2014-02-10T15:00:18-06:00 2013-06-30 Grant Thornton LLP 1400 US BANK PLAZA N 200 S 6TH ST MINNEAPOLIS MN 554021459 990 2012-07-01 411616861 COMMUNITY REINVESTMENT FUND INC % SCOTT YOUNG COMM 6123383050 801 NICOLLET MALL Suite 1700W MINNEAPOLIS MN 554022903 Scott Young 6123052565 2014-01-23 true 6123320001 2012 2015-11-30 17:44:51Z FRANK ALTMAN 801 Nicollet Mall Suite W MN 55402 28108299 false X WWW.CRFUSA.COM X 1988 MN To improve the lives of disadvantaged people and strenghten distressed communities through innovative finance. 17 16 52 17 0 708333 3289620 27132635 24818679 0 0 0 0 27840968 28108299 0 0 0 0 6291726 6927988 63134 20000 602769 18810173 26665785 25165033 33613773 2675935 -5505474 289953325 260763575 292262392 266896086 -2309067 -6132511 X SEE SCHEDULE O. false false 28995342 23006063 SEE SCHEDULE O. 1962980 1812615 SEE SCHEDULE O. 30958322 true true false false false false false false true false true false false false false false false true false false false false false true false false false false false true false false false false false false false false false false false false true true true false false true 58 0 52 true false false false false false false false false false false X 17 16 false false false false false true false true true false false true true true true false true true false 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 SCOTT YOUNG 6123052565 801 NICOLLET SUITE 1700 W MINNEAPOLIS MN 55402 FRANK ALTMAN 40.0 X X 641068 0 44612 KIM LATIMER-NELLIGAN 1.0 X 0 0 0 MARY KAISER 1.0 X 0 0 0 ALTON M BATHRICK 1.0 X 0 0 0 REZA AGHAMIRZADEH 1.0 X 0 0 0 JIM BAIRD 1.0 X 0 0 0 MICHAEL BANNER 1.0 X 0 0 0 TONY BROWN 1.0 X 0 0 0 KARL EGGE 1.0 X 0 0 0 WARREN HANSON 1.0 X 0 0 0 JAMES R KLEIN 1.0 X 0 0 0 DAVID SCHECK 1.0 X 0 0 0 GERALD THOLE 1.0 X 0 0 0 MIKE CHRISTENSON 1.0 X 0 0 0 CALVIN L HOLMES 1.0 X 0 0 0 SALLI MARTYNIAK 1.0 X 0 0 0 JAMES J SOLEM 1.0 X 0 0 0 SCOTT YOUNG 40.0 X 591300 0 28612 RICHARD HEBL 40.0 X 225527 0 19743 WARREN McLEAN 40.0 X 236758 0 28482 COLLEEN SCHWARZ 40.0 X 306215 0 10298 DAN KOMAREK 40.0 X 265015 0 28479 JENNIFER NOVAK 40.0 X 262031 0 28454 DAWN JOHNSON 40.0 X 282923 0 9920 Nicholas Elders 40.0 X 147923 0 21127 Mary Sullivan 40.0 X 141442 0 9672 3100202 0 229399 11 false true false PERKINS COIE 131 S DEARBORN ST CHICAGO IL 60609 LEGAL 583846 GRANT THORNTON 200 S 6TH ST MINNEAPOLIS MN 55402 ACCOUNTING 251186 NOVOGRADAC COMPANY LLP PO BOX 7833 SAN FRANCISCO CA 94120 ACCOUNTING 193641 CLEAR NORTH TECHNOLOGIES 3650 ANNAPOLIS LANE N SUITE 110 PLYMOUTH MN 55447 INFORMATION TECH 230228 4 3289620 3289620 LOAN SERVICING INTEREST INCOME 525990 17793068 17793068 LOAN SERVICING TRANSACTION FEES 525990 5324077 5324077 PREPAYMENT PENALTY INCOME 525990 51827 51827 OTHER INCOME 525990 1649707 1649707 24818679 0 0 0 0 0 0 0 0 0 0 0 28108299 24818679 0 0 0 0 2218992 1806788 123237 288967 0 3398962 2890915 378960 129087 171492 143401 15330 12761 747281 624873 66800 55608 391261 327171 34975 29115 0 421468 421468 411186 411186 0 20000 20000 0 787931 594262 192554 1115 0 139911 97405 37483 5023 0 0 431088 188065 226433 16590 187545 166480 13801 7264 0 64240 55968 4361 3911 14415924 14415924 0 337239 235686 81422 20131 0 EMPLOYEE OVERHEAD 122217 102197 10925 9095 DUES/SUBSCRIPTIONS 57631 5793 47747 4091 PROVISION FOR LOAN LOSSES 8448058 8448058 SERVICING FEES 439193 439193 402154 416143 -14000 11 33613773 30958322 2052682 602769 50 50 23364266 27977547 0 0 0 0 0 0 0 0 264209734 229091944 0 0 0 0 3910514 3096176 500063 814338 0 0 0 0 0 0 1406196 1406196 473016 1473500 289953325 260763575 5853130 6886410 0 0 0 0 0 0 4501000 3339000 0 0 252475213 228686603 29433049 27984073 0 0 292262392 266896086 X -3277926 -7505658 968859 1373147 0 0 -2309067 -6132511 289953325 260763575 X -5505474 -546891 2228921 X false true X true false X X X false false false LOW INCOME INVESTMENT FUND 942952578 07 false 250 CALIFORNIA COMMUNITY REINVESTMENT CORPORATION 954207717 09 false 250 BAY AREA DEVELOPMENT COMPANY 953457545 0 false 250 LOS ANGELES LOCAL DEVELOPMENT CORPORATION 953532380 09 false 250 CITY OF MPLS COMMUNITY PLANNING & ECONOMIC DEVELOPMENT DEPT 000000000 06 false 0 NCB CAPITAL IMPACT 521290127 07 false 0 FORWARD COMMUNITY INVESTMENTS 391815578 07 false 100 GREATER MINNESOTA HOUSING FUND 411836919 0 false 100 CHICAGO COMMUNITY LOAN FUND 363762123 07 false 200 OHIO COMMUNITY DEVELOPMENT FINANCE FUND 311229532 07 false 100 10 1500 CRF IS A NOT-FOR-PROFIT FINANCIAL SERVICES CORPORATION THAT PROVIDES NEW LOAN CAPITAL FOR COMMUNITY BASED DEVELOPMENT ORGANIZATIONS (I.E. 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. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true 3910514 3096176 814338 814338 SCHEDULE D: ESCROW, CUSTODIAL ESCROW LIABILITY ON BALANCE SHEET REPRESENTS FUNDS HELD IN TRUST FOR BORROWERS. X X X X X X X true Redwood Philanthropic Advisr 3109 W 3109 W 50th St Suite 296 Minneapolis MN 55410 Consulting false 0 20000 0 0 20000 0 AL AK AZ AR CA CO CT DC FL GA HI ID IN IA KS KY ME MD MA MI MN MS MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY X X X X false false false false false false false false false FRANK ALTMAN 306908 0 334160 0 0 0 0 0 0 0 641068 0 0 0 RICHARD HEBL 167027 0 58500 0 0 0 0 0 0 0 225527 0 0 0 SCOTT YOUNG 314000 0 277300 0 0 0 0 0 0 0 591300 0 0 0 WARREN McLEAN 178758 0 58000 0 0 0 0 0 0 0 236758 0 0 0 COLLEEN SCHWARZ 236215 0 70000 0 0 0 0 0 0 0 306215 0 0 0 DAN KOMAREK 178015 0 87000 0 0 0 0 0 0 0 265015 0 0 0 JENNIFER NOVAK 172031 0 90000 0 0 0 0 0 0 0 262031 0 0 0 DAWN JOHNSON 196923 0 86000 0 0 0 0 0 0 0 282923 0 0 0 Nicholas Elders 106923 0 41000 0 0 0 0 0 0 0 147923 0 0 0 Mary Sullivan 122442 0 19000 0 0 0 0 0 0 0 141442 0 0 0 BRIAN BURKE 127439 0 36000 0 14624 0 0 0 0 0 178063 0 0 0 PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 1: BRIEFLY DESCRIBE THE ORGANIZATION'S MISSION To improve the lives of disadvantaged people and strengthen distressed communities through innovative finance. PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 4A: PROGRAM SERVICE As a non-profit, mission driven organization, Community Reinvestment Fund ("CRF") provides otherwise unavailable loan capital to communities, small businesses, entrepreneurs, non-profit organizations and housing organizations. During FY 2013, CRF provided financing totaling $79 million in 15 states. The loans provided by CRF resulted in the creation or retention of more than 3,430 jobs, financing for more than 279 affordable housing units and the creation of 700 education slots. PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 4B: PROGRAM SERVICE CRF is an active Fannie Mae servicer and is rated by Standard and Poor's. As an experienced, mission-driven organization, CRF specializes in customized projects for non-traditional portfolios and organizations. During FY 13, CRF provided contract loan servicing for 42 community development lenders, a volume of approximately 5,631 loans amounting to $133,349,000. In addition, CRF serviced approximately 715 economic development and affordable housing loans purchased from local community development lenders and placed into securitizations and structured transactions, thereby freeing up capital for re-use by the local organizations. Also during FY 13, CRF provided servicing for 58 high risk loans on formerly foreclosed homes through a collaborative program in Minneapolis and St. Paul, MN. PART VI: GOVERNANCE, MANAGEMENT, & DISCLOSURE SECTION A. GOVERNING BODY AND MANAGEMENT, LINE 7A SUBSEQUENT TO THE INITIAL BOARD OF TRUSTEES, A MAJORITY OF THE BOARD SHALL CONSIST OF INDIVIDUALS APPOINTED OR ELECTED BY BENEFICIARY ORGANIZATIONS. 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. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION A: GOVERNING BODY & MANAGEMENT, LINE 11B THE 990 IS REVIEWED BY SENIOR MANAGEMENT IN DETAIL BEFORE FILING WITH THE IRS. A FINAL COPY OF THE RETURN IS SENT TO THE BOARD PRIOR TO FILING FOR A HIGH LEVEL REVIEW. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION B: POLICIES, LINE 12C Since CRF is a 501(C)(3) supporting organization, a majority of the governing board could qualify as potential customers. The Board has chosen not to review individual loans anymore, so there is no longer a 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 taken. 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. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION B: POLICIES, LINE 15A 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 2013. The deliberations and decisions are documented with the human resources department. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION C: DISCLOSURE: LINE 19 AVAILABLE UPON REQUEST. PART XI: Reconciliation of Net Assets Line 8 This relates to prior period adjustments from loans receivable as a result of intercompany transactions. PART XI: Reconciliation of Net Assets Line 9 This relates to the reconciliation of current year M Adjustments to the prior year balance for disregarded entities. 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