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Hebrew Free Loan Association

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 381359260 ✦ Bloomfield hills, MI ✦ Designated as a 501(c)(3)

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Overview

What is Hebrew Free Loan Association?

The Hebrew Free Loan Association is a compassionate nonprofit organization located in Bloomfield Hills, Michigan. With a mission deeply rooted in Jewish values such as respect, compassion, and confidentiality, they offer interest-free loans to those in need within the state. By adhering to their charter, the association provides vital financial assistance to Jewish individuals, fostering a sense of community and support. The organization, staffed by six dedicated individuals, has become an essential resource for many, embodying the core principles of care and understanding.


Official website here: www.hfldetroit.org

What are the reviews and ratings of this charity?

Charity Navigator Rating: 96%, Four-Star out of Four Star Rating

Hebrew Free Loan Association has received an impressive Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial health. The organization's overall score of 96% is derived solely from its Accountability & Finance metrics, showcasing its efficient use of resources and transparency in operations.

The charity boasts a fully independent board with 100% of its members meeting the criteria for independence, which is vital for maintaining unbiased oversight. Additional strengths include a perfect score in financial oversight measures, such as no material diversion of assets and comprehensive financial policies, including a whistleblower policy and conflict of interest policy, all of which enhance its governance practices.

However, while the organization demonstrates strong financial health with a program expense ratio of over 70%, indicating that a significant portion of its funds is directed towards its mission, there is no mention of any program effectiveness metrics in the provided data. This might leave some potential donors curious about the impact of the services offered, despite the high accountability ratings.


This AI summary has been generated from information found on Charity Navigator.

What do the Facebook reviews say about Hebrew Free Loan Association?

88% of 26 reviewers on Facebook recommend the Hebrew Free Loan Association. Here is a summary of their reviews:

Many reviewers express deep appreciation for the organization, highlighting its commitment to supporting individuals through financial assistance. One user shared a heartfelt experience about receiving a startup loan that allowed their business to flourish, emphasizing the integrity and ethical values reflected in the organization's approach. This sentiment of gratitude is a recurring theme, with users applauding the supportive nature of the staff and the positive impact on their lives.

Overall, the Hebrew Free Loan Association clearly fosters a sense of community and trust among its clients, demonstrating that it lives up to its mission of providing meaningful financial support. The positive feedback indicates that many believe the association plays a crucial role in empowering individuals to achieve their goals.


This AI summary has been generated from reviews found on Facebook.

Is Hebrew Free Loan Association legitimate?

Hebrew Free Loan Association is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hebrew Free Loan Association 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: $269,504
Professional Fundraising Fees: $0
Other Salaries and Wages: $275,835

For more financial information, click here


Official website here: www.hfldetroit.org

What is the mission statement of Hebrew Free Loan Association?

The Hebrew Free Loan Association's mission is centered around providing financial aid to individuals within the Jewish community in Michigan. They accomplish this by lending money without charging interest, aligning with fundamental Jewish values such as respect, compassion, and confidentiality. The organization's activities are guided by its charter and adhere to Jewish tradition, extending interest-free loans as needed.


Official website here: www.hfldetroit.org

Who is the CEO of Hebrew Free Loan Association?

David Contorer is the Director of Hebrew Free Loan Association.


Official website here: www.hfldetroit.org

What is the revenue of Hebrew Free Loan Association?

Hebrew Free Loan Association's revenue in 2023 was $1,027,759.


Official website here: www.hfldetroit.org

Who are the executives of Hebrew Free Loan Association and what are their salaries?

The average compensation at Hebrew Free Loan Association during 2023 was $90,890. There are 6 employees and 71 volunteers at Hebrew Free Loan Association.


Here are 73 key members and their salaries:


Jeffrey Aronoff (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Joanne Aronovitz (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Michael Banks (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Richard Barr (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Carolyn Bellinson (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Michael Berke (President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Amy Berlin (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Allen Berman (Vice President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sam Bernstein (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Stan Bershad (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Marlene Borman (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Beth Brandvain (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Richard Broder (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Kevin Chupack (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Robert Citrin (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Nita Cohen (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
Peggy Daitch (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Joanne Danto (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Brett Demarrais (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Andy Doctoroff (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Lloyd Doigan (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jon Dwoskin (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Amy Ersher (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Seth Faber (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jon Fellows (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Laurie Frankel (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
David Gach (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jeffrey Garden (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Josh Gershonowicz (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Diane Goldstein (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Eli Golshteyn (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Michael Graub (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Paul Hack (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Julie Trepeck Harris (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Joel Hechler (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sue Hodess (Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sally Hooberman (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
David Jacobson (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sue Kaufman (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Mary Keane (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Lorie Kessler (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sherri Ketai (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
David Kirsch (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Linda Kovan (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
David Kramer (President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Rex Lanyi (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Emily Levin (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Randie Levin (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Arthur Liss (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Zachary Liss (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Ralph Mcdowell (Vice President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jay Must (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Harriet Orley (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Adam Pogoda (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Richard Roth (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jared Rothberger (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Michelle Rubin (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Carly Schiff (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Edward Schonberg (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Rob Schwartz (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jeffrey Serman (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Joyce Sherman (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Stuart Sherman (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Stuart Snider (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jonathan Sterling (Vice President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Leora Tapper (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Andrea Teitel (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Carolyn Tisdale (Past President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Pam Torraco (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
David Wallace (Honorary Life Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Andi Wolfe (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Laurie Banks (Controller)
  • Compensation: $66,900
  • Related: $0
  • Other: $0
David Contorer (Executive Director)
  • Compensation: $198,492
  • Related: $0
  • Other: $6,447


Official website here: www.hfldetroit.org

Where can I find the form 990 for Hebrew Free Loan Association?

Hebrew Free Loan Association's most recent form 990 was submitted in 2023 and can be accessed here.


Official website here: www.hfldetroit.org

Learn more at the official website: www.hfldetroit.org

Mission Statement of Hebrew Free Loan Association

The Hebrew Free Loan Association is an organization dedicated to providing financial assistance to Jewish individuals residing in Michigan. In line with core Jewish values of respect, compassion, and confidentiality, the association lends money without charging interest. This mission is carried out through the granting of interest-free loans, in accordance with the association's charter and Jewish tradition. The Hebrew Free Loan Association aims to support the Jewish community in Michigan by alleviating financial burdens without the burden of interest. This practice reflects the organization's commitment to upholding Jewish values while providing much-needed financial aid.

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Impact



July, 2024

Hebrew Free Loan Association's impact is felt through its provision of interest-free loans to Jewish individuals in the state of Michigan. By adhering to core Jewish values of respect, compassion, and confidentiality, the association helps community members in need access financial assistance without the burden of interest payments. Through this service, the Hebrew Free Loan Association promotes financial stability and empowerment within the Jewish community in Michigan, allowing individuals to overcome financial obstacles and pursue their goals with dignity.



This information is meant to be a general summary of Hebrew Free Loan Association. 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.

Revenue
$1,027,759 (2023)
Expenses
$990,401 (2023)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2023.

  • Investment Income: $140,638
  • Program Service Revenue: $22,775
  • Gross Receipts: $1,027,759

Assets and Liabilities:

  • Total Assets: $14,134,650
  • Total Liabilities: $151,673
  • Net Assets: $13,982,977

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

PROGRAM SERVICE REVENU

Revenue

$22,775

Organization Details

Founding Year

1895

Phone

(248) 723-8184

Principal Officer

David Contorer

Main Address

6735 TELEGRAPH ROAD 300, BLOOMFIELD HILLS, MI, 48301

Website

www.hfldetroit.org

NTEE Category

Code: T90Z - Philanthropy

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