2022-08-15T17:11:00-05:00 2021-09-30 271728945 PKF O'CONNOR DAVIES LLP 245 PARK AVENUE 12TH FLOOR NEW YORK NY 10167 990 2020-10-01 453686069 IRC'S CENTER FOR ECONOMIC OPPORTUNITY INC IRCS 6196634186 PO BOX 1252188 SAN DIEGO CA 92195 ELLEN BEATTIE TREASURER 6196634186 2022-08-15 1 ELLEN BEATTIE XXX-XX-XXXX GARRETT M HIGGINS P00543209 2122862600 2022-08-15 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X KASRA MOVAHEDI PO BOX 1252188 SAN DIEGO CA 92195 2766527 0 X HTTPS://WWW.IRC-CEO.ORG/ X 2011 NY TO PROVIDE SMALL BUSINESS LOANS AND MICROFINANCING TO VICTIMS OF OPPRESSION AND PERSECUTION WITHOUT REGARD TO THE RACE, NATIONALITY OR RELIGION OF THE BENEFICIARIES; TO RECEIVE, MANAGE, SELL, EXCHANGE, INVEST AND REINVEST THE FUNDS TRANSFERRED TO THE CORPORATION, AND TO APPLY THE INCOME AND PRINCIPAL TO THE ESTABLISHMENT AND SUPPORT OF CHARITABLE AND EDUCATIONAL ACTIVITIES. 4 2 5 4 0 0 1746494 2432655 312903 304992 3447 169 4614 28711 2067458 2766527 559650 255745 0 0 380284 546430 0 0 28438 534118 421599 1474052 1223774 593406 1542753 4141887 7099311 855276 2269947 3286611 4829364 X TO PROVIDE SMALL BUSINESS LOANS AND MICROFINANCING TO VICTIMS OF OPPRESSION AND PERSECUTION WITHOUT REGARD TO THE RACE, NATIONALITY OR RELIGION OF THE BENEFICIARIES; TO RECEIVE, MANAGE, SELL, EXCHANGE, INVEST AND REINVEST THE FUNDS TRANSFERRED TO THE CORPORATION, AND TO APPLY THE INCOME AND PRINCIPAL TO THE ESTABLISHMENT AND SUPPORT OF CHARITABLE AND EDUCATIONAL ACTIVITIES. 0 0 1092550 255745 304992 IN FISCAL YEAR 2021, IRC'S CENTER FOR ECONOMIC OPPORTUNITY (CEO) CONTINUED TO BUILD ITS CAPACITY TO SERVE AS A CENTRALIZED LENDING PLATFORM ACCESSIBLE BY COMMUNITY-BASED ORGANIZATIONS THAT WISH TO OFFER SMALL-DOLLAR LOAN PRODUCTS TO SUPPORT THE ECONOMIC ADVANCEMENT OF THEIR CLIENTS. CEO'S PORTFOLIO CONSISTS OF CREDIT-BUILDING, AUTO, EDUCATION, IMMIGRATION, PERSONAL AND MICROENTERPRISE LOANS. EACH LOAN PRODUCT IS NESTED WITHIN BROADER FINANCIAL CAPABILITIES PROGRAMS OPERATED BY OUR PARTNERS. THE ORGANIZATION IS A SUBSIDIARY OF THE INTERNATIONAL RESCUE COMMITTEE (IRC) AND PARTNERS WITH IRC'S NETWORK OF OFFICES ACROSS THE U.S. THAT SERVE DIVERSE REFUGEE AND IMMIGRANT COMMUNITIES. CEO HAS ALSO PARTNERED WITH SEVERAL NON-AFFILIATED ORGANIZATIONS TO EXTEND OUR MODEL TO NEW POPULATIONS AND COMMUNITIES. BY THE END OF FY2021, CEO WAS LIVE IN A TOTAL OF 26 LOCATIONS IN 14 STATES. DURING THE COURSE OF THE YEAR, CEO DEPLOYED 952 LOANS TOTALING OVER $1.8M IN DIRECT FINANCING TO BORROWERS THAT ARRIVED TO THE U.S. FROM 44 DIFFERENT COUNTRIES. 59% OF BORROWERS HAD NO OR BAD CREDIT SCORE AND WERE PART OF HOUSEHOLDS THAT EARNED AN AVERAGE OF $27K PER YEAR. 94.5% OF THE $1.8M FINANCED WENT TO LOW-INCOME HOUSEHOLDS. IN FY2022, CEO PLANS TO CONTINUE TO SCALE NATIONALLY THROUGH PARTNERSHIP, UPGRADE AND ENHANCE ITS LENDING PLATFORM, AND CONTINUE TO GROW ITS CAPACITY TO OFFER AGENCIES AND THEIR CONSTITUENTS A SAFE, AFFORDABLE ALTERNATIVE TO HIGH-COST PREDATORY PAYDAY AND SUBPRIME AUTO LENDERS. 1092550 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 4 2 0 0 1 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 CA MD NJ NY X X ELLEN BEATTIE TREASURER 2125513000 122 EAST 42ND STREET 14TH FL NEW YORK NY 101681289 HANS VAN DE WEERD PRESIDENT 0.50 37.50 X X 0 234390 26010 ELLEN BEATTIE TREASURER 0.50 37.50 X X 0 139443 33730 SEAN CARPENTER CHAIRMAN 0.50 1.00 X X 0 0 0 RADHA RAJKOTIA SECRETARY 0.50 0.00 X X 0 0 0 KASRA MOVAHEDI EXECUTIVE DIRECTOR 37.50 0.00 X 113399 0 22167 MARY GRACE NER DEPUTY DIR., FINANCE & ADMIN. 37.50 0.00 X 61000 0 24216 JENNIFER SIME FORMER TREASURER 0.00 37.50 X 0 348279 45083 174399 722112 151206 1 1 1 0 0 1305361 1127294 2432655 LOAN ASSISTANCE 522291 193499 193499 LOAN INTEREST INCOME 522291 111493 111493 304992 169 169 REIMBURSEMENTS 900099 25922 25922 OTHER INCOME 900099 2789 2789 28711 2766527 304992 0 28880 121000 121000 134745 134745 244812 214472 17599 12741 108517 95068 7801 5648 21360 18713 1535 1112 53563 46925 3851 2787 118178 103532 8496 6150 1250 1250 5966 5966 60184 50934 9250 15835 15835 61450 57982 3468 20066 20066 11815 11815 7248 7248 BAD DEBT EXPENSE 233172 233172 MISC OPERATING EXPENSES 4613 4192 421 1223774 1092550 102786 28438 1214472 3649228 57428 857428 539265 135000 6360 22785 37855 0 2256507 2404870 30000 30000 4141887 7099311 204915 448280 595000 1821667 55361 0 855276 2269947 X 1248011 1319651 2038600 3509713 3286611 4829364 4141887 7099311 1542753 0 X 0 1 X 0 0 X 680521 440191 1454543 1746494 2432655 6754404 680521 440191 1454543 1746494 2432655 6754404 580071 6174333 7163 3447 169 10779 8 4614 28711 33333 6798516 1087675 0.90820 0.92630 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2017 AMOUNT: $ 8. 2019 AMOUNT: $ 114. 2020 AMOUNT: $ 2,789. REIMBURSEMENTS - 2019 AMOUNT: $ 4,500. 2020 AMOUNT: $ 25,922. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM-RELATED LOANS RECEIVABLE 2404870 C 2404870 X 2766527 0 2766527 0 2766527 1223774 0 1223774 0 1223774 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS EVALUATED ALL INCOME TAX POSITIONS AND CONCLUDED THAT NO DISCLOSURES RELATING TO UNCERTAIN POSITIONS ARE REQUIRED IN THE FINANCIAL STATEMENTS. THE ORGANIZATION FILES FEDERAL FORM 990 ANNUALLY AND THE STATE OF NEW YORK ANNUAL REPORTS AS REQUIRED. NO RETURNS OR REGISTRATION ARE PRESENTLY UNDER EXAMINATION BY THE RELEVANT AUTHORITIES. 1 INTERNATIONAL RESCUE COMMITTEE - ATLANTA 2305 PARKLAKE DRIVE NE ATLANTA GA 30345 135660870 501(C)(3) 45000 TO SUPPORT IRC IN ATLANTA'S ECONOMIC EMPOWERMENT PRGRAMS WHICH PROVIDE FINANCIAL EDUCATION AND WORKFORCE SERVICES TO COMMUNITIES THROUGHOUT ATLANTA INTERNATIONAL RESCUE COMMITTEE - NEW YORK 263 WEST 38TH STREET SUITE 6/F NEW YORK NY 10018 135660870 501(C)(3) 55000 TO SUPPORT IRC IN NEW YORK'S ECONOMIC EMPOWERMENT PRGRAMS TO PROVIDE FINANCIAL EDUCATION AND WORKFORCE SERVICES TO COMMUNITIES THROUGHOUT NEW YORK INTERNATIONAL RESCUE COMMITTEE - SAN DIEGO 5348 UNIVERSITY AVE SUITE 250 SAN DIEGO CA 92105 135660870 501(C)(3) 21000 TO SUPPORT IRC IN SAN DIEGO'S ECONOMIC EMPOWERMENT PRGRAMS WHICH PROVIDE FINANCIAL COACHING AND WORKFORCE SERVICES TO LOW-INCOME HOUSEHOLDS IN SAN DIEGO 1 0 COVID RELIEF GRANTS 83 129945 FEC GRANTS 48 4800 PART I, LINE 2: THE ORGANIZATION GAVE CONTRIBUTIONS TO AN ORGANIZATION, INTERNATIONAL RESCUE COMMITTEE ("IRC"). IRC IS A RELATED ORGANIZATION OF IRC'S CENTER FOR ECONOMIC OPPORTUNITY, INC., WHICH IS HOW THE ORGANIZATION WAS SELECTED TO RECEIVE A GRANT. THE ORGANIZATIONS SHARE THE SAME MANAGEMENT AND SIMILAR BOARDS, AND THROUGH THIS RELATIONSHIP, OVERSIGHT IS EXERCISED ENSURING THAT IRC USES THE FUNDS FOR THE INTENDED PURPOSE. COVID RELIEF GRANTS RANGING FROM $500-$2,100 WERE PROVIDED TO INDIVIDUALS WHO SHOWED FINANCIAL NEED. THESE GRANTS WERE GIVEN OUT TO INDIVIDUALS ENROLLED IN SPECIFIC PROGRAMS WITH IRC WHO WERE NOT ELIGIBLE TO RECEIVE 1ST ROUND OF STIMULUS FUNDING. ELIGIBILITY FOR SUBMITTING LOAN APPLICATIONS IS DETERMINED AT THE LOCAL LEVEL AND ALIGNED WITH LOCAL RELATED WORKFORCE OR SOCIAL SERVICE PROGRAMS INTO WHICH CEO'S LOANS ARE EMBEDDED. ALL APPLICANTS MUST BE ENGAGED IN LOCAL RELATED ECONOMIC DEVELOPMENT PROGRAMS, THEREBY ENSURING OUR BORROWERS ARE CONNECTED TO ADDITIONAL WEALTH-BUILDING SUPPORTS AS THEY REPAY THEIR LOAN. WE FURTHER RESTRICT THE TYPES OF PURCHASES THAT WE WILL SUPPORT THROUGH DISTINCT LOAN PRODUCTS SUCH AS MICROENTERPRISE, CREDIT-BUILDING MICRO-LOANS, AND AUTO LOANS. WHERE POSSIBLE AND REASONABLE, WE DISBURSE FUNDS DIRECTLY TO THE VENDOR. 0 0 0 0 0 0 0 0 0 JENNIFER SIME FORMER TREASURER 0 346485 0 0 0 1794 0 32775 0 12308 0 393362 0 0 HANS VAN DE WEERD PRESIDENT 0 233275 0 0 0 1115 0 24494 0 1516 0 260400 0 0 ELLEN BEATTIE TREASURER 0 138238 0 0 0 1205 0 15618 0 18112 0 173173 0 0 PART I, LINE 3 INTERNATIONAL RESCUE COMMITTEE, A RELATED ORGANIZATION, COMPENSATES SEVERAL MEMBERS OF THE BOARD. BELOW IS THEIR COMPENSATION POLICY: THE IRC BOARD OF DIRECTORS ESTABLISHED A COMPENSATION COMMITTEE. PURSUANT TO IRC BYLAWS AND BOARD GOVERNANCE GUIDELINES, COMPENSATION COMMITTEE MEMBERS ARE NOMINATED BY THE NOMINATING AND GOVERNANCE COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL AT THE ANNUAL MEETINGS. ALL COMPENSATION COMMITTEE MEMBERS ARE INDEPENDENT, UNCOMPENSATED MEMBERS OF THE BOARD. THE COMPENSATION COMMITTEE MEETS ANNUALLY TO REVIEW THE PERFORMANCE OF AND DETERMINE COMPENSATION FOR THE PRESIDENT AND CEO. IN ADDITION, THE COMMITTEE REVIEWS THE COMPENSATION FOR THE SENIOR EXECUTIVE TEAM, WHICH INCLUDES OFFICERS AND KEY EMPLOYEES. AN EXPERIENCED, INDEPENDENT CONSULTANT IS ENGAGED TO COMPILE COMPARATIVE COMPENSATION DATA, COMPENSATION RANGES, AND RELATED MATTERS. THE CONSULTANT ALSO PRESENTS TO THE COMMITTEE, A REVIEW OF INTERMEDIATE SANCTIONS RULES, CHANGES IN THOSE RULES IN THE PRECEDING YEAR, AND THE MANNER IN WHICH THE COMPENSATION COMMITTEE NEEDS TO PROCEED IN ORDER TO BE COMPLIANT. THE CONSULTANT MAKES HIS PRESENTATION VERBALLY, IN PERSON, TO THE COMMITTEE, AS WELL AS IN THE FORM OF A WRITTEN REPORT. THE COMPENSATION COMMITTEE MAINTAINS A RECORD OF ITS REVIEW AND DETERMINATIONS IN COMMITTEE MEETING MINUTES. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BYLAWS WERE AMENDED ON AUGUST 1, 2021. SIGNIFICANT CHANGES INCLUDED: 1. REMOVAL OF REFERENCES TO SPECIFIC INDIVIDUALS/ENTITIES AS BEING MEMBERS OF THE CORPORATION. 2. MEMBERS MAY BE ADDED OR REMOVED VIA UNANIMOUS VOTE OF CURRENTLY SEATED MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 6 IRC'S CENTER FOR ECONOMIC OPPORTUNITY, INC. HAS THREE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS HAVE FULL VOTING RIGHTS AND SUCH OTHER RIGHTS AS ARE GRANTED TO MEMBERS UNDER THE NEW YORK NOT-FOR-PROFIT CORPORATION LAW. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MAY RECEIVE REPORTS ON THE ACTIVITIES OF THE CORPORATION, INCLUDING THE ANNUAL FINANCIAL REPORT PREPARED AND PRESENTED IN ACCORDANCE WITH SECTION 13 OF ARTICLE II, AND DETERMINE THE DIRECTION OF THE CORPORATION FOR THE COMING YEAR AT ITS ANNUAL MEETING. SPECIAL MEETINGS OF THE MEMBERS, FOR ANY PURPOSE OR PURPOSES, MAY BE CALLED AT ANY TIME BY THE CHAIRMAN OF THE BOARD OF DIRECTORS OR THE MEMBERS. CURRENTLY-SEATED MEMBERS OF THE CORPORATION MAY ADD OR REMOVE MEMBERS OF THE CORPORATION VIA UNANIMOUS VOTE. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B IRC'S CENTER FOR ECONOMIC OPPORTUNITY, INC. ("IRC'S CEO") HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY THE EXECUTIVE DIRECTOR AND DEPUTY DIRECTOR, FINANCE & ADMINISTRATION OF IRC'S CEO, AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO THE BOARD FOR REVIEW AND APPROVAL. ONCE THE BOARD HAS APPROVED THE RETURN IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO IRC'S CEO BOARD MEMBERS AND IRC STAFF PERFORMING DUTIES FOR IRC'S CEO. THE POLICY ASKS FOR ANNUAL DISCLOSURES FROM ALL BOARD MEMBERS AND INVOLVED IRC STAFF. THESE DISCLOSURES ARE REVIEWED BY THE BOARD (OR ASSIGNED SUBCOMMITTEE) ANNUALLY AND PERIODICALLY. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE THAT A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE RESPONSE OF THE MEMBER AND MAKING SUCH FURTHER INVESTIGATION AS MAY BE WARRANTED IN THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THAT THE MEMBER HAS IN FACT FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE CORRECTIVE ACTION. A BOARD MEMBER WITH A POTENTIAL CONFLICT OF INTEREST IS REQUIRED TO RECUSE HIMSELF OR HERSELF FROM THE MEETING DISCUSSION AND REFRAIN FROM VOTING ON THE MATTER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS ALSO POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE ALSO AVAILABLE TO THE PUBLIC UPON REQUEST. INTERNATIONAL RESCUE COMMITTEE 122 EAST 42ND STREET 14TH FL NEW YORK NY 10168 135660870 HUMANITARIAN AID NY 501(C)(3) LINE 7 N/A 0 IRC HELLAS APOLLON TOWER LOUIZIS RIANKOUR 64 ATHENS GR 11523 HUMANITARIAN AID GR 501(C)(3) INTERNATIONAL RESCUE COMMITTEE 0 IRC DEUTSCHLAND GGMBH WALLSTRASSE 15A BERLIN GM 10179 HUMANITARIAN AID GM 501(C)(3) INTERNATIONAL RESCUE COMMITTEE 0 IRC SVERIGE INSAMLINGSSTIFTELSE THE PARK MAGNUS LADULASGATAN 3 STOCKHOLM SW 118 65 HUMANITARIAN AID SW 501(C)(3) INTERNATIONAL RESCUE COMMITTEE 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0