2021-10-12T15:31:29-05:00 2021-06-30 510232475 COVER & ROSSITER PA 2711 CENTERVILLE ROAD SUITE 100 WILMINGTON DE 19808 990 2020-07-01 510329119 DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL INC DELA 3022983250 600 SOUTH HARRISON STREET WILMINGTON DE 19805 MS RASHMI RANGAN EXECUTIVE DIRECTOR 3022983250 2021-10-11 1 MS RASHMI RANGAN 999009999 PETER KENNEDY P00571422 3026566632 2021-10-11 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MS RASHMI RANGAN 600 SOUTH HARRISON STREET WILMINGTON DE 19805 1773429 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. 9 9 10 30 0 0 852003 1660591 0 0 47835 26973 91785 84550 991623 1772114 105000 895000 0 0 426076 514047 0 0 0 209684 220408 740760 1629455 250863 142659 1989815 2134204 24934 26664 1964881 2107540 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 159381 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. 1060978 895000 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. 179944 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. 154242 22663 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. 154242 22663 1554545 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 9 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 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 CAROL L DAVIS CHAIR THROUGH 12/20 1.00 1.00 X X 0 0 0 DAN BODDIE VICE CHAIRMAN THROUGH 12/20 1.00 1.00 X X 0 0 0 DOMENIC PEDANTE SECRETARY 1.00 1.00 X X 0 0 0 LISA SPELLMAN DIRECTOR 1.00 1.00 X 0 0 0 CHANTEL VANDERHORST DIRECTOR 1.00 1.00 X 0 0 0 ALBERT GRIFFITH CHAIR BEGINNING 1/21 1.00 1.00 X X 0 0 0 KATHY MCDANIEL DIRECTOR THROUGH 12/20 1.00 1.00 X 0 0 0 JAN SLATTERY TREASURER 1.00 1.00 X X 0 0 0 SHONDELL AYALA DIRECTOR 1.00 1.00 X 0 0 0 LILLIAN HARRISON DIRECTOR BEGINNING 1/21 1.00 1.00 X 0 0 0 MARY HORCHOS DIRECTOR 1.00 1.00 X 0 0 0 ERIC SMITH DIRECTOR 1.00 1.00 X 0 0 0 ERAY GUVEN DIRECTOR 1.00 1.00 X 0 0 0 MO MAHMOOD DIRECTOR 1.00 1.00 X 0 0 0 RASHMI RANGAN EXECUTIVE DIRECTOR 40.00 20.00 X 90000 0 0 90000 0 0 0 0 0 0 0 865638 794953 1660591 26973 26973 2700 0 2700 2700 2700 42000 1315 40685 40685 PPP LOAN FORGIVENESS 900099 21202 21202 MISCELLANEOUS 900099 19963 19963 41165 1772114 22663 0 88860 895000 895000 91220 80274 10946 381929 336097 45832 2964 2608 356 37934 33382 4552 40 40 11325 10683 642 65720 61777 3943 30467 28639 1828 14066 13222 844 4180 3929 251 183 172 11 38982 36643 2339 14908 14014 894 TELECOMMUNICATIONS 21952 20635 1317 UTILITIES 9416 8851 565 MISCELLANEOUS 9019 8478 541 TELEVISION 150 141 9 1629455 1554545 74910 0 739786 936920 681920 530305 5849 10789 848169 209254 547977 638915 14283 17275 1989815 2134204 3532 6464 20000 21202 0 200 200 24934 26664 X 1681548 1872806 283333 234734 1964881 2107540 1989815 2134204 142659 0 X X 0 1 X 1 1 1 X 727804 579353 826068 852003 1660591 4645819 61433 21202 82635 727804 579353 826068 913436 1681793 4728454 1328596 3399858 1643 693 3287 47835 26973 80431 21618 45205 26112 26152 60648 179735 4988620 0.68150 0.69530 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 118804 439415 25036 8370 16666 111609 82080 29529 146805 146805 638915 PAYROLL LIABILITIES 200 200 2073429 300000 1315 301315 1772114 0 1772114 1930770 300000 1315 301315 1629455 0 1629455 PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 1,315. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 1,315. CELEBRATING CRA 42000 42000 1315 42000 42000 1315 1315 40685 1 STEPPING STONES COMMUNITY FEDERAL CREDIT UNION 603 NORTH CHURCH ST WILMINGTON DE 19801 453643816 501(C)(1) 895000 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. X MORTGAGE RECEIVABLE 1 85326 PROCEEDS RECEIVED 0 0 1 0 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. FORM 990, PART XII, LINE 2C: NO CHANGE FROM PY NOTED. DCRAC ECONOMIC DEVELOPMENT FUNDLLC C/O DCRAC 600 S HARRISON ST WILMINGTON DE 19805 832868587 RECEIVING PROCEEDS FROM DONATED LOANS DE 108423 722584 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 895000 CASH STEPPING STONES FCU N NOT READILY AVAILABLE STEPPING STONES FCU O NOT READILY AVAILABLE