Hartford Community Loan Fund Inc
- Assets
- $15.4m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 11
- Location
- Hartford, CT
- Founding
- 10/1995
- Data as of
- 06/2022
- EIN
- 06-1423598
Organization Overview
Hartford Community Loan Fund Inc is located in Hartford, CT. The organization was established in 1995. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Hartford Community Loan Fund Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hartford Community Loan Fund 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 06/2022, Hartford Community Loan Fund Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $1.4m during the year ending 06/2022. While expenses have increased by 7.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AND PROMOTE JUST AND AFFORDABLE FINANCIAL SERVICES THAT BENEFIT LOW-WEALTH RESIDENTS OF THE COMMUNITIES SERVED BY HCLF.
Describe the Organization's Program Activity:
HARTFORD COMMUNITY LOAN FUND PROVIDES ACQUISITION & REHAB FINANCING TO FACILITATE THE RENOVATION OF BLIGHTED & UNDERUTILIZED RESIDENTIAL AND MIXED USE PROPERTIES IN THE GREATER HARTFORD REGION. THROUGH THIS PROGRAM, HARTFORD COMMUNITY LOAN FUND SEEKS TO BOTH REDUCE BLIGHT AND INCREASE THE STOCK OF AFFORDABLE HOUSING AVAILABLE FOR LOW INCOME RESIDENTS IN THE CITY. HCLF CONTINUES TO SERVICE LOANS ORIGINATED UNDER A COMMERCIAL LOAN PROGRAM AND HOME IMPROVEMENT LOAN PROGRAM, BOTH OF WHICH WERE DISCONTINUED PRIOR TO FISCAL YEAR ENDING JUNE 30, 2015.
IN 2022, HARTFORD COMMUNITY LOAN FUND ENGAGED IN SPECIFIC POLICY INITIATIVES RELATED TO THE ORGANIZATION'S MISSION. HCLF MANAGED A COLLABORATIVE REAL ESTATE DEVELOPMENT INITIATIVE WITH A GOAL TO BRING A FULL SERVICE SUPERMARKET TO THE CITY OF HARTFORD. HCLF ALSO ENGAGED IN VARIOUS EFFORTS TO REDUCE THE NEGATIVE IMPACT OF TAX LIEN FORECLOSURES ON LOW WEALTH HOMEOWNERS IN THE CITY OF HARTFORD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rex Fowler Chief Executive Officer | Officer | 40 | $98,708 |
Diane L Smith President | OfficerTrustee | 1 | $0 |
David Mckinley Vice President | OfficerTrustee | 1 | $0 |
Thomas Wood Treasurer | OfficerTrustee | 1 | $0 |
Emily Hultquist Secretary | OfficerTrustee | 1 | $0 |
Annie Lazarus Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,083,421 |
| All other contributions, gifts, grants, and similar amounts not included above | $644,565 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,727,986 |
| Total Program Service Revenue | $784,711 |
| Investment income | $3,715 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$24,167 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,492,245 |
| 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. | $128,033 |
| Compensation of current officers, directors, key employees. | $38,410 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $641,883 |
| Pension plan accruals and contributions | $14,886 |
| Other employee benefits | $84,179 |
| Payroll taxes | $61,325 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,679 |
| Fees for services: Accounting | $24,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $128,175 |
| Advertising and promotion | $7,369 |
| Office expenses | $35,917 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,217 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,491 |
| Interest | $112,056 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,447 |
| Insurance | $42,649 |
| All other expenses | $0 |
| Total functional expenses | $1,359,570 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $310,166 |
| Savings and temporary cash investments | $3,595,589 |
| Pledges and grants receivable | $25,000 |
| Accounts receivable, net | $87,683 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,189,158 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $55,425 |
| Net Land, buildings, and equipment | $1,094,533 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,357,554 |
| Accounts payable and accrued expenses | $43,241 |
| Grants payable | $0 |
| Deferred revenue | $652,459 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $70,342 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $458,467 |
| Unsecured mortgages and notes payable | $4,800,495 |
| Other liabilities | $0 |
| Total liabilities | $6,025,004 |
| Net assets without donor restrictions | $9,103,082 |
| Net assets with donor restrictions | $229,468 |
| 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 | $15,357,554 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Hartford Community Loan Fund Inc has recieved totaling $168,006.
| Awarding Organization | Amount |
|---|---|
National Community Reinvestment Coalition Inc Washington, DC PURPOSE: FIELD EMPOWERMENT FUND | $150,000 |
Hartford Foundation For Public Giving Hartford, CT PURPOSE: CAPACITY BUILDING | $18,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $6 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Telecom Infra Project Inc Wakefield, MA | $19,363,144 | $19,879,167 |
Northeast Gas Association Inc Needham, MA | $15,830,312 | $17,592,560 |
International Trademark Association Inc New York, NY | $31,452,258 | $17,397,846 |
American Association Of Advertising Agencies Inc New York, NY | $18,840,338 | $16,325,912 |
Northeast Power Coordinating Council Inc New York, NY | $13,480,521 | $16,289,125 |
The Toy Association Inc New York, NY | $44,631,259 | $11,487,921 |
Private Label Manufacturers Association New York, NY | $11,255,640 | $8,374,810 |
Mohawk Valley Health System Utica, NY | $546,149,518 | $137,473,732 |
Acord Corporation Pearl River, NY | $47,591,189 | $27,875,680 |
Loan Syndications And Trading Association Inc New York, NY | $32,443,554 | $12,995,504 |
Chartered Alternative Investment Analyst Association Inc Amherst, MA | $10,766,695 | $9,878,929 |
Rockland Paradmedic Services Inc Chestnut Ridge, NY | $9,826,544 | $8,654,302 |