2018-08-06T15:10:57-05:00 2017-09-30 271728945 PKF O'Connor Davies LLP 665 Fifth Avenue New York NY 10022 990 2016-10-01 453686069 IRC's Center for Economic Opportunity Inc IRCS 2125513000 122 East 42nd Street 14th Floor New York NY 10168 Jennifer sime Treasurer 2125513000 2018-08-06 1 Garrett M Higgins P00543209 2122862600 2018-08-06 2016 2022-09-23 18:48:47Z GEORGE BIDDLE 122 East 42nd Street 14th Floor New York NY 10168 720204 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. 4 1 0 4 0 0 445243 680521 4613 39683 0 0 0 0 449856 720204 42920 0 0 0 0 0 0 0 0 71870 193956 114790 193956 335066 526248 646856 1196989 16498 40383 630358 1156606 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 58547 39683 In Fiscal Year 2017, 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 accessible, small-dollar loan products to their clients. CEO's primary loan products are Credit-Building, Auto, and Microenterprise loans, and each loan product is designed to be nested within a broader and related economic empowerment program operated by our partners. For now, CEO is only partnering with IRC offices as we continue to build out features and streamline processes. (Continued on Schedule O)During the fiscal year, CEO became operational in 5 offices in 4 different states. From 10/1/2016 through 9/30/2017, CEO originated 384 new loans totaling over $700k in financing. 97% of loans went to low-income borrowers, and 2/3 had no or poor credit. Borrowers came to the U.S. from 38 countries, with 2/3 of borrowers in the country for less than 3 years at time of loan disbursement. CEO's portfolio remains healthy, with historical repayment rate of 98.3%. 58547 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 0 0 0 0 0 0 0 0 0 0 0 X 4 1 1 1 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 NY CA X X JENNIFER SIME TREASURER 2125513000 122 East 42nd Street 14th FL New York NY 101681289 GEORGE BIDDLE CHAIRMAN & PRESIDENT 0.50 1.00 X X 0 0 0 JENNIFER SIME DIRECTOR & TREASURER 0.50 37.00 X X 0 249143 35961 RADHA RAJKOTIA DIRECTOR & SECRETARY 0.50 37.00 X X 0 135312 40089 HANS VAN DE WEERD director 0.50 37.00 X 0 187387 15771 0 571842 91821 0 0 1 0 0 346651 100000 233870 680521 loan interest income 522291 21141 21141 LOAN ASSISTANCE 522291 18542 18542 39683 720204 39683 0 0 81490 81490 11502 11502 19257 19257 11494 11494 4594 4594 750 750 6121 6121 Bad Debt Expense 58547 58547 misc operating expenses 201 201 193956 58547 135409 0 595320 151276 219250 420 51116 826463 646856 1196989 16498 40383 16498 40383 X 630358 1156606 630358 1156606 646856 1196989 526248 0 X 1 X 0 0 0 X 95000 275000 445243 680521 1495764 95000 275000 445243 680521 1495764 255498 1240266 1495764 101647 0.82920 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM-RELATED LOANS RECEIVABLE 826463 C 826463 0 0 0 0 0 0 0 0 0 JENNIFER SIME DIRECTOR & TREASURER 0 248693 0 0 0 450 0 26404 0 9557 0 285104 0 0 RADHA RAJKOTIA DIRECTOR & SECRETARY 0 135058 0 0 0 254 0 12158 0 27931 0 175401 0 0 HANS VAN DE WEERD director 0 186699 0 0 0 688 0 15771 0 0 0 203158 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 $81,490 were incurred during the year ending September 30, 2017. 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 $249,143 $35,961 Radha Rajkotia $135,312 $40,089 Hans Van De Weerd $187,387 $15,771 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 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0