2021-08-16T14:04:12-05:00 2020-09-30 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2019-10-01 453686069 IRC'S CENTER FOR ECONOMIC OPPORTUNITY INC IRCS 2125513000 122 EAST 42ND STREET 14TH FLOOR NEW YORK NY 10168 ELLEN BEATTIE TREASURER 2125513000 2021-08-16 1 GARRETT M HIGGINS P00543209 9143818900 2021-08-16 2019 2022-09-23 18:48:47Z SEAN CARPENTER 122 EAST 42ND STREET 14TH FLOOR NEW YORK NY 10168 2067458 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 4 5 0 0 1454543 1746494 242909 312903 7163 3447 0 4614 1704615 2067458 25000 559650 0 0 85605 380284 0 0 21664 374323 534118 484928 1474052 1219687 593406 2966330 4141887 273125 855276 2693205 3286611 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 1350191 559650 312903 IN FISCAL YEAR 2020, 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 DESIGNED TO BE NESTED WITHIN BROADER FINANCIAL CAPABILITIES PROGRAMS OPERATED BY OUR PARTNERS. THE ORGANIZATION IS A SUBSIDIARY OF THE INTERNATIONAL RESCUE COMMITTEE (IRC) AND PRIMARILY PARTNERS WITH IRC'S NETWORK OF OFFICES ACROSS THE U.S. THAT PRIMARILY SERVE DIVERSE REFUGEE AND IMMIGRANT COMMUNITIES. IN FY2020, CEO ALSO BEGAN PARTNERING WITH NON-AFFILIATED ORGANIZATIONS TO EXTEND ITS REACH AND IMPACT TO MORE COMMUNITIES. IN RESPONSE TO THE COVID19 PANDEMIC AND RESULTING NATIONAL LOCK-DOWNS, CEO REPURPOSED ITS LOAN-MAKING INFRASTRUCTURE TO DEPLOY COVID-RELIEF GRANTS TARGETING THE MOST VULNERABLE MEMBERS OF COMMUNITIES WHERE IT OPERATES.BY THE END OF FY2020, CEO WAS LIVE IN A TOTAL OF 18 LOCATIONS IN 11 STATES. THE COVID-RELIEF GRANT PROGRAM RESULTED IN OVER $500K IN DIRECT RELIEF FOR IMPACTED HOUSEHOLDS. IN PARALLEL, DURING THE COURSE OF THE YEAR, CEO DEPLOYED 801 LOANS TOTALING OVER $1.8M IN DIRECT FINANCING TO BORROWERS THAT ARRIVED TO THE U.S. FROM 67 DIFFERENT COUNTRIES. 66% OF BORROWERS HAD NO OR BAD CREDIT SCORE AND WERE PART OF HOUSEHOLDS THAT EARNED AN AVERAGE OF $25K PER YEAR. 90% OF THE $1.8M FINANCED WENT TO LOW-INCOME HOUSEHOLDS. IN FY2021, 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, COMPLIANT AND VIABLE ALTERNATIVE TO HIGH-COST PREDATORY PAYDAY AND SUBPRIME AUTO LENDERS. 1350191 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 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 4 0 4 1 0 0 0 0 0 0 0 0 0 0 0 0 X 4 2 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 CA MD NY X X ELLEN BEATTIE TREASURER 2125513000 122 EAST 42ND STREET 14TH FL NEW YORK NY 101681289 JENNIFER SIME FORMER TREASURER 0.00 37.50 X 0 373484 44976 HANS VAN DE WEERD PRESIDENT 0.50 37.50 X X 0 236188 26194 ELLEN BEATTIE TREASURER 0.50 37.50 X X 0 134532 32956 GEORGE BIDDLE CHAIRMAN, THRU JUNE 2020 0.50 1.00 X X 0 0 0 SEAN CARPENTER CHAIRMAN 0.50 1.00 X X 0 0 0 RADHA RAJKOTIA SECRETARY 0.50 0.00 X X 0 0 0 0 744204 104126 0 1 1 0 0 808501 937993 1746494 LOAN ASSISTANCE 522291 236446 236446 LOAN INTEREST INCOME 522291 76457 76457 312903 3447 3447 REIMBURSEMENTS 900099 4500 4500 OTHER INCOME 900099 114 114 4614 2067458 312903 0 8061 41000 41000 518650 518650 215054 182619 20184 12251 28137 23894 2640 1603 52120 44259 4892 2969 84973 72157 7975 4841 1250 1250 15964 15964 46730 40182 6548 18723 18723 45002 43772 1230 13655 13655 1564 1564 2206 2206 7898 7898 BAD DEBT EXPENSE 379888 379888 MISC OPERATING EXPENSES 1238 1238 1474052 1350191 102197 21664 727851 1214472 605062 57428 53028 539265 9965 6360 161 37855 1570263 2256507 0 30000 2966330 4141887 273125 204915 595000 0 55361 273125 855276 X 960271 1248011 1732934 2038600 2693205 3286611 2966330 4141887 593406 0 X 0 1 X 0 0 X 445243 680521 440191 1454543 1746494 4766992 445243 680521 440191 1454543 1746494 4766992 337019 4429973 7163 3447 10610 8 4614 4622 4782224 787296 0.92630 0.92540 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2017 AMOUNT: $ 8. 2019 AMOUNT: $ 114. REIMBURSEMENTS - 2019 AMOUNT: $ 4,500. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM-RELATED LOANS RECEIVABLE 2256507 C 2256507 PAYCHECK PROTECTION PROGRAM LOAN 55361 55361 X 2067458 0 2067458 0 2067458 1474052 0 1474052 0 1474052 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) 10000 GENERAL OPERATING SUPPORT INTERNATIONAL RESCUE COMMITTEE - OAKLAND 440 GRAND AVE SUITE 500 OAKLAND CA 94610 135660870 501(C)(3) 10000 GENERAL OPERATING SUPPORT INTERNATIONAL RESCUE COMMITTEE - SAN DIEGO 5348 UNIVERSITY AVE SUITE 250 SAN DIEGO CA 92105 135660870 501(C)(3) 21000 GENERAL OPERATING SUPPORT 1 0 COVID RELIEF GRANTS 397 518650 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 371553 0 0 0 1931 0 32200 0 12776 0 418460 0 0 HANS VAN DE WEERD PRESIDENT 0 235030 0 0 0 1158 0 24678 0 1516 0 262382 0 0 ELLEN BEATTIE TREASURER 0 133380 0 0 0 1152 0 15060 0 17896 0 167488 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 6 IRC'S CENTER FOR ECONOMIC OPPORTUNITY, INC. SHALL HAVE THREE MEMBERS: GEORGE BIDDLE, SEAN CARPENTER, AND INTERNATIONAL RESCUE COMMITTEE, INC. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS SHALL 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. 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 MANAGER 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 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0