2016-05-06T12:19:01-05:00 2015-06-30 510232475 COVER & ROSSITER PA 62 ROCKFORD ROAD SUITE 200 WILMINGTON DE 19806 990 2014-07-01 510329119 DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL INC DELA 3022983250 601 NORTH CHURCH STREET WILMINGTON DE 19801 RASHMI RANGAN EXECUTIVE DIRECTOR 3022983250 2016-05-06 1 PETER KENNEDY P00571422 3026566632 2016-05-05 2014 2016-08-17 19:52:53Z MS RASHMI RANGAN 601 NORTH CHURCH STREET WILMINGTON DE 19801 520156 0 X WWW.DCRAC.ORG X 1987 DE THE MISSION OF THE DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL IS TO ENSURE EQUITABLE TREATMENT AND EQUAL ACCESS TO CAPITAL FOR UNDERSERVED POPULATIONS AND COMMUNITIES IN DELAWARE. 9 9 11 17 0 0 591623 473587 0 0 1844 451 30063 35066 623530 509104 0 0 0 0 268654 335459 0 0 0 168133 293192 436787 628651 186743 -119547 683265 556458 68228 65526 615037 490932 X THE DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL'S MISSION IS TO ENSURE EQUITABLE TREATMENT AND EQUAL ACCESS TO CREDIT AND CAPITAL FOR UNDERSERVED POPULATIONS AND COMMUNITIES IN DELAWARE THROUGH ADVOCACY, EDUCATION, LEGISLATION AND OUTREACH. FOUNDED IN 1987, DCRAC WAS THE FIRST NONPROFIT IN DELAWARE TO BE AWARDED THE STANDARDS FOR EXCELLENCE "SEAL OF EXCELLENCE" IN 2007 AFTER COMPLETING A RIGOROUS VOLUNTARY REVIEW. THE SEAL IS A VISIBLE SYMBOL OF A WELL-MANAGED AND RESPONSIBLY-GOVERNED NONPROFIT ORGANIZATION. DCRAC PROVIDES ALL OF ITS SERVICES AT NO COST AND WITHOUT REGARD TO RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, FAMILIAL STATUS, DISABILITY, AGE, CREED, SOURCE OF INCOME, MARITAL STATUS, OR SEXUAL ORIENTATION. 0 0 220367 ECONOMIC JUSTICE PROGRAM: IN 2011, THE NATIONAL CREDIT UNION ADMINISTRATION CHARTERED ONLY ONE COMMUNITY CREDIT UNION IN THE UNITED STATES; STEPPING STONES COMMUNITY FEDERAL CREDIT UNION SPONSORED BY DCRAC. STEPPING STONES' MISSION IS TO PROVIDE ITS MEMBERS WITH NEED-APPROPRIATE FINANCIAL SERVICES, EDUCATION AND INDIVIDUALIZED APPROACHES TO MONEY MATTERS SO THEY ARE AWARE OF ALL OF THEIR FINANCIAL CHOICES. DCRAC SUPPORTS THE CREDIT UNION BY PROVIDING ALL BACK OFFICE FUNCTIONS, PERSONNEL AND FINANCIAL SUPPORT. ON DECEMBER 31, 2014, STEPPING STONES COMMUNITY FEDERAL CREDIT UNION HAD $994,774 IN DEPOSITS AND 273 MEMBERS. IN ADDITION, DCRAC HOSTED THE CONSUMER FINANCIAL PROTECTION BUREAU'S FIELD HEARING IN WILMINGTON, DE ON PRE-PAID CARDS AND SUPPORTED THE DEPARTMENT OF DEFENSE PROPOSAL TO BROADEN THE SCOPE OF THE MILITARY LENDING ACT. 127024 CREDIT CLINIC: LAUNCHED IN 1995, THE PROGRAM HAS CHANGED IN RESPONSE TO OUR CLIENTS, TECHNOLOGY AND OF COURSE, CHANGES IN THE INDUSTRY. BUT AT ITS CORE, THE CREDIT CLINIC PROGRAM REMAINS FOCUSED ON BUILDING THE ABILITY OF, AND OPPORTUNITY FOR, ITS CLIENTS TO MAKE SMART FINANCIAL DECISIONS. MONEY MATTERS! IS AN HOUR OVERVIEW OF THE IMPORTANCE OF BASIC FINANCIAL PLANNING SO THERE IS MORE MONEY AT THE END OF THE MONTH. BORROW $MART IS A NINE-HOUR CLASS. THE FIRST THREE HOURS ARE IN A CLASSROOM SETTING. THE NEXT THREE MODULES ARE ON-LINE. FINALLY, GRADUATES ARE INVITED TO SIGN UP FOR THE ON-LINE ADVANCING PROSPERITY PROGRAM; A 52-WEEK COURSE WHERE PARTICIPANTS RECEIVE SHORT ASSIGNMENTS EACH MONDAY MORNING. THE GOAL IS TO CHALLENGE THEM TO SAVE $1,376 BY THE END OF THE YEAR. 127024 LOW INCOME TAX CLINIC: THE LOW INCOME TAX CLINIC IS THE ONLY SUCH NONPROFIT PROGRAM IN DELAWARE PROVIDING ACCESS TO INFORMATION AND REPRESENTATION. THE STORY OF OUR INVOLVEMENT BEGINS AFTER A TAXPAYER FILES OR SHOULD HAVE FILED A TAX RETURN. CONTROVERSIES WITH THE IRS MAY INVOLVE; A LEVY ON SOCIAL SECURITY; A LIEN AGAINST A HOME MAKING IT DIFFICULT TO SELL OR TO MODIFY A MORTGAGE; A LEVY ON BANK ACCOUNTS; AN INNOCENT SPOUSE BECOMING EMBROILED IN A TAX DISPUTE FOR WHICH SHE BEARS NO RESPONSIBILITY, OR; A CASE WHICH REACHES US TAX COURT. PROBLEMS CAN EMANATE FROM THE LOSS OF A JOB, A DIVORCE, AN ILLNESS, AN UNSUCCESSFUL BUSINESS VENTURE, FAILURE TO PAY TAXES OR TAXES THAT WERE INCORRECTLY COMPUTED OR FILED. WE OBTAIN EQUITABLE TREATMENT WHICH INVOLVES A FAIR HEARING AND RESOLUTION OF THEIR TAX LIABILITY WITH DUE REGARD FOR THE INDIVIDUAL'S FINANCIAL CIRCUMSTANCES. 127024 HOUSING CLINIC: OUR FOCUS IS ON FORECLOSURE PREVENTION AND HELPING FIRST-TIME HOMEBUYERS EXPLORE HOME OWNERSHIP OPPORTUNITIES. BEHIND EVERY FORECLOSURE IS A FAMILY WHO HAS LOST ITS LARGEST STORE OF WEALTH, HAS SUSTAINED AN EXTENSIVE INJURY TO ITS CREDIT RATING, AND HAS LOST CONFIDENCE IN THE SYSTEM. WE HELP GUIDE THESE FAMILIES TOWARD A MORE SECURE FINANCIAL FUTURE. OUR GOAL IS TO HELP HOMEOWNERS ASSESS THEIR CHOICES; KEEP THEIR HOMES BY WORKING OUT A FEASIBLE PLAN, OR FIND ALTERNATIVE HOUSING. LOOKING TO THE FUTURE, WE WANT NEW HOMEOWNERS TO BUILD AND PRESERVE THEIR WEALTH. WE WANT THEM TO RECOGNIZE THAT IT IS THEIR RESPONSIBILITY TO PROTECT THEIR LARGEST INVESTMENT - THEIR HOME. WE WANT THEM TO OBTAIN A MORTGAGE THAT IS SUITABLE TO THEIR FINANCIAL ABILITY, SUCCESSFULLY PAY OFF THEIR MORTGAGE IN FULL, SELL THEIR HOME, OR REFINANCE - BECAUSE IT IS A SOUND FINANCIAL DECISION. 127024 601439 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 11 1 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X X MS RASHMI RANGAN 3022983250 601 NORTH CHURCH STREET WILMINGTON DE 19801 DOMENIC PEDANTE CHAIRMAN 1.00 1.00 X X 0 0 0 ANTHONY ALBENCE SECRETARY 1.00 1.00 X X 0 0 0 CAROL L DAVIS VICE CHAIRMAN 1.00 1.00 X X 0 0 0 AUSTIN EDISON DIRECTOR 1.00 1.00 X X 0 0 0 ALBERT GRIFFITH DIRECTOR 1.00 1.00 X 0 0 0 CHANTEL VANDERHORST DIRECTOR 1.00 1.00 X 0 0 0 DAN BODDIE TREASURER 1.00 1.00 X X 0 0 0 SHONDELL AYALA DIRECTOR 1.00 1.00 X 0 0 0 KATHY MCDANIEL DIRECTOR 1.00 1.00 X 0 0 0 RASHMI RANGAN EXECUTIVE DIRECTOR 40.00 20.00 X 82936 0 0 82936 0 0 0 0 0 0 0 104947 368640 473587 451 451 37032 11052 25980 25980 MISCELLANEOUS 900099 5998 5998 GIFTED LOAN PAYMENTS 900099 3088 3088 9086 509104 0 0 35517 82936 77960 4976 221195 207924 13271 7709 7248 461 23619 22201 1418 1657 1558 99 12705 11942 763 21231 19958 1273 15050 14147 903 22769 21405 1364 22745 21382 1363 1043 980 63 1821 1712 109 175000 175000 9166 8615 551 4267 4012 255 RADIO SHOW 2500 2350 150 TELEVISION PROGRAMMING 2400 2256 144 OTHER MISCELLANEOUS 838 789 49 628651 601439 27212 0 320059 218955 88134 60470 338083 74416 272666 263667 12866 2406 500 683265 556458 5136 6258 61885 59268 1207 68228 65526 X 340037 390932 275000 100000 615037 490932 683265 556458 -119547 -4558 0 X 0 1 X 1 0 X 380931 351880 489808 591623 473587 2287829 380931 351880 489808 591623 473587 2287829 333010 1954819 2890 -11 1137 1844 3088 8948 30063 43038 73101 2369878 0.82490 0.99700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 0 0 0 1 1659 0 0 1659 0 PART II-B, LINE 1: THE EXECUTIVE DIRECTOR SPENT THREE DAYS MEETING WITH STATE LEGISLATORS ON THE FOLLOWING ISSUES RELATED DIRECTLY TO DCRAC'S MISSION: SPENDING DELAWARE'S SHARE OF FUNDS FROM SETTLEMENTS WITH FINANCIAL INSTITUTIONS OVER THE MORTGAGE CRISIS FOR THEIR INTENDED PURPOSE; AGAINST A BILL THAT WOULD HAVE ALLOWED CREDITORS TO ATTACH STATE TAX REFUNDS; AGAINST A BILL THAT WOULD HAVE ALLOWED STORAGE UNIT OWNERS TO PROVIDE ONLY E-MAIL NOTIFICATIONS TO TENANTS THAT THEIR BELONGINGS WILL BE SEIZED AND SOLD. DOLLAR AMOUNT IS ESTIMATED AT 2% OF WAGES AND BENEFITS. 9500 9500 304820 53170 251650 5035 2518 2517 18728 18728 0 263667 X 820156 300000 300000 520156 -11052 -11052 509104 939703 300000 11052 311052 628651 0 628651 PART X, LINE 2: DCRAC HAS ADOPTED THE PROVISIONS OF FASB ASC 740-10-50 - ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT CONTINUALLY EVALUATES UNCERTAIN TAX POSITIONS, EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW, AND NEW AUTHORITATIVE RULINGS AS APPLICABLE. MANAGEMENT'S EVALUATION IS THAT THERE IS NO INCOME TAX LIABILITY. THIS EVALUATION IS BASED ON SETTLED AND ESTABLISHED POSITIONS WITHIN THE INTERNAL REVENUE CODE AND MANAGEMENT BELIEVES THERE IS NO SIGNIFICANT UNCERTAINTY RELATED TO ITS EVALUATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES -11,052. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES 11,052. CELEBRATING CRA 37032 0 37032 11052 37032 37032 11052 11052 25980 1 STEPPING STONES COMMUNITY FEDERAL CREDIT UNION 601 NORTH CHURCH ST WILMINGTON DE 19801 453643816 501(C)(1) 175000 75367 FMV ADMINISTRATIVE ASSISTANCE, OFFICE SPACE STEPPING STONES COMMUNITY FEDERAL CREDIT UNION WAS ENVISIONED, CREATED, SPONSORED AND OPERATED BY DCRAC. ALTHOUGH A SEPARATE LEGAL ENTITY, STEPPING STONES SERVES THE LOW-INCOME COMMUNITY IN CONSONANCE WITH AND COMPLEMENTING THE DCRAC MISSION. 0 1 PART I, LINE 2: CONTRIBUTIONS TO STEPPING STONES COMMUNITY FEDERAL CREDIT UNION ARE USED AS CAPITAL TO ENABLE IT TO LOAN FUNDS TO CLIENTS IN FURTHERANCE OF BOTH DCRAC AND STEPPING STONES' MISSIONS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM AND PRESENTED TO THE EXECUTIVE DIRECTOR WHO PERFORMS A DETAILED REVIEW. THE FORM IS THEN MADE AVAILABLE TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C UPON ACCEPTANCE AND ANNUALLY THEREAFTER, BOARDMEMBERS ARE REQUIRED TO EVALUATE THEIR COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY AND REPORT ON ANY POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR'S SALARY AND BENEFITS ARE EVALUATED ANNUALLY BY THE BOARD. RECOMMENDATIONS FOR INCREASES ARE BASED ON THE BOARD MEMBERS' EXTENSIVE EXPERIENCE WITH OTHER AREA NONPROFIT ORGANIZATIONS AND KNOWLEDGE OF COMPENSATION PRACTICES IN GENERAL. FORM 990, PART VI, SECTION C, LINE 19 DCRAC MAINTAINS COPIES OF ITS FORM 990 AND MOST RECENT AUDITED FINANCIAL STATEMENTS ON ITS WEBSITE WWW.DCRAC.ORG. DCRAC BELIEVES THIS ALONG WITH OTHER THE INFORMATION ON ITS PROGRAMS AND SERVICES AVAILABLE ON ITS WEBSITE, SHOULD SATISFY MOST LEGITIMATE INQUIRIES. REQUESTS FOR FURTHER INFORMATION WILL BE EVALUATED ON A CASE BY CASE BASIS. STEPPING STONES COMMUNITY FEDERAL CREDIT UNION C/O DCRAC 601 N CHURCH ST WILMINGTON DE 19801 453643816 CREDIT UNION PROVIDING FINANCIAL SERVICES TO UNDERSERVED POPULATIONS. DE 501(C)(1) 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 STEPPING STONES FCU B 175000 CASH STEPPING STONES FCU N 41821 ESTIMATE STEPPING STONES FCU O 33546 ESTIMATE