2020-08-13T14:00:08-05:00 2019-09-30 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2018-10-01 453686069 IRC'S CENTER FOR ECONOMIC OPPORTUNITY INC IRCS 2125513000 122 EAST 42ND STREET 14TH FLOOR NEW YORK NY 10168 ELLEN BEATTIE TREASURER 2125513000 2020-08-13 1 GARRETT M HIGGINS P00543209 2122862600 2020-08-13 24.190.81.120 2020-08-13 14:00:02 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 9616F4B14A694591D1E716C270910E6FA5556DA3 2018 2020-11-06 18:47:13Z GEORGE BIDDLE 122 EAST 42ND STREET 14TH FLOOR NEW YORK NY 10168 1704615 0 X N/A 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. 5 2 0 6 0 0 440191 1454543 187188 242909 0 7163 8 0 627387 1704615 0 25000 0 0 0 85605 0 0 14131 310475 374323 310475 484928 316912 1219687 1666953 2966330 193435 273125 1473518 2693205 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 414000 25000 242909 IN FISCAL YEAR 2019, 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 THEIR CLIENTS. CEO'S PORTFOLIO CONSISTS OF CREDIT-BUILDING, AUTO, EDUCATION, IMMIGRATION, WORK SUPPORTS AND MICROENTERPRISE LOANS. EACH LOAN PRODUCT IS DESIGNED TO BE NESTED WITHIN BROADER FINANCIAL CAPABILITIES PROGRAMS OPERATED BY OUR PARTNERS.BY THE END OF FY2019, CEO WAS LIVE IN A TOTAL OF 11 LOCATIONS IN 7 STATES. DURING THE YEAR, CEO DEPLOYED 502 LOANS TOTALING OVER $1.27M IN DIRECT FINANCING TO BORROWERS THAT ARRIVED TO THE U.S. FROM OVER 40 DIFFERENT COUNTRIES. 61% OF BORROWERS HAD NO OR BAD CREDIT SCORE AND WERE PART OF HOUSEHOLDS THAT EARNED AN AVERAGE OF $28K PER YEAR. 89% OF THE $1.27M FINANCED WENT TO LOW-INCOME HOUSEHOLDS. DESPITE MAKING LOANS TO CREDIT-THIN, LOW-INCOME IMMIGRANT HOUSEHOLDS, CEO'S PORTFOLIO CONTINUED TO OUTPERFORM OUR BORROWER'S RISK PROFILES. CEO'S TRAILING 12-MONTH CHARGE-OFF RATE UNDER 3% AND HISTORICAL REPAYMENT RATE OF 97%. THUS FAR, CEO HAS ONLY BECOME OPERATIONAL IN PARTNERSHIP WITH ITS PARENT ORGANIZATION, THE INTERNATIONAL RESCUE COMMITTEE (IRC). IN FY2020, CEO PLANS TO BEGIN LENDING IN PARTNERSHIP WITH NON-AFFILIATED COMMUNITY-BASED ORGANIZATIONS. ULTIMATELY, CEO INTENDS TO OFFER AGENCIES AND THEIR CONSTITUENTS A SAFE, AFFORDABLE, COMPLIANT AND VIABLE ALTERNATIVE TO HIGH-COST PREDATORY PAYDAY AND SUBPRIME AUTO LENDERS. 414000 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 2 1 1 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 NY CA X X ELLEN BEATTIE TREASURER 2125513000 122 EAST 42ND STREET 14TH FL NEW YORK NY 101681289 GEORGE BIDDLE CHAIRMAN 0.50 1.00 X X 0 0 0 SEAN CARPENTER VICE CHAIRMAN 0.50 1.00 X X 0 0 0 HANS VAN DE WEERD PRESIDENT 0.50 37.50 X X 0 227491 14673 JENNIFER SIME TREASURER, THRU MAR. 2019 0.50 37.50 X X 0 356318 30977 ELLEN BEATTIE TREASURER 0.50 37.50 X X 0 129701 27053 RADHA RAJKOTIA SECRETARY 0.50 37.50 X X 0 153409 35077 0 866919 107780 0 0 1 0 0 224941 300000 929602 1454543 LOAN ASSISTANCE 522291 149457 149457 LOAN INTEREST INCOME 522291 93452 93452 242909 7163 7163 1704615 242909 0 7163 25000 25000 47947 41972 3232 2743 18595 16278 1254 1063 19063 16687 1285 1091 177037 149823 17980 9234 15681 15681 7056 4356 2700 30275 26952 3323 2210 2210 268 268 8884 5156 3728 5404 5404 BAD DEBT EXPENSE 126559 126559 MISC OPERATING EXPENSES 949 949 484928 414000 56797 14131 516806 727851 605062 66029 53028 9965 90 161 1084028 1570263 1666953 2966330 7722 273125 185713 0 193435 273125 X 310332 960271 1163186 1732934 1473518 2693205 1666953 2966330 1219687 0 X 0 1 X 0 0 X 275000 445243 680521 440191 1454543 3295498 275000 445243 680521 440191 1454543 3295498 239366 3056132 7163 7163 8 8 3302669 531744 0.92540 0.87250 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2017 AMOUNT: $ 8. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM-RELATED LOANS RECEIVABLE 1570263 C 1570263 1704615 0 1704615 0 1704615 484928 0 484928 0 484928 1 IRC PHEONIX 4425 WEST OLIVE AVE SUITE 400 GLENDALE AZ 85302 135660870 501(C)(3) 12500 GENERAL OPERATING SUPPORT IRC SAN DIEGO 5348 UNIVERSITY AVE SUITE 250 SAN DIEGO CA 92105 135660870 501(C)(3) 12500 GENERAL OPERATING SUPPORT 2 0 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 EXCERCISED ENSURING THAT IRC USES THE FUNDS FOR THE INTENDED PURPOSE. 0 0 0 0 0 0 0 0 0 HANS VAN DE WEERD PRESIDENT 0 226600 0 0 0 891 0 13258 0 1415 0 242164 0 0 JENNIFER SIME TREASURER, THRU MAR. 2019 0 355088 0 0 0 1230 0 19250 0 11727 0 387295 0 0 ELLEN BEATTIE TREASURER 0 128596 0 0 0 1105 0 9249 0 17804 0 156754 0 0 RADHA RAJKOTIA SECRETARY 0 153098 0 0 0 311 0 7701 0 27376 0 188486 0 0 PART I, LINE 3 INTERNATIONAL RESCUE COMMITTEE, A RELATED ORGANZATION, 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 2 JENNIFER SIME AND HANS VAN DE WEERD HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 3 MANAGEMENT SERVICES ARE PERFORMED BY INTERNATIONAL RESCUE COMMITTEE, A RELATED ORGANZIATION. INTERNATIONAL RESCUE COMMITTEE IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT FEES TOTALING $177,037 WERE INCURRED DURING THE YEAR ENDING SEPTEMBER 30, 2019. AS REPORTED ON FORM 990, PART VII, SECTION A, THE FOLLOWING INDIVIDUALS RECEIVED COMPENSATION FROM INTERNATIONAL RESCUE COMMITTEE: NAME: REPORTABLE COMPENSATION: OTHER COMPENSATION: JENNIFER SIME $356,318 $30,977 RADHA RAJKOTIA $153,409 $35,077 HANS VAN DE WEERD $227,491 $14,673 ELLEN BEATTIE $129,701 $27,053 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 COMITTEES 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. 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 CEO MANAGER 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 INTERNATIONAL RESCUE COMMITTEE 0 IRC DEUTSCHLAND GGMBH WALLSTRASSE 15A BERLIN GM 10179 HUMANITARIAN AID GM INTERNATIONAL RESCUE COMMITTEE 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0