2019-11-14T15:27:12-06:00 2019-06-30 042571780 ALEXANDER ARONSON FINNING & CO PC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2018-07-01 222524015 NEW HAMPSHIRE COMMUNITY LOAN FUND INC NEWH 6032246669 7 WALL STREET CONCORD NH 03301 JULIANA EADES PRESIDENT 6032246669 2019-11-14 1 THOMAS WASHBURN CPA P00537319 5083669100 2019-11-14 40.70.31.102 2019-11-14 12:30:46 ES P 67FD54DCEB6CBC14265FA3262D2D1D14C69EA041 1166F2FD08ABF73FAA4779C448B3D4829B6A5C9C 2018 2020-03-31 21:24:44Z JULIANA EADES 7 WALL STREET CONCORD NH 03301 15535815 0 X WWW.COMMUNITYLOANFUND.ORG X 1983 NH TO SERVE AS A CATALYST, LEVERAGING FINANCIAL, HUMAN AND CIVIC RESOURCES TO ENABLE TRADITIONALLY UNDERSERVED PEOPLE TO ATTAIN AFFORDABLE HOMES, QUALITY JOBS AND CHILD CARE, AND BECOME FINANCIALLY INDEPENDENT. WE DO THIS BY PROVIDING LOANS, CAPITAL AND TECHNICAL ASSISTANCE;COMPLEMENTING AND EXTENDING THE REACH OF CONVENTIONAL LENDERS AND PUBLIC INSTITUTIONS; AND BRINGING PEOPLE AND INSTITUTIONS TOGETHER TO SOLVE PROBLEMS.ESTABLISHED IN 1983, THE COMMUNITY LOAN FUND WAS ONE OF THE FIRST COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS IN THE NATION AND IS RECOGNIZED AS A NATIONAL LEADER FOR ITS INNOVATION, SOCIAL IMPACT, FINANCIAL STRENGTH AND PERFORMANCE. THE COMMUNITY LOAN FUND WAS THE 2009 RECIPIENT OF THE NEXT AWARD FOR OPPORTUNITY FINANCE, THE HIGHEST HONOR IN OUR FIELD. 17 16 56 16 0 32535 2947297 6228444 8179477 8943253 -105449 204880 1953 0 11023278 15376577 206056 155513 0 0 4225361 4374368 2713 4201 322469 5369957 6226041 9804087 10760123 1219191 4616454 137653429 162530967 112150876 132216769 25502553 30314198 X TO SERVE AS A CATALYST, LEVERAGING FINANCIAL, HUMAN AND CIVIC RESOURCES TO ENABLE TRADITIONALLY UNDERSERVED PEOPLE TO ATTAIN AFFORDABLE HOMES, QUALITY JOBS AND CHILD CARE, AND BECOME FINANCIALLY INDEPENDENT. WE DO THIS BY PROVIDING LOANS, CAPITAL AND TECHNICAL ASSISTANCE;COMPLEMENTING AND EXTENDING THE REACH OF CONVENTIONAL LENDERS AND PUBLIC INSTITUTIONS; AND BRINGING PEOPLE AND INSTITUTIONS TOGETHER TO SOLVE PROBLEMS.ESTABLISHED IN 1983, THE COMMUNITY LOAN FUND WAS ONE OF THE FIRST COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS IN THE NATION AND IS RECOGNIZED AS A NATIONAL LEADER FOR ITS INNOVATION, SOCIAL IMPACT, FINANCIAL STRENGTH AND PERFORMANCE. THE COMMUNITY LOAN FUND WAS THE 2009 RECIPIENT OF THE NEXT AWARD FOR OPPORTUNITY FINANCE, THE HIGHEST HONOR IN OUR FIELD. 0 0 3466007 155513 8081645 AFFORDABLE HOUSING - SEE SCHEDULE O 4971730 CAPITALIZATION AND PHILANTHROPY - SEE SCHEDULE O 1154862 591089 BUSINESS FINANCE - SEE SCHEDULE O 214673 270519 SINCE 1984, OUR COMMUNITY SERVICES FINANCING HAS SUPPORTED ESSENTIAL SERVICES, INCLUDING CENTER-AND HOME-BASED CHILD DEVELOPMENT SERVICES, BY HELPING NONPROFIT ORGANIZATIONS BUY, RENOVATE, OR BUILD FACILITIES. IN FY2019, THE COMMUNITY LOAN FUND MADE FIVE LOANS FOR COMMUNITY SERVICES TOTALING MORE THAN $4.4 MILLION. 214673 270519 9807272 1 1 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 476 0 1 56 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X BONNIE SCADOVA 6032246669 7 WALL STREET CONCORD NH 03301 TOM BUNNELL CHAIR 1.00 X X 0 0 0 KATHLEEN REARDON MEMBER 1.00 X 0 0 0 JULIANA EADES PRESIDENT 40.00 X X 191706 0 16360 PETER BRANKMAN TREASURER 1.00 X X 0 0 0 JANET ACKERMAN MEMBER 1.00 X 0 0 0 BETSY MCNAMARA VICE CHAIR 1.00 X X 0 0 0 NAOMI BUTTERFIELD SECRETARY 1.00 X X 0 0 0 DON BRUEGGEMANN VICE TREASURER 1.00 X X 0 0 0 KIM CAPEN MEMBER 1.00 X 0 0 0 PAM LAFLAMME MEMBER 1.00 X 0 0 0 KATE LUCZKO SECRETARY 1.00 X X 0 0 0 DAN MULLER MEMBER 1.00 X 0 0 0 ANTHONY POORE MEMBER 1.00 X 0 0 0 JAMIE RICHARDSON MEMBER 1.00 X 0 0 0 PAULA ROGERS MEMBER 1.00 X 0 0 0 MICHAEL SWACK EMERITUS 1.00 X 0 0 0 MICHELE TALWANI MEMBER 1.00 X 0 0 0 BONNIE SCADOVA CHIEF FINANCIAL OFFICER 40.00 X 126190 0 18221 JOHN HAMILTON VICE PRESIDENT OF ECONOMIC OPPORTUNITY 40.00 X 111169 0 5895 DEBRA MILLER VICE PRESIDENT OF EXTERNAL RELATIONS 40.00 X 110894 0 22158 JOHN FLANDERS CHIEF OPERATING OFFICER 40.00 X 107257 0 23413 TARA REARDON DIRECTOR OF ROC-NH 40.00 X 101137 0 5382 748353 0 91429 6 0 1 0 0 2300383 3928061 428705 6228444 INTEREST FROM LOANS 531390 8662322 8662322 LOAN RELATED FEES 531390 256875 256875 TRAINING AND OTHER FEES 531390 24056 24056 8943253 256565 256565 107553 159238 -51685 -51685 -51685 15376577 8943253 0 204880 155513 155513 344623 122674 181058 40891 3257825 2964019 118964 174842 95076 87053 3214 4809 416274 390569 25705 260570 223065 21957 15548 23863 20790 2685 388 73151 50413 19895 2843 953 953 4201 4201 283314 214421 60434 8459 16568 16568 385715 288013 63014 34688 32547 25190 6419 938 113223 69065 41894 2264 84697 80428 3837 432 26290 22918 2893 479 4334615 4334615 184702 118080 63205 3417 100155 61095 37057 2003 LOAN LOSS PROVISION 476648 476648 TECHNICAL ASSISTANCE 36807 36777 26 4 TRAINING EXPENSE 28987 24599 3830 558 PROPERTY EXPENSES 23806 23806 10760123 9807272 630382 322469 6925783 18485552 907424 888574 577727 706913 119230 144322 5853423 1892622 3936779 3960801 7520889 12561035 117605597 125444695 60000 339075 137653429 162530967 1538900 1728703 219214 245125 101792762 121642941 8600000 8600000 112150876 132216769 X 16981631 20035193 8520922 10279005 25502553 30314198 137653429 162530967 4616454 195191 0 X X 0 1 X 1 1 1 X 4607789 4458599 3010711 2947477 6228444 21253020 4607789 4458599 3010711 2947477 6228444 21253020 1247375 20005645 108072 83458 95751 179371 256565 723217 21976237 38185280 0.91030 0.93300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 250 703 953 10759170 10760123 688006 172002 0 0 692386 623735 627551 688006 2631678 3947517 1053 1279 953 3285 173097 155934 156888 172002 657921 986882 100 200 250 550 0 0 321461 321461 4853713 1362688 3491025 678249 529934 148315 3960801 LOANS RECEIVABLE 121379733 C ROC USA 2942040 F OTHER PROGRAM-RELATED EQUITY INVESTMENTS 1122922 F 125444695 EQUITY EQUIVALENTS PAYABLE 8600000 8600000 X 10604992 195191 -4966776 -4771585 15376577 0 15376577 5793347 0 5793347 4966776 4966776 10760123 PART X, LINE 2: THE COMMUNITY LOAN FUND ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COMMUNITY LOAN FUND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS AT JUNE 30, 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSE -4,334,615. PASS THROUGH GRANTS TO OTHERS -155,513. LOAN LOSS PROVISION -476,648. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSE 4,334,615. PASS THROUGH GRANTS TO OTHERS 155,513. LOAN LOSS PROVISION 476,648. 1 IDA MATCHED SAVINGS GRANTS 51 155513 CASH PART I, LINE 2: PROGRAM MANAGERS OVERSEE GRANT PROGRAMS AND MONITOR THE USE OF FUNDS BY GRANTEES THROUGH A VARIETY OF MEANS INCLUDING PERFORMANCE REPORTS, FINANCIAL REPORTS, INVOICES, PHOTOGRAPHY AND OTHER FORMS OF SUBSTANTIATING DOCUMENTATION. X X X X 0 0 0 0 0 0 0 0 0 JULIANA EADES PRESIDENT 191706 0 0 0 0 0 5824 0 10536 0 208066 0 0 0 X 3 78714 FAIR MARKET VALUE X NON-CASH GRANTS CONVERTED FROM LOANS PAYABLE BY DO 10 349991 FAIR MARKET VALUE 0 1 0 FORM 990, PT. III, LINE 4A AFFORDABLE HOUSING: THREE COMMUNITY LOAN FUND PROGRAMS ADDRESS N.H.'S NEED FOR HOUSING FOR WORKING FAMILIES AND FOR FAMILIES WITH LOW INCOMES. 1. ROC-NH PROVIDES LOANS, ALONG WITH EDUCATIONAL AND TECHNICAL ASSISTANCE, TO BUILD LONG-TERM VALUE AND SECURITY FOR RESIDENTS OF N.H.'S MANUFACTURED-HOME COMMUNITIES BY HELPING THEM PURCHASE, MANAGE, AND IMPROVE THEIR COMMUNITIES AS COOPERATIVE CORPORATIONS. AS OF JUNE 30, 2019, 128 RESIDENT-OWNED COMMUNITIES IN N.H. WERE HOME TO 7,492 (PRIMARILY LOW-INCOME) HOUSEHOLDS. DURING FISCAL YEAR 2019, THE COMMUNITY LOAN FUND MADE 35 LOANS TOTALING MORE THAN $4.6 MILLION. IN DOING SO, IT PRESERVED 66 HOUSING UNITS AND PROVIDED 20,793 HOURS OF TECHNICAL ASSISTANCE TO RESIDENT-OWNED COMMUNITIES. 2. BECAUSE THEY ARE RELATIVELY AFFORDABLE AND AVAILABLE IN RURAL COMMUNITIES, MANUFACTURED HOMES ARE, FOR SOME N.H. FAMILIES, THE HOUSING OPTION OF LAST RESORT. THEY ALSO PROVIDE AN AFFORDABLE OPTION FOR OLDER COUPLES WHO ARE DOWNSIZING AND YOUNG COUPLES BEGINNING FAMILIES. THE COMMUNITY LOAN FUND'S WELCOME HOME LOANS PROVIDE REAL FIXED-RATE MORTGAGE PRODUCTS FOR A GROUP OF HOMEOWNERS THAT DOESN'T OTHERWISE HAVE ACCESS TO SUCH LOANS. MOST BUYERS OF MANUFACTURED HOMES HAVE TO USE PERSONAL PROPERTY LOANS, EVEN WHEN THEY OWN THE LAND THE HOUSE WILL OCCUPY, OR WHEN THEY HAVE SECURED THE LAND THROUGH COOPERATIVE OWNERSHIP. IN MAKING 1,291 LOANS TOTALING $63.6 MILLION SINCE 2002, WELCOME HOME LOANS HAVE SHOWN THESE BORROWERS TO BE BETTER-THAN-AVERAGE RISKS, WITH A CUMULATIVE LOSS RATE OF JUST 2.4 PERCENT. DURING FY2019, WELCOME HOME LOANS PROVIDED $5.7 MILLION IN FINANCING TO 78 HOMEOWNERS. IN 2009, OUR WELCOME (THEN CALLED COOPERATIVE) HOME LOANS EARNED THE COMMUNITY LOAN FUND THE HIGHEST HONOR GIVEN TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS: THE NEXT AWARD FOR OPPORTUNITY FINANCE. THE PROGRAM'S STRONG PERFORMANCE HAS ALSO ATTRACTED OTHER CONVENTIONAL RESIDENTIAL LENDERS, INCLUDING USDA, NH HOUSING FINANCE AUTHORITY AND FANNIE MAE, TO THIS EMERGING MARKET. 3. THE MULTI-FAMILY HOUSING PROGRAM PROVIDES LOANS AND TECHNICAL ASSISTANCE TO NONPROFIT HOUSING DEVELOPMENT ORGANIZATIONS, WITH THE GOALS OF EXPANDING N.H.'S SUPPLY OF INCREASINGLY SCARCE AFFORDABLE HOUSING AND KEEPING IT PERMANENTLY AFFORDABLE. SINCE 1989 THE COMMUNITY LOAN FUND HAS MADE $29.1 MILLION IN LOANS, RESULTING IN THE CREATION OR PRESERVATION OF 1,723 AFFORDABLE APARTMENTS VALUED AT MORE THAN $235 MILLION. MULTI-FAMILY HOUSING HAS ALSO HELPED CREATE AND NURTURE A NOW-MATURE NETWORK OF NONPROFIT DEVELOPERS, WHILE ASSISTING COMMUNITY GROUPS TACKLING THEIR FIRST PROJECTS, TO CREATE CAPACITY IN ONE OF THE LEAST-AFFORDABLE STATES IN THE NATION. FORM 990, PT. III, LINE 4B CAPITALIZATION & PHILANTHROPY: THE COMMUNITY LOAN FUND IS ROOTED IN TWO BELIEFS: SOME FINANCIAL OBSTACLES PEOPLE FACE ARE NOT DUE SOLELY TO LOW INCOMES, BUT ALSO TO LACK OF CREDIT. MANY PEOPLE WITH CAPITAL WILL INVEST IN BASIC HUMAN NEEDS IF THERE IS A WAY TO DO SO. THE PHILANTHROPY PROGRAM WORKS ON THE SECOND PART OF THAT EQUATION. IT SEEKS TO MAKE ITS OPPORTUNITY NH INVESTMENTS A CONDUIT THROUGH WHICH PEOPLE, ORGANIZATIONS, FOUNDATIONS AND CORPORATIONS SAFELY AND SECURELY INVEST IN N.H.'S PEOPLE AND COMMUNITIES. THE COMMUNITY LOAN FUND IS A RARITY AMONG COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS IN ACCEPTING INVESTMENTS IN THE FORM OF UNSECURED LOANS FROM PRIVATE INDIVIDUALS, AS WELL AS FROM INSTITUTIONS LARGE AND SMALL. INVESTMENTS ARRIVE FROM RETIREES AND COMMUNITY CHURCH GROUPS, ALL THE WAY UP TO NATIONAL FOUNDATIONS. A ROBUST EQUITY POOL HELPS THE COMMUNITY LOAN FUND MAINTAIN A 100% REPAYMENT RECORD TO ITS INVESTORS. IT'S THE "SHOCK ABSORBER" THAT CUSHIONS THEIR MONEY AGAINST THE RARE LOAN THAT ISN'T REPAID. INVESTMENTS IN THE COMMUNITY LOAN FUND RANGE FROM $1,000 TO $6 MILLION. THE PHILANTHROPY PROGRAM BROUGHT IN $30.3 MILLION FROM 103 NEW INVESTMENTS IN FY2019, INCREASING THE TOTAL NUMBER OF CURRENT INVESTORS TO 683. FORM 990, PT. III, LINE 4C BUSINESS FINANCE: THE COMMUNITY LOAN FUND OFFERS FINANCING FOR ESTABLISHED BUSINESSES RANGING FROM SELF-EMPLOYED ENTREPENEURS TO HIGH-GROWTH, HIGH-MARGIN COMPANIES. SINCE 1984, BUSINESS BUILDER LOANS HAVE PROVIDED LOANS AND BUSINESS EDUCATION TO SUPPORT THE GROWTH AND RESILIENCE OF SMALL BUSINESSES AND THEIR ABILITY TO PROVIDE QUALITY JOBS. SINCE 2002, VESTED FOR GROWTH INVESTMENTS HAVE PROVIDED INVESTMENTS AND BUSINESS EDUCATION TO HELP OWNERS GROW THEIR BUSINESSES BY ENGAGING THEIR PEOPLE AND ADDING VALUE FOR THEIR CUSTOMERS. VESTED FOR GROWTH'S RISK-TOLERANT CAPITAL AND PEER-LEARNING OPPORTUNITIES ALSO HELP OWNERS OF ESTABLISHED BUSINESSES INCREASE PROFITS AND CREATE HIGHER-QUALITY JOBS. SINCE 1996, OUR BUSINESS FINANCE TEAM HAS MADE 729 INVESTMENTS AND LOANS, TOTALING MORE THAN $32.5 MILLION AND CREATING OR PRESERVING 2,426 JOBS. IN FY2019, OUR BUSINESS FINANCE TEAM PROVIDED $2.58 MILLION IN FINANCING TO 14 BUSINESSES, CREATING OR PRESERVING 127 JOBS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY STAFF AND THE AUDIT FIRM. BEFORE FILING WITH THE IRS, A DRAFT OF THE COMPLETED FORM 990 IS PROVIDED TO THE ALL MEMBERS OF THE BOARD OF DIRECTORS AND IS REVIEWED IN DETAIL BY THE FINANCE COMMITTEE WITH QUESTIONS ADDRESSED AND RESOLVED BY THE AUDIT FIRM. THE FINANCE COMMITTEE VOTES TO ACCEPT THE FORM 990, AND MINUTES OF THE COMMITTEE MEETING ARE PRODUCED TO DOCUMENT THE REVIEW AND THE VOTE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES EMPLOYEES AND BOARD MEMBERS TO COMPLETE ANNUAL CONFLICT OF INTEREST SURVEYS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION DATA REGARDING THE TWO TOP EXECUTIVE POSITIONS WAS GATHERED NATIONALLY, REGIONALLY AND LOCALLY. AN EXECUTIVE COMPENSATION COMMITTEE (ECC) WAS APPOINTED BY THE BOARD OF DIRECTORS AND CONSISTED OF THREE BOARD MEMBERS, WITH ASSISTANCE FROM THE HUMAN RESOURCES DIRECTOR. AFTER A REVIEW OF THE DATA AND DISCUSSION BY THE ECC, IT WAS DETERMINED THAT BOTH POSITIONS ARE IN A REASONABLE RANGE WITH THE DATA REVIEWED AND THAT THE COMPENSATION FOR THE TWO POSITIONS IS APPROPRIATE. COPIES OF COMPARABILITY DATA ANALYSIS ARE ON FILE, AND RECORDS OF THE ECC ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE COMMUNITY LOAN FUND'S FORM 990, YEAR-END AUDITED FINANCIAL STATEMENTS AND ANNUAL REPORTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ARE POSTED ON THE ORGANIZATION'S WEBSITE FOR PUBLIC INSPECTION. BYLAWS AND CONFLICT OF INTEREST POLICIES ARE ALSO AVAILABLE TO THE PUBLIC UPON REQUEST. THIS IS STATED ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XII, LINE 2C: THE COMMUNITY LOAN FUND'S AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF INDEPENDENT ACCOUNTANTS. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. PT IV LINE 26 AND PT VI-A, LINE 1B THE COMMUNITY LOAN FUND'S BYLAWS REQUIRE THE BOARD OF DIRECTORS TO INCLUDE REPRESENTATIVES OF BORROWER ORGANIZATIONS AND INVESTORS AMONG ITS MEMBERSHIP. DONATIONS AND INVESTMENTS ARE ACCEPTED FROM EMPLOYEES, FROM INDIVIDUAL BOARD MEMBERS, OR FROM ORGANIZATIONS OF WHICH CURRENT AND FORMER MEMBERS ARE SIGNIFICANT EMPLOYEES OR BOARD MEMBERS. ALL TRANSACTION DECISIONS FOLLOW STANDARD POLICIES AND PROCEDURES INCLUDING THOSE COVERING CONFLICT OF INTEREST. TWO MEMBERS OF THE BOARD OF DIRECTORS HAVE PROVIDED INVESTMENTS TOTALING $364,093 TO THE COMMUNITY LOAN FUND AND THIRTEEN EMPLOYEES HAVE PROVIDED LOANS TOTALING $396,872. BOARD MEMBERS AND STAFF ARE TYPICALLY DONORS TO THE COMMUNITY LOAN FUND. THE TRANSACTIONS ARE PART OF THE COMMUNITY LOAN FUND'S NORMAL COURSE OF BUSINESS AND ARE OPEN TO THE PUBLIC AT LARGE.