Overview
What is Mclennan Community Investment Fund?
Mclennan Community Investment Fund (McCIF) is a community-focused nonprofit organization situated in Waco, Texas. Established with a mission to promote economic growth in economically disadvantaged areas of McLennan County, the organization aims to bridge the gap for small businesses by offering financing options that are often unavailable through traditional financial institutions. To achieve this, McCIF has sought certification as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department. With funding from the CDFI Fund and local sources, McCIF initiated its loan program in 2020, providing much-needed capital to small business owners who may have been overlooked by traditional financial institutions. As a financing entity, McCIF's sole activity is its loan program, which has continued to operate throughout 2021.
Official website here: www.mccif.org
Is Mclennan Community Investment Fund legitimate?
Mclennan Community Investment Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mclennan Community Investment Fund 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: $95,497
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mccif.org
What is the mission statement of Mclennan Community Investment Fund?
The Mclennan Community Investment Fund, established as a community nonprofit corporation, aims to obtain certification from the U.S. Treasury Department as a Community Development Financial Institution. Its primary mission is to extend financing opportunities to small businesses that typically struggle to secure funds from traditional financial sources. By providing financing for new and growing ventures, the organization seeks to foster economic development in economically disadvantaged areas, thereby creating jobs and stimulating economic activity that might not otherwise materialize.
Official website here: www.mccif.org
Who is the CEO of Mclennan Community Investment Fund?
Thomas G Chase Jr is the Vice-President, Director of Mclennan Community Investment Fund.
Official website here: www.mccif.org
What is the revenue of Mclennan Community Investment Fund?
Mclennan Community Investment Fund's revenue in 2022 was $289,788.
Official website here: www.mccif.org
Who are the executives of Mclennan Community Investment Fund and what are their salaries?
The average compensation at Mclennan Community Investment Fund during 2022 was $23,874. There are 4 employees and 6 volunteers at Mclennan Community Investment Fund.
Here are 9 key members and their salaries:
- Compensation: $37,660
- Related: $0
- Other: $0
- Compensation: $29,000
- Related: $0
- Other: $0
- Compensation: $17,500
- Related: $0
- Other: $0
- Compensation: $11,337
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.mccif.org
Where can I find the form 990 for Mclennan Community Investment Fund?
Mclennan Community Investment Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mccif.org
Learn more at the official website: www.mccif.org
Mission Statement of Mclennan Community Investment Fund
The Mclennan Community Investment Fund is a community nonprofit organization with the aim of securing certification as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department. Its mission, in simple terms, is to extend financing opportunities to small businesses that often struggle to gain access to traditional sources of capital. By doing so, the organization intends to foster economic development in economically disadvantaged regions of McLennan County, Texas. This mission is achieved by providing financial support to new and growing businesses, thereby creating jobs and stimulating economic activity that may not have been possible through conventional financing methods.
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Impact
October, 2024
Mclennan Community Investment Fund (McCIF) plays a crucial role in enhancing economic development in economically disadvantaged areas of McLennan County, Texas. By providing access to financing for small businesses that lack traditional sources of capital, McCIF addresses a significant gap in the financial landscape.
Since launching its loan program in November 2020, McCIF has focused on empowering entrepreneurs who would otherwise struggle to secure funding from banks, savings and loans, or credit unions. This initiative not only fosters job creation but also stimulates economic activity in the community, thus contributing to a more vibrant local economy.
With plans to achieve certification by the U.S. Treasury’s Community Development Financial Institutions Fund, McCIF aims to bolster its ability to provide impactful financial assistance. The organization’s commitment to facilitating loans for new and growing businesses is a vital step toward promoting sustainable economic growth and improving the livelihoods of residents in McLennan County.
This information is meant to be a general summary of Mclennan Community Investment Fund. 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: $7,851
- Program Service Revenue: $1,097
- Gross Receipts: $289,788
Assets and Liabilities:
- Total Assets: $474,177
- Total Liabilities: $8,000
- Net Assets: $466,177
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Fees & Expenses Received - Loan Program
Revenue
$1,097
Organization Details
Founding Year
2020
Phone
(254) 722-1635Principal Officer
Thomas G Chase Jr
Main Address
605 Austin Avenue Ste 3, Waco, TX, 76701
Website
www.mccif.orgNTEE Category
Code: W60 - Public benefit
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