2012-12-26T07:33:31-06:00 2012-06-30 Grant Thornton LLP 500 US BANK PLAZA N 200 S 6TH ST MINNEAPOLIS MN 554021459 990 2011-07-01 411616861 COMMUNITY REINVESTMENT FUND INC % CASEY DZIEWECZYNSKI COMM 6123383050 801 NICOLLET MALL MINNEAPOLIS MN 554022903 Scott Young 6123052565 2012-12-20 true 6123320001 2011 2016-02-24 21:20:13Z FRANK ALTMAN 801 NICOLLET MALL MINNEAPOLIS MN 55402 27840968 false X WWW.CRFUSA.COM X 1988 MN Work with local development lenders to enable them to increase their impact on the lives of people and their communities. 18 17 54 17 0 1397275 708333 28707102 27132635 0 0 -100000 0 30004377 27840968 0 0 0 0 5093673 6291726 63134 63134 622711 29535130 18810173 34691937 25165033 -4687560 2675935 306969137 289953325 312167713 292262392 -5198576 -2309067 SEE SCHEDULE O. false false 20933656 25917315 SEE SCHEDULE O. 1671483 1215320 SEE SCHEDULE O. 22605139 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 false true 49 0 54 true false false false false false false false false false false X 18 17 false false false false false true false true true false false true true true true false true true false false AL AK AZ AR CA CO CT DC FL GA HI 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 CASEY DZIEWECZYNSKI 6123052570 801 NICOLLET SUITE 1700 W MINNEAPOLIS MN 55402 FRANK ALTMAN 40.0 X X 576167 0 37663 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 EUGENE SWANZEY 1.0 X 0 0 0 JAMES J SOLEM 1.0 X 0 0 0 SCOTT YOUNG 40.0 X 559800 0 33663 RICHARD HEBL 40.0 X 216461 0 27188 WARREN McLEAN 40.0 X 232353 0 36819 COLLEEN SCHWARZ 40.0 X 237523 0 18672 DAN KOMAREK 40.0 X 227360 0 32711 JENNIFER NOVAK 40.0 X 229515 0 35062 DAWN JOHNSON 40.0 X 260292 0 19943 Nicholas Elders 40.0 X 133035 0 19320 Mary Sullivan 40.0 X 133885 0 16322 2806391 0 277363 10 false true false PERKINS COIE 131 S DEARBORN ST CHICAGO IL 60609 LEGAL 260783 GRANT THORNTON 200 S 6TH ST MINNEAPOLIS MN 55402 ACCOUNTING 251700 NOVOGRADAC COMPANY LLP PO BOX 7833 SAN FRANCISCO CA 94120 ACCOUNTING 194835 CLEAR NORTH TECHNOLOGIES 3650 ANNAPOLIS LANE N SUITE 110 PLYMOUTH MN 55447 INFORMATION TECH 125812 4 708333 708333 LOAN SERVICING INTEREST INCOME 525990 19230850 19230850 LOAN SERVICING TRANSACTION FEES 525990 7236485 7236485 PREPAYMENT PENALTY INCOME 525990 628043 628043 OTHER INCOME 525990 37257 37257 27132635 0 0 0 0 0 0 0 0 27840968 27132635 0 0 0 0 2010469 1609567 120476 280426 0 3178586 2670325 385864 122397 148353 115715 19663 12975 589864 415444 120072 54348 364454 288274 51470 24710 0 182238 182238 453713 453713 0 63134 63134 0 898054 677076 220240 738 0 155067 107539 41687 5841 0 0 411393 186552 208384 16457 186998 165994 13761 7243 0 67387 58709 4575 4103 15901840 15901840 0 302484 211397 73031 18056 0 EMPLOYEE OVERHEAD 108219 79587 19471 9161 ORGANIZATION COSTS 78117 78117 0 0 DUES/SUBSCRIPTIONS 43823 4405 36307 3111 PROVISION FOR LOAN LOSSES -458706 -458706 0 0 479546 493304 -13769 11 25165033 22605139 1937183 622711 50 50 14340834 23364266 0 0 0 0 0 0 0 0 290624464 264209734 0 0 0 0 3292102 2792039 401549 500063 0 0 0 0 0 0 0 1406196 1602240 473016 306969137 289953325 5050639 5853130 0 0 0 0 0 0 1728000 4501000 0 0 287158887 252475213 18230187 29433049 0 0 312167713 292262392 X -6504365 -3277926 1305789 968859 0 0 -5198576 -2309067 306969137 289953325 X 2675935 213574 X false true true X false X X X false false false LOW INCOME INVESTMENT FUND 942952578 07 false 0 CALIFORNIA COMMUNITY REINVESTMENT CORPORATION 954207717 09 false 250 BAY AREA DEVELOPMENT COMPANY 953457545 0 false 500 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 150 CHICAGO COMMUNITY LOAN FUND 363762123 07 false 100 OHIO COMMUNITY DEVELOPMENT FINANCE FUND 311229532 07 false 250 10 1600 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) (A) (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) (3) charitable purposes. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true 3292102 2792039 500063 500063 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 50th St Suite 296 Minneapolis MN 55410 Consulting false 0 61610 0 0 61610 0 AL AK AZ AR CA CO CT DC FL GA HI IL KS KY ME MD MA MI MN MS NH NJ NM NY NC ND OH OK OR PA RI SC TN TX UT VA WA WV WI X X X X X false false false false false false false false false FRANK ALTMAN 289631 0 286536 0 0 0 11000 0 26663 0 613830 0 0 0 RICHARD HEBL 158061 0 58400 0 0 0 10814 0 16374 0 243649 0 0 0 SCOTT YOUNG 261800 0 298000 0 0 0 7000 0 26663 0 593463 0 0 0 WARREN McLEAN 169153 0 63200 0 0 0 10311 0 26508 0 269172 0 0 0 COLLEEN SCHWARZ 223523 0 14000 0 0 0 8397 0 10275 0 256195 0 0 0 DAN KOMAREK 168360 0 59000 0 0 0 6205 0 26506 0 260071 0 0 0 JENNIFER NOVAK 146515 0 83000 0 0 0 8627 0 26435 0 264577 0 0 0 DAWN JOHNSON 186292 0 74000 0 0 0 10055 0 9888 0 280235 0 0 0 Nicholas Elders 97035 0 36000 0 0 0 4848 0 14472 0 152355 0 0 0 Mary Sullivan 115885 0 18000 0 0 0 6688 0 9634 0 150207 0 0 0 Part I: Summary Line 9: Program Service Revenue For the current year, CRF has classified interest income as program service revenue as the interest income is substantially related to their exempt purpose. Additionally, CRF has also reclassified prior year investment income as program service revenue in order to reflect this change. PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 1: BRIEFLY DESCRIBE THE ORGANIZATION'S MISSION To transform the community development finance system by accessing capital markets on behalf of local development lenders to enable them to increase their impact on the lives of people and their communities. PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 4A: PROGRAM SERVICE ACTIVITY 1 As a non-profit, mission driven organization, CRF provides otherwise unavailable loan capital to communities, small businesses, entrepreneurs, non-profit organizations and housing organizations. During FY 2012, CRF provided financing totaling $123 million in 22 states. The loans provided by CRF resulted in the creation or retention of more than 3,430 jobs, financing for more than 1,200 affordable housing units and the creation of 860 education slots. PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 4B: PROGRAM SERVICE ACTIVITY 2 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 12, CRF provided contract loan servicing for 37 community development lenders, a volume of approximately 5,500 loans amounting to $107,100,000. In addition, CRF serviced approximately 730 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 12, CRF provided servicing for 33 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 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 11 (B) 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 12(C) 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 2012. 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 5 This relates to prior period adjustments from loans receivable as a result of intercompany transactions. 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