Institute For Community Economics Inc
- Assets
- $9.6m
- Revenue
- $377.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 08/1977
- Data as of
- 12/2022
- EIN
- 04-2617283
Organization Overview
Institute For Community Economics Inc is located in Washington, DC. The organization was established in 1977. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Institute For Community Economics Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Institute For Community Economics Inc generated $377.3k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $309.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.3%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE COMMUNITY LAND TRUST MODEL OF PERMANENT AFFORDABLE HOUSING, LAND STEWARDSHIP AND COMMUNITY DEVELOPMENT THROUGH THE OPERATION OF A REVOLVING LOAN FUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MADE LOW INTEREST LOANS TO COMMUNITY ORGANIZATIONS FOR HOUSING, LAND, AND COMMUNITY DEVELOPMENT PROJECTS DESIGNED TO AID LOW-INCOME PEOPLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Macleod Board Member | Trustee | 1 | $0 |
Chrystal Kornegay Board Member | Trustee | 1 | $0 |
Dan Ehrenberg Board Member | Trustee | 1 | $0 |
John Maneval Board Member | Trustee | 1 | $0 |
Leila Finucane Board Member | Trustee | 1 | $0 |
Lori Glass Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $61,633 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $61,633 |
| Total Program Service Revenue | $300,223 |
| Investment income | $18,600 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,123 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $377,333 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,667 |
| Fees for services: Accounting | $11,004 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $170,633 |
| Advertising and promotion | $4 |
| Office expenses | $13,190 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,993 |
| Travel | $242 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,870 |
| Interest | $78,676 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,564 |
| All other expenses | $0 |
| Total functional expenses | $309,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,639,282 |
| Savings and temporary cash investments | $104,960 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $108,690 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,586,311 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,269 |
| Net Land, buildings, and equipment | $5 |
| Investments—publicly traded securities | $1,202,147 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,642,664 |
| Accounts payable and accrued expenses | $187,881 |
| Grants payable | $0 |
| Deferred revenue | $3,784,510 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,262,994 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $8,235,385 |
| Net assets without donor restrictions | $1,407,279 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,642,664 |