Overview
What is Cinnaire Lending Corporation?
Cinnaire Lending Corporation, established in 2002, is a Michigan-based Certified Community Development Financial Institution (CDFI) with a mission to improve the quality of life for residents in underserved communities by raising and deploying capital to support the development of healthy and vibrant neighborhoods. The organization provides various financing products such as pre-development, acquisition, bridge loans, and permanent financing for multi-family rental communities, primarily serving low- and moderate-income individuals, including special needs populations. Additionally, Cinnaire Lending offers consulting services to developers and non-profit organizations, helping them utilize all available financing sources to ensure the long-term viability of community developments.
What are the reviews and ratings of this charity?
Charity Navigator Rating 80% - Three-Star out of Four Star Rating
Cinnaire Lending Corporation has achieved a Three-Star rating from Charity Navigator, with a score of 80%. This rating reflects a strong emphasis on accountability and finance, as it is derived entirely from a single beacon score in this area. The organization demonstrates robust governance practices with 100% independent board members and comprehensive policies for conflict of interest and whistleblower protections.
The financial health of Cinnaire is notable, as it maintains a high program expense ratio of 91.13%, indicating efficient allocation of resources towards its programs. Additionally, the organization has no recorded material diversion of assets, showcasing transparency and integrity in financial operations. The audit and oversight committee also scored perfectly, reinforcing confidence in its financial reporting.
However, the organization struggles with a liabilities to assets ratio of 68.25%, which may raise concerns about financial leverage and sustainability. While the overall financial practices are commendable, this particular metric suggests that Cinnaire may face challenges in managing debts relative to its assets, which could impact future operations.
This AI summary has been generated from information found on Charity Navigator.
Is Cinnaire Lending Corporation legitimate?
Cinnaire Lending Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cinnaire Lending 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,762,914
For more financial information, click here
What is the mission statement of Cinnaire Lending Corporation?
Cinnaire Lending Corporation, founded in 2002, functions as a certified Community Development Financial Institution (CDFI). Their primary mission is to accumulate and distribute capital in order to foster the growth of healthy and vibrant communities. By doing so, they aim to enhance the overall quality of life for residents of these communities. Cinnaire Lending provides various financing options such as pre-development, acquisition, bridge loans, and permanent financing for multi-family rental communities catering to low- and moderate-income individuals, including those with special needs. Additionally, they offer consulting services to developers, helping them make the most of all available financing resources to ensure the long-term viability of developments. Cinnaire Lending prioritizes partnering with non-profit organizations to facilitate their involvement in community developments.
Who is the CEO of Cinnaire Lending Corporation?
Brett Oumedian is the Chair of Cinnaire Lending Corporation.
What is the revenue of Cinnaire Lending Corporation?
Cinnaire Lending Corporation's revenue in 2022 was $12,692,635.
Who are the executives of Cinnaire Lending Corporation and what are their salaries?
There 8 volunteers at Cinnaire Lending Corporation.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Cinnaire Lending Corporation?
Cinnaire Lending Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Cinnaire Lending Corporation
Cinnaire Lending Corporation, established in 2002, is a certified Community Development Financial Institution (CDFI) with a mission to raise and deploy capital to support the development of healthy and vibrant neighborhoods. By doing so, the organization aims to improve the quality of life for residents in these communities. Cinnaire Lending specializes in providing financing solutions for multi-family rental communities that serve low- and moderate-income individuals, including those with special needs. Their offerings include pre-development, acquisition, bridge loans, and permanent financing.
In addition to its financing products, Cinnaire Lending offers consulting services to developers, helping them utilize all available financing sources to ensure the long-term viability of developments. The organization focuses on partnering with non-profit organizations, providing them with an integral role in community developments within their jurisdictions. Through these collaborations, Cinnaire Lending strives to create sustainable neighborhoods that prioritize the well-being of their residents.
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Impact
October, 2024
Cinnaire Lending Corporation significantly impacts underserved communities by raising and deploying capital to foster the development of healthy and vibrant neighborhoods. Established in 2002 and recognized as a certified Community Development Financial Institution (CDFI), Cinnaire focuses on improving the quality of life for residents in low- and moderate-income areas.
The organization offers diverse financing options, including pre-development, acquisition, bridge loans, and permanent financing specifically for multi-family rental communities. This approach directly addresses housing needs for low-income residents and special needs populations, ensuring they have access to stable and affordable living conditions.
Beyond financial support, Cinnaire actively collaborates with developers and nonprofit organizations, offering consulting services to optimize available financing resources. This strategic partnership enhances community development efforts, helping organizations play a crucial role in advancing local projects and ensuring the sustainability of developments.
Overall, Cinnaire Lending Corporation is instrumental in driving economic development, enhancing community vitality, and creating an environment where all residents can thrive.
This information is meant to be a general summary of Cinnaire Lending 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 2022.
- Investment Income: $454,815
- Program Service Revenue: $4,896,024
- Gross Receipts: $12,692,635
Assets and Liabilities:
- Total Assets: $102,169,099
- Total Liabilities: $69,740,296
- Net Assets: $32,428,803
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$2,161,451
TAX CREDIT REVENUE
Revenue
$1,508,534
ORIGINATION FEES
Revenue
$735,056
LOAN SERVICING FEES
Revenue
$365,580
CONSULTING FEE
Revenue
$72,830
Organization Details
Founding Year
2002
Phone
(517) 482-8555Principal Officer
Brett Oumedian
Main Address
1118 S WASHINGTON AVE, LANSING, MI, 48910
NTEE Category
Code: L80 - Housing
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