Overview
What is Community Loan Center Of The Heart Of Texas?
The Community Loan Center of the Heart of Texas is a nonprofit organization situated in Waco, Texas. Its primary mission is to improve the lives of low-to-moderate income individuals by offering innovative loans as an alternative to traditional payday and auto title lenders, which often have exorbitant interest rates and fees. By doing so, the center aims to provide a more sustainable and affordable solution for borrowers in need.
Official website here: www.clchot.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 62% (Two-Star out of Four Star rating)
The Community Loan Center of the Heart of Texas has received a two-star rating from Charity Navigator, indicating a moderate level of accountability and financial health. The organization scored well in areas such as having a majority independent board and maintaining appropriate board size and asset management practices. However, its overall score is significantly impacted by the absence of key governance policies, including conflict of interest and whistleblower policies.
Strengths include a strong program expense ratio, with nearly 91% of its expenses dedicated to its programs, demonstrating a commitment to its mission. The organization also has no material diversion of assets, which reflects positively on its operational integrity. However, the liabilities to assets ratio is concerning at 69.31%, indicating potential financial risk that may impede long-term sustainability.
Despite these strengths, the lack of scoring in critical areas such as impact measurement and community culture suggests that there are opportunities for growth. The absence of necessary governance policies also raises questions about the organization's overall transparency and accountability. Improving these aspects could enhance its standing and effectiveness in the sector.
This AI summary has been generated from information found on Charity Navigator.
Is Community Loan Center Of The Heart Of Texas legitimate?
Community Loan Center Of The Heart Of Texas is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Loan Center Of The Heart Of Texas 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.
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Official website here: www.clchot.org
What is the mission statement of Community Loan Center Of The Heart Of Texas?
The Community Loan Center of the Heart of Texas has a mission to offer innovative loans that improve the quality of life for low-to-moderate income individuals. This is achieved by providing an alternative source of loans, separating them from local payday and auto title lenders known for their high interest rates and fees. By doing so, the center aims to offer financial assistance in a more sustainable and affordable manner. The center's activities are focused on providing a viable option for individuals who may otherwise be trapped in cycles of debt due to predatory lending practices.
Official website here: www.clchot.org
Who is the CEO of Community Loan Center Of The Heart Of Texas?
Delisa Burnell-Smith is the Chair- Nov 1 of Community Loan Center Of The Heart Of Texas.
Official website here: www.clchot.org
What is the revenue of Community Loan Center Of The Heart Of Texas?
Community Loan Center Of The Heart Of Texas's revenue in 2022 was $111,672.
Official website here: www.clchot.org
Who are the executives of Community Loan Center Of The Heart Of Texas and what are their salaries?
Here are 16 key members and their salaries:
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Official website here: www.clchot.org
Where can I find the form 990 for Community Loan Center Of The Heart Of Texas?
Community Loan Center Of The Heart Of Texas's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.clchot.org
Learn more at the official website: www.clchot.org
Mission Statement of Community Loan Center Of The Heart Of Texas
The Community Loan Center of the Heart of Texas, as its mission statement suggests, aims to offer innovative loan solutions to enhance the quality of life for low-to-moderate income individuals. This nonprofit organization provides an alternative source of loans, steering away from local payday and auto title lenders that often charge exorbitant interest rates and fees. By doing so, the Community Loan Center offers a more affordable and sustainable way for individuals to manage their financial needs, promoting financial stability and well-being.
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Impact
October, 2024
Community Loan Center of the Heart of Texas provides innovative loan solutions that significantly enhance the quality of life for low-to-moderate income individuals. By offering a viable alternative to local payday and auto title lenders, the center mitigates the burden of high interest rates and exorbitant fees that typically trap vulnerable populations in cycles of debt.
This initiative empowers individuals and families by giving them access to fairer financial options, fostering economic stability and growth within the community. The center's focus on responsible lending not only aids in personal financial wellbeing but also contributes to broader community improvement by promoting financial literacy and sustainable financial practices. In Waco, Texas, this approach helps break the cycle of predatory lending, enabling residents to achieve greater financial independence and security.
This information is meant to be a general summary of Community Loan Center Of The Heart Of Texas. 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: $111,669
- Gross Receipts: $111,672
Assets and Liabilities:
- Total Assets: $611,167
- Total Liabilities: $423,722
- Net Assets: $187,445
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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
$86,723
LOAN ADMIN FEES
Revenue
$20,480
NSF FEES & LATE CHARGE
Revenue
$4,466
Organization Details
Founding Year
2015
Phone
(254) 752-1647Principal Officer
Delisa Burnell-Smith
Main Address
922 FRANKLIN AVE, WACO, TX, 76701
Website
www.clchot.orgNTEE Category
Code: S40 - Community improvement
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