Overview
What is California Finance Consortium?
The California Finance Consortium (CFC) is a collaborative body of four member lenders: 3CORE, Arcata Economic Development Corporation, Superior California Economic Development, and Yuba-Sutter Economic Development Corporation. Established with a mission to stimulate economic growth, the CFC supports these member lenders by offering well-structured and competitively priced capital to small businesses in underserved areas. This is achieved by purchasing a share in and assuming an equal risk for loans that have been underwritten and approved by member lenders. The CFC also provides loan guarantees as a supplementary credit enhancement for its member lenders, thus offering them financial protection and capital support. In summary, the CFC serves as a financial partner to its member lenders, offering loan guarantees and participations to help them extend capital to underserved small businesses.
Official website here: www.californiafinance.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Star rating)
The California Finance Consortium has achieved an 80% rating from Charity Navigator, indicating a solid performance in accountability and finance. This three-star rating is primarily based on metrics related to fiscal responsibility, with a strong emphasis on governance practices, including a fully independent board and no material diversion of assets.
The organization demonstrates strengths in various areas such as having a conflict of interest policy and maintaining proper documentation of board meeting minutes. Additionally, its liabilities to assets ratio is very low, reflecting strong financial health. However, the absence of a whistleblower policy and a document retention and destruction policy are noted limitations that may require attention for improvement.
Overall, the California Finance Consortium shows a commitment to accountability, with a high percentage of its expenses directed toward programs. While there are areas for improvement, particularly in policy documentation, the organization has established a positive foundation for transparency and responsible financial management.
This AI summary has been generated from information found on Charity Navigator.
Is California Finance Consortium legitimate?
California Finance Consortium is a legitimate nonprofit organization registered as a 501(c)(3) entity. California Finance Consortium 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:
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Official website here: www.californiafinance.org/
What is the mission statement of California Finance Consortium?
The California Finance Consortium aims to offer protection against losses and provide capital support to its member lenders through loan guarantees and loan participations. By doing so, it helps its member lenders deliver affordable capital to growing small businesses in underserved areas, thereby furthering economic development. The Consortium achieves this by purchasing a share in and assuming equal risk for loans underwritten and approved by member lenders, and also offers loan guarantees as an additional credit enhancement.
Official website here: www.californiafinance.org/
Who is the CEO of California Finance Consortium?
Brynda Stranix is the President of California Finance Consortium.
Official website here: www.californiafinance.org/
What is the revenue of California Finance Consortium?
California Finance Consortium's revenue in 2023 was $6,593.
Official website here: www.californiafinance.org/
Who are the executives of California Finance Consortium and what are their salaries?
Here are 5 key members and their salaries:
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Official website here: www.californiafinance.org/
Where can I find the form 990 for California Finance Consortium?
California Finance Consortium's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.californiafinance.org/
Learn more at the official website: www.californiafinance.org/
Mission Statement of California Finance Consortium
The California Finance Consortium, a collective of several lending institutions, is dedicated to safeguarding its member lenders by offering loss protection and capital support. By providing loan guarantees and loan participations, the Consortium assumes equal risk with its members for loans that have been underwritten and approved by them. This financial assistance enables member lenders to deliver well-structured and cost-effective capital to growing small businesses in economically disadvantaged areas. By purchasing a participation share in these loans, the Consortium aids its members in delivering capital more effectively, ultimately contributing to the economic development of these communities.
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Impact
June, 2024
California Finance Consortium's impact lies in providing crucial support to its member lenders in the form of loan guarantees and loan participations. By offering loss protection and capital support, the consortium enables its member lenders to deliver well-structured and reasonably priced capital to healthy, growing small businesses in underserved areas. This assistance plays a vital role in supporting economic development by facilitating access to much-needed financing for businesses that may otherwise struggle to obtain funding. Through their efforts, California Finance Consortium helps stimulate growth and opportunities in underserved communities, contributing to overall economic resilience and prosperity.
This information is meant to be a general summary of California Finance Consortium. 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 2023.
- Investment Income: $139
- Program Service Revenue: $6,454
- Gross Receipts: $6,593
Assets and Liabilities:
- Total Assets: $2,160,239
- Total Liabilities: $800
- Net Assets: $2,159,439
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Loan interest and fees
Revenue
$6,454
Organization Details
Founding Year
2014
Phone
(530) 893-8732Principal Officer
Brynda Stranix
Main Address
2515 Ceanothus Avenue 105, Chico, CA, 95973
Website
www.californiafinance.org/NTEE Category
Code: C30 - Environment
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