. The fund's objective also includes creating economic opportunities that either retain or generate jobs within the community or provide entrepreneurial prospects. Through various lending programs such as MyHome MyCoast, The Dream Fund, New Market Tax Credits, MS Gulf Coast Development Fund, and small business and commercial lending, the fund aims to establish a self-sustaining fund that can assist numerous residents and potential residents for many years to come.
Official website here: www.rclfms.com
Who is the CEO of Renaissance Community Loan Fund?
Kimberly Larosa is the CEO of Renaissance Community Loan Fund The CEO's salary of Renaissance Community Loan Fund is $239,640 and their total compensation is $239,640.
Official website here: www.rclfms.com
What is the revenue of Renaissance Community Loan Fund?
Renaissance Community Loan Fund's revenue in 2023 was $5,391,783.
Official website here: www.rclfms.com
Who are the executives of Renaissance Community Loan Fund and what are their salaries?
The average compensation at Renaissance Community Loan Fund during 2023 was $57,074. There are 34 employees at Renaissance Community Loan Fund.
Here are 12 key members and their salaries (Renaissance Community Loan Fund's CEO's salary is $239,640 and their total compensation is $239,640):
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- Compensation: $239,640
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- Compensation: $172,130
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- Compensation: $139,500
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- Compensation: $126,400
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- Compensation: $129,000
- Related: $0
- Other: $0
Official website here: www.rclfms.com
Where can I find the form 990 for Renaissance Community Loan Fund?
Renaissance Community Loan Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.rclfms.com
Learn more at the official website: www.rclfms.com
Mission Statement of Renaissance Community Loan Fund
Renaissance Community Loan Fund is committed to supporting the development of communities that offer safe, high-quality housing for the workforce and special needs residents in the Mississippi Gulf Coast. Their mission is to facilitate this growth by providing both technical and financial assistance. This support aims to create economic opportunities that either retain or add jobs in the community, or foster entrepreneurial ventures. By doing so, Renaissance Community Loan Fund aims to assist numerous residents and potential future residents for years to come. Their efforts are channelled through various lending programs such as MyHome MyCoast, The Dream Fund, New Market Tax Credits, MS Gulf Coast Development Fund, and small business and commercial lending. These initiatives work towards creating a self-sustaining fund that can continue to assist the community for an extended period.
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Impact
October, 2024
Renaissance Community Loan Fund significantly impacts the Mississippi Gulf Coast by facilitating the development of safe and quality housing for workforce and special needs residents. Through a suite of lending programs—such as MyHome MyCoast, the Dream Fund, New Market Tax Credits, and the MS Gulf Coast Development Fund—it provides essential technical and financial assistance. This support fosters economic opportunities that help retain and create jobs in the community, while also nurturing entrepreneurial ventures.
The fund operates as a perpetual resource, ensuring a self-sustaining model that can assist thousands over the years. By addressing both housing and economic needs, Renaissance Community Loan Fund directly contributes to building stronger, healthier communities where residents can thrive.
This information is meant to be a general summary of Renaissance Community Loan Fund. 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 2023.
- Investment Income: $2,569,350
- Program Service Revenue: $705,758
- Gross Receipts: $5,391,783
Assets and Liabilities:
- Total Assets: $53,451,589
- Total Liabilities: $23,501,354
- Net Assets: $29,950,235
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MISC MGT FEES & CONTRA
Revenue
$355,451
LOAN FEES
Revenue
$350,307
Organization Details
Founding Year
2007
Principal Officer
Kimberly Larosa
Website
www.rclfms.comNTEE Category
Code: M20 - Public safety
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