2011-02-22T16:12:48-06:00 2010-06-30 Grant Thornton LLP 500 US BANK PLAZA N 200 S 6TH ST MINNEAPOLIS MN 554021459 990 2009-07-01 411616861 COMMUNITY REINVESTMENT FUND INC COMM 6123383050 801 NICOLLET MALL MINNEAPOLIS MN 554022903 Scott Young 6123052565 2011-02-22 true 6123320001 2009 2016-02-24 21:20:13Z FRANK ALTMAN 801 NICOLLET SUITE 1700 W MINNEAPOLIS MN 55402 39448380 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. 21 20 30 2 0 0 1204500 1551260 8163237 17086278 27150620 20210111 153807 600731 36672164 39448380 0 0 0 0 4317151 4498946 0 0 0 31419949 36206487 35737100 40705433 935064 -1257053 387509555 351674563 386763512 352185579 746043 -511016 SEE SCHEDULE O. false false 2005955 4895573 SEE SCHEDULE O. 1297522 1183113 SEE SCHEDULE O. 34651046 11007592 37954523 true true false false false false false true false true false false 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 false false false true 29 0 true 30 true false false false false false false false false false 21 20 false false false false false false false true true false false true true true true false true true false false X DEBRA MOUNSEY 6123052062 801 NICOLLET SUITE 1700 W MINNEAPOLIS MN 55402 FRANK ALTMAN 40.0 X X 419548 0 17357 JAMES J SOLEM 1.0 X X KIM LATIMER-NELLIGAN 1.0 X X MARY KAISER 1.0 X ALTON M BATHRICK 1.0 X X REZA AGHAMIRZADEH 1.0 X JIM BAIRD 1.0 X FRANK BALLESTEROS 1.0 X MICHAEL BANNER 1.0 X TONY BROWN 1.0 X ANN DONOVAN 1.0 X KARL EGGE 1.0 X WARREN HANSON 1.0 X JAMES R KLEIN 1.0 X KRISTEN MOY 1.0 X DAVID SCHECK 1.0 X GERALD THOLE 1.0 X SCOTT YOUNG 40.0 X 375074 0 25083 RICHARD HEBL 40.0 X 161267 0 11608 WARREN McLEAN 40.0 X 177002 0 14902 COLLEEN SCHWARZ 40.0 X 234474 0 15808 DAN KOMAREK 40.0 X 163194 0 21841 JENNIFER NOVAK 40.0 X 145819 0 24498 DAWN JOHNSON 40.0 X 149474 0 15549 1825852 0 146646 8 false true false PERKINS COIE 131 S DEARBORN ST CHICAGO IL 60609 LEGAL 545227 GRANT THORNTON 200 S 6TH ST MINNEAPOLIS MN 55402 ACCOUNTING 208475 2 1551260 1551260 LOAN SERVICING AND 525990 17086278 17086278 MANAGEMENT FEES 17086278 20210111 20210111 0 0 0 0 0 0 OTHER INCOME 525990 600731 600731 600731 39448380 17687009 20210111 0 0 0 0 1544738 1121319 423419 0 2280939 1493670 787269 122888 84126 38762 295786 223052 72734 254595 186608 67987 0 261836 261836 262893 262893 0 0 0 779283 491185 288098 0 158595 107636 50959 0 0 491773 320167 171606 108745 95836 12909 0 70858 23707 47151 19307237 19307237 0 441290 280551 160739 0 PROVISION FOR LOAN LOSSES 13929965 13929965 ORGANIZATION COSTS 125228 125228 EMPLOYEE OVERHEAD 40096 24880 15216 DUES/SUBSCRIPTIONS 29050 29050 MISCELLANEOUS 199638 139356 60282 40705433 37954523 2750910 0 50 50 20251586 26246861 364883801 323202363 2664488 2117731 782880 546757 1591238 1678532 387509555 351674563 6778590 4363294 2025106 340275572 311120690 39709350 34676489 386763512 352185579 X 7870 -1757189 738173 1246173 746043 -511016 387509555 351674563 X false true true X false X X LOW INCOME INVESTMENT FUND 942952578 07 false 0 CALIFORNIA COMMUNITY REINVESTMENT CORPORATION 954207717 09 false 0 BAY AREA DEVELOPMENT COMPANY 953457545 0 false 0 LOS ANGELES LOCAL DEVELOPMENT CORPORATION 953532380 09 false 0 CITY OF MPLS COMMUNITY PLANNING & ECONOMIC DEVELOPMENT DEPT 000000000 0 false 207500 NCB CAPITAL IMPACT 521290127 07 false 0 FORWARD COMMUNITY INVESTMENTS 391815578 07 false 0 GREATER MINNESOTA HOUSING FUND 411836919 0 false 0 CHICAGO COMMUNITY LOAN FUND 363762123 07 false 0 OHIO COMMUNITY DEVELOPMENT FINANCE FUND 311229532 07 false 0 UNIVERSITY VENTURES INC 000000000 0 false 0 11 207500 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true 2664488 2117731 546757 546757 SCHEDULE D: ESCROW, CUSTODIAL ESCROW LIABILITY ON BALANCE SHEET REPRESENTS FUNDS HELD IN TRUST FOR BORROWERS. X X false false false false false false false false false FRANK ALTMAN 266932 0 141616 11000 10844 6513 436905 0 RICHARD HEBL 145086 0 9155 7026 7026 4582 172875 0 SCOTT YOUNG 231284 0 127290 16500 14588 10495 400157 0 WARREN McLEAN 150341 0 15261 11400 7510 7392 191904 0 COLLEEN SCHWARZ 196959 0 21015 16500 9555 6253 250282 0 DAN KOMAREK 132994 0 8200 22000 8200 13641 185035 0 JENNIFER NOVAK 104189 0 25130 16500 7752 16746 170317 0 DAWN JOHNSON 110742 0 22232 16500 7662 7887 165023 0 PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 1: BREIFLY 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 2010, CRF PURCHASED 24 COMMUNITY DEVELOPMENT LOANS FOR A TOTAL OF $164.4 MILLION IN PARTNERSHIP WITH 3 LOCAL LENDING PARTNERS, IN EIGHT STATES. CUMULATIVE FY 10 LOAN PURCHASES REACHED $207,500 FOR NON-NEW MARKETS TAX CREDIT ACTIVITY AND $164.1 MILLION FOR NEW MARKETS TAX CREDIT LOANS. THE LOANS PROVIDED BY CRF RESULTED IN THE CREATION OR RETENTION OF MORE THAN 1,222 FULL-TIME SUSTAINABLE JOBS, 628 OF WHICH BELONGED TO FEMALE OR MINORITY WORKERS. ADDITIONALLY, 550 FULL-TIME CONSTRUCTION POSITIONS WERE CREATED DUE TO PROJECTS FUNDED BY CRF. CRF LENDING ALSO PROVIDED FOUR NON-PROFIT ORGANIZATIONS WITH THE RESOURCES THEY NEEDED TO IMPROVE THEIR COMMUNITY FACILITIES. PROVIDING LOAN CAPITAL IN UNDERSERVED COMMUNITIES IS ANOTHER WAY CRF FURTHERS ITS MISSION, AND DURING FY 10, EVERY LOAN PROVIDED BY CRF WAS FOR A BUSINESS OR ORGANIZATION LOCATED IN LOW-INCOME COMMUNITIES. PART III: STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS LINE 4B: PROGRAM SERVICE ACTIVITY 2 CRF IS AN ACTIVE FANNIE MAE SERVICER AND IS THE ONLY NONPROFIT SERVICER IN THE COUNTRY 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 10, CRF PROVIDED CONTRACT LOAN SERVICING FOR 38 COMMUNITY DEVELOPMENT LENDERS, A VOLUME OF APPROXIMATELY 4,950 LOANS AMOUNTING TO $92,900,000. IN ADDITION, CRF SERVICED APPROXIMATELY 780 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 10, CRF PROVIDED SERVICING FOR EIGHT 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 & MANAGEMENT LINE 11 THE 990 IS REVIEWED BY SENIOR MANAGEMENT AND DISTRIBUTED TO THE BOARD'S FINANCE AND EXECUTIVE COMMITTEE BEFORE FILING WITH THE IRS. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION B: POLICIES: LINE 12(C) EMPLOYEES, OFFICERS, DIRECTORS OR TRUSTEES HAVE AN OBLIGATION TO CONDUCT BUSINESS WITHIN GUIDELINES THAT PROHIBIT ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. THE PURPOSE OF THESE GUIDELINES IS TO PROVIDE GENERAL DIRECTION SO THAT EMPLOYEES, OFFICERS, DIRECTORS OR TRUSTEES CAN SEEK FURTHER CLARIFICATION ON ISSUES RELATED TO THE SUBJECT OF ACCEPTABLE STANDARDS OF OPERATION. IT IS CRF'S POLICY TO REQUIRE OFFICERS, DIRECTORS, TRUSTEES AND KEY EMPLOYEES TO DISCLOSE ON AN ANNUAL BASIS ANY ACTIVITY THAT COULD POTENTIALLY BE A CONFLICT OF INTEREST. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION B: POLICIES: LINE 15 THE BOARD DETERMINES COMPENSATION BASED ON A STUDY PERFORMED IN 2007 FROM WHICH AN INCENTIVE BONUS STRUCTURE WAS IMPLEMENTED. OTHER OFFICERS RECEIVE MERIT BASED RAISES AND BONUSES. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION C: DISCLOSURE: LINE 17 STATES WITH WHICH A COPY OF THIS FORM 990 IS REQUIRED TO BE FILED: 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. PART VI: GOVERNANCE, MANAGEMENT & DISCLOSURE SECTION C: DISCLOSURE: LINE 19 AVAILABLE UPON REQUEST. SCHEDULE A, PART 1, 11(h) SUPPORTED ORGANIZATIONS 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. 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