NEIGHBORHOOD FINANCE CORPORATION: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- NEIGHBORHOOD FINANCE CORPORATION (EIN 42-1353472)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-10-23
- IRS object ID
- 202432979349300528
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-10-23T08:59:43-05:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 450250958 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Eide Bailly LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 800 Nicollet Mall Ste 1300 | AddressLine1Txt |
| City | Minneapolis | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 554027033 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 421353472 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Neighborhood Finance Corporation | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | NEIG | BusinessNameControlTxt |
| Phone | 5152460010 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4908 Franklin Avenue | AddressLine1Txt |
| City | Des Moines | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 503101901 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Stephanie Murphy | PersonNm |
| Person Title | Executive Director | PersonTitleTxt |
| Phone | 5152460010 | PhoneNum |
| Signature | 2024-10-22 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Deb Nelson CPA | PreparerPersonNm |
| PTIN | P01264758 | PTIN |
| Phone | 6122536500 | PhoneNum |
| Preparation | 2024-10-22 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Stephanie Murphy | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4908 Franklin Avenue | AddressLine1Txt |
| City | Des Moines | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 50310 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $11,659,962 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | www.neighborhoodfinance.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1990 | FormationYr |
| Legal Domicile State | IA | LegalDomicileStateCd |
| Activity Or Mission | Neighborhood Finance Corporation's (NFC) primary mission is neighborhood revitalization, achieved through sustainable homeownership and renovation lending funded by local financial institutions, paired with forgivable loans funded by local governments. As economic and environmental challenges arise, NFC's relevance has only increased. NFC continues to launch new programs to address housing affordability challenges. The additional programs include, the Neighborhood Reinvest down payment assistance program; education, outreach, and down payment assistance for African American homebuyers through Journey to Homeownership; and Energy Advantage to increase resilience and decrease energy costs for homebuyers and homeowners. | ActivityOrMissionDesc |
| Voting Members Governing Body | 14 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 14 | VotingMembersIndependentCnt |
| Total Employee | 23 | TotalEmployeeCnt |
| Total Volunteers | 41 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $4,690,234 | PYContributionsGrantsAmt |
| CY Contributions Grants | $8,060,077 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $1,859,662 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $2,074,056 | CYProgramServiceRevenueAmt |
| PY Investment Income | $245,622 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,426,845 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $6,795,518 | PYTotalRevenueAmt |
| CY Total Revenue | $11,560,978 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $3,001,348 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $3,012,247 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $2,154,632 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $2,175,588 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $1,481,006 | PYOtherExpensesAmt |
| CY Other Expenses | $2,021,053 | CYOtherExpensesAmt |
| PY Total Expenses | $6,636,986 | PYTotalExpensesAmt |
| CY Total Expenses | $7,208,888 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $158,532 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $4,352,090 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $94,727,126 | TotalAssetsBOYAmt |
| Total Assets EOY | $101,198,135 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $38,543,440 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $40,096,554 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $56,183,686 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $61,101,581 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | Neighborhood Finance Corporation provides unique lending programs and related services to facilitate neighborhood revitalization in Polk and Linn Counties through partnerships with residents, governments, community-based organizations, financial institutions and the business community. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $1,536,962 | ExpenseAmt |
| Revenue | $1,677,771 | RevenueAmt |
| Desc | Loan Origination: Neighborhood revitalization is the key mission of NFC. This is accomplished by providing a loan for repayment as well as a forgivable loan for each qualified transaction. The forgivable loan is at 0% interest with no payments and generally forgiven over 5 years. In addition, purchase and some refinance loans have a second mortgage at a 2% interest rate for 10 years instead of requiring private mortgage insurance for borrowers with less than 20% equity. NFC's loans work together to provide a mortgage that reduces the barriers of downpayment and equity while completing needed renovations of the property.In 2023, NFC closed 165 loans. Clients were served through our purchase, second mortgage, refinance and home improvement loan products as well as Project Reinvest deferred loans, NeighborhoodLIFT loans, and forgivable loans for down payment assistance. The total dollar amount of repayable loans closed in 2023 was $8,568,025. Purchase loan, second mortgage, refinance and home improvement transactions were completed in areas of Polk County and Cedar Rapids that are identified as areas for revitalization. The neighborhoods are typically low to moderate (low-mod) income census tracts. In 2023, 164 primary loans (not including second mortgages, NFC Neighborhood Reinvest, NeighborhoodLIFT , Journey to Homeownership, Energy Advantage Deferred, Polk County Down Payment Assistance, or Polk County Large Renovation loans) were closed, while 119 closed were made to borrowers that were in low-mod income and/or NFC investment area census tract and/or low-mod income for Polk County, Iowa and Cedar Rapids, Iowa. Of these 164 loans, 33 loans were made to borrowers that have low-mod income and are in low-mod income and/or NFC investment area census tracts; 25 were made to borrowers with low-mod income, but not in low-mod income and/or NFC investment area census tracts; 61 loans were made to borrowers in low-mod income and/or NFC investment area census tracts, but do not have low-mod income; the other 45 loans closed were made to borrowers that are not low or moderate income or in a low-mod income and/or NFC investment area census tract. In 2023, 72.6% of loans closed were to either low-mod borrowers, low-mod income and/or NFC investment area census tract or both. In 2023, 86.84% of home purchase loans closed were to first time home buyers.Nearly all residential mortgage loans closed through NFC are to owner occupants. The number of home purchase loans closed in 2023 was 38. NFC closed 18 second mortgages, 123 home improvement loans, 3 refinance loans, 42 Energy Advantage Deferred Loans, 35 Polk County Large Renovation loans (2 of 35 were NFC borrowers), and 177 down payment assistance deferred and forgivable loans (31 NFC down payment loans, 9 Journey to Homeownership (J2H) loans (5 of 9 were NFC borrowers), and 137 Polk County Down Payment Assistance loans (12 of 137 were NFC borrowers)). In 2023, 27% of all loans closed were to communities of color borrowers.NFC launched a down payment program specifically for NFC borrowers in 2019. It is called Neighborhood Reinvest, and provides a $10,500 0% interest 30 year deferred loan to homebuyers earning below 100% of the area median income. Neighborhood Reinvest was created to overcome a primary barrier to homeownership for low and moderate income households. The deferred loan can be used towards down payment and closing costs assistance for eligible homebuyers who purchase a home utilizing NFC financing in NFC 's lending areas in Polk County, Iowa and Cedar Rapids, Iowa. The loan is structured as a 'soft second' mortgage loan that is deferred until there is a cash-out refinance or the home is sold or 30 years, whichever occurs first. In response to the August 10, 2020, derecho in Iowa, NFC worked with local governments and other nonprofits, including East Central Iowa Council of Governments (ECICOG) that received the funding, in Linn County, Iowa to develop the Providing Assistance To Community Homeowners (PATCH) program to provide forgivable loan funds to low and moderate income homeowners that needed storm-related repairs where the cost was not covered by insurance or other funding sources. NFC originated and closed the forgivable loans, and managed the home repairs for a portion of the PATCH homeowners. In 2022, NFC launched the Journey to Homeownership (J2H) program. J2H provides educational tools and resources to support African Americans looking to become homeowners. The core part of the J2H initiative is a down payment assistance program. NFC increased our lending to communities of color from 15% of total borrowers in 2021 to 18% in 2022 to 27% in 2023. This included doubling the percentage of African American households from 5.1% in 2021 to 10.8% in 2022, plus a further increase to 12.1% in 2023. These 2023 increases were due in large part to the new loan products launched by NFC in 2023.In 2023, NFC launched the Polk County Down Payment Assistance Program. The Polk County DPA increases homeownership opportunities for households earning less than 80% of the area median income. The goal is to create sustainable homeownership which results in wealth building, housing stability and stronger neighborhoods. NFC closed 137 Polk County DPA loans in 2023, with 46% going to communities of color.In addition, in 2023, NFC launched the Polk County Large Renovation Gap Funding Program. Homeowners with household incomes below 80% of the Polk County area median income limit are eligible for a deferred loan to go towards repairs to their home. The goal is to create sustainable and safe living conditions for existing homeowners who may not otherwise qualify to make repairs on their own due to income or credit. In 2023, NFC closed 35 Polk County Large Renovation loans.Lastly, in 2023, NFC launched the Energy Advantage program, which offers a deferred loan to NFC borrowers who are adding or replacing energy efficient appliances and/or products in their home. Energy Advantage loans are offered in Cedar Rapids and Polk County, and funded by local governments. NFC closed 42 Energy Advantage loans in 2023. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $3,305,681 | ExpenseAmt |
| Grant | $3,012,247 | GrantAmt |
| Desc | Forgivable Loan: As stated in loan origination description, each transaction that NFC provides to our borrowers includes a forgivable loan for property rehabilitation. The forgivable loan is a 0% interest rate loan for either 5 or 10 years. A 5 year forgivable loan is granted on all single family dwelling transactions. A 10 year forgivable loan is granted on all transactions that are downsizing a multi-family dwelling back to a single family dwelling. There is no repayment required on the forgivable loan as long as the borrower is residing in the home. The forgiven amount is reported to the borrower on Form 1099C each year until the entire amount is forgiven. Since inception, NFC has awarded forgivable loans totaling $59,621,909 through December 31, 2023.In 2023, NFC closed $4,738,942 in forgivable property rehabilitation loans and $153,500 in closing costs forgivable loans.All NFC loans for home purchase are evaluated. In Polk County, this role is provided by a full-time renovation coordinator that is on the NFC staff. In Cedar Rapids, this is provided by a city employee. In both locations, the renovation coordinator makes sure all code violations at the property are addressed through the homeowner's property rehabilitation projects. The renovation coordinator reviews all bids for cost reasonableness and provides authorization for payout once the property rehabilitation project is properly completed and meets the borrower's satisfaction. The renovation coordinator notifies NFC when the project is completed and verifies that it was done in a workman-like manner.Additionally, these property rehabilitation projects improve the value of the homes in these neighborhoods. This can lead to increased values for other homes in these neighborhoods. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $441,381 | ExpenseAmt |
| Revenue | $396,285 | RevenueAmt |
| Desc | At NFC Properties LLC, our goal is to provide safe, affordable, quality housing to owner occupants. In 2023 NFC Properties LLC acquired 9 properties. Of those 9 properties, 0 were an existing homes and 9 were infill lots within the City of Des Moines for new construction in primarily low and moderate income census tracts. During 2023, 13 units in NFC Properties LLC housing inventory completed rehabilitation, and 12 of the inventory units were sold. NFC Properties LLC focuses on energy efficiency by adding high efficiency furnace and A/C, vinyl Low-E windows, and blown cellulose insulation. This helps ensure that the home stays affordable for the future homebuyer. | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $835,363 | ExpenseAmt |
| Desc | The Home Buyer Education services are offered in Polk and Linn counties through service agreements with local nonprofit HUD approved housing counseling agencies. These services are offered in an individual, classroom, and online format. NFC refers home buyers for home buyer education and existing homeowners for financial/debt management and budgeting. During 2023, NFC, through our partner organizations, provided home buyer education to 94.74% of home buyers, and budget and credit counseling and education to 9% of existing homeowners. In total, 28.66% of NFC borrowers received education and/or counseling through our partner agencies. Education was completed through HUD approved housing counseling agencies in Des Moines and Cedar Rapids, Iowa, or through HUD approved online platforms.NFC has agreements with the City of Des Moines (the city) and Polk County (the county), wherein the city and the county agreed to contribute money for the specific purpose of funding neighborhood housing revitalization programs. Under the agreements, cumulative contributions by the city and county have totaled $31,537,687 and $31,285,687 respectively, through December 31, 2023. During 2022, the city and the county extended their agreement until June 2027. The city and the county will each contribute at least $1,000,000 annually through the year 2027. NFC Cedar Rapids LLC has an agreement with the City of Cedar Rapids, wherein the City of Cedar Rapids agreed to contribute money for the express purpose of funding neighborhood housing revitalization programs within the City of Cedar Rapids. Under the agreement, cumulative contributions by the City of Cedar Rapids have totaled $5,500,000 through December 31, 2023. The City of Cedar Rapids will contribute at least $500,000 annually through the year 2023.NFC has agreements with the City of West Des Moines, City of Urbandale, and City of Windsor Heights, wherein they each agreed to contribute money for the specific purpose of funding neighborhood housing revitalization programs. Under the agreements, cumulative contributions by the City of West Des Moines have totaled $1,600,000, cumulative contributions by the City of Urbandale have totaled $222,000, and cumulative contributions from the City of Windsor Heights have totaled $75,000. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Prog Srvc Expense | $835,363 | TotalOtherProgSrvcExpenseAmt |
| Total Program Service Expenses | $6,119,387 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (1) | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 1222 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 23 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 14 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 14 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Mark Alberico | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 5152460010 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4908 Franklin Avenue | AddressLine1Txt |
| City | Des Moines | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 50310 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt |
|---|---|---|---|---|---|---|
| Marsha Kephart - President | ||||||
| Iowa State Bank | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| Travis Simpson - Vice President | ||||||
| Northwest Bank | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| Linda Westergaard - Secretary | ||||||
| City of Des Moines | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| Steve Van Oort - Past President | ||||||
| Polk County Board Of Supervisors | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| Almardi Abdalla | ||||||
| Neighborhood Representative | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Chris Johansen | ||||||
| City Of Des Moines | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Cole McClelland From 102423 | ||||||
| Bankers Trust | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Danielle Rodriquez From 9123 | ||||||
| Neighborhood Representative | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Dave Williamson From 072723 | ||||||
| Polk County Public Works | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Deb Anderson Alternate | ||||||
| Polk County Board Of Supervisors | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Dedric Doolin From 090123 | ||||||
| Neighborhood Representative | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Josh Moore From 090123 | ||||||
| Cedar Rapids Bank & Trust | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Patrick Redding | ||||||
| First Interstate Bank | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Scott Overland From 090123 | ||||||
| City of Cedar Rapids | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Theron Hobbs | ||||||
| Neighborhood Representative | 0.50 | Yes (X) | $0 | $0 | $0 | |
| Stephanie Murphy | ||||||
| Executive Director | 40.00 | Yes (X) | $158,626 | $0 | $31,291 | |
| Mark Alberico | ||||||
| VP Finance & Admin/Treasurer | 40.00 | Yes (X) | $123,442 | $0 | $26,790 | |
| Terry Gearhart | ||||||
| Vice President Lending | 40.00 | Yes (X) | $95,427 | $0 | $24,361 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $377,495 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $82,442 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 2 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| Edge Commercial LLC | |||||
| 3155 SE Miehe Drive Ste 2 | Grimes | IA | 50111 | Construction | $956,468 |
| Prime Home Upkeep | |||||
| 1405 Fuller Road | West Des Moines | IA | 50265 | Construction | $275,118 |
| Gruss Construction | |||||
| 3170 Scott Street | Woodburn | IA | 50275 | Construction | $216,048 |
| Superior Siding & Windows | |||||
| 3410 48th Street | Des Moines | IA | 50310 | Construction | $201,495 |
| Lopez J Framing LLC | |||||
| 912 Walker Street | Des Moines | IA | 50316 | Construction | $201,269 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 7 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $7,553,884 | GovernmentGrantsAmt |
| All Other Contributions | $506,193 | AllOtherContributionsAmt |
| Total Contributions | $8,060,077 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| Loan Fees/Svc Chgs | 531390 | $1,047,340 | $1,047,340 |
| Program Svc Interest | 531390 | $630,431 | $630,431 |
| Real Estate Development | 531390 | $396,285 | $396,285 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $2,074,056 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $920,829 | TotalRevenueColumnAmt |
| Exclusion | $920,829 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $605,000 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $98,984 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $506,016 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $506,016 | TotalRevenueColumnAmt |
| Exclusion | $506,016 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $11,560,978 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $2,074,056 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,426,845 | ExclusionAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,012,247 | TotalAmt |
| Program Services | $3,012,247 | ProgramServicesAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $459,937 | TotalAmt |
| Program Services | $119,788 | ProgramServicesAmt |
| Management And General | $340,149 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,359,377 | TotalAmt |
| Program Services | $1,173,888 | ProgramServicesAmt |
| Management And General | $185,489 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $52,106 | TotalAmt |
| Program Services | $28,972 | ProgramServicesAmt |
| Management And General | $23,134 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $165,225 | TotalAmt |
| Program Services | $158,768 | ProgramServicesAmt |
| Management And General | $6,457 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $138,943 | TotalAmt |
| Program Services | $102,242 | ProgramServicesAmt |
| Management And General | $36,701 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,920 | TotalAmt |
| Program Services | $7,008 | ProgramServicesAmt |
| Management And General | $13,912 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $56,516 | TotalAmt |
| Management And General | $56,516 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,540 | TotalAmt |
| Management And General | $5,540 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $56,943 | TotalAmt |
| Program Services | $33,031 | ProgramServicesAmt |
| Management And General | $23,912 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $63,465 | TotalAmt |
| Program Services | $9,561 | ProgramServicesAmt |
| Management And General | $53,904 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $25,971 | TotalAmt |
| Program Services | $476 | ProgramServicesAmt |
| Management And General | $25,495 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,860 | TotalAmt |
| Program Services | $2,172 | ProgramServicesAmt |
| Management And General | $18,688 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $34,180 | TotalAmt |
| Program Services | $23,092 | ProgramServicesAmt |
| Management And General | $11,088 | ManagementAndGeneralAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $30,858 | TotalAmt |
| Program Services | $11,165 | ProgramServicesAmt |
| Management And General | $19,693 | ManagementAndGeneralAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $67,500 | TotalAmt |
| Program Services | $67,500 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,345 | TotalAmt |
| Program Services | $6,307 | ProgramServicesAmt |
| Management And General | $18,038 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $102,784 | TotalAmt |
| Program Services | $44,164 | ProgramServicesAmt |
| Management And General | $58,620 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| Programmatic Investment | $812,421 | $812,421 |
| Loan Operations | $259,345 | $259,345 |
| Real Estate Owned | $222,671 | $222,671 |
| Home Buyer Education | $8,270 | $8,270 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $208,464 | TotalAmt |
| Program Services | $16,299 | ProgramServicesAmt |
| Management And General | $192,165 | ManagementAndGeneralAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,208,888 | TotalAmt |
| Program Services | $6,119,387 | ProgramServicesAmt |
| Management And General | $1,089,501 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part X | Yes (X) | InfoInScheduleOPartXInd |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,383,383 | BOYAmt |
| EOY | $24,290,919 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $360,791 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $630,160 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $49,030,318 | BOYAmt |
| EOY | $54,685,382 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $2,140,198 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $84,184 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $901,672 | BOYAmt |
| EOY | $2,056,014 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,789,963 | BOYAmt |
| EOY | $19,137,238 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $260,999 | BOYAmt |
| EOY | $398,422 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $94,727,126 | BOYAmt |
| EOY | $101,198,135 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $150,378 | BOYAmt |
| EOY | $335,659 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $4,805,115 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,250,000 | BOYAmt |
| EOY | $2,250,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $36,143,062 | BOYAmt |
| EOY | $32,705,780 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,543,440 | BOYAmt |
| EOY | $40,096,554 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,225,070 | BOYAmt |
| EOY | $17,661,400 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,958,616 | BOYAmt |
| EOY | $43,440,181 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $56,183,686 | BOYAmt |
| EOY | $61,101,581 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $94,727,126 | BOYAmt |
| EOY | $101,198,135 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $4,352,090 | ReconcilationRevenueExpnssAmt |
| Prior Period Adjustments | $565,805 | PriorPeriodAdjustmentsAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Organization170 | Yes (X) | PublicOrganization170Ind |
Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $8,291,468 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $3,328,359 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $6,157,835 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $4,690,234 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $8,060,077 | CurrentTaxYearAmt |
| Total | $30,527,973 | TotalAmt |
Total Calendar Year170 TotalCalendarYear170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $8,291,468 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $3,328,359 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $6,157,835 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $4,690,234 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $8,060,077 | CurrentTaxYearAmt |
| Total | $30,527,973 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total170 | $30,527,973 | PublicSupportTotal170Amt |
Gross Investment Income170 GrossInvestmentIncome170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $505,071 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $403,318 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $299,281 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $245,622 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $920,829 | CurrentTaxYearAmt |
| Total | $2,374,121 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Support | $32,902,094 | TotalSupportAmt |
| Gross Receipts Rltd Activities | $10,726,419 | GrossReceiptsRltdActivitiesAmt |
| Public Support CY170 | 0.92780 | PublicSupportCY170Pct |
| Public Support PY170 | 0.94770 | PublicSupportPY170Pct |
| Thirty Thr Pct Suprt Tests CY170 | Yes (X) | ThirtyThrPctSuprtTestsCY170Ind |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,906,457 | OtherCostOrOtherBasisAmt |
| Depreciation | $11,967 | DepreciationAmt |
| Book Value | $1,894,490 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $233,741 | OtherCostOrOtherBasisAmt |
| Depreciation | $72,217 | DepreciationAmt |
| Book Value | $161,524 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $2,056,014 | TotalBookValueLandBuildingsAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (5 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| Real Estate Development Properties | $1,464,376 | F |
| Forgivable Loans | $6,676,843 | C |
| Investor Guaranteed Custodial Deposits | $10,410,288 | F |
| FHLB Des Moines | $56,900 | C |
| Mortgage Servicing Rights | $528,831 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $19,137,238 | TotalBookValueProgramRltdAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)
| DescDesc | AmtAmt |
|---|---|
| Loans and Grants in Process | $1,841,604 |
| Interest Payable | $33,750 |
| Master Loan Participation Agreements | $28,838,355 |
| Loans Receivable Discount | $1,992,071 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $32,705,780 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $11,560,978 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $11,560,978 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $11,560,978 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $7,208,888 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $7,208,888 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $7,208,888 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part X, Line 2: | FormAndLineReferenceDesc |
| Explanation | NFC believes it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements. NFC would recognize future accrued interest and penalties in income tax expense if such interest and penalties are incurred. Management assesses the Company's income tax positions based upon an evaluation of the facts, circumstances, and information available at the reporting dates. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | Forgiveness of Debt | GrantTypeTxt |
| Recipient | 1386 | RecipientCnt |
| Cash Grant | $3,012,247 | CashGrantAmt |
| Valuation Method Used | BOOK | ValuationMethodUsedDesc |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part I, Line 2: | FormAndLineReferenceDesc |
| Explanation | Explanation: Forgivable Loans: Eligible borrowers may be awarded forgivable loans up to $22,500, depending on the program. The NFC single-family program loans awarded are forgiven 20% per year over the five year life of the loan. The NFC multi-family down sizing program loans awarded are forgiven 10% per year over the ten year life of the loan. As of 2019, NFC began the designed forgiveness of the NeighborhoodLIFT loans. This program is created to advance the recovery in certain geographical areas by funding a down payment assistance loan product designed to encourage home ownership with a focus on low-to-moderate income consumers. These loans are forgiven 20% per year over the five year life of the loan. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stephanie Murphy | ||||||||||||||
| Executive Director | $158,626 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $31,291 | $0 | $189,917 | $0 | $0 | $0 |
| Mark Alberico | ||||||||||||||
| VP Finance & Admin/Treasurer | $123,442 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $26,790 | $0 | $150,232 | $0 | $0 | $0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part I, Line 6 | Determination Of Volunteer Estimate: Board Of Directors=14; Residential Loan Committee Members=5; Commercial Loan Committee Members=4; Finance/Audit Commitee Members=3; Real Estate Development Committee Members=4; NFC Cedar Rapids Advisory Committee=11. Note that certain volunteers are on more than one committee. These volunteers are only counted once. |
| Form 990, Part IV, Line 12 | The organization's GAAP financial statements are audited on an annual basis from independent auditors. The financial statement includes NFC Cedar Rapids LLC and NFC Properties LLC which are both disregarded entities for tax purposes and are included in the form 990. |
| Form 990, Part VI, Section A, line 1a | The Executive Committee shall have the authority to transact the business of the Board of Directors between meetings of the Board of Directors, except to the extent, if any, that such authority shall be limited by resolution of the Board of Directors and except also that the Executive Committee shall not have the authority of the Board of Directors to make major policy decisions including, without limitation, amending the Articles of Incorporation, adopting a plan of merger or consolidation, approving the sale, lease or other disposition of all or substantially all of the assets of the Corporation otherwise than in the usual and regular course of its business, approving a voluntary dissolution of the Corporation or a revocation thereof, or amending the Bylaws of the Corporation. The Executive Committee shall consist of the President, Past President, Executive Director, Vice-President and Secretary. The Executive Director does not have voting rights. All other members have voting rights. |
| Form 990, Part VI, Section A, line 7a | The Mayor of the City of Des Moines, Iowa appoints director positions 1 and 2. The directors holding director positions 1 and shall be a sitting elected official or a current employee of the City of Des Moines, Iowa. These directors are confirmed by the Des Moines, Iowa City Council. The Des Moines, Iowa City Council has the power to remove the persons holding directors positions 1 and 2 and has the power to appoint a person to complete the current term for director positions 1 an 2 should a vacancy arise due to disqualification, resignation or removal. The Des Moines, Iowa City Council also has the power to appoint first and second alternates who may attend all meetings of the board of directors and who may vote in the absence of the individuals appointed to director positions 1 and 2, with the first alternate having the first alternate voting priority and second alternate having the second alternate voting priority. The Board of Supervisors of Polk County, Iowa appoints director positions 3 and 4. The Board of Supervisors of Polk County, Iowa has the power to remove persons holding director positions 3 and 4 and has the power to appoint a person to complete the current term for director positions 3 and 4 should a vacancy arise due to disqualification, resignation or removal. The Board of Supervisors of Polk County, Iowa shall also have power to appoint first and second alternates who may attend all meetings of board of directors and who may vote in the absence of the individuals appointed to director positions 3 and 4, with the first alternate having the first alternate voting priority and the second alternate having the second alternate voting priority. The Mayor of the City of Cedar Rapids appoints position #5. The director holding director positions 5 and shall be a sitting elected official or a current employee of the City of Cedar Rapids, Iowa. This director is confirmed by the Cedar Rapids, Iowa City Council. The Board of Directors elects director positions 6-17. |
| Form 990, Part VI, Section B, line 11b | Neighborhood Finance Corporation's officers, directors, and finance/audit committee receive the Form 990 before the final version is submitted to the IRS. Neighborhood Finance Corporation's management kept the officers, directors, and finance/audit committee informed throughout the process by having our independent third-party tax advisor firm update the finance/audit committee and/or management of the changes to the Form 990 as they became final. This allowed all those involved in the review process time to understand the expectations the Form 990 would require of them. After management worked with our independent third-party tax advisory firm to complete the final draft of the Form 990, the final draft was mailed to each director, officer, and finance/audit committee prior to the October 2024 Board of Directors meeting. This allowed the officers, directors, and finance/audit committee adequate time to read through the draft and come to the Board of Directors meeting with an understanding of what is being filed. The independent third-party tax advisory firm and finance/audit committee meet to discuss the Form 990 prior to the October 2024 Board meeting. The minutes to this meeting are included in the October 2024, Board of Directors meeting. This discussion was documented in the minutes of the October 2024, Board of Directors meeting. |
| Form 990, Part VI, Section B, line 12c | Neighborhood Finance Corporation officers, directors, or trustees, and key employees are required to complete our conflict of interest statement annually. All of these statements are received by and maintained by the Neighborhood Finance Corporation's Vice President Finance and Administration. The Executive Director is usually made aware of the Board of Directors members' affiliations and potential conflicts upon election to the Board and throughout their term on the Board. Moreover, as issues are discussed throughout the year, our Board of Directors members voluntarily recuse themselves from voting on issues that may pose a conflict of interest. |
| Form 990, Part VI, Section B, line 15 | Neighborhood Finance Corporation engaged Newport Group, an independent third-party firm, to complete a key executive and all non-key executive compensation market analysis in the fourth quarter of 2023. The key executives in this study were the Neighborhood Finance Corporation's Executive Director, Vice President Lending, and Vice President Finance & Administration. This report is used as the key executive compensation benchmark for comparison with future key executive compensation changes. Note each year the Executive Committee of the Board of Directors is responsible for approving all management compensation levels, including the key executives. No change to management compensation is made without Executive Committee approval. The level of increase for employee pay rates is determined by the NFC budget, which is approved by the Board of Directors. The reasonableness of the rate increases is obtained from Newport Group's compensation market analysis 2023 report. Actual increases are performance based within the budgeted amount. All exceptions are approved by the Board of Directors. Documentation of this process is maintained in the Executive Committee meeting minutes. This compensation market analysis is completed every 3 years. Therefore, the next analysis will take place in the fourth quarter of 2026. |
| Form 990, Part VI, Section C, line 19 | Neighborhood Finance Corporation makes its governing documents, conflict of interest policy, and financial statements (audited or unaudited) available to the general public upon request and at the discretion of Neighborhood Finance Corporation. |
| Form 990, Part X, Line 2 | Savings and Temporary Cash Investments: As of December 31, 2023, no investments have been committed, through NFC board voting actions, to fund forgivable loans and loan loss reserves related to specific loan participation offerings subsequent to year end. |
| Part XII, Line 2C | There were no changes in either the oversight process or selection process of the audit committee during the tax year. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|
| NFC Properties LLC | |||||||||
| 4908 Franklin Avenue | Des Moines | IA | 50310 | 364626868 | Rehab Distressed Properties | IA | $397,285 | $2,369,669 | Neighborhood Finance Corporation |
| NFC Cedar Rapids LLC | |||||||||
| 1800 First Avenue NE Suite LL1 | Cedar Rapids | IA | 52402 | 824992170 | Residential Lending | IA | $801,255 | $11,591,239 | Neighborhood Finance Corporation |