Overview
What is Community Development Finance Alliance?
Community Development Finance Alliance is a nonprofit organization situated in Salt Lake City, Utah. Its primary mission is to facilitate investment opportunities for low-income communities and individuals through tax credits. By doing so, they encourage qualified investors to make investments in eligible low-income businesses, adhering to the requirements set by the New Markets Tax Credit (NMTC) program. The organization's purpose is to bolster the economic growth and prosperity of designated low-income communities, thereby contributing to their social and economic development.
Official website here: www.cdfautah.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, Score: 66%, Two-Star out of Four Star rating. The Community Development Finance Alliance has received a Two-Star rating due to its overall score of 66%. While the organization excels in accountability and finance, it faces significant challenges in financial transparency, which has impacted its overall rating.
The organization scored perfectly in areas such as independent board governance and conflict of interest policies, demonstrating a strong commitment to oversight and ethical practices. However, it received no points for financial statements and has a high liabilities-to-assets ratio of 96.33%, raising concerns about its financial health and sustainability. The program expense ratio is commendable at 93.53%, indicating a significant portion of expenditures is directed toward its mission.
Despite its strengths in governance, the lack of financial transparency and high liabilities signal areas requiring improvement. The organization may benefit from addressing these financial reporting issues to enhance its ratings and build greater trust among stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Community Development Finance Alliance legitimate?
Community Development Finance Alliance is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Development Finance Alliance 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: $438,418
For more financial information, click here
Official website here: www.cdfautah.org
What is the mission statement of Community Development Finance Alliance?
The Community Development Finance Alliance's mission is centered around serving or providing investment capital to low-income communities or individuals within its designated service area. The organization carries out its mission primarily by offering tax credits to investors who make qualified low-income community investments to qualified active low-income community businesses, adhering to New Markets Tax Credit (NMTC) requirements. By doing so, the Alliance aims to contribute to the economic development and revitalization of underprivileged communities.
Official website here: www.cdfautah.org
Who is the CEO of Community Development Finance Alliance?
Amy Rowland is the Board Chair of Community Development Finance Alliance.
Official website here: www.cdfautah.org
What is the revenue of Community Development Finance Alliance?
Community Development Finance Alliance's revenue in 2022 was $1,858,553.
Official website here: www.cdfautah.org
Who are the executives of Community Development Finance Alliance and what are their salaries?
Here are 7 key members and their salaries:
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- Compensation: $169,950
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- Compensation: $128,560
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Official website here: www.cdfautah.org
Where can I find the form 990 for Community Development Finance Alliance?
Community Development Finance Alliance's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cdfautah.org
Learn more at the official website: www.cdfautah.org
Mission Statement of Community Development Finance Alliance
Community Development Finance Alliance is committed to serving or providing investment capital to low-income communities or individuals within its designated service area. This mission is accomplished primarily through offering tax credits to investors making qualified low-income community investments to qualified active low-income community businesses, adhering to New Markets Tax Credit (NMTC) requirements. By engaging in such activities, Community Development Finance Alliance aims to contribute to the economic growth and development of disadvantaged communities, ultimately improving the living conditions of low-income individuals.
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Impact
October, 2024
Community Development Finance Alliance significantly impacts low-income communities and individuals by serving as a vital source of investment capital. By focusing on providing tax credits to investors who make qualified investments in active low-income community businesses, the organization stimulates economic development and encourages financial support for initiatives that uplift under-resourced areas. Located in Salt Lake City, Utah, it adheres to New Markets Tax Credit (NMTC) requirements to ensure that the funding directly benefits those in need, fostering growth and sustainability within its designated service area. This commitment not only enhances economic opportunities but also bolsters community development, particularly in education-related ventures.
This information is meant to be a general summary of Community Development Finance Alliance. 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: $1,248,576
- Program Service Revenue: $584,977
- Gross Receipts: $1,858,553
Assets and Liabilities:
- Total Assets: $50,189,963
- Total Liabilities: $48,410,298
- Net Assets: $1,779,665
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSET MANAGEMENT FEES
Revenue
$430,325
OTHER INCOME
Revenue
$82,016
OFFICE ASSISTANCE INCO
Revenue
$72,636
Organization Details
Founding Year
2010
Phone
(801) 557-1537Principal Officer
Amy Rowland
Main Address
230 SOUTH 500 WEST SUITE 205, SALT LAKE CITY, UT, 84101
Website
www.cdfautah.orgNTEE Category
Code: B90 - Education
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