Opportunity Finance Network
- Assets
- $152.0m
- Revenue
- $16.5m
- Investments
- $0.0
- Employees
- 35
- Location
- Philadelphia, PA
- Founding
- 08/2008
- Data as of
- 12/2019
- EIN
- 20-5189202
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.
Form
990
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Mensah President & CEO | OfficerTrustee | 40 | $395,805 |
Beth Lipson Chief Financial Officer | Officer | 40 | $242,205 |
Amir Kirkwood Chief Lending & Investment Officer | Officer | 40 | $233,437 |
Andrew Givens Chief Operating Officer | Officer | 40 | $214,225 |
Jennifer Vasiloff Chief External Affairs Officer | Officer | 40 | $206,020 |
Lina Page Evp, Strategic Communications | 40 | $172,957 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rsm Us Llp Accounting | 12/30/19 | $109,338 |
All Around Creative Marketing Services | 12/30/19 | $128,337 |
Higher Logic Llc Software Developer For Online Community | 12/30/19 | $102,700 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $275,213 |
| 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. | $1,594,859 |
| Compensation of current officers, directors, key employees. | $273,735 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,368,858 |
| Pension plan accruals and contributions | $27,496 |
| Other employee benefits | $385,072 |
| Payroll taxes | $262,898 |
| Fees for services: Management | $111,039 |
| Fees for services: Legal | $162,479 |
| Fees for services: Accounting | $131,166 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,831 |
| Advertising and promotion | $152,701 |
| Office expenses | $236,565 |
| Information technology | $223,528 |
| Royalties | $0 |
| Occupancy | $552,971 |
| Travel | $1,475,535 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,452 |
| Interest | $1,526,355 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $116,164 |
| Insurance | $58,042 |
| All other expenses | $173,738 |
| Total functional expenses | $11,009,104 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $14,660,808 |
| Pledges and grants receivable | $760,000 |
| Accounts receivable, net | $678,082 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $128,186,591 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $308,713 |
| Net Land, buildings, and equipment | $1,100,860 |
| Investments—publicly traded securities | $3,652,042 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,698,849 |
| Total assets | $152,045,945 |
| Accounts payable and accrued expenses | $1,329,467 |
| Grants payable | $0 |
| Deferred revenue | $1,236,045 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $79,091,650 |
| Other liabilities | $12,000,000 |
| Total liabilities | $93,657,162 |
| Net assets without donor restrictions | $50,507,550 |
| Net assets with donor restrictions | $7,881,233 |
| 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 | $152,045,945 |
Grants Awarded
Over the last fiscal year, Opportunity Finance Network has awarded $270,213 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
STEPPING STONES PARTNERS LLC PURPOSE: OFN FISCAL AGENT TO STEPPING STONES | $145,213 |
Orono, ME PURPOSE: 2019 NATIVE CDFI CATALYST AWARD | $100,000 |
Bellingham, WA PURPOSE: 2019 NATIVE SEED CAPITAL AWARD | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Opportunity Finance Network has recieved totaling $962,218.
| Awarding Organization | Amount |
|---|---|
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 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Anabaptist Financial Lewisburg, PA | $537,648,729 | $20,627,336 |
Sharefax Credit Union Inc Cincinnati, OH | $430,891,781 | $16,755,561 |
0053 Ih Credit Union Springfield, OH | $291,987,881 | $15,244,026 |
Opportunity Finance Network Philadelphia, PA | $152,045,945 | $16,457,655 |
544 C E S Credit Union Inc Mount Vernon, OH | $148,510,347 | $7,952,688 |
Provident Loan Society Of New York New York, NY | $16,065,747 | $5,461,528 |
Friends Fiduciary Corporation Philadelphia, PA | $528,552,513 | $4,597,969 |
1087 Millstream Area Credit Union Inc Findlay, OH | $45,423,986 | $3,772,125 |
Christian Family Credit Union Inc North Canton, OH | $83,167,733 | $2,886,709 |
The Landmarks Financial Corporation Pittsburgh, PA | $135,338,871 | $4,443,915 |
West Liberty University Foundation Inc West Liberty, WV | $20,872,500 | $2,341,763 |
True Access Capital Corporation Wilmington, DE | $11,567,842 | $2,166,339 |