2022-09-22T12:27:08-05:00 2022-06-30 510232475 COVER & ROSSITER PA 2711 CENTERVILLE ROAD SUITE 100 WILMINGTON DE 19808 990 2021-07-01 510329119 DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL INC DELA 3022983250 600 SOUTH HARRISON ST WILMINGTON DE 19805 MS RASHMI RANGAN EXECUTIVE DIRECTOR 3022983250 2022-09-21 1 MS RASHMI RANGAN 999009999 PETER KENNEDY P00571422 3026566632 2022-09-21 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MS RASHMI RANGAN 600 SOUTH HARRISON ST WILMINGTON DE 19805 1429849 0 X WWW.DCRAC.ORG X 1987 DE DCRAC'S MISSION IS TO ENSURE EQUITABLE TREATMENT AND EQUAL ACCESS TO CREDIT AND CAPITAL FOR ALL. OUR COMMITMENT TO DIVERSITY, EQUITY, AND INCLUSION IS INHERENT TO OUR MISSION. 8 8 10 8 0 0 1660591 1378244 0 0 26973 19211 84550 26277 1772114 1423732 895000 350000 0 0 514047 496169 0 0 0 220408 287108 1629455 1133277 142659 290455 2134204 2405248 26664 7253 2107540 2397995 X LED FOR 25 YEARS BY AN IMMIGRANT, ASIAN-AMERICAN WOMAN OF COLOR, DCRAC UNDERSTANDS THE CHALLENGES FACING DELAWARE'S UNDERSERVED COMMUNITY, WHICH IS STATEWIDE, MULTILINGUAL, ECONOMICALLY DISENFRANCHISED AND LARGELY MINORITY. OUR PURPOSE IS TO ADDRESS BARRIERS TO THE RACIAL WEALTH DIVIDE THAT LEAVES AN AVERAGE AMERICAN FAMILY OF COLOR WITH ONLY 16 CENTS FOR EVERY DOLLAR OWNED BY THE AVERAGE WHITE FAMILY. 2020 WAS A YEAR UNLIKE ANY OTHER, BUT FOR MANY IN THE NONPROFIT WORLD, THERE IS ONE ASPECT THAT FEELS PAINFULLY FAMILIAR: ECONOMIC CRISIS. IN OUR 34 YEARS, WE FACED THE S&L/GULF WAR CRISIS OF 1990, THE DOT.COM/911 CRISIS OF 2001, THE 2008 MARKET CRASH. EVERY ECONOMIC TSUNAMI HITS BLACK AND BROWN COMMUNITIES IN DISPROPORTIONATE AND DEVASTATING WAYS. PIVOTING AND ADJUSTING TO NEW REALITIES IS THEREFORE SECOND NATURE TO US. WE SERVE A COMMUNITY THAT CANNOT HARNESS AN ARRAY OF RESOURCES, CAPABILITIES, AND INSTITUTIONAL SUPPORTS TO MOVE UP THE ECONOMIC LADDER WITH EASE. 0 0 174661 TAX CLINIC: AS PART OF THE INTERNAL REVENUE SERVICE RESTRUCTURING AND REFORM ACT OF 1998 (RRA 98), CONGRESS ENACTED IRC 7526 TO AUTHORIZE FUNDING FOR THE LITC GRANT PROGRAM. THE PROGRAM PROTECTS TAXPAYERS' RIGHTS BY PROVIDING ACCESS TO REPRESENTATION FOR LOW-INCOME TAXPAYERS, SO THAT ACHIEVING A CORRECT OUTCOME IN AN IRS DISPUTE DOES NOT DEPEND ON THE TAXPAYER'S ABILITY TO PAY FOR REPRESENTATION. DCRAC'S LITC PROVIDES FREE LEGAL SERVICES TO LOW-INCOME TAXPAYERS IN DELAWARE. SINCE 2003, WE HAVE HELPED MORE THAN 1,000 TAXPAYERS RESOLVE THEIR TAX DEBTS WITH THE STATE AND THE IRS. 517641 350000 ECONOMIC JUSTICE PROGRAM: WE WORK AT THE STATE AND FEDERAL LEVEL TO PREVENT PASSING BAD LAWS, SYSTEMIC INJUSTICE, AND TO MAKE THE FINANCIAL AND ECONOMIC SYSTEM FAIRER. IN 2011, WE CHARTERED STEPPING STONES COMMUNITY FEDERAL CREDIT UNION TO OFFER FINANCIAL INCLUSION-THE BRIDGE BETWEEN ECONOMIC OPPORTUNITY AND OUTCOMES. 194508 DCRAC LAW PROVIDES A FREE OR AFFORDABLE LAWYER. THE ACCESS-TO-JUSTICE CRISIS IS BIGGER THAN LAW AND LAWYERS. IT IS A CRISIS OF EXCLUSION AND INEQUALITY. TODAY, ACCESS TO JUSTICE IS RESTRICTED: ONLY SOME PEOPLE, AND ONLY SOME KINDS OF JUSTICE PROBLEMS, RECEIVE LAWFUL RESOLUTION. LOW BONO IS ONE OF THE INNOVATIVE SOLUTIONS TO IMPROVE ACCESS TO JUSTICE. IN DELAWARE, WE ARE THE ONLY SUCH SERVICE. OUR PRACTICE AREAS ARE WILLS AND ESTATE, PROBATE, SMALL BUSINESS FORMATION, CONTRACTS & DOCUMENT REVIEW, AND CONSULTATIONS-ALL TIED TO WEALTH PRESERVATION. DCRAC LAW ALSO OFFERS THE ONLY FREE LOW-INCOME TAX REPRESENTATION-A PROGRAM FUNDED BY THE IRS. 169699 32394 MONEY SCHOOL: EDUCATES ABOUT MONEY BECAUSE MANAGING ONE'S FINANCES IS A COMPLEX SET OF CHALLENGES IN THE BEST OF TIMES, REQUIRING A COMBINATION OF SKILLS, JUDGMENT AND RESOURCES. IN TODAY'S VOLATILE PANDEMIC AND ECONOMIC ENVIRONMENT, THE CHALLENGES ARE ESPECIALLY ACUTE AND THE DOWNSIDE RISKS ARE GREAT. INDIVIDUALS AND FAMILIES MUST GRAPPLE WITH A BEWILDERING VARIETY OF FINANCIAL DECISIONS, RANGING FROM CHOOSING A BANK AND MANAGING VARIOUS KINDS OF DEBT, TO PLANNING FOR RETIREMENT AND PURCHASING INSURANCE. EVEN THE SIMPLEST OF THESE DECISIONS REQUIRES AT LEAST SOME BASIC FINANCIAL KNOWLEDGE AND COMPETENCY, WHILE THE MORE COMPLICATED DECISIONS ARE CHALLENGING EVEN FOR EXPERTS. 169699 32394 1056509 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 10 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X MS RASHMI RANGAN 3022983250 600 SOUTH HARRISON STREET WILMINGTON DE 19805 AL GRIFFITH CHAIR 1.00 1.00 X X 0 0 0 ERIC SMITH VICE CHAIR 1.00 1.00 X X 0 0 0 JAN SLATTERY TREASURER 1.00 1.00 X X 0 0 0 ERAY GUVEN SECRETARY 1.00 1.00 X X 0 0 0 LILLIAN HARRISON DIRECTOR 1.00 1.00 X 0 0 0 MARY HORCHOS DIRECTOR 1.00 1.00 X 0 0 0 MO MAHMOOD DIRECTOR 1.00 1.00 X 0 0 0 LISA SPELLMAN DIRECTOR 1.00 1.00 X 0 0 0 RASHMI RANGAN EXECUTIVE DIRECTOR 40.00 20.00 X 94327 0 0 94327 0 0 0 0 0 0 0 26100 117530 1234614 1378244 19211 19211 900 0 900 900 900 0 26100 6117 -6117 -6117 MISCELLANEOUS INCOME 900099 31494 31494 31494 1423732 32394 0 13094 350000 350000 94327 86781 7546 364229 316748 47481 3400 2992 408 34213 30107 4106 38400 36096 2304 14500 13630 870 71648 67349 4299 13472 12664 808 20032 18830 1202 36737 34532 2205 3023 2842 181 749 704 45 38982 36643 2339 21004 19743 1261 MISCELLANEOUS 19273 18117 1156 UTILITIES 9288 8731 557 1133277 1056509 76768 0 936920 1394823 530305 378498 10789 10789 853461 248236 638915 605225 17275 15913 2134204 2405248 6464 7253 20000 200 0 26664 7253 X 1872806 2147995 234734 250000 2107540 2397995 2134204 2405248 290455 0 X 0 1 X 1 0 X 579353 826068 852003 1660591 1379144 5297159 61433 21202 26230 108865 579353 826068 913436 1681793 1405374 5406024 1840451 3565573 693 3287 47835 26973 19211 97999 45205 26112 26152 60648 31494 189611 5693634 62495 0.62620 0.68150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 0 0 0 0 PART II-B, LINE 1: THE EXECUTIVE DIRECTOR HAS BEEN ENGAGED IN ADVOCACY, COMMENTING TO REGULATORS ON COMMUNITY REINVESTMENT ACT, SPECIFICALLY SMALL BUSINESS DATA DISCLOSURE. IN ADDITION TO BEING INVOLVED IN RULE MAKING ON ARBITRATION, PAYDAY LENDING, AND MILITARY LENDING AND IN DELAWARE, THE EXECUTIVE DIRECTOR HAS PARTICIPATED IN ROUND TABLES ON PAYDAY LENDING. APPROXIMATELY, $5,000 IN TIME AND TRAVEL WAS DONATED TO THIS EFFORT. 6500 6500 558219 133395 424824 25036 11703 13333 111609 103138 8471 152097 152097 605225 1729849 300000 6117 306117 1423732 0 1423732 1439394 300000 6117 306117 1133277 0 1133277 PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 6,117. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 6,117. CELEBRATING CRA 26100 26100 6117 26100 26100 6117 6117 -6117 1 STEPPING STONES COMMUNITY FEDERAL CREDIT UNION 603 NORTH CHURCH ST WILMINGTON DE 19801 453643816 501(C)(1) 350000 0 FMV ADMINISTRATIVE ASSISTANCE, OFFICE SPACE STEPPING STONES COMMUNITY FEDERAL CREDIT UNION WAS ENVISIONED, CREATED, SPONSORED AND OPERATED BY DCRAC. ALTHOUGH A SEPARATE LEGAL ENTITY, STEPPING STONES SERVES THE LOW-INCOME COMMUNITY IN CONSONANCE WITH AND COMPLEMENTING THE DCRAC MISSION. 0 1 PART I, LINE 2: CONTRIBUTIONS TO STEPPING STONES COMMUNITY FEDERAL CREDIT UNION ARE USED AS CAPITAL TO ENABLE IT TO LOAN FUNDS TO CLIENTS IN FURTHERANCE OF BOTH DCRAC AND STEPPING STONES' MISSIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM AND PRESENTED TO THE EXECUTIVE DIRECTOR WHO PERFORMS A DETAILED REVIEW. THE FORM IS THEN MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C UPON ACCEPTANCE AND ANNUALLY THEREAFTER, BOARD MEMBERS ARE REQUIRED TO EVALUATE THEIR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY AND REPORT ON ANY POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR'S SALARY IS EVALUATED ANNUALLY BY THE BOARD. RECOMMENDATIONS FOR INCREASES ARE BASED ON THE BOARD MEMBERS' EXTENSIVE EXPERIENCE WITH OTHER AREA NONPROFIT ORGANIZATIONS AND KNOWLEDGE OF COMPENSATION PRACTICES IN GENERAL. FORM 990, PART VI, SECTION C, LINE 19 DCRAC MAINTAINS COPIES OF ITS FORM 990 AND MOST RECENT AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE WWW.DCRAC.ORG. DCRAC BELIEVES THIS, ALONG WITH THE OTHER INFORMATION ON ITS PROGRAMS AND SERVICES AVAILABLE ON ITS WEBSITE, SHOULD SATISFY MOST LEGITIMATE INQUIRIES. REQUESTS FOR FURTHER INFORMATION WILL BE EVALUATED ON A CASE BY CASE BASIS. ABOUT DCRAC FOR TOO MANY DELAWAREANS, GENERATIONAL POVERTY LEADS TO PERSISTENT ISSUES NOT ONLY WITH ACHIEVING FINANCIAL STABILITY BY BUILDING WEALTH BUT ALSO WITH LEARNING TO NAVIGATE AND TRUST LEGAL AND ECONOMIC SYSTEMS THAT DON'T SEEM TO HAVE BEEN BUILT FOR THEM TO USE-OR WORSE, THAT FUNCTIONALLY EXCLUDE OR CHEAT THEM. IN A SMALL STATE HOME TO SO MANY OF THE NATION'S LARGEST FINANCIAL INSTITUTIONS, SUCH INEQUITY IS UNACCEPTABLE, AND THE FEDERAL COMMUNITY REINVESTMENT ACT IS ONE MAJOR WAY ORDINARY FOLKS CAN PUSH BACK AND GET AHEAD. DCRAC WAS FOUNDED TO REALIZE THE PROMISE OF AN ACCESSIBLE, COMMUNITY-CENTRIC FINANCIAL SYSTEM. WE PROVIDE LOW- AND NO-COST SERVICES-INCLUDING BANKING AND LEGAL-TO FOLKS STATEWIDE THAT EMPOWER THEM TO TAKE CHARGE OF THEIR FINANCIAL LIVES. FROM WRAPAROUND, CUSTOMIZED SERVICES TO EDUCATION AND ADVOCACY EFFORTS, WE'VE BUILT THE STATE'S LEADING COMMUNITY INSTITUTIONS DEDICATED TO ADDRESSING THE RACIAL WEALTH GAP. RECOGNIZING THAT OUR LOW-WEALTH HOUSEHOLDS FACE COMPLEX AND OFTEN INTERCONNECTED FINANCIAL AND LEGAL MATTERS, DCRAC IS ALSO THE ONLY ORGANIZATION IN THE FIRST STATE OFFERING THE UNIQUE MIX OF LEGAL AND FINANCIAL SERVICES COMMUNITY MEMBERS NEED TO ACHIEVE FINANCIAL SECURITY AND SUCCESS. THANKS TO DCRAC, A LOT MORE DELAWARE FAMILIES HAVE AN EXPANDING FINANCIAL SAFETY NET. THAT GOES BEYOND JUST CREDIT UNION MEMBERS-OUR WORK ALSO CONNECTS PEOPLE WITH ETHICAL LOANS, QUALITY FINANCIAL EDUCATION, AND LEGAL SERVICES FOR THEIR THORNIEST FINANCIAL ISSUES. PEOPLE WHO AREN'T DISINVESTED THEMSELVES DON'T ALWAYS REALIZE THAT EVERYONE HAS A NEED FOR AFFORDABLE LEGAL SERVICES AND BANKING OPTIONS THAT DON'T PREY ON ALREADY VULNERABLE CONSUMERS. DCRAC BECOMES THAT RESOURCE FOR OUR CLIENTS. DCRAC ALSO FIGHTS FOR OUR CLIENTELE IN THE HALLS OF POWER. WE'RE A WATCHDOG FOR BANKERS AND REGULATORS ALIKE-AND WORKING FOR EQUAL ACCESS TO CREDIT AND CAPITAL ACROSS THE BOARD. DCRAC LAW: FINANCIAL STABILITY OFTEN MEANS RESOLVING COMPLICATED ISSUES, AND AT DCRAC LAW THOSE CASES ARE OUR ENTIRE PURPOSE. ESTATE PRACTICE OFFERS AFFORDABLE LEGAL REPRESENTATION FOR PROBATE AND ESTATE PLANNING, AS WELL AS IN UNTANGLING OFTEN-COMPLEX TITLE AND INHERITANCE ISSUES. THE LOW-INCOME TAX CLINIC FURTHER ENSURES EVERYONE CAN GET THE TAX SERVICES THEY NEED-AND PAY WHAT THEY OWE, NOT MORE-TO ADDRESS FEDERAL DEBTS, FILING QUESTIONS, AND EVERYTHING IN BETWEEN. STEPPING STONES COMMUNITY FEDERAL CREDIT UNION: CENTERED ON HELPING OUR OWN COMMUNITY THRIVE, STEPPING STONES OFFERS FEE-FREE ACCOUNTS AND MODEST-INTEREST LOANS TO MEMBERS. ANYONE WITH A CONNECTION TO THE CITY OF WILMINGTON AND $5 TO DEPOSIT CAN JOIN TO SUPPORT BANKING SERVICES THAT WORK FOR DELAWAREANS, REGARDLESS OF INCOME-AND TAKE A STAND AGAINST PREDATORY LENDERS. FROM OFFERING PAYCHECK PROTECTION LOANS TO BECOMING THE PRIMARY FINANCIAL INSTITUTION FOR PEOPLE IN DELAWARE'S PRISONS, STEPPING STONES ENSURES EVERYONE HAS A PLACE IN MAINSTREAM FINANCIAL SYSTEMS. THE MONEY SCHOOL: SAVING MONEY, SETTING A BUDGET, ACHIEVING STABILITY, AND OTHERWISE ENGAGING WITH TRADITIONAL FINANCIAL SERVICES CAN BE DAUNTING, WHICH IS WHY THE MONEY SCHOOL OFFERS FREE CLASSES ON TOPICS RANGING FROM MANAGING MONEY AND ESTATE PLANNING TO TAX REFUNDS AND UNEMPLOYMENT INSURANCE. DCRAC ECONOMIC DEVELOPMENT FUNDLLC C/O DCRAC 600 S HARRISON ST WILMINGTON DE 19805 832868587 RECEIVING PROCEEDS FROM DONATED LOANS DE 196287 631809 DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL INC STEPPING STONES COMMUNITY FEDERAL CREDIT UNION C/O DCRAC 603 N CHURCH ST WILMINGTON DE 19801 453643816 CREDIT UNION PROVIDING FINANCIAL SERVICES TO UNDERSERVED POPULATIONS. DE 501(C)(1) 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 STEPPING STONES FCU B 350000 CASH STEPPING STONES FCU N NOT READILY AVAILABLE STEPPING STONES FCU O NOT READILY AVAILABLE