Overview
What is Irc's Center For Economic Opportunity Inc?
Irc's Center for Economic Opportunity Inc is a nonprofit organization based in San Diego, California, dedicated to empowering underserved, credit-thin refugee and immigrant communities. They accomplish this by collaborating with trusted community partners that offer credit education and related asset-building services. In the fiscal year 2022, the organization experienced significant growth in all aspects of its operation, reaching more individuals from diverse backgrounds than ever before. They closed over 1,400 loans totaling more than $7 million, with a majority of the funds going to refugee borrowers. Despite lending to individuals with low credit scores, the organization maintained a high repayment rate. This growth was primarily driven by the success in three key areas: strengthening and expanding partnerships, implementing technology enhancements, and launching an emergency response program for Afghan evacuees. The nonprofit's mission is to provide small business loans and microfinancing to victims of oppression and persecution, irrespective of their race, nationality, or religion, and to invest the funds to support charitable and educational activities.
Official website here: www.irc-ceo.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Irc's Center For Economic Opportunity Inc has received a Three-Star rating from Charity Navigator, primarily based on its Accountability & Finance score of 81. This rating indicates that the organization has a solid financial standing and adheres to good governance practices. The score reflects the charity's commitment to transparency and responsible management of its resources.
The organization has excelled in several key areas, including achieving full points for its audited financial statements, absence of material diversion of assets, and the implementation of various policies such as conflict of interest and whistleblower protections. Additionally, it maintains a healthy liabilities to assets ratio and a high program expense ratio, signifying that the majority of its spending directly supports its programs.
While the overall rating is commendable, the single-beacon score indicates that there may not be additional areas evaluated, which limits insight into other operational aspects. However, the charity's adherence to accountability and finance standards positions it as a trustworthy organization within its sector.
This AI summary has been generated from information found on Charity Navigator.
Is Irc's Center For Economic Opportunity Inc legitimate?
Irc's Center For Economic Opportunity Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Irc's Center For Economic Opportunity 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: $284,365
Professional Fundraising Fees: $0
Other Salaries and Wages: $206,231
For more financial information, click here
Official website here: www.irc-ceo.org/
What is the mission statement of Irc's Center For Economic Opportunity Inc?
The Irc's Center for Economic Opportunity Inc. is committed to providing small business loans and microfinancing to individuals who have faced oppression and persecution, regardless of their race, nationality, or religion. The organization receives, manages, sells, exchanges, invests, and reinvestes the funds transferred to it. The income and principal from these activities are utilized to establish and support charitable and educational initiatives. In essence, the center aims to empower and uplift persecuted individuals by providing them with financial resources to start or grow their businesses, thereby contributing to their economic independence and overall well-being.
Official website here: www.irc-ceo.org/
Who is the CEO of Irc's Center For Economic Opportunity Inc?
Kasra Movahedi is the Executive Director of Irc's Center For Economic Opportunity Inc.
Official website here: www.irc-ceo.org/
What is the revenue of Irc's Center For Economic Opportunity Inc?
Irc's Center For Economic Opportunity Inc's revenue in 2022 was $5,658,628.
Official website here: www.irc-ceo.org/
Who are the executives of Irc's Center For Economic Opportunity Inc and what are their salaries?
The average compensation at Irc's Center For Economic Opportunity Inc during 2022 was $70,085. There are 7 employees and 23 volunteers at Irc's Center For Economic Opportunity Inc.
Here are 7 key members and their salaries:
- Compensation: $0
- Related: $283,205
- Other: $31,201
- Compensation: $0
- Related: $142,970
- Other: $35,540
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $128,064
- Related: $0
- Other: $23,855
- Compensation: $78,204
- Related: $0
- Other: $25,208
- Compensation: $0
- Related: $289,820
- Other: $42,104
Official website here: www.irc-ceo.org/
Where can I find the form 990 for Irc's Center For Economic Opportunity Inc?
Irc's Center For Economic Opportunity Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.irc-ceo.org/
Learn more at the official website: www.irc-ceo.org/
Mission Statement of Irc's Center For Economic Opportunity Inc
Irc's Center for Economic Opportunity Inc is a nonprofit organization with a mission to provide small business loans and microfinancing to individuals who have faced oppression and persecution, regardless of their race, nationality, or religion. The corporation's main objective is to receive, manage, sell, exchange, invest, and reinvest the funds transferred to it, and to use the income and principal to establish and support charitable and educational activities. In essence, Irc's Center for Economic Opportunity Inc seeks to empower and uplift those who have been victimized, aiding them in establishing and growing their own businesses, thereby contributing to their economic independence and social integration.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
CEO's Center For Economic Opportunity Inc has had a significant impact by responsibly deploying capital to underserved, credit-thin refugee and immigrant communities. In fiscal year 2022, they reached more refugees and immigrants through more partners than in any prior year since inception. CEO closed over 1,400 loans totaling more than $7 million, with 94% of borrowers classified as low-income based on HUD AMFI and 75% having "bad or no" FICO scores at the time of application. Despite making loans to low-income borrowers, CEO has maintained a 97.5% historical repayment rate since inception. Their growth was fueled by sustaining and growing partnerships, implementing key technology enhancements, and launching an emergency response program to support Afghan evacuees under Operation: Allies Welcome. Through initiatives like the Support for Afghan Financial Empowerment program, CEO continues to provide valuable financial resources and support to those in need.
This information is meant to be a general summary of Irc's Center For Economic Opportunity 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 2022.
- Investment Income: $3,170
- Program Service Revenue: $412,351
- Gross Receipts: $5,658,628
Assets and Liabilities:
- Total Assets: $12,149,016
- Total Liabilities: $4,256,114
- Net Assets: $7,892,902
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$209,707
LOAN ASSISTANCE
Revenue
$202,644
Organization Details
Founding Year
2011
Phone
(619) 663-4186Principal Officer
Kasra Movahedi
Main Address
PO BOX 152188, SAN DIEGO, CA, 92195
Website
www.irc-ceo.org/NTEE Category
Code: P84 - Human services
If you are a representative of Irc's Center For Economic Opportunity Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.