Overview
What is Technical Assistance Corporation?
Technical Assistance Corporation (TAC) is a nonprofit organization situated in St. Louis, Missouri, dedicated to redeveloping and strengthening communities. They provide financing and development services to nonprofit neighborhood organizations, helping them bring redevelopment projects to life in St. Louis's most distressed areas. TAC offers below-market interest rate predevelopment loans, acting as a crucial initial source of financing. Additionally, they utilize tax credit-generated charitable contributions to make subordinate loans and equity investments in affordable housing developments undertaken either by their own affiliates or unrelated third-party developers. Since its inception, TAC has contributed over $35 million to the development of over 3,500 affordable homes in the St. Louis area. Furthermore, Rise Community Development Financial Institution (CDFI) was launched in July 2020 to support small contractors, developers, and businesses underrepresented by traditional banks in disadvantaged communities. This collaboration aims to foster economic development, improve the financial well-being of local communities, and benefit low-income individuals living and working in these areas.
Official website here: www.risestl.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (57%)
The Technical Assistance Corporation has received a low rating of 57%, classifying it as a One-Star out of Four Stars charity. This score reflects significant concerns regarding the organization's accountability and financial management, particularly noted in its program expense ratio, which is only 34.24%. While the charity has a solid governance structure, including a fully independent board of directors, issues related to financial efficiency raise red flags for potential donors.
Strengths of the organization include its complete independence of board members, the absence of material diversion of assets, and a comprehensive set of policies related to conflict of interest, whistleblowing, and document retention. These factors contribute positively to its accountability. However, despite these governance strengths, the organization struggles to allocate a higher percentage of its resources toward program expenses, suggesting that a significant portion of its funds may not be directed toward its intended mission.
Overall, while the Technical Assistance Corporation demonstrates strong governance practices, its low program expense ratio and overall rating indicate that potential supporters should carefully consider its financial health and operational effectiveness before contributing.
This AI summary has been generated from information found on Charity Navigator.
Is Technical Assistance Corporation legitimate?
Technical Assistance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Technical Assistance 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: $0
For more financial information, click here
Official website here: www.risestl.org
What is the mission statement of Technical Assistance Corporation?
The Technical Assistance Corporation (TAC) aims to redevelop and strengthen communities by providing housing development services, capacity-building, and financing. This organization cooperates with Rise Community Development to successfully revitalize neighborhoods, particularly in the St. Louis metropolitan area. TAC offers predevelopment loans to nonprofit neighborhood organizations, enabling them to start planning and building towards improved neighborhood vitality. These loans are provided at below-market interest rates and act as a first source of financing, accelerating the time from concept to construction and absorbing the risk that conventional lenders cannot accept. TAC also utilizes tax credit generated charitable contributions to make subordinate loans and equity investments in affordable housing developments. Since its inception, TAC has provided over $35 million in loans for the development of over 3,500 affordable homes. Recently, Rise Community Development Financial Institution (CDFI) was launched to support small contractors, developers, and businesses that are underserved by traditional banks, further enhancing TAC's work in underserved communities.
Official website here: www.risestl.org
Who is the CEO of Technical Assistance Corporation?
Mark Stroker is the President of Technical Assistance Corporation.
Official website here: www.risestl.org
What is the revenue of Technical Assistance Corporation?
Technical Assistance Corporation's revenue in 2022 was $109,897.
Official website here: www.risestl.org
Who are the executives of Technical Assistance Corporation and what are their salaries?
There 9 volunteers at Technical Assistance Corporation.
Here are 15 key members and their salaries:
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- Related: $127,958
- Other: $12,911
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- Related: $97,770
- Other: $31,572
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- Related: $61,461
- Other: $21,891
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- Related: $33,328
- Other: $4,930
- Compensation: $0
- Related: $18,901
- Other: $1,727
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Official website here: www.risestl.org
Where can I find the form 990 for Technical Assistance Corporation?
Technical Assistance Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.risestl.org
Learn more at the official website: www.risestl.org
Mission Statement of Technical Assistance Corporation
Technical Assistance Corporation (TAC) is a nonprofit organization with a mission to redevelop and strengthen communities. Their primary activity involves collaborating with Rise Community Development to provide housing development services, capacity-building, and financing to successfully revitalize neighborhoods in the St. Louis metropolitan area. TAC recognizes that many nonprofit community development organizations lack the financial resources to initiate redevelopment projects. To overcome this challenge, TAC offers predevelopment loans to neighborhood organizations, enabling them to start planning and constructing towards a vision of improved neighborhood vitality. These loans come at below-market interest rates, serving as a first source of financing and accelerating the time from concept to construction, while absorbing risks that conventional lenders cannot accept.
In addition, TAC utilizes tax credit-generated charitable contributions to make subordinate loans and equity investments in affordable housing developments undertaken either by its own affiliates or unrelated third-party affordable housing developers. Since its inception, TAC has provided over $35 million in loans for the development of over 3,500 affordable homes in the St. Louis area. Recognizing the barriers faced by underserved small contractors, developers, and businesses in traditionally disinvested communities, TAC launched Rise Community Development Financial Institution (CDFI) in July 2020. Rise CDFI aims to support economically productive activities within the local community, foster economic development, and improve the financial well-being of the local community, particularly the low-income people living and working in the area.
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Impact
October, 2024
Technical Assistance Corporation (TAC) plays a vital role in revitalizing and strengthening communities, particularly in St. Louis’ most distressed neighborhoods. By providing predevelopment and permanent financing, TAC addresses a critical gap for community development organizations that often struggle to fund the early stages of development projects. This support enables neighborhood organizations to initiate their visions for improved community vitality, bringing innovative, community-driven solutions to life.
TAC offers predevelopment loans at below-market interest rates, serving as a “first-in” source of financing. This approach not only accelerates the time from concept to construction but also mitigates risks that conventional lenders are unwilling to absorb. Over the years, TAC has successfully provided more than $35 million in loans, leading to the development of over 3,500 affordable homes in the St. Louis area.
In addition to housing, TAC's collaboration with RISE Community Development Financial Institution (CDFI) helps facilitate financing and support for small contractors, developers, and underserved businesses. This initiative is particularly crucial in areas where traditional banks are unable to operate effectively due to appraisal gaps and lack of comprehensive investment strategies. By fostering economically productive activities within local communities, TAC enhances the financial well-being of both the neighborhoods and the low-income individuals who reside and work there.
Through its diverse financing strategies and commitment to community collaboration, Technical Assistance Corporation significantly impacts the landscape of community development, paving the way for sustainable growth and improved quality of life for residents in the St. Louis metropolitan area.
This information is meant to be a general summary of Technical Assistance 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.
- Program Service Revenue: $59,897
- Gross Receipts: $109,897
Assets and Liabilities:
- Total Assets: $9,309,456
- Total Liabilities: $1,357,122
- Net Assets: $7,952,334
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST (PROGRAM)
Revenue
$59,897
Organization Details
Founding Year
1990
Phone
(314) 231-9400Principal Officer
Mark Stroker
Main Address
1627 WASHINGTON AVENUE, ST LOUIS, MO, 63103
Website
www.risestl.orgNTEE Category
Code: S31Z - Community improvement
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