Overview
What is Regional Community Finance Inc?
Regional Community Finance Inc, based in New Orleans, Louisiana, is a nonprofit organization that has allocated over $16 million in community development loan funds through New Markets Tax Credit transactions. Their primary mission is to foster low and moderate income housing, as well as promote economic development in the communities of New Orleans and Baton Rouge, Louisiana. They accomplish this by investing in new commercial real estate projects that contribute to larger mixed-use developments and by redeveloping vacant properties into commercial and community facilities. With a focus on benefiting low-income communities, their work also aims to alleviate government burdens and collaborate with various national, regional, and local organizations to further their objectives. The organization currently employs a team of 4 individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Star rating)
Regional Community Finance Inc. has received a Three-Star rating from Charity Navigator, indicating a fair level of performance in the nonprofit sector. This rating is based solely on their Accountability & Finance score, which stands at 79%. The organization has demonstrated transparency and responsible financial practices, notably achieving a perfect score in several areas such as the presence of an independent board and thorough financial audits.
The organization boasts a high program expense ratio of 98.48%, suggesting that a significant majority of its expenditures are directed toward its programming rather than administrative costs. They also maintain strong policies on conflict of interest, whistleblower protections, and document retention, which contribute to their overall accountability and trustworthiness.
However, the organization has a lower score in the liabilities to assets ratio, scoring zero out of 15 points in this category, which may indicate potential financial risks. While the charity displays many strengths in governance and financial management, prospective donors might want to consider this aspect when evaluating the organization's overall financial health.
This AI summary has been generated from information found on Charity Navigator.
Is Regional Community Finance Inc legitimate?
Regional Community Finance Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Regional Community Finance 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $80,647
For more financial information, click here
What is the mission statement of Regional Community Finance Inc?
Regional Community Finance Inc's mission is centered around two primary objectives. Firstly, it aims to foster low and moderate income housing, providing affordable living solutions for individuals and families in need. Secondly, the organization promotes economic development through community development projects, primarily benefiting low and moderate income residents. Furthermore, Regional Community Finance Inc contributes to alleviating government burdens and collaborates with national, regional, and local organizations to advance its goals, ultimately working towards the betterment of its target community.
Who is the CEO of Regional Community Finance Inc?
Kathleen Laborde is the Director of Regional Community Finance Inc.
What is the revenue of Regional Community Finance Inc?
Regional Community Finance Inc's revenue in 2021 was $1,353,772.
Who are the executives of Regional Community Finance Inc and what are their salaries?
The average compensation at Regional Community Finance Inc during 2021 was $20,162. There are 4 employees and 5 volunteers at Regional Community Finance Inc.
Here are 5 key members and their salaries:
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Where can I find the form 990 for Regional Community Finance Inc?
Regional Community Finance Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Regional Community Finance Inc
Regional Community Finance Inc, as a mission-driven organization, is dedicated to fostering low and moderate income housing and promoting economic development. The corporation's primary objective is to create affordable living spaces for individuals and families with limited financial resources. In addition to this, Regional Community Finance Inc also invests in community development projects that are primarily designed to benefit low and moderate income residents. By doing so, the organization aims to alleviate some of the burden on the government.
Furthermore, Regional Community Finance Inc collaborates with various national, regional, and local organizations to advance its goals. This partnership strategy allows the nonprofit to expand its reach and impact, ensuring that more low and moderate income households have access to decent housing and sustainable economic opportunities. By working together, these organizations can collectively contribute to the betterment of their communities, ultimately improving the quality of life for those most in need.
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Impact
July, 2024
Regional Community Finance Inc has made a significant impact by fostering low and moderate income housing and promoting economic development in New Orleans and Baton Rouge, Louisiana. Through providing over $16 million in community development loan funds in New Markets Tax Credit transactions, the organization has facilitated the development of new commercial real estate that serves as part of larger mixed-use projects. By redeveloping vacant properties into commercial and community facilities, Regional Community Finance Inc is revitalizing neighborhoods and creating opportunities for the residents of low-income communities. Their efforts not only contribute to the economic growth of these areas but also relieve burdens on the government by addressing housing needs and supporting community development projects. By collaborating with other organizations, Regional Community Finance Inc is furthering its mission to improve the quality of life for low and moderate income residents.
This information is meant to be a general summary of Regional Community Finance 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.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2021.
- Investment Income: $16
- Program Service Revenue: $1,356,131
- Gross Receipts: $1,353,772
Assets and Liabilities:
- Total Assets: $27,779,646
- Total Liabilities: $23,461,441
- Net Assets: $4,318,205
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$701,413
INTEREST INCOME
Revenue
$540,136
PROPERTY MANAGEMENT RE
Revenue
$93,967
OTHER PROGRAM SERVICE
Revenue
$20,615
Organization Details
Founding Year
2012
Phone
(504) 525-2505Principal Officer
Kathleen Laborde
Main Address
1626 ORETHA CASTLE HALEY BLVD A, NEW ORLEANS, LA, 70113
NTEE Category
Code: S31 - Community improvement
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