Opportunity Finance Network

Organization Overview

Opportunity Finance Network is located in Philadelphia, PA. The organization was established in 2008. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2019, Opportunity Finance Network employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.

For the year ending 12/2019, Opportunity Finance Network generated $16.5m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $11.0m during the year ending 12/2019. You can explore the organizations financials more deeply in the financial statements section below.

Since 2015, Opportunity Finance Network has awarded 33 individual grants totaling $2,448,463. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

OPPORTUNITY FINANCE NETWORK'S (OFN) MISSION IS TO LEAD COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) AND THEIR PARTNERS TO ENSURE THAT LOW-INCOME, LOW-WEALTH, AND OTHER DISINVESTED PEOPLE AND COMMUNITIES HAVE ACCESS TO AFFORDABLE, RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES. OFN IS A NATIONAL LEADERSHIP NETWORK OF MORE THAN 280 CDFIS, INCLUDING COMMUNITY BANKS, CREDIT UNIONS, AND LOAN FUNDS. OFN, THROUGH ITS MEMBERS, INVEST IN LOW-INCOME AND UNDERSERVED RURAL, URBAN, AND NATIVE AMERICAN COMMUNITIES ACROSS ALL 50 STATES IN AMERICA; PROVIDING AFFORDABLE, RESPONSIBLE CREDIT THAT FINANCES COMMUNITY BUSINESSES, SPARKS JOB GROWTH IN THE AREAS THAT NEED IT MOST, AND DELIVERING BOTH SOUND FINANCIAL RETURNS AND REAL CHANGES FOR PEOPLE AND COMMUNITIES. OFN'S PROGRAM AND SERVICES INCLUDES PROVIDING FINANCIAL PRODUCTS AND SERVICES FOR CDFIS, INCREASING THE STRENGTH AND CAPACITY OF THE CDFI INDUSTRY, AS WELL AS AMPLIFYING THE VOICE OF THE INDUSTRY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

FINANCIAL SERVICES: EXPANDING ACCESS TO RESPONSIBLE, AFFORDABLE CAPITAL.FINANCIAL SERVICES INCLUDES THE FOLLOWING ACTIVITIES WHICH BENEFIT LOW-INCOME AND LOW-WEALTH COMMUNITIES THROUGHOUT THE U.S: OFN'S FINANCING FUND (ON BALANCE-SHEET LENDING AND INVESTING TO CDFIS); FUND MANAGEMENT SERVICES (FEE-BASED BUSINESS PROVIDING CDFI FUND MANAGEMENT AND ASSET MANAGEMENT SERVICES TO THIRD PARTY INVESTORS); NEW MARKETS TAX CREDIT ACTIVITY; AND CDFI BOND GUARANTEE PROGRAM BOND ISSUANCE AND ADMINISTRATIVE SERVICES.


STRENGTH: BUILDING POTENTIAL FOR IMPACT.OFN STRENGTHENS THE CDFI INDUSTRY BY PROVIDING PEER LEARNING OPPORTUNITIES, RESEARCH, INNOVATIVE NETWORKING PLATFORMS, AND SIGNATURE ANNUAL EVENTS (E.G. THE OFN CONFERENCE AND SMALL BUSINESS FINANCE FORUM) FOR CDFI PRACTITIONERS, PARTNERS, AND INVESTORS.


VOICE: AMPLIFYING THE CDFI MESSAGE AND SECURING STAKEHOLDER SUPPORT.ACROSS MULTIPLE PLATFORMS AND AUDIENCES, OFN'S STRATEGIC COMMUNICATIONS AND POLICY ADVOCACY DRIVE THE MESSAGE THAT CDFI INVESTMENTS TRANSFORM COMMUNITIES AND CHANGE LIVES-AND INCREASES RESOURCES TO CDFIS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Rsm Us Llp
Accounting
$109,338
All Around Creative
Marketing Services
$128,337
Higher Logic Llc
Software Developer For Online Community
$102,700
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$623,729
Fundraising events$0
Related organizations$0
Government grants $565,000
All other contributions, gifts, grants, and similar amounts not included above$6,425,875
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$7,614,604
Total Program Service Revenue$8,729,250
Investment income $111,761
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $2,040
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $16,457,655

Grants Awarded

Over the last fiscal year, Opportunity Finance Network has awarded $270,213 in support to 3 organizations.

Grant RecipientAmount

STEPPING STONES PARTNERS LLC

PURPOSE: OFN FISCAL AGENT TO STEPPING STONES

$145,213

FOUR DIRECTIONS DEV CORP

Org PageRecipient Profile

Orono, ME

PURPOSE: 2019 NATIVE CDFI CATALYST AWARD

$100,000

Bellingham, WA

PURPOSE: 2019 NATIVE SEED CAPITAL AWARD

$25,000
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 7 grants that Opportunity Finance Network has recieved totaling $962,218.

Awarding OrganizationAmount
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: GENERAL SUPPORT

$250,000
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: GENERAL SUPPORT

$250,000
American Online Giving Foundation Inc

Newark, DE

PURPOSE: GENERAL SUPPORT

$212,218
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: GENERAL SUPPORT

$100,000
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: GENERAL SUPPORT

$100,000
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: GENERAL SUPPORT

$25,000
View Grant Recipient Profile

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