2017-02-09T15:32:39-06:00 2016-06-30 Grant Thornton LLP 1400 US BANK PLAZA N 200 S 6TH ST MINNEAPOLIS MN 554021459 990 2015-07-01 411616861 Community Reinvestment Fund Inc % JENNIFER ANDERSON COMM 6123383050 801 Nicollet Mall 1700W Minneapolis MN 554022903 JENNIFER ANDERSON SVP/CFO 6123383050 2017-02-10 true REBECCA ZECHA P00648970 6123320001 2015 2021-01-29 14:40:06Z Jennifer Anderson 801 Nicollet Mall 1700W Minneapolis MN 554022903 26158500 false X www.CRFUSA.com X 1988 MN To improve the lives of disadvantaged people and strengthen distressed communities through innovative finance. 16 15 84 15 23650 -1485 4142808 5296086 19654815 20862414 0 0 0 0 23797623 26158500 0 0 0 0 8441219 9631772 0 0 998927 15026530 15899851 23467749 25531623 329874 626877 195598895 180635909 196285236 175712661 -686341 4923248 TO IMPROVE THE LIVES OF DISADVANTAGED PEOPLE AND STRENGTHEN DISTRESSED COMMUNITIES THROUGH INNOVATIVE FINANCE. false false 19462733 19111238 AS A NONPROFIT, MISSION DRIVEN ORGANIZATION, COMMUNITY REINVESTMENT FUND (CRF) PROVIDES OTHERWISE UNAVAILABLE LOAN CAPITAL TO COMMUNITIES, SMALL BUSINESSES, ENTREPRENUERS, NONPROFIT ORGANIZATIONS AND HOUSING ORGANIZATIONS. DURING FY 2016, CRF PROVIDED FINANCING TOTALING $47 MILLION IN 25 STATES. THE LOANS PROVIDED BY CRF RESULTED IN THE CREATION OR RETENTION OF MORE THAN 1,298 JOBS. 1884596 1727526 CRF IS AN ACTIVE FANNIE MAE SERVICER AND IS RATED BY STANDARD AND POOR'S AS AN EXPERIENCEd, MISSION-DRIVEN servicer. CRF SPECIALIZES IN CUSTOMIZED PROJECTS FOR NON-TRADITIONAL PORTFOLIOS AND ORGANIZATIONS. DURING FY 2016, CRF PROVIDED CONTRACT LOAN SERVICING FOR 50 COMMUNITY DEVELOPMENT LENDERS OF A VOLUME OF APPROXIMATELY 6,064 LOANS AMOUNTING TO $275 MILLION. ADDITIONALLY, WE SERVICED 86 AFFORDABLE HOUSING LOANS FOR $104 MILLION. 21347329 true true false false false false false false true false true false false false false false false true false false false false false false false false false false false true false false false false false false false false false false false false true true true false false false true 66 0 true 84 true true true false false false false false false false false false X 16 15 false false false false false true false true true false false true true true true true true true true true true AL AK AZ AR CA CO CT DC FL GA HI ID IL KS KY ME MD MA MI MN MS NH NJ NM NY NC ND OK OR PA RI SC TN UT VA WA WV WI X JENNIFER ANDERSON 6122249586 801 NICOLLET MALL STE 1700W Minneapolis MN 55402 Frank Altman President and CEO 40.0 0.0 X X 410146 0 15579 Kim Latimer-Nelligan Chair 1.0 0.0 X X 0 0 0 Reza Aghamirzadeh Vice Chair 1.0 0.0 X X 0 0 0 Salli Martyniak Secretary 1.0 0.0 X X 0 0 0 Alton M Bathrick Treasurer 1.0 0.0 X X 0 0 0 Jim Baird Trustee 1.0 0.0 X 0 0 0 Michael Banner Trustee 1.0 0.0 X 0 0 0 Tony Brown Trustee 1.0 0.0 X 0 0 0 Karl Egge Trustee 1.0 0.0 X 0 0 0 Warren Hanson Trustee 1.0 0.0 X 0 0 0 Calvin L Holmes Trustee 1.0 0.0 X 0 0 0 James R Klein Trustee 1.0 0.0 X 0 0 0 David Scheck Trustee 1.0 0.0 X 0 0 0 James J Solem Trustee 1.0 0.0 X 0 0 0 Daniel Spiller Trustee 1.0 0.0 X 0 0 0 Gerald Thole Trustee 1.0 0.0 X 0 0 0 Jennifer Anderson SVP and CFO 40.0 0.0 X 103846 0 10239 Keith Rachey SVP and COO 40.0 0.0 X 240178 0 21161 Daniel Komarek SVP and CLO 40.0 0.0 X 259200 0 27111 Jennifer Novak VP of Capital Markets 40.0 0.0 X 210000 0 28384 Dawn Johnson VP and CPO 40.0 0.0 X 201324 0 17763 Warren McLean VP of Develop. (Term. 9/2015) 40.0 0.0 X 179421 0 10294 Michelle Page Director of Loan Operations 40.0 0.0 X 172100 0 20715 Colleen Schwartz VP of Affordable Hsg Lending 40.0 0.0 X 203767 0 23925 Nicholas Elders VP of Tech. Sol. and services 40.0 0.0 X 164556 0 29034 Robert Treadway SBLC COO 40.0 0.0 X 169542 0 28749 Brian Burke National Director of SBA 40.0 0.0 X 185179 0 15944 Jennifer Ericson Reg Dir of Bus Development 40.0 0.0 X 175357 0 22847 Gary Holmquist Reg Dir of Bus Develop 40.0 X 238914 0 30968 Eric Mau Principal Architect 40.0 0.0 X 159942 0 26958 Susan Malan Reg Dir of Bus Development 40.0 0.0 X 132429 0 26643 Brandon Dixon Credit Manager 40.0 0.0 X 130085 0 26643 Scott Young Former SVP/CFO (Term. 6/2015) 0.0 0.0 X 230278 0 7164 3566264 0 390121 26 true true false Terra Search Partners 601 Montgomery St Suite 1090 SAN FRANCISCO CA 94111 empoyment 131500 Perkins Coie LLP 131 S Dearborn Street CHICAGO IL 60609 Legal 552833 Novogradic Company LLP PO Box 7833 SAN FRANCISCO CA 94120 Accounting 201575 Mark Gavin Consulting 9006 Gould Road EDEN PRAIRIE MN 55347 consulting 176160 Grant Thornton LLP 200 South Sixth St Suite 1400 MINNEAPOLIS MN 55402 accounting 159510 7 2000000 3296086 5296086 LOAN SERVICING INTEREST INCOME 525990 10511506 10511506 LOAN SERVICING TRANSACTION FEES 525990 7668874 7668874 OTHER INCOME 525990 2682034 2658384 23650 20862414 0 0 0 0 0 0 0 0 0 0 0 26158500 20838764 23650 0 0 0 0 1750478 1452975 64899 232604 0 6191438 4887303 933414 370721 243281 194219 30581 18481 883860 705613 111103 67144 562715 449233 70734 42748 0 215429 215429 538653 538653 0 0 0 2269720 1604747 531142 133831 0 192622 135048 49234 8340 0 0 455892 218692 217908 19292 379565 336931 27932 14702 0 70596 61505 4793 4298 9263886 9263886 0 1024281 715839 247300 61142 0 EMPLOYEE OVERHEAD 206075 164516 25904 15655 DUES/SUBSCRIPTIONS 140425 14115 116341 9969 PROVISION FOR LOAN LOSSES 443305 443305 REFERRAL FEES 533306 533306 166096 166096 25531623 21347329 3185367 998927 50 50 23944454 26907119 2516530 2391964 0 0 0 0 0 0 163338834 144337718 0 0 0 0 6044673 5024652 1380159 1020021 0 0 0 0 0 0 1406196 1406196 3012672 4572841 195598895 180635909 7508314 7996790 514530 130000 0 0 0 0 3339000 7222137 0 0 170330851 147963570 14592541 12400164 0 0 196285236 175712661 X -2756592 3221083 2070251 1702165 0 0 -686341 4923248 195598895 180635909 626877 58749 4923963 X false true X true true true X X 10 LOW INCOME INVESTMENT FUND 942952578 7 false 0 0 LOS ANGELES LDC INC 953532380 9 false 0 0 FORWARD COMMUNITY INVESTMENTS INC 391815578 7 false 0 0 GREATER MINNESOTA HOUSING FUND 411836919 9 false 0 0 CHICAGO COMMUNITY LOAN FUND 363762123 7 false 0 0 OHIO COMMUNITY DEVELOPMENT FINANCE FUND 311229532 7 false 0 0 BUILD WITH PURPOSE INC 141882064 7 false 0 0 RIVIERA BEACH CDC INC 455191643 7 false 0 0 GREATER METROPOLITAN HOUSING CORPORATION 410968007 7 false 0 0 COALITION OF COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS 010728162 7 false 0 0 10 false true false false true true true false false false false false false false false false false false Supported Organizations PART I, LINE 11G CRF IS A NOT-FOR-PROFIT FINANCIAL SERVICES CORPORATION THAT PROVIDES NEW LOAN CAPITAL FOR COMMUNITY BASED DEVELOPMENT ORGANIZATIONS, 501(C)(3) ENTITIES AND GOVERNMENTAL ENTITIES. CRF SUPPORTS A CLASS OF BENEFICIARY ORGANIZATIONS THAT INCLUDE SECTION 501(C)(3) LOCAL ECONOMIC DEVELOPMENT ORGANIZATIONS (SECTION 170(B)(1)(VI) ORGANIZATIONS) AND UNITS OF FEDERAL, STATE, COUNTY OR MUNICIPAL GOVERNMENT, OR DULY CONSTITUTED AGENCIES THEREOF (SECTION 170(B)(1)(A)(V) ORGANIZATIONS) THAT FOCUS THEIR LENDING ACTIVITIES AT ECONOMICALLY DISTRESSED OR DECLINING AREAS, DISADVANTAGED PERSONS, NEIGHBORHOOD OR COMMUNITY REVITALIZATION, OR OTHER SECTION 501(C) CHARITABLE PURPOSES. Organizations Listed in Governing Documents Part IV, Line 1 The governing instruments of the organization provide that its supported organizations include local economic development organizations that are classified as public charities and governmental units. IRS Determination Status of supported organizations Part IV, Line 2 One of the supported organizations does not have a determination letter of public charity status, but has been determined to meet the requirements of Sections 509(a)(1) or (2). Additionally, one or more of the supported organizations is a governmental agency that does not have an IRS determination letter. Supported Organizations Listing Part IV, Line 5 The governing instruments of the organization provide that its supported organizations include local economic development organizations that are classified as public charities and governmental units. The following organizations were added to the reportable list of supported organizations for purposes of Schedule A: COALITION OF COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (01-0728162) Greater Metropolitan Housing Corporation (41-0968007) The following organization was removed from the reportable list of supported organizations for purposes of Schedule A: Minneapolis Community & Technical College (41-1687554) ORGANIZATIONS LISTED IN GOVERNING DOCUMENTS PART IV, SECTION C, LINE 1 THE GOVERNING INSTRUMENTS OF THE ORGANIZATION REQUIRE THAT A MAJORITY OF ITS TRUSTEES SHALL BE REPRESENTATIVES OF SUPPORTED ORGANIZATIONS. THE ORGANIZATION SERVES A CLASS OF SUPPORTED ORGANIZATIONS AS DESCRIBED ABOVE. THE ORGANIZATION IS CONTROLLED BY THE ORGANIZATIONS IT SUPPORTS SINCE THE MAJORITY OF THE ORGANIZATIONS TRUSTEES ARE REPRESENTATIVES OF ITS SUPPORTED ORGANIZATIONS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 0 64122 64122 0 0 4144479 3814340 330139 0 1836072 1146190 689882 1020021 Escrow Account Schedule D, Part IV, Line 2b The Escrow Liability on Balance Sheet represents funds held in Trust for Borrowers. Income Tax Footnote Disclosure Schedule D, Part X, Line 2 The Internal Revenue Service has determined that CRF is exempt from Federal income tax under Section 501(c)(3) of the Internal Revenue Code. Similar exemptions exist under Minnesota statutes. NNMTCF, a for-profit subsidiary of CRF, files tax returns as a for-profit entity; however, its current activities have not generated taxable income. Accordingly, no provision for income taxes is included in the consolidated financial statements. X X X X true false false false false false false true false Frank Altman President and CEO 310146 0 100000 0 0 0 5597 0 9982 0 425725 0 0 0 Keith Rachey SVP and COO 239578 0 0 0 600 0 0 0 21161 0 261339 0 0 0 Daniel Komarek SVP and CLO 209200 0 50000 0 0 0 6150 0 20961 0 286311 0 0 0 Jennifer Novak VP of Capital Markets 200000 0 10000 0 0 0 7423 0 20961 0 238384 0 0 0 Dawn Johnson VP and CPO 199824 0 1500 0 0 0 10066 0 7697 0 219087 0 0 0 Michelle Page Director of Loan Operations 170000 0 1500 0 600 0 0 0 20715 0 192815 0 0 0 Colleen Schwartz VP of Affordable Hsg Lending 203767 0 0 0 0 0 9011 0 14914 0 227692 0 0 0 Nicholas Elders VP of Tech. Sol. and services 163056 0 1500 0 0 0 8228 0 20806 0 193590 0 0 0 Robert Treadway SBLC COO 158942 0 10000 0 600 0 8041 0 20708 0 198291 0 0 0 Brian Burke National Director of SBA 138529 0 45454 0 1196 0 9229 0 6715 0 201123 0 0 0 Jennifer Ericson Reg Dir of Bus Development 102461 0 72296 0 600 0 8843 0 14004 0 198204 0 0 0 Gary Holmquist Reg Dir of Bus Develop 103094 0 135820 0 0 0 10007 0 20961 0 269882 0 0 0 Scott Young Former SVP/CFO (Term. 6/2015) 143278 0 0 0 87000 0 7164 0 0 0 237442 0 0 0 Warren McLean VP of Develop. (Term. 9/2015) 128921 0 0 0 50500 0 6446 0 3848 0 189715 0 0 0 Eric Mau Principal Architect 158100 0 1500 0 342 0 6173 0 20785 0 186900 0 0 0 Susan Malan Reg Dir of Bus Development 93248 0 38987 0 194 0 6018 0 20625 0 159072 0 0 0 Brandon Dixon Credit Manager 119891 0 10000 0 194 0 6018 0 20625 0 156728 0 0 0 Severance Payment Part I, Line 4a Scott Young, former officer, received a severance payment in the calendar year ending December 31, 2015 of 87,000. Warren McLean, former officer, received a severance payment in the calendar year ending December 31, 2015 of $50,500. Non-Fixed Payments Part I, Line 7 CRF pays commissions to certain employees, which may include some highly compensated individuals listed on Form 990, Part VII. Additionally, CRF pays incentive compensation to management and staff in accordance with its compensation plan, which may include some highly compensated individuals listed on form 990, Part VII. MEMBERS OF THE ORGANIZATION Form 990, Part VI, Line 7a Subsequent to the initial board of trustees, a majority of the board shall consist of individuals appointed or elected by the beneficiary organization. Per the articles of incorporation, the class of beneficiary organizations includes section 501(c)(3) local economic development organizations and units of federal, state, county or municipal government, or duly constituted agencies thereof, that focus their lending activities at economically distressed or declining areas, disadvantaged persons, neighborhood or community revitalization or other section 501(c)(3) charitable purposes. FORM 990 REVIEW/APPROVAL Form 990, Part VI, Line 11b The form 990 is reviewed in detail by certain members of the senior management team before filing with the IRS. A final copy of the return is sent to the board for a high level review prior to filing. CONFLICT OF INTEREST POLICY Form 990, Part VI, Line 12c Because Community Reinvestment Fund, Inc. (CRF) is a 501(c)(3) supporting organization, a majority of the governing board could qualify as potential clients. The board has chosen not to review individual loans. As a result, there is no longer a potential conflict issue in that area. Certain members are affiliated with financial institutions that may be involved with a CRF transaction, and in those cases, the member abstains from any vote. All employees are covered under the conflict of interest policy. It is imperative that employees disclose the existence of any actual or potential conflicts of interest as soon as possible so that safeguards can be established. EXECUTIVE COMPENSATION Form 990, Part VI, Line 15a/15b The board determines compensation based on a study performed by an independent compensation consultant. the most recent compensation study was completed during fiscal year ended 2016. The deliberations and decisions are documented with the human resource department. DOCUMENTS AVAILABLE FOR PUBLIC INSPECTION Form 990, Part VI, Line 19 The governing documents, conflict of interest policy and financial statements are available to the public upon request. 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