Overview
What is Pennsylvania Cdfi Network?
The Pennsylvania CDFI Network, based in Philadelphia, is a charitable organization dedicated to providing essential financial assistance and advice to federally-certified Community Development Financial Institutions (CDFIs). In 2020, they successfully distributed over 249 million dollars in CARES Act funding to small businesses across the state. This initiative reached approximately 14,530 businesses, with a significant portion going to those owned by people of color and low-to-moderate income individuals. Additionally, they granted 25 million dollars to CDFIs and 5.7 million dollars to black-owned minority vendors, contributing to impactful programs. The Network's mission is exclusively focused on charitable and educational purposes. With a workforce of just two individuals, they play a crucial role in supporting the financial needs of CDFIs in Pennsylvania.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 92%
The Pennsylvania CDFI Network has achieved a Four-Star out of Four Star rating from Charity Navigator, reflecting a strong commitment to accountability and financial health. With an impressive score of 92% in Accountability & Finance, the organization demonstrates robust governance and transparency practices. Their board is composed entirely of independent members, which enhances their credibility and decision-making processes.
Strengths highlighted in the data include a high program expense ratio of 99.66%, indicating that a significant portion of their funds are directed toward programmatic efforts rather than administrative costs. Furthermore, the organization has established comprehensive policies, including conflict of interest and document retention procedures, which contribute to its overall integrity and operational effectiveness. The absence of reported material diversions of assets also underscores its financial reliability.
One limitation noted is the lack of a whistleblower policy, which is a noted area for improvement in their governance framework. While this does not diminish their overall rating, addressing this gap could further enhance their accountability measures. Overall, the Pennsylvania CDFI Network stands out for its high financial efficiency and sound governance practices.
This AI summary has been generated from information found on Charity Navigator.
Is Pennsylvania Cdfi Network legitimate?
Pennsylvania Cdfi Network is a legitimate nonprofit organization registered as a 501(c)(3) entity. Pennsylvania Cdfi 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: $122,600
Professional Fundraising Fees: $0
Other Salaries and Wages: $36,987
For more financial information, click here
What is the mission statement of Pennsylvania Cdfi Network?
The Pennsylvania CDFI Network is a charitable and educational organization dedicated to providing information, advice, and financial assistance to federally-certified institutions. In 2020, the network was tasked with distributing CARES Act funding to small businesses across the state. Through this initiative, 14,530 small businesses received recovery grants, with a significant portion going to businesses owned by people of color and low-to-moderate income business owners. The network also distributed grants to Community Development Financial Institutions (CDFIs) and black-owned minority vendors, helping to deliver essential programs. The Pennsylvania CDFI Network's mission is exclusively geared towards charitable and educational purposes that bolster the financial wellbeing of small businesses, particularly those that face economic disadvantages.
Who is the CEO of Pennsylvania Cdfi Network?
Leslie Benoliel is the Treasurer of Pennsylvania Cdfi Network.
What is the revenue of Pennsylvania Cdfi Network?
Pennsylvania Cdfi Network's revenue in 2022 was $13,231,920.
Who are the executives of Pennsylvania Cdfi Network and what are their salaries?
The average compensation at Pennsylvania Cdfi Network during 2022 was $79,794. There are 2 employees and 6 volunteers at Pennsylvania Cdfi Network.
Here are 7 key members and their salaries:
- Compensation: $164,780
- Related: $0
- Other: $11,831
- 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
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Pennsylvania Cdfi Network?
Pennsylvania Cdfi Network's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Pennsylvania Cdfi Network
The Pennsylvania CDFI Network, a charitable and educational organization, is dedicated to providing vital information, guidance, and necessary financial assistance to federally-certified Community Development Financial Institutions (CDFIs). In 2020, the Network was entrusted by the Pennsylvania Department of Community and Economic Development, in partnership with Lackawanna, Philadelphia, and Allegheny Counties, to distribute approximately 249 million dollars in CARES Act funding to small businesses across the state.
Through this initiative, an impressive 14,530 small businesses received recovery grants, with a significant portion going to businesses owned by people of color, particularly Black, Hispanic, and Asian business owners, amounting to 57% of the total funding distributed. Furthermore, 25 million dollars in grants were given to CDFIs, and an additional 5.7 million dollars were allocated to black-owned minority vendors, enabling them to deliver essential programs.
The Pennsylvania CDFI Network plays a crucial role in supporting the growth and recovery of small businesses within the state, prioritizing those owned by underrepresented communities and those with low to moderate income. By offering financial assistance and resources, this organization is instrumental in promoting economic development and community empowerment.
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Impact
October, 2024
The Pennsylvania CDFI Network has made a significant impact on the state's small business landscape, particularly in response to the economic challenges presented by the COVID-19 pandemic. In 2020, the network played a crucial role in distributing approximately $249 million in CARES Act funding to support small businesses across Pennsylvania. This effort resulted in recovery grants awarded to 14,530 small businesses, with a notable 57% of the funding allocated to businesses owned by people of color—encompassing Black, Hispanic, and Asian entrepreneurs.
Furthermore, the network emphasized equity in its distribution of resources, directing 80% of the funding to low- and moderate-income business owners. By prioritizing inclusivity, the Pennsylvania CDFI Network not only aided struggling businesses but also contributed to the broader economic revitalization of communities often underserved by traditional financial systems.
In addition to supporting small businesses, the network allocated $25 million in grants to Community Development Financial Institutions (CDFIs) and directed $5.7 million towards Black-owned minority vendors, thereby enhancing the capacity to deliver vital programs and services. Through these efforts, the Pennsylvania CDFI Network has fostered community improvement and resilience, addressing both immediate financial needs and long-term economic disparities within the state.
This information is meant to be a general summary of Pennsylvania Cdfi 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: $6,891
- Gross Receipts: $13,231,920
Assets and Liabilities:
- Total Assets: $12,721,223
- Total Liabilities: $11,837,784
- Net Assets: $883,439
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Organization Details
Founding Year
1997
Principal Officer
Leslie Benoliel
Main Address
400 MARKET STREET, PHILADELPHIA, PA, 19106
NTEE Category
Code: S99 - Community improvement
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