Overview
What is Rocky Mountain Community Reinvestment Co?
The Rocky Mountain Community Reinvestment Co, or RMCRC, is a nonprofit Community Development Financial Institution (CDFI) based in Salt Lake City, Utah. Established in 1999, it began granting loans in the year 2000, serving as a catalyst for community development by offering flexible financing for affordable housing to assist residents in the Rocky Mountain region with low to moderate income. RMCRC collaborates with member banks, utilizing their pooled funds under the Intercreditor Agreement (ICA) and the sale of direct loan participations to finance loans for mortgagors. The organization's mission is to facilitate the development and preservation of affordable housing and community facilities for underserved communities. With a team of 18 employees, RMCRC maximizes the leverage of public and private dollars and provides technical assistance to project sponsors.
Official website here: www.rmcrc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Rocky Mountain Community Reinvestment Co has received a solid Three-Star rating from Charity Navigator, reflecting a strong emphasis on accountability and finance. The organization scored particularly well in areas such as board independence, financial oversight, and adherence to policies that ensure transparency and ethical management. With 89% of its board members being independent and a program expense ratio of over 92%, the nonprofit demonstrates a commitment to using the majority of its resources for its programs.
The high scores in financial accountability indicate that the organization manages its funds effectively and adheres to best practices in governance. There have been no reported issues with asset diversion, and the presence of comprehensive policies related to conflicts of interest and whistleblowing further showcases its commitment to ethical standards and operational integrity.
However, the organization did receive a lower score concerning its liabilities to assets ratio, suggesting potential financial risk that may need to be addressed. Despite this limitation, the overall rating reflects a positive standing, indicating that Rocky Mountain Community Reinvestment Co is a responsible choice for donors seeking to support a nonprofit with good financial health and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Rocky Mountain Community Reinvestment Co legitimate?
Rocky Mountain Community Reinvestment Co is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rocky Mountain Community Reinvestment Co 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: $568,603
Professional Fundraising Fees: $0
Other Salaries and Wages: $861,937
For more financial information, click here
Official website here: www.rmcrc.org
What is the mission statement of Rocky Mountain Community Reinvestment Co?
The Rocky Mountain Community Reinvestment Corporation works towards facilitating the development and preservation of affordable housing and community facilities for low to moderate income families and underserved communities. Established in 1999, RMCRC is a nonprofit community development financial institution that cooperates with member banks to catalyze community development. It offers flexible financing for affordable, quality housing and collaborates with government agencies to maximize the impact of public and private dollars. RMCRC uses a pool of funds from its members and sells direct loan participations to fund loans to mortgagers. By registering as a Community Development Institution Fund (CDFI), RMCRC is dedicated to assisting residents in the Rocky Mountain region with essential housing needs.
Official website here: www.rmcrc.org
Who is the CEO of Rocky Mountain Community Reinvestment Co?
Steven J Nielsen is the Principal Officer of Rocky Mountain Community Reinvestment Co. The CEO's salary of Rocky Mountain Community Reinvestment Co is $243,140 and their total compensation is $341,381.
Official website here: www.rmcrc.org
What is the revenue of Rocky Mountain Community Reinvestment Co?
Rocky Mountain Community Reinvestment Co's revenue in 2022 was $14,309,085.
Official website here: www.rmcrc.org
Who are the executives of Rocky Mountain Community Reinvestment Co and what are their salaries?
The average compensation at Rocky Mountain Community Reinvestment Co during 2022 was $79,474. There are 18 employees and 17 volunteers at Rocky Mountain Community Reinvestment Co.
Here are 24 key members and their salaries (Rocky Mountain Community Reinvestment Co's CEO's salary is $243,140 and their total compensation is $341,381):
- Compensation: $0
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- Compensation: $95,208
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- Other: $40,827
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- Compensation: $143,128
- Related: $0
- Other: $73,938
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- Compensation: $243,140
- Related: $0
- Other: $98,241
- Compensation: $157,881
- Related: $0
- Other: $74,038
- Compensation: $235,614
- Related: $0
- Other: $69,035
- Compensation: $170,820
- Related: $0
- Other: $50,903
- Compensation: $183,267
- Related: $0
- Other: $38,065
Official website here: www.rmcrc.org
Where can I find the form 990 for Rocky Mountain Community Reinvestment Co?
Rocky Mountain Community Reinvestment Co's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.rmcrc.org
Learn more at the official website: www.rmcrc.org
Mission Statement of Rocky Mountain Community Reinvestment Co
The Rocky Mountain Community Reinvestment Co, a nonprofit organization established in 1999, dedicates itself to fostering the availability of quality housing for residents in the Rocky Mountain region with low to moderate incomes and underserved communities. This Community Development Financial Institution (CDFI) facilitates the development and preservation of affordable housing projects by offering flexible financing solutions. Working in partnership with member banks, RMCRC acts as a catalyst for community development, utilizing a pool of funds and the sale of direct loan participations to finance mortgages for eligible borrowers. The organization is registered as a CDFI and is committed to maximizing the leverage of public and private dollars to benefit the local community. By providing technical assistance to project sponsors, RMCRC plays an integral role in ensuring the successful implementation of affordable housing initiatives.
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Impact
October, 2024
Rocky Mountain Community Reinvestment Co plays a pivotal role in enhancing the quality of life for residents in the Rocky Mountain region by fostering access to affordable housing. By acting as a community development financial institution, it provides flexible financing options specifically tailored for low- and moderate-income individuals and families. This accessibility to funding helps facilitate the development and preservation of crucial housing and community facilities, addressing the needs of underserved communities.
Through collaboration with member banks and government agencies, Rocky Mountain Community Reinvestment Co effectively maximizes the leverage of both public and private funding. This strategic alignment ensures that financial resources are utilized efficiently to support the creation and sustainability of quality housing. Additionally, technical assistance is offered to project sponsors, equipping them with the necessary support to implement successful housing initiatives.
Since its formation in 1999 and the commencement of loan granting in 2000, the organization has functioned as a catalyst for community development. By providing loans to mortgagors and engaging in innovative financial solutions, Rocky Mountain Community Reinvestment Co not only aids in the construction of homes but also strengthens communities—thereby making a meaningful impact on the overall landscape of affordable housing in the Rocky Mountain region.
This information is meant to be a general summary of Rocky Mountain Community Reinvestment Co. 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: $14,309,085
- Gross Receipts: $14,309,085
Assets and Liabilities:
- Total Assets: $316,858,428
- Total Liabilities: $305,291,773
- Net Assets: $11,566,655
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME FROM LOANS
Revenue
$13,154,734
OTHER LOAN REVENUE
Revenue
$782,631
LOAN ADMINISTRATION
Revenue
$371,720
Organization Details
Founding Year
1999
Phone
(801) 449-1860Principal Officer
Steven J Nielsen
Main Address
64 E WINCHESTER STREET 330, SALT LAKE CITY, UT, 84107
Website
www.rmcrc.orgNTEE Category
Code: S31 - Community improvement
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