Cinnaire Lending Corporation
- Assets
- $75.6m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Lansing, MI
- Founding
- 06/2004
- Data as of
- 12/2021
- EIN
- 38-3666288
Organization Overview
Cinnaire Lending Corporation is located in Lansing, MI. The organization was established in 2004. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cinnaire Lending Corporation 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 12/2021, Cinnaire Lending Corporation generated $9.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.6% each year . All expenses for the organization totaled $8.8m during the year ending 12/2021. While expenses have increased by 17.3% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO RAISE & DEPLOY CAPITAL TO SUPPORT THE DEVELOPMENT OF HEALTHY & VIBRANT NEIGHBORHOODS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO DEPLOY CAPITAL TO UNDERSERVED COMMUNITIES TO FUEL ECONOMIC DEVELOPMENT AND PROMOTE VIBRANT, HEALTHY COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kathy Kamp Chair | OfficerTrustee | 1 | $0 |
Adrian Brooks Secretary/treasurer | OfficerTrustee | 1 | $0 |
Brett Oumedian CFO | Officer | 1 | $0 |
Mark Angelini Director | Trustee | 1 | $0 |
Kenyetta Mccurdy-Byrd Director | Trustee | 1 | $0 |
Michael J Taylor Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $250,838 |
| Government grants | $3,302,584 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,727,680 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,281,102 |
| Total Program Service Revenue | $4,508,414 |
| Investment income | $109,830 |
| 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 | $9,899,346 |
| 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 | $4,653,512 |
| Pension plan accruals and contributions | $128,025 |
| Other employee benefits | $352,963 |
| Payroll taxes | $262,960 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,740 |
| Fees for services: Accounting | $29,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $231,206 |
| Advertising and promotion | $32,565 |
| Office expenses | $144,136 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $185,257 |
| Travel | $10,992 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $769,101 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,196 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $8,810,950 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,764,245 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $100,000 |
| Accounts receivable, net | $1,249,307 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $38,491,082 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,559,162 |
| Intangible assets | $0 |
| Other assets | $20,457,263 |
| Total assets | $75,621,059 |
| Accounts payable and accrued expenses | $6,297,475 |
| Grants payable | $0 |
| Deferred revenue | $12,832,913 |
| 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 | $26,177,577 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $985,678 |
| Total liabilities | $46,293,643 |
| Net assets without donor restrictions | $11,287,280 |
| Net assets with donor restrictions | $18,040,136 |
| 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 | $75,621,059 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Cinnaire Lending Corporation has recieved totaling $3,250,000.
| Awarding Organization | Amount |
|---|---|
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF NEIGHBORHOOD REVITALIZATION | $1,200,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF NEIGHBORHOOD REVITALIZATION | $800,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF NEIGHBORHOOD REVITALIZATION | $500,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF NEIGHBORHOOD REVITALIZATION | $500,000 |
Ford Foundation New York, NY PURPOSE: CORE SUPPORT FOR TAX CREDIT INVESTING, LENDING, AND REAL ESTATE DEVELOPMENT ASSISTANCE FOR COMMUNITY DEVELOPMENT AND GRASSROOTS ORGANIZATIONS IN DETROIT | $150,000 |
Alternative Foundation Wilmington, DE PURPOSE: MCDOUGALL HUNT SUSTAINABLE REDEVELOPMENT PLAN AND GENERAL FUND | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Housing Services Mid Michigan Charlotte, MI | $2,013,469 | $14,437,193 |
Community Rebuilders Grand Rapids, MI | $5,851,617 | $11,572,784 |
Cinnaire Lending Corporation Lansing, MI | $75,621,059 | $9,899,346 |
Partners For Community Development Inc Sheboygan, WI | $8,253,882 | $7,968,342 |
Bridges Community Action Partnership Marysville, OH | $6,792,515 | $6,372,376 |
Ahepa Affordable Housing Management Company Inc Fishers, IN | $29,875,447 | $8,886,631 |
Central Ohio Community Land Trust Columbus, OH | $2,592,192 | $4,520,471 |
Housing Resources Inc Milwaukee, WI | $1,278,452 | $4,218,125 |
El Barrio Inc Cleveland, OH | $2,618,772 | $3,994,510 |
Greater Green Bay Habitat For Humanity Green Bay, WI | $9,776,168 | $3,142,134 |
Lenawee Emergency And Affordable Housing Corp Adrian, MI | $2,630,191 | $2,836,725 |
Englewood Community Development Corporation Indianapolis, IN | $23,355,303 | $2,642,525 |