Overview
What is River City Capital Investment Corp?
River City Capital Investment Corp is a Community Development Financial Institution, headquartered in Memphis, Tennessee. With a team of five dedicated individuals, this nonprofit organization specializes in providing financial assistance and services to distressed and lower-income communities. Their activities encompass offering small business loans and housing development loans, as well as offering technical support. This helps in fostering economic growth and improving living conditions in these areas, thereby contributing to the overall betterment of the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
River City Capital Investment Corp has achieved a score of 81%, indicating a solid performance in terms of accountability and finance. The rating is based entirely on the Accountability & Finance beacon, reflecting the organization’s strong governance structure, including a fully independent board. The charity has excelled in financial audits and has shown no material diversion of assets, which underscores its integrity and reliability in managing funds.
However, there are areas identified for improvement. Notably, the organization lacks a whistleblower policy and a document retention and destruction policy, both of which are considered important for transparency and accountability. While the program expense ratio indicates that a significant portion of its resources are directed towards its programs, it falls slightly short of optimal performance in this area.
Overall, River City Capital Investment Corp demonstrates a commendable commitment to sound financial practices and governance, though addressing the noted policy gaps could enhance its overall accountability and strengthen stakeholder confidence.
This AI summary has been generated from information found on Charity Navigator.
Is River City Capital Investment Corp legitimate?
River City Capital Investment Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. River City Capital Investment Corp 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:
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Other Salaries and Wages: $334,435
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What is the mission statement of River City Capital Investment Corp?
River City Capital Investment Corp serves as a Community Development Financial Institution, providing financial aid through small business and housing development loans, as well as technical assistance. Their mission is geared towards supporting distressed and lower-income communities by offering loan funding services. By doing so, they aim to contribute positively to these communities' economic growth and development. The organization's activities also extend to offering technical assistance, which can help businesses and communities thrive.
Who is the CEO of River City Capital Investment Corp?
Eric Robertson is the Board Member of River City Capital Investment Corp.
What is the revenue of River City Capital Investment Corp?
River City Capital Investment Corp's revenue in 2022 was $1,200,472.
Who are the executives of River City Capital Investment Corp and what are their salaries?
The average compensation at River City Capital Investment Corp during 2022 was $66,887. There are 5 employees at River City Capital Investment Corp.
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- Compensation: $32,500
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- Compensation: $26,583
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Where can I find the form 990 for River City Capital Investment Corp?
River City Capital Investment Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of River City Capital Investment Corp
River City Capital Investment Corp, as a Community Development Financial Institution, is committed to providing small business and housing development loans, alongside technical assistance, in underserved, economically disadvantaged communities. Their mission is geared towards facilitating loan funding and financial services in these distressed areas, thereby contributing to their revitalization and improvement. The organization's objective is to foster economic growth and development in these communities, thereby improving the living conditions and opportunities for their residents.
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Impact
October, 2024
River City Capital Investment Corp plays a significant role in fostering community improvement and economic development in distressed, lower-income neighborhoods in Memphis, TN. By providing essential financial services, including small business loans and housing development funding, the organization actively addresses the financial barriers faced by entrepreneurs and residents in these communities.
The impact of River City Capital Investment Corp is multifaceted. It empowers local business owners by offering access to capital that can help them launch or expand their enterprises, which in turn creates jobs and stimulates economic growth. Additionally, by financing housing development projects, the organization contributes to the improvement of living conditions and increases the availability of affordable housing options.
Beyond its financial services, River City Capital Investment Corp also provides technical support to ensure that borrowers are equipped with the knowledge and skills necessary to succeed. This holistic approach not only enhances the viability of individual projects but also fosters a more sustainable economic ecosystem in the region.
Overall, River City Capital Investment Corp is instrumental in driving positive change and revitalization in under-resourced areas of Memphis, leading to lasting benefits for the community as a whole.
This information is meant to be a general summary of River City Capital Investment Corp. 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: $80,389
- Gross Receipts: $1,200,472
Assets and Liabilities:
- Total Assets: $4,501,798
- Total Liabilities: $2,373,324
- Net Assets: $2,128,474
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Organization Details
Founding Year
2013
Phone
(901) 521-4232Principal Officer
Eric Robertson
Main Address
119 South Court Square, Memphis, TN, 38103
NTEE Category
Code: S20 - Community improvement
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