2017-07-10T09:16:11-05:00 2016-09-30 271728945 PKF O'CONNOR DAVIES LLP 665 FIFTH AVENUE NEW YORK NY 10022 990 2015-10-01 453686069 IRC'S CENTER FOR ECONOMIC OPPORTUNITY INC IRCS 2125513000 122 EAST 42ND STREET 14TH FLOOR NEW YORK NY 10168 JENNIFER SIME TREASURER 2125513000 2017-05-24 1 GARRETT M HIGGINS P00543209 2122862600 2017-05-08 2015 2021-01-29 14:40:06Z GEORGE BIDDLE 122 EAST 42ND STREET 14TH FLOOR NEW YORK NY 10168 449856 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 1 0 0 275000 445243 57351 4613 0 0 0 0 332351 449856 0 42920 0 0 0 0 0 0 0 85451 71870 85451 114790 246900 335066 306826 646856 5000 16498 301826 630358 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 42920 42920 4613 IN FISCAL YEAR 2016, 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. DURING THE FISCAL YEAR, CEO WAS ISSUED CONSUMER LENDING LICENSES IN CA AND AZ, AND HAS LAUNCHED OPERATIONS IN 3 IRC OFFICES. THROUGH 9/30/2016, CEO HAD CLOSED 12 LOANS TOTALING $85K ALL MADE TO LOW-INCOME BORROWERS ENGAGED IN RELATED IRC PROGRAMS. OUR WORK IN CAPACITY DEVELOPMENT YEAR HAS RESULTED IN TREMENDOUS GROWTH SINCE THE FISCAL YEAR-END - AND BY DEC 31ST, CEO'S PORTFOLIO CONSISTED OF 67 ACTIVE LOANS TOTALING $225K, WITH AN AVERAGE LOAN SIZE OF $3,356 AND A WEIGHTED AVERAGE INTEREST RATE OF 6.5%. 100% OF OUR BORROWERS ARE EITHER LOW OR EXTREMELY LOW-INCOME AS PER THEIR LOCAL AMI.DURING FY2017, CEO WILL CONTINUE TO STREAMLINE ITS PROCESSES, AND IS PLANNING ON EXPANDING ITS OPERATIONS TO AT LEAST 3 MORE LOCATIONS. WE WILL ALSO IMPLEMENT ADDITIONAL CUSTOMER SERVICE FEATURES LIKE A CLIENT SELF-SERVICE WEB PORTAL FOR LOAN MANAGEMENT BY BORROWERS, THE ABILITY TO ACCEPT DEBIT PAYMENTS ONLINE, AND SMS TWO-WAY TEXT MESSAGING FOR REMINDERS / BORROWER COMMUNICATION. WE WILL ALSO LAUNCH A NEW VOCATIONAL EDUCATION LOAN PRODUCT TO SUPPORT LOW-INCOME FAMILIES ACCESS TRAININGS THAT CAN LEAD TO HIGHER-PAYING, HIGHER-SKILLED EMPLOYMENT. 42920 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 1 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 1 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 239369 37620 RADHA RAJKOTIA DIRECTOR & SECRETARY 0.50 37.00 X X 0 130431 42496 HANS VAN DE WEERD DIRECTOR 0.50 37.00 X 0 151283 13739 0 521083 93855 0 0 1 0 0 300000 145243 445243 LOAN INTEREST INCOME 522291 3913 3913 LOAN ASSISTANCE 522291 700 700 4613 449856 4613 0 0 42920 42920 47383 47383 12265 12265 25 25 7336 7336 4861 4861 114790 42920 71870 0 241538 595320 0 420 65288 51116 306826 646856 5000 16498 5000 16498 X 301826 630358 301826 630358 306826 646856 X 335066 -6534 X 1 X 0 0 0 X 95000 275000 445243 815243 95000 275000 445243 815243 112633 702610 815243 61964 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM-RELATED LOANS RECEIVABLE 51116 C 51116 1 INTERNATIONAL RESCUE COMMITTEE 4425 WEST OLIVE AVENUE SUITE 400 GLENDALE AZ 85302 135660870 501(C)(3) 42920 COVER EXPENSES RELATED TO THE IMPLEMENTATION OF A PILOT PROGRAM TO OFFER CONSUMER LOANS TO YOUTH ENGAGED IN THE IRC PHOENIX OPPORTUNITY PASSPORT PROGRAM. 1 0 PART I, LINE 2: THE IRC IN PHOENIX SHALL PROVIDE A TECHNICAL NARRATIVE REPORT DETAILING ACTIVITIES, CLIENTS SERVED, SUCCESSES AND CHALLENGES ALONG WITH A FINANCIAL REPORT ON THE USE OF FUNDS BY NO MORE THAN 30 DAYS AFTER THE END OF THE PERFORMANCE PERIOD. 0 0 0 0 0 0 0 0 0 JENNIFER SIME DIRECTOR & TREASURER 0 239369 0 0 0 0 0 25439 0 12181 0 276989 0 0 RADHA RAJKOTIA DIRECTOR & SECRETARY 0 130431 0 0 0 0 0 11914 0 30582 0 172927 0 0 HANS VAN DE WEERD DIRECTOR 0 151283 0 0 0 0 0 12067 0 1672 0 165022 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 VANDEWEERD 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 $47,383 WERE INCURRED DURING THE YEAR ENDING SEPTEMBER 30, 2016. 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 $239,369 $37,620 RADHA RAJKOTIA $130,431 $42,496 HANS VAN DE WEERD $151,283 $13,739 FORM 990, PART VI, SECTION A, LINE 6 EFFECTIVE SEPTEMBER 1ST, 2015, 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 B, LINE 11 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 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: WRITE-OFF OF UNCOLLECTIBLE LOAN -6,534. INTERNATIONAL RESCUE COMMITTEE 122 EAST 42ND STREET 12TH FL NEW YORK NY 10168 135660870 HUMANITARIAN AID NY 501(C)(3) LINE 7 N/A 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0