Overview
What is Black Hills Community Loan Fund Inc?
Black Hills Community Loan Fund Inc, located in Rapid City, South Dakota, is a nonprofit organization with a mission to provide financial opportunities for individuals who are not being served by conventional lending institutions. They operate with a team of seven dedicated professionals. The organization's primary goal is to assist their clients in achieving home ownership and expand their loan offerings. By doing so, they aim to contribute positively to the economic growth of Rapid City and surrounding communities.
Official website here: www.bhclf.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, Two-Star out of Four Star rating
The Black Hills Community Loan Fund Inc received a two-star rating from Charity Navigator, indicating it meets some benchmarks in accountability and transparency but has room for improvement. The organization scored relatively well in areas like having a majority independent board and a low liabilities-to-assets ratio, which suggests a sound financial position. However, the absence of established whistleblower and document retention policies raises some concerns about governance practices.
Despite its strong program expense ratio of over 75%, emphasizing a focus on mission-related activities, the charity's lack of transparency in certain areas—such as failing to post its tax form on its website—could hinder public trust. The organization demonstrates good financial health, yet the accountability score reveals potential weaknesses in operational oversight.
Overall, while the Black Hills Community Loan Fund Inc shows promise in its commitment to its mission and financial management, stakeholders may want to encourage the organization to enhance its governance policies and transparency efforts to build greater confidence among donors and the community.
This AI summary has been generated from information found on Charity Navigator.
Is Black Hills Community Loan Fund Inc legitimate?
Black Hills Community Loan Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Black Hills Community Loan Fund Inc 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: $71,861
Professional Fundraising Fees: $0
Other Salaries and Wages: $170,570
For more financial information, click here
Official website here: www.bhclf.org
What is the mission statement of Black Hills Community Loan Fund Inc?
The Black Hills Community Loan Fund's mission is centered around providing financial opportunities for individuals who are often overlooked by conventional lending institutions. This non-profit organization operates in Rapid City, South Dakota, and surrounding communities, with the primary goal of extending financial aid to those who might otherwise be excluded from such services. By doing so, the Black Hills Community Loan Fund aims to contribute to the economic empowerment of these individuals, thereby promoting financial inclusivity within its community. The organization continues to expand its loan offerings and assists its clients in achieving home ownership.
Official website here: www.bhclf.org
Who is the CEO of Black Hills Community Loan Fund Inc?
Barbara Schmitt is the Executive Director of Black Hills Community Loan Fund Inc.
Official website here: www.bhclf.org
What is the revenue of Black Hills Community Loan Fund Inc?
Black Hills Community Loan Fund Inc's revenue in 2022 was $808,910.
Official website here: www.bhclf.org
Who are the executives of Black Hills Community Loan Fund Inc and what are their salaries?
The average compensation at Black Hills Community Loan Fund Inc during 2022 was $34,633. There are 7 employees at Black Hills Community Loan Fund Inc.
Here are 9 key members and their salaries:
- Compensation: $45,381
- Related: $0
- Other: $0
- Compensation: $26,480
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.bhclf.org
Where can I find the form 990 for Black Hills Community Loan Fund Inc?
Black Hills Community Loan Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.bhclf.org
Learn more at the official website: www.bhclf.org
Mission Statement of Black Hills Community Loan Fund Inc
Black Hills Community Loan Fund, as a nonprofit organization, is committed to creating financial opportunities for individuals who are often overlooked by conventional lending institutions. Located in Rapid City, South Dakota, and surrounding communities, this organization aims to bridge the gap in financial services for those who are typically underserved. By providing loans, Black Hills Community Loan Fund empowers these individuals, enabling them to pursue economic opportunities that might otherwise be out of reach. The organization's mission is to foster financial inclusion and promote economic growth by offering alternative lending solutions.
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Impact
October, 2024
Black Hills Community Loan Fund Inc has made a significant impact by creating financial opportunities for individuals who are often overlooked by traditional lending institutions in Rapid City, South Dakota, and its surrounding areas. By increasing the number of loans available, they empower clients to achieve homeownership, fostering stability and growth within the community. Their efforts address the needs of underserved populations, ensuring that financial resources are accessible to everyone, which contributes to overall community improvement and economic resilience.
This information is meant to be a general summary of Black Hills Community Loan Fund Inc. 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: $11
- Gross Receipts: $808,910
Assets and Liabilities:
- Total Assets: $907,219
- Total Liabilities: $134,222
- Net Assets: $772,997
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Organization Details
Founding Year
2007
Principal Officer
Barbara Schmitt
Main Address
1764 CENTRE ST STE 1, RAPID CITY, SD, 57703
Website
www.bhclf.orgNTEE Category
Code: S20 - Community improvement
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