Vermont Community Loan Fund Inc
- Assets
- $52.7m
- Revenue
- $3.3m
- Investments
- $75.0k
- Employees
- 20
- Location
- Montpelier, VT
- Founding
- 04/1988
- Data as of
- 12/2023
- EIN
- 22-2864900
Organization Overview
Vermont Community Loan Fund Inc is located in Montpelier, VT. The organization was established in 1988. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Vermont Community Loan Fund Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont 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 12/2023, Vermont Community Loan Fund Inc generated $3.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $3.2m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Vermont Community Loan Fund Inc has awarded 34 individual grants totaling $871,889. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE OPPORTUNITIES THAT LEAD TO HEALTHY COMMUNITIES AND FINANCIAL STABILITY FOR ALL VERMONTERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A MISSION-DRIVEN, COMMUNITY-FOCUSED ALTERNATIVE LENDER. WE MAKE LOANS TO LOCAL BUSINESSES, COMMUNITY ORGANIZATIONS & NONPROFITS, CHILD CARE PROVIDERS AND DEVELOPERS OF AFFORDABLE HOUSING WHO DON'T QUALIFY FOR A LOAN FROM A TRADITIONAL LENDER. WE COMBINE OUR LOANS WITH FINANCIAL CONSULTING AND BUSINESS DEVELOPMENT SERVICES TO MAKE SURE OUR BORROWERS HAVE ACCESS TO ALL THE TOOLS THEY NEED TO SUCCEED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Belongia Executive Di | Officer | 40 | $210,500 |
Jake Ide Employee | 40 | $126,252 | |
Katherine Nelson Employee | 40 | $124,522 | |
Dr Asma Ali Abunaib Member | Trustee | 1 | $0 |
Jose Aguayo Secretary | OfficerTrustee | 1 | $0 |
Arne Hammarlund Treasurer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $280,981 |
| All other contributions, gifts, grants, and similar amounts not included above | $532,921 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $813,902 |
| Total Program Service Revenue | $1,655,219 |
| Investment income | $681,347 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $3,257,007 |
| 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. | $210,500 |
| Compensation of current officers, directors, key employees. | $210,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,121,402 |
| Pension plan accruals and contributions | $61,317 |
| Other employee benefits | $183,042 |
| Payroll taxes | $94,614 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,409 |
| Fees for services: Accounting | $42,069 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $43,925 |
| Office expenses | $23,074 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $90,723 |
| Travel | $8,472 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $477,736 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $57,052 |
| Insurance | $23,774 |
| All other expenses | $113,979 |
| Total functional expenses | $3,155,260 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $279,123 |
| Savings and temporary cash investments | $11,817,576 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $29,626,616 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $54,111 |
| Net Land, buildings, and equipment | $174,856 |
| Investments—publicly traded securities | $9,612,360 |
| Investments—other securities | $75,000 |
| Investments—program-related | $186,639 |
| Intangible assets | $420,565 |
| Other assets | $467,348 |
| Total assets | $52,714,194 |
| Accounts payable and accrued expenses | $324,284 |
| Grants payable | $0 |
| Deferred revenue | $1,427,083 |
| 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 | $5,276,003 |
| Unsecured mortgages and notes payable | $27,594,326 |
| Other liabilities | $474,577 |
| Total liabilities | $35,096,273 |
| Net assets without donor restrictions | $13,872,344 |
| Net assets with donor restrictions | $3,745,577 |
| 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 | $52,714,194 |
Grants Awarded
Over the last fiscal year, Vermont Community Loan Fund Inc has awarded $140,314 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CENTER FOR AGRICULTURE ECONOMY LTD | | | $96,164 |
NE FARM ENERGY | | | $22,000 |
AGRICULTURAL DIGESTERS LLC | | | $22,150 |