Overview
What is Ohio Community Development Finance Fund?
The Ohio Community Development Finance Fund (OCDFF) is a nonprofit organization situated in Columbus, Ohio, with a mission to bridge the gap between resources and the low-income community. They accomplish this by offering various programs and services to connect non-profits and small businesses, including credit enhancement programs, grants, and urban and rural lending. Among their credit enhancement programs, the Linked Deposit Fund provides affordable financing for housing and economic projects, while the Child Care Capital Fund offers resources for real estate projects for Head Start agencies. OCDFF also provides predevelopment grants and economic development grants, funding community-based projects and neighborhood commercial improvement projects, respectively. Their urban and rural lending programs include New Markets Loans, which provide credit for fixed assets to eligible borrowers in low-income census tracks. Overall, OCDFF aims to enhance the quality of life for people in low-income communities by locating and providing resources to support organizations that assist these families and communities.
Official website here: www.financefund.org
What are the reviews and ratings of this charity?
**Rating: 100% (Four-Star out of Four Stars) from Charity Navigator**
The Ohio Community Development Finance Fund has achieved an impressive Four-Star rating, signifying outstanding accountability and financial management. This score is derived exclusively from its 100% rating in Accountability & Finance, indicating that the organization adheres to best practices in transparency and governance. Key aspects contributing to this score include a fully independent board and comprehensive audit oversight.
Strengths of the organization include a low liabilities to assets ratio and a high program expense ratio, showing effective utilization of funds towards its mission. The nonprofit is recognized for having robust policies addressing conflict of interest, whistleblower protections, and document retention, which further reinforces its commitment to ethical operation and accountability.
Notably, the organization’s leadership is accessible and transparent about compensation, with significant details available regarding the salaries of key personnel. Despite the strong accountability metrics, there is currently no scoring available for areas related to the impact, measurement, culture, community, or adaptability, suggesting areas for potential improvement in evaluation and performance assessment.
User reviews from GreatNonprofits could not be fetched.
This AI summary has been generated from information found on Charity Navigator.
Is Ohio Community Development Finance Fund legitimate?
Ohio Community Development Finance Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ohio Community Development Finance Fund 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: $1,453,504
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,092,059
For more financial information, click here
Official website here: www.financefund.org
What is the mission statement of Ohio Community Development Finance Fund?
The Ohio Community Development Finance Fund's mission is centered around bridging the gap between resources and the low-income community. It achieves this by identifying and providing financing and resources to organizations that support low- and moderate-income families and communities. The fund offers various programs, such as credit enhancement programs, grants, and urban and rural lending, to connect non-profits and small businesses with necessary resources. For instance, the Linked Deposit Fund offers affordable financing for housing and economic projects, reducing interest rates, while the Child Care Capital Fund provides resources for real estate projects for Head Start agencies. Additionally, the fund offers predevelopment grants and economic development grants to strengthen neighborhood commercial improvement projects and create private-sector jobs. The fund also provides urban and rural lending programs, like New Markets Loans, which offer credit for fixed assets to eligible borrowers in low-income census tracks.
Official website here: www.financefund.org
Who is the CEO of Ohio Community Development Finance Fund?
Matt Frank is the Chair of Ohio Community Development Finance Fund. The CEO's salary of Ohio Community Development Finance Fund is $449,992 and their total compensation is $454,992.
Official website here: www.financefund.org
What is the revenue of Ohio Community Development Finance Fund?
Ohio Community Development Finance Fund's revenue in 2022 was $9,454,085.
Official website here: www.financefund.org
Who are the executives of Ohio Community Development Finance Fund and what are their salaries?
The average compensation at Ohio Community Development Finance Fund during 2022 was $159,098. There are 16 employees and 10 volunteers at Ohio Community Development Finance Fund.
Here are 14 key members and their salaries (Ohio Community Development Finance Fund's CEO's salary is $449,992 and their total compensation is $454,992):
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- Compensation: $449,992
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- Compensation: $286,512
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- Compensation: $407,256
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Official website here: www.financefund.org
Where can I find the form 990 for Ohio Community Development Finance Fund?
Ohio Community Development Finance Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.financefund.org
Learn more at the official website: www.financefund.org
Mission Statement of Ohio Community Development Finance Fund
The Ohio Community Development Finance Fund serves as a bridge between resources and the low-income community, aiming to improve their quality of life. This finance fund locates funding and provides necessary resources to organizations that assist low and moderate-income families and communities. The organization's mission is multifaceted, encompassing various programs and services.
One of their primary initiatives is connecting non-profits and small businesses to the resources they need. This is accomplished through credit enhancement programs, grants, and urban and rural lending. For instance, they offer the Linked Deposit Fund, which provides affordable financing from local lenders for housing and economic projects, reducing the interest rate on construction or permanent financing. Another program is the Child Care Capital Fund, which provides resources for financing real estate projects, available to Head Start agencies, to reduce the interest rate on permanent financing.
In addition to these credit enhancement programs, Ohio Community Development Finance Fund offers predevelopment grants and economic development grants. Predevelopment grants provide funding for community-based non-profits for project "soft costs" on housing and economic development projects. Economic development grants, on the other hand, provide funding for neighborhood commercial improvement projects that create private-sector jobs, strengthening the area's economic base.
The Ohio Community Development Finance Fund also offers a variety of urban and rural lending programs, including New Markets Loans. New Markets Loans provide credit for fixed assets to nonprofit and for-profit business borrowers in qualifying low-income census tracts. By providing these comprehensive resources, the Ohio Community Development Finance Fund seeks to improve the lives of low-income families and communities, fostering growth and development within these communities.
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Impact
October, 2024
The Ohio Community Development Finance Fund (OCDFF) plays a vital role in enhancing the quality of life for low-income communities by connecting them with essential resources and funding. It offers a comprehensive array of programs and services tailored to support nonprofits and small businesses, thereby fostering economic growth and community development.
Through programs like the Linked Deposit Fund and the Child Care Capital Fund, OCDFF enables access to affordable financing from local lenders for housing and economic projects. This effectively reduces interest rates on construction and permanent financing, making it easier for organizations to undertake impactful projects.
OCDFF also provides Predevelopment Grants to community-based nonprofits, funding essential "soft costs" for housing and economic development initiatives. Additionally, Economic Development Grants support neighborhood commercial improvement projects aimed at creating private-sector jobs, thereby strengthening the economic base of targeted areas.
The organization’s lending programs, including New Markets Loans, offer vital credit for fixed assets to both nonprofits and for-profit businesses in low-income census tracks. By facilitating these resources and funding opportunities, OCDFF significantly contributes to improving community infrastructure, increasing job opportunities, and enhancing overall quality of life for residents in Ohio.
This information is meant to be a general summary of Ohio Community Development Finance Fund. 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: $30,661
- Program Service Revenue: $7,688,119
- Gross Receipts: $9,994,437
Assets and Liabilities:
- Total Assets: $61,485,006
- Total Liabilities: $723,533
- Net Assets: $60,761,473
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NEW MARKETS TAX CREDIT
Revenue
$3,927,691
INVESTMENT INCOME (LOS
Revenue
$2,562,507
ASSET MANAGEMENT FEE
Revenue
$600,000
DEVELOPER FEE INCOME
Revenue
$594,088
LOAN INTEREST INCOME
Revenue
$3,833
Organization Details
Founding Year
1987
Phone
(614) 221-1114Principal Officer
Matt Frank
Main Address
366 E BROAD ST 101, COLUMBUS, OH, 43215
Website
www.financefund.orgNTEE Category
Code: S400 - Community improvement
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