Overview
What is The Chicago Community Loan Fund?
The Chicago Community Loan Fund is a renowned nonprofit organization based in Chicago, Illinois. With a workforce of 32 employees, they specialize in providing low-cost financing through their revolving loan fund for various projects that promise substantial social impact. These projects range from affordable housing and nonprofit facility development to commercial and retail ventures, focusing on the revitalization of low and moderate income neighborhoods in metropolitan Chicago. By offering flexible financing to community development organizations, they contribute to the production and preservation of affordable housing, job creation, and essential services for individuals and families in need.
Official website here: www.cclfchicago.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 85% - Three-Star out of Four Star rating
The Chicago Community Loan Fund (CCLF) holds a Three-Star rating from Charity Navigator, reflecting a solid performance in accountability and finance. With an Accountability & Finance Score of 82 and a Culture & Community Score of 95, the organization demonstrates strong governance practices. Notably, it features a fully independent board and a commendable program expense ratio, indicating effective use of funds to achieve its mission.
User feedback on platforms like Great Nonprofits highlights the organization's impactful work in revitalizing low- and moderate-income neighborhoods. Reviewers praise CCLF for its dynamic approach and commitment to community development, noting their efficient management and transparency. This positive sentiment underscores the organization’s dedication to fostering local economies and supporting community developers.
However, CCLF has a liabilities to assets ratio of 70.61%, which may raise some concerns regarding financial health. Despite this, the organization demonstrates a proactive approach towards leadership and community investment, ensuring it remains focused on its strategic goals. Overall, CCLF is highly regarded for its efforts in making a tangible difference in the communities it serves.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is The Chicago Community Loan Fund legitimate?
The Chicago Community Loan Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Chicago Community Loan 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: $914,691
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,353,680
For more financial information, click here
Official website here: www.cclfchicago.org
What is the mission statement of The Chicago Community Loan Fund?
The Chicago Community Loan Fund is an organization that provides affordable financing to community development projects, both non-profit and for-profit. Through low-cost, flexible loans, they support the revitalization of low and moderate income neighborhoods throughout metropolitan areas. Their loan pool, which acts as a revolving fund, is used for various projects including affordable housing, nonprofit facility and office space, commercial and retail development, and other activities. The social impact of these projects is significant, as they contribute to the production and preservation of affordable housing, job creation, and essential services for low and moderate income individuals, families, and communities.
Official website here: www.cclfchicago.org
Who is the CEO of The Chicago Community Loan Fund?
Calvin L Holmes is the Principal Officer of The Chicago Community Loan Fund.
Official website here: www.cclfchicago.org
What is the revenue of The Chicago Community Loan Fund?
The Chicago Community Loan Fund's revenue in 2022 was $14,555,763.
Official website here: www.cclfchicago.org
Who are the executives of The Chicago Community Loan Fund and what are their salaries?
The average compensation at The Chicago Community Loan Fund during 2022 was $102,137. There are 32 employees and 22 volunteers at The Chicago Community Loan Fund.
Here are 30 key members and their salaries:
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Official website here: www.cclfchicago.org
Where can I find the form 990 for The Chicago Community Loan Fund?
The Chicago Community Loan Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cclfchicago.org
Learn more at the official website: www.cclfchicago.org
Mission Statement of The Chicago Community Loan Fund
The Chicago Community Loan Fund (CCLF) is a crucial organization that provides low-cost, flexible financing to both non-profit and for-profit community development groups in metropolitan Chicago. With a mission to revitalize low and moderate income neighborhoods, CCLF operates as a revolving loan fund, financing projects through its loan pool of lending capital. The supported projects encompass affordable housing, nonprofit facility and office space, commercial and retail development, and various other activities. These projects promise a high social impact by producing and preserving affordable housing, generating job opportunities, and offering essential services to low and moderate income individuals, families, and communities. Through its financing efforts, CCLF plays a pivotal role in enhancing the socio-economic landscape of Chicago's underprivileged areas.
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Impact
October, 2024
The Chicago Community Loan Fund has a significant impact on the revitalization of low and moderate-income neighborhoods throughout metropolitan Chicago. By operating as a revolving loan fund, it provides low-cost, flexible financing for a variety of community development projects. This support facilitates the production and preservation of affordable housing, the development of commercial and retail spaces, and the establishment of essential facilities and office environments.
The projects funded by the Loan Fund lead to meaningful social outcomes, including job creation and enhanced services for low and moderate-income individuals, families, and communities. By enabling both nonprofit and for-profit organizations to access capital, the Chicago Community Loan Fund plays a crucial role in fostering economic stability and community improvement in the region.
This information is meant to be a general summary of The Chicago Community Loan 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: $395,755
- Program Service Revenue: $6,209,816
- Gross Receipts: $17,266,704
Assets and Liabilities:
- Total Assets: $158,934,389
- Total Liabilities: $112,231,722
- Net Assets: $46,702,667
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NOTE RECEIVABLE INTEREST
Revenue
$5,546,385
LOAN CLOSING FEES
Revenue
$540,228
FEES FROM COMMUNITY DEVELOPMENT E
Revenue
$94,500
SERVICES AND WORKSHOPS
Revenue
$25,000
LATE FEES AND OTHER FEES
Revenue
$3,703
Organization Details
Founding Year
1991
Phone
(312) 252-0440Principal Officer
Calvin L Holmes
Main Address
29 E MADISON 1700, CHICAGO, IL, 60602
Website
www.cclfchicago.orgNTEE Category
Code: S20Z - Community improvement
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