Overview
What is Community First Fund?
Community First Fund is a nonprofit organization based in Lancaster, Pennsylvania. Their primary focus is on community and economic development by providing affordable loans to various entities throughout Central and Eastern Pennsylvania. These entities include small businesses, developers of affordable housing, community-based organizations, women, and people of color. In July 2020, they merged with Finanta, a Philadelphia-based nonprofit CDFI loan fund, and became its sole member. During the fiscal year ending June 30, 2022, they closed 46 new loans, financed 180 housing units for low and moderate-income individuals, and created or retained 357 jobs while developing or rehabbing 198,018 square feet of business real estate. In response to the COVID-19 pandemic, they shifted their focus to emergency financial relief and helped 24 businesses with low-interest loans and managed the program to fund 461 SBA Paycheck Protection Program loans totaling $15,784,735. Their mission is to provide loans and technical assistance to housing and economic development projects that benefit low-income persons and contribute to social progress and economic development in the South Central Pennsylvania region.
Official website here: www.communityfirstfund.org
What are the reviews and ratings of this charity?
90% rating from Charity Navigator indicates that Community First Fund is performing well in terms of financial accountability and transparency, earning a Four-Star out of Four Star rating. This score reflects the organization's strong governance practices and its commitment to ethical management, which is essential for fostering trust among donors and beneficiaries.
The organization boasts a majority independent board, with 92% of its members fulfilling this criterion, alongside a favorable size of 13 independent members. Additionally, Community First Fund has implemented comprehensive oversight measures, including an audit and oversight committee, and maintains robust policies regarding conflict of interest, whistleblower protections, and document retention. These factors contribute to its high accountability score.
Despite its strengths, the organization has room for improvement in managing its liabilities, with a liabilities to assets ratio of 58.38%. However, it excels in directing funds toward its programs, with a program expense ratio of 85.93%. Overall, Community First Fund demonstrates a strong commitment to its mission while upholding high financial standards.
This AI summary has been generated from information found on Charity Navigator.
Is Community First Fund legitimate?
Community First Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community First 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,130,905
For more financial information, click here
Official website here: www.communityfirstfund.org
What is the mission statement of Community First Fund?
The Community First Fund is a nonprofit organization dedicated to fostering community and work-based economic development. It provides loans and technical assistance to housing and economic development projects that bring tangible benefits to low-income individuals and contribute to social progress and economic development. By merging with Finanta in July 2020, the organization significantly expanded its resources, enabling it to support a wider range of projects and amplify its impact. Together, the consolidated entities continue their mission to promote sustainable economic growth and improve the lives of disadvantaged communities.
Official website here: www.communityfirstfund.org
Who is the CEO of Community First Fund?
Daniel Betancourt is the President & of Community First Fund.
Official website here: www.communityfirstfund.org
What is the revenue of Community First Fund?
Community First Fund's revenue in 2022 was $17,453,841.
Official website here: www.communityfirstfund.org
Who are the executives of Community First Fund and what are their salaries?
The average compensation at Community First Fund during 2022 was $70,286. There are 73 employees at Community First Fund.
Here are 21 key members and their salaries:
- Compensation: $307,238
- Related: $0
- Other: $72,428
- Compensation: $166,513
- Related: $0
- Other: $27,051
- Compensation: $167,235
- Related: $0
- Other: $19,014
- Compensation: $155,311
- Related: $0
- Other: $20,835
- Compensation: $103,683
- Related: $0
- Other: $23,728
- Compensation: $104,388
- Related: $0
- Other: $13,791
- Compensation: $103,055
- Related: $0
- Other: $11,791
- Compensation: $105,335
- Related: $0
- Other: $2,542
- Compensation: $100,171
- Related: $0
- Other: $1,448
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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Official website here: www.communityfirstfund.org
Where can I find the form 990 for Community First Fund?
Community First Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.communityfirstfund.org
Learn more at the official website: www.communityfirstfund.org
Mission Statement of Community First Fund
Community First Fund, a mission-driven organization, focuses on providing loans and technical assistance to housing and economic development projects that benefit low-income individuals and contribute to social progress and economic development. By doing so, the organization promotes community and work-based economic development in the South Central Pennsylvania region. With a direct and measurable impact on the lives of low-income individuals, Community First Fund supports projects essential for improving their living conditions and economic prospects.
In essence, Community First Fund serves as a catalyst for positive change in the community. It provides financial resources and expert guidance to projects that align with its mission, ensuring that they deliver meaningful results for those in need. By investing in these projects, the organization fosters sustainable growth and empowers low-income individuals to overcome economic challenges and build better lives for themselves and their families.
Community First Fund's commitment to economic development extends beyond just loans. The organization offers technical assistance to projects, providing valuable guidance and expertise to help them succeed. By collaborating with project developers and stakeholders, Community First Fund ensures that projects are well-designed, well-executed, and have a lasting impact on the community. In this way, the organization not only addresses immediate needs but also lays the groundwork for long-term progress and sustainable growth.
Following its successful merger with Finanta, a Philadelphia-based CDFI loan fund, on July 1, 2020, Community First Fund's impact grew significantly. The consolidation of the two organizations added 19,959,381 to the organization's resources, enabling it to support even more housing and economic development projects in the South Central Pennsylvania region. With its expanded resources and expertise, Community First Fund remains steadfast in its mission to promote community and work-based economic development and improve the lives of low-income individuals.
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Impact
October, 2024
Community First Fund has created a significant impact by providing affordable loans and technical assistance to housing and economic development projects, specifically targeting low-income individuals and communities in Central and Eastern Pennsylvania. In the year ending June 30, 2022, the organization successfully closed 46 new loans, which financed the development of 180 housing units benefitting low and moderate-income individuals.
The financial support provided by Community First Fund has also facilitated the retention or creation of 357 jobs, contributing to local economic growth and stability. Additionally, the organization has played a vital role in the rehabilitation and development of 198,018 square feet of business real estate, helping to invigorate commercial areas in low-income neighborhoods.
In response to the COVID-19 pandemic, Community First Fund swiftly adapted its strategies to support local businesses, especially those owned by people of color. By June 30, 2020, the organization had distributed emergency financial relief to 24 businesses and managed to secure 461 SBA Paycheck Protection Program loans totaling over $15.7 million.
The merger with Finanta in July 2020 further amplified its capacity to drive community and economic development, enhancing its resources and outreach potential. Overall, Community First Fund’s efforts are crucial in promoting social progress and economic development, ensuring that low-income individuals and communities have access to the financial resources necessary to thrive.
This information is meant to be a general summary of Community First 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 2022.
- Program Service Revenue: $6,143,915
- Gross Receipts: $17,453,841
Assets and Liabilities:
- Total Assets: $141,866,844
- Total Liabilities: $84,012,640
- Net Assets: $57,854,204
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$4,306,205
OTHER
Revenue
$952,985
NEW MARKET TAX CREDIT
Revenue
$475,685
LOAN AND SERVICE FEES
Revenue
$409,040
Organization Details
Founding Year
1992
Phone
(717) 393-2351Principal Officer
Daniel Betancourt
Main Address
PO BOX 524, LANCASTER, PA, 176080524
Website
www.communityfirstfund.orgNTEE Category
Code: L80Z - Housing
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