Overview
What is Opportunity Resource Fund?
The Opportunity Resource Fund, based in Lansing, Michigan, is a distinguished nonprofit organization with a 36-year history of successful lending. Their mission revolves around promoting affordable home and small business ownership, aiming to bolster Michigan communities. Over the decades, they've disbursed over $70.8 million in loans, benefiting various sectors. These loans include real estate development, small businesses, consumer loans, Payroll Protection Program loans under the CARES Act, and homeownership loans. Their initiatives have attracted over $190 million in public and private investments, resulting in the creation or maintenance of 3,014 affordable housing units, creation of 1,804 jobs, and ensuring the safety of 125 children in organized daycare facilities. Additionally, they provide pre and post loan closing development services to individuals, nonprofits, and business owners. As a certified community development financial institution, they accept socially motivated investments and function as a revolving loan fund, offering loans at affordable rates. With a team of 19 dedicated individuals, OppFund is committed to breaking the cycle of poverty and assisting in the revitalization of Michigan neighborhoods and communities.
Official website here: www.oppfund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83% - Three-Star out of Four Star rating from Charity Navigator.
Opportunity Resource Fund has received a solid Three-Star rating, indicating that it performs well in terms of accountability and finance. The organization has a fully independent board, which is a strength, showcasing governance and oversight mechanisms. Additionally, the charity excels in maintaining comprehensive financial statements and policies, contributing to its positive score in this area.
However, while the organization has commendable practices, there is a notable concern with its liabilities to assets ratio, which is at 66.95%. This suggests potential financial risks that the organization may need to address. Despite this, the high program expense ratio of 79.80% reflects a strong commitment to directing resources toward its mission.
Overall, Opportunity Resource Fund demonstrates a commitment to transparency and effective governance but may need to assess its financial leverage to ensure long-term sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Opportunity Resource Fund legitimate?
Opportunity Resource Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Opportunity Resource 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: $346,713
Professional Fundraising Fees: $0
Other Salaries and Wages: $791,950
For more financial information, click here
Official website here: www.oppfund.org
What is the mission statement of Opportunity Resource Fund?
The Opportunity Resource Fund, often referred to as OppFund, is dedicated to promoting affordable housing and small business ownership as a means to strengthen communities. By offering loans and development services, OppFund aims to break the cycle of poverty and assist in the revitalization of neighborhoods and communities. This is accomplished by making funds available to individuals and organizations who may have been denied access to traditional capital. OppFund functions as a revolving loan fund, accepting socially motivated investments from individuals, not-for-profit organizations, and banks. These investments are pooled to provide loans at affordable rates for real estate development and small business and homeownership loans, fostering social and economic justice.
Official website here: www.oppfund.org
Who is the CEO of Opportunity Resource Fund?
Kevin Fitzgerald is the President/Ceo of Opportunity Resource Fund. The CEO's salary of Opportunity Resource Fund is $182,768 and their total compensation is $183,768.
Official website here: www.oppfund.org
What is the revenue of Opportunity Resource Fund?
Opportunity Resource Fund's revenue in 2022 was $4,959,860.
Official website here: www.oppfund.org
Who are the executives of Opportunity Resource Fund and what are their salaries?
The average compensation at Opportunity Resource Fund during 2022 was $59,930. There are 19 employees and 12 volunteers at Opportunity Resource Fund.
Here are 14 key members and their salaries (Opportunity Resource Fund's CEO's salary is $182,768 and their total compensation is $183,768):
- Compensation: $182,768
- Related: $0
- Other: $1,000
- Compensation: $161,945
- Related: $0
- Other: $1,000
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.oppfund.org
Where can I find the form 990 for Opportunity Resource Fund?
Opportunity Resource Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.oppfund.org
Learn more at the official website: www.oppfund.org
Mission Statement of Opportunity Resource Fund
Opportunity Resource Fund, abbreviated as OppFund, is a mission-driven organization that strives to promote affordable housing and small business ownership within Michigan communities. Their primary goal is to break the cycle of poverty and aid in the revitalization of neighborhoods and communities by offering loans and development services to individuals, nonprofits, and business owners who may have been denied access to traditional capital. By doing so, OppFund fosters social and economic justice, enabling individuals and communities to thrive.
As a certified community development financial institution and a revolving loan fund, OppFund accepts socially motivated investments from individuals, not-for-profit organizations, and banks. These investments, often with interest rates ranging from zero to three percent, are pooled together to provide loans at affordable rates for real estate development, small businesses, and homeownership. By offering pre and post-loan closing development services, OppFund provides comprehensive support to its clients, ensuring that their investments are used effectively and sustainably to improve their communities. By focusing on these critical areas, OppFund plays a crucial role in supporting Michigan's communities and fostering opportunities for growth and prosperity.
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Impact
July, 2024
Opportunity Resource Fund's impact can be seen through its commitment to promoting affordable home and small business ownership in Michigan communities. Over the past 36 years, OppFund has provided over $70.8 million in loans, leveraging more than $190 million from public and private investments. This has resulted in the creation or maintenance of 3,014 units of affordable housing, the preservation of 1,804 jobs, and the provision of 594 new or safer housing options for low and moderate-income families. Additionally, OppFund's loans have ensured that at least 125 children have access to safer daycare facilities. Through its efforts, OppFund is empowering individuals throughout the state of Michigan and contributing to the revitalization of neighborhoods and communities.
This information is meant to be a general summary of Opportunity Resource 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: $4,336
- Program Service Revenue: $1,002,668
- Gross Receipts: $4,959,860
Assets and Liabilities:
- Total Assets: $26,919,241
- Total Liabilities: $18,731,773
- Net Assets: $8,187,468
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Interest Income - Loan
Revenue
$758,881
Contractual Services
Revenue
$148,724
Loan Origination Fees
Revenue
$83,875
Other Income
Revenue
$11,188
Organization Details
Founding Year
1985
Phone
(517) 372-6001Principal Officer
Kevin Fitzgerald
Main Address
330 Marshall Street 105, Lansing, MI, 48912
Website
www.oppfund.orgNTEE Category
Code: P80 - Human services
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