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Community Reinvestment Fund Inc

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

EIN: 411616861 ✦ Minneapolis, MN ✦ Designated as a 501(c)(3)

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Overview

What is Community Reinvestment Fund Inc?

Community Reinvestment Fund Inc, founded in 1988, is a Minneapolis-based national non-profit organization and a leading Community Development Financial Institution (CDFI) named CRF USA. They collaborate with community organizations and stakeholders to promote economic mobility, foster strong local economies, and bridge the wealth gap, aiming for an inclusive economy for all. CRF's programs, products, and services address the barriers faced by small businesses with underrepresentation histories. During fiscal year 2022, CRF distributed $64.3 million in financing across the country, contributing to the creation or retention of approximately 1,799 jobs. Their mission is to empower individuals and strengthen communities through innovative financial solutions.


Official website here: www.crfusa.com

What are the reviews and ratings of this charity?

Charity Navigator Rating 90% - Four-Star out of Four Star Rating

Community Reinvestment Fund Inc has achieved a notable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization scored 83% in this category, showcasing an exemplary independent board composition and solid financial oversight protocols. Their commitment to transparency is evident, with no material diversion of assets and comprehensive policies on conflict of interest, whistleblowing, and document retention.

In addition to its financial strength, the nonprofit excels in culture and community engagement, achieving an impressive score of 97%. The organization actively gathers and utilizes constituent feedback, which is reflected in its perfect score of 100 in feedback collection and usage. This indicates a robust commitment to understanding and responding to the needs of those it serves.

While the organization demonstrates strong operational practices, the equity strategies score of 95 suggests that there may still be room for improvement in the application of its equity policies and processes. Overall, Community Reinvestment Fund Inc presents itself as a trustworthy and effective nonprofit, making impactful contributions to its community.


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

What do the Facebook reviews say about Community Reinvestment Fund Inc?

98% of 8 reviewers on Facebook recommend Community Reinvestment Fund Inc. Here is a summary of their reviews:

Supporters express a strong appreciation for the organization's impact on both individual businesses and the broader community. One user highlighted how the organization helped them grow their own business, which in turn allowed them to create job opportunities for others. This sentiment suggests that the nonprofit is effective in fulfilling its mission of community support and economic development.

Overall, the positive sentiment from users indicates that the services provided by Community Reinvestment Fund Inc. effectively contribute to local economic growth and empowerment, positioning it as a valuable resource for entrepreneurs and community members alike.


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

Is Community Reinvestment Fund Inc legitimate?

Community Reinvestment Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Reinvestment Fund Inc 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: $3,266,403
Professional Fundraising Fees: $0
Other Salaries and Wages: $10,751,761

For more financial information, click here


Official website here: www.crfusa.com

What is the mission statement of Community Reinvestment Fund Inc?

Community Reinvestment Fund Inc is a national non-profit organization and a leading Community Development Financial Institution (CDFI) that empowers individuals and strengthens communities through innovative financial solutions. Established in 1988, CRF collaborates with community organizations and stakeholders to increase economic mobility, build strong local economies, and reduce the wealth gap. The organization co-creates and delivers programs, products, and services that address the barriers and inequalities faced by underrepresented small businesses. CRF provided financing amounting to $64.3 million during fiscal year 2022, leading to the creation or retention of over 1,799 jobs across the country.


Official website here: www.crfusa.com

Who is the CEO of Community Reinvestment Fund Inc?

Frank Altman is the Ceo of Community Reinvestment Fund Inc. The CEO's salary of Community Reinvestment Fund Inc is $0 and their total compensation is $602,048.


Official website here: www.crfusa.com

What is the revenue of Community Reinvestment Fund Inc?

Community Reinvestment Fund Inc's revenue in 2022 was $38,368,250.


Official website here: www.crfusa.com

Who are the executives of Community Reinvestment Fund Inc and what are their salaries?

The average compensation at Community Reinvestment Fund Inc during 2022 was $140,182. There are 100 employees and 17 volunteers at Community Reinvestment Fund Inc.


Here are 33 key members and their salaries (Community Reinvestment Fund Inc's CEO's salary is $0 and their total compensation is $602,048):


Reza Aghamirzadeh (Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Daniel Spiller (Vice Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Steven Kent (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
Laura Trudeau (Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
David Adame (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Andrew Posner (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
William Krugler (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Willie Logan (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Tony Brown (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Kathryn Rock (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Chrystel Cornelius (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Calvin Holmes (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Gary Cunningham (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Gavin Borowiak (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Luther Ragin Jr (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Stefanie Steward-Young (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Jacqueline Woods (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Frank Altman (Ceo)
  • Compensation: $749,144
  • Related: $0
  • Other: $23,383
Jennifer Anderson (President)
  • Compensation: $514,108
  • Related: $0
  • Other: $139,738
Keith Rachey (Evp Chief Impact Officer)
  • Compensation: $414,438
  • Related: $0
  • Other: $140,068
Jennifer Novak (Svp Capital Markets)
  • Compensation: $328,067
  • Related: $0
  • Other: $39,741
Judith Jandro (Svp Small Business Lending)
  • Compensation: $293,860
  • Related: $0
  • Other: $39,731
Michelle Page (Vp Of Loan Servicing)
  • Compensation: $211,550
  • Related: $0
  • Other: $16,456
Simon Mcneil (Svp Operations)
  • Compensation: $90,836
  • Related: $0
  • Other: $8,233
Brandon Dixon (Chief Credit Officer)
  • Compensation: $221,477
  • Related: $0
  • Other: $36,136
Eric Chapin (General Counsel)
  • Compensation: $266,418
  • Related: $0
  • Other: $38,482
Debra Mounsey (Vp Of Human Resources)
  • Compensation: $251,829
  • Related: $0
  • Other: $21,381
Paul Tremewan (Vp Of Finance)
  • Compensation: $201,817
  • Related: $0
  • Other: $18,768
Erik Mau (Chief Technology Officer-Ignify)
  • Compensation: $0
  • Related: $405,427
  • Other: $56,585
Patrick Davis (Vp Of Program Strategy)
  • Compensation: $258,718
  • Related: $0
  • Other: $17,653
Jennifer Ericson (Vp Of Development And Lending)
  • Compensation: $224,190
  • Related: $0
  • Other: $26,936
Nicholas Elders (Ceo-Ignify)
  • Compensation: $0
  • Related: $533,310
  • Other: $68,738
Erik Swenson (Chief Operating Officer-Ignify)
  • Compensation: $0
  • Related: $397,060
  • Other: $54,756


Official website here: www.crfusa.com

Where can I find the form 990 for Community Reinvestment Fund Inc?

Community Reinvestment Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.crfusa.com

Learn more at the official website: www.crfusa.com

Mission Statement of Community Reinvestment Fund Inc

Community Reinvestment Fund Inc, also known as CRF, is a leading national non-profit organization and a Community Development Financial Institution (CDFI) with a mission to improve lives and strengthen communities through innovative financial solutions. Founded in 1988, CRF collaborates with community organizations and stakeholders to increase economic mobility and reduce the wealth gap in pursuit of a just economy that works for all.

CRF's approach is unique as it co-creates and delivers programs, products, and services that address the barriers and inequities faced by small businesses with a history of underrepresentation. In fiscal year 2022, CRF provided financing totaling $64.3 million to communities across the country, leading to the creation or retention of over 1,799 jobs. By combining financial expertise with a deep understanding of community needs, CRF plays a vital role in empowering people to improve their lives and build strong local economies.

Innovation is at the core of CRF's mission, as they continue to develop new and effective financial solutions to meet the evolving needs of the communities they serve. Their focus on collaboration and partnership allows them to support the growth of businesses, creating opportunities for economic advancement and positive change. CRF serves as a catalyst for change, using financial tools to foster sustainable economic development and help communities thrive.

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Impact




October, 2024

Community Reinvestment Fund Inc (CRF) significantly impacts communities by empowering individuals and businesses through innovative financial solutions. By facilitating access to capital, CRF addresses barriers and inequities small businesses often face, especially those with a history of underrepresentation. In 2022 alone, CRF provided $64.3 million in financing, which played a crucial role in creating or retaining over 1,799 jobs across various communities nationwide.

This funding is strategically directed towards initiatives that enhance economic mobility and promote the development of strong local economies. CRF collaborates with community organizations and stakeholders, working together to identify and implement programs and services that foster equitable growth. By focusing on reducing the wealth gap and pursuing a just economy, CRF contributes to long-term community sustainability, ultimately transforming lives and fortifying community bonds.




This information is meant to be a general summary of Community Reinvestment Fund Inc. 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
$38,368,250 (2022)
201120122013201420152016201720182019202020212022$0$20M$40M$60M$80M
Expenses
$32,918,771 (2022)
201120122013201420152016201720182019202020212022$0$15M$30M$45M$60M
Efficiency
2011201220132014201520162017201820192020202120220%8%16%24%37%

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Program Service Revenue: $25,280,758
  • Gross Receipts: $38,382,403

Assets and Liabilities:

  • Total Assets: $166,360,640
  • Total Liabilities: $100,590,346
  • Net Assets: $65,770,294

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Programs

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

LENDING TRANSACTION FEES

Revenue

$16,457,771

LENDING INTEREST INCOME

Revenue

$6,337,040

OTHER LENDING INCOME

Revenue

$2,485,947

Organization Details

Founding Year

1988

Principal Officer

Frank Altman

Main Address

801 NICOLLET MALL 1700W, MINNEAPOLIS, MN, 554022903

NTEE Category

Code: S310 - Community improvement

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