Overview
What is Community Ventures Corporation?
Community Ventures Corporation (CVC) is a nonprofit organization based in Lexington, Kentucky, with a mission to help individuals and families achieve financial independence. CVC provides assistance through three main strategies: small business ownership, home ownership, and job creation through business expansion. CVC offers lending assistance to low-income individuals seeking first-time home ownership and low-income business owners. Their lending programs provide advantages such as low down payments, fixed interest rates, long terms, low interest rates, and the ability to finance loan fees in the loan. CVC's initiatives include partnerships with programs like the Department of Treasury's Community Development Financial Institutions Funds and the Community Housing Development Organization to strengthen and expand community development for low-income individuals.
Official website here: www.cvky.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 84%, Three-Star out of Four Star rating.
Community Ventures Corporation has received a solid Three-Star rating from Charity Navigator, reflecting a score of 84%. The rating largely hinges on its strong accountability and finance practices, particularly highlighted by an entirely independent board and an effective audit and oversight committee. The organization demonstrates transparency through its financial statements, conflict of interest policy, and well-maintained documentation.
While the nonprofit scores well in many areas, there are some limitations noted in the data. The whistleblower policy is absent, which could raise concerns about internal governance and risk management. Additionally, the organization has a liabilities-to-assets ratio of 60.56%, indicating potential financial vulnerability that may need addressing.
Overall, Community Ventures Corporation shows a commitment to accountability and effective financial management, but improvements in governance policies and financial health could enhance its overall rating and impact.
This AI summary has been generated from information found on Charity Navigator.
Is Community Ventures Corporation legitimate?
Community Ventures Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Ventures Corporation 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: $2,031,102
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,131,962
For more financial information, click here
Official website here: www.cvky.org
What is the mission statement of Community Ventures Corporation?
The Community Ventures Corporation (CVC) is dedicated to helping individuals and families attain financial independence. CVC achieves this goal through three primary strategies: small business ownership, home ownership, and job creation through business expansion. The organization's mission is to provide the necessary skills, income, and assets for people to achieve financial stability. CVC offers unique lending programs with benefits such as low down payments, fixed interest rates, long terms, low interest rates, and the option to finance loan fees within the loan. Examples of CVC's initiatives to facilitate lending assistance include the Department of Treasury's Community Development Financial Institutions Funds and the Community Housing Development Organization (CHDO), which represents funds provided by a community-based service organization for the development of affordable housing for the community it serves.
Official website here: www.cvky.org
Who is the CEO of Community Ventures Corporation?
Kevin Smith is the CEO of Community Ventures Corporation The CEO's salary of Community Ventures Corporation is $244,617 and their total compensation is $332,679.
Official website here: www.cvky.org
What is the revenue of Community Ventures Corporation?
Community Ventures Corporation's revenue in 2023 was $22,172,764.
Official website here: www.cvky.org
Who are the executives of Community Ventures Corporation and what are their salaries?
The average compensation at Community Ventures Corporation during 2023 was $64,047. There are 65 employees at Community Ventures Corporation.
Here are 30 key members and their salaries (Community Ventures Corporation's CEO's salary is $244,617 and their total compensation is $332,679):
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- Compensation: $126,200
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- Compensation: $106,480
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- Compensation: $102,200
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- Other: $35,770
- Compensation: $135,000
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- Other: $60,750
- Compensation: $163,651
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- Compensation: $134,921
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- Compensation: $130,000
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- Compensation: $131,300
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- Other: $60,040
- Compensation: $70,253
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- Other: $24,589
- Compensation: $151,500
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- Other: $46,965
- Compensation: $244,617
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- Other: $88,062
- Compensation: $119,650
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- Other: $41,878
- Compensation: $117,200
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- Other: $41,020
- Compensation: $106,947
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- Other: $37,431
- Compensation: $105,774
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- Other: $37,021
Official website here: www.cvky.org
Where can I find the form 990 for Community Ventures Corporation?
Community Ventures Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.cvky.org
Learn more at the official website: www.cvky.org
Mission Statement of Community Ventures Corporation
Community Ventures Corporation, or CVC, is a mission-driven organization dedicated to helping individuals and families achieve financial independence. By providing them with essential skills, income, and assets, CVC empowers people to break free from financial constraints. The organization implements three primary strategies to realize this goal: small business ownership, home ownership, and job creation through business expansion.
Through its lending programs, CVC offers valuable assistance to low-income individuals pursuing their first time home ownership and to small business owners. Compared to conventional financing, CVC's lending programs offer several advantages. These include low down payments, fixed interest rates, long terms, low interest rates, and the ability to finance loan fees within the loan itself. Two programs that facilitate this lending assistance are the Department of Treasury's Community Development Financial Institutions Funds and the Community Housing Development Organization (CHDO). The former strengthens and expands community development opportunities for low-income individuals, while the latter represents funds provided by a community-based service organization with significant capacity to develop affordable housing for the community it serves. By offering these lending assistance programs, CVC plays a crucial role in fostering financial stability and independence for those it serves.
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Impact
October, 2024
Community Ventures Corporation (CVC) plays a pivotal role in empowering individuals and families to achieve financial independence. By focusing on small business ownership, home ownership, and job creation through business expansion, CVC directly addresses the economic challenges faced by low-income individuals and communities.
CVC provides vital lending assistance to those seeking to buy their first home or to establish and grow small businesses. Their lending programs offer significant advantages over conventional financing, such as low down payments, fixed interest rates, long loan terms, and affordable interest rates. Additionally, CVC allows loan fees to be included in the financing, making it easier for individuals who might otherwise struggle to access funds.
Through initiatives like the Department of Treasury’s Community Development Financial Institutions Funds and the Community Housing Development Organization, CVC strengthens community development and expands access to affordable housing. By leveraging these resources, CVC not only enhances the financial stability of individuals but also fosters broader community improvement, contributing to a healthier economic environment overall. This multifaceted approach to financial empowerment leads to increased income and asset building, thereby transforming lives and communities for the better.
This information is meant to be a general summary of Community Ventures Corporation. 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 2023.
- Investment Income: $328,568
- Program Service Revenue: $6,585,297
- Gross Receipts: $22,172,764
Assets and Liabilities:
- Total Assets: $86,787,851
- Total Liabilities: $52,565,529
- Net Assets: $34,222,322
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEES
Revenue
$4,062,317
INTEREST INCOME ON LOANS
Revenue
$1,840,177
504 FEE INCOME
Revenue
$388,129
PROGRAM INCOME
Revenue
$238,448
BAD DEBT RECOVERY
Revenue
$32,420
Organization Details
Founding Year
1982
Principal Officer
Kevin Smith
Website
www.cvky.orgNTEE Category
Code: S99Z - Community improvement
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