Community Investment Corporation
- Assets
- $12.0m
- Revenue
- $40.5m
- Investments
- $0.0
- Employees
- 31
- Location
- Tucson, AZ
- Founding
- 05/1997
- Data as of
- 12/2021
- EIN
- 86-0837146
Organization Overview
Community Investment Corporation is located in Tucson, AZ. The organization was established in 1997. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Community Investment Corporation employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Investment 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, Community Investment Corporation generated $40.5m in total revenue. All expenses for the organization totaled $38.9m during the year ending 12/2021. While expenses have increased by 76.8% 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 CREATE A BETTER LIFE FOR THE RESIDENTS OF OUR COMMUNITY THROUGH VARIOUS PROGRAMS TARGETING ECONOMIC DEVELOPMENT OPPORTUNITIES. TO SECURE STRATEGIC INVESTMENTS IN OUR COMMUNITIES THAT SERVE PUBLIC PURPOSE, ENHANCE EMPLOYMENT OPPORTUNITIES, AND LEVERAGE ITS CAPITAL WITH A REASONABLE RATE OF RETURN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CIC PROVIDED LOANS AND FINANCIAL ASSISTANCE IN PIMA COUNTY AND THE INTERCONNECTED REGIONAL ECONOMY OF SOUTHERN ARIZONA TO BUSINESSES THAT WERE UNABLE TO OBTAIN SUCH THROUGH AND/OR THAT HAVE BEEN HISTORICALLY UNDERSERVED BY TRADITIONAL CAPITAL ACCESS INSTITUTIONS. LOANS WERE MADE ON THE BASIS OF SERVING THE PUBLIC PURPOSE OF SUPPORTING LOCAL AND REGIONAL ECONOMIC DEVELOPMENT WHICH INCLUDES BUSINESS AND EMPLOYMENT CREATION/RETENTION.
CIC ADMINISTERED A MAJORITY OF THE CITY OF TUCSON AND PIMA COUNTY'S FEDERALLY FUNDED EVICTION PREVENTION ASSISTANCE IN 2020 AND 2021 THROUGH CONTRACTS WITH THE CITY OF TUCSON AND PIMA COUNTY. THROUGH THE CREATION OF AN ONLINE PLATFORM, CIC FACILITATED OVER 34 MILLION IN DIRECT PAYMENTS TO LANDLORDS/PROPERTY MANAGERS ON BEHALF OF 5,650 ELIGIBLE TENANT HOUSEHOLDS AFFECTED BY COVID-19 OR THE ECONOMIC IMPACTS OF THE COVID-19 PANDEMIC. ADDITIONALLY, CIC ADMINISTERS DOWN PAYMENT ASSISTANCE PROGRAMS ON BEHALF OF THE PIMA AND TUCSON INDUSTRIAL DEVELOPMENT AUTHORITIES (IDAS) AND THE CITY OF TUCSON IN SUPPORT OF THE PUBLIC BENEFIT OF FIRST-TIME HOMEOWNERSHIP FOR MID- AND LOW-INCOME BUYERS AS WELL AS A MORTGAGE CREDIT CERTIFICATE PROGRAM ON BEHALF OF THE PIMA IDA WHICH REDUCES THE ONGOING COSTS OF OWNING A HOME THROUGH A FEDERAL TAX CREDIT.
CIC'S BOND COMPLIANCE PROGRAM SERVED 61 DIFFERENT PUBLIC SCHOOLS OR SCHOOL NETWORKS THROUGH 76 SEPARATE BOND AGREEMENTS GENERATING NEARLY 251,000 IN REVENUES. BOND COMPLIANCE SERVICES CONSIST OF SUPPORTING BOND RECIPIENTS (SCHOOLS) WITH THEIR CONTRACTUAL OBLIGATIONS TO PROVIDE CONTINUING DISCLOSURE INFORMATION TO THE ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) WEBSITE. THESE DISCLOSURES SERVE AN ESSENTIAL ROLE FOR A PROPERLY AND EFFICIENTLY FUNCTIONING BOND MARKET BY ENHANCING TRANSPARENCY FOR INVESTORS AND IN THE BOND MARKET AT LARGE, AS WELL AS HELPING PRESERVE/ENHANCE SCHOOLS' BOND RATINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Knee Executive Di | Officer | 40 | $124,576 |
Caroline Nelson Chief Operat | Officer | 40 | $90,260 |
Nicholas Henry Chief Strate | Officer | 40 | $90,259 |
Jeff Singleton Secretary | OfficerTrustee | 1.25 | $0 |
Ken Silverman Treasurer | OfficerTrustee | 1.25 | $0 |
John Payne Chair | OfficerTrustee | 1.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sunnyside Usd Foundation Case Workers | 12/30/21 | $116,493 |
The Temp Connection Staffing Svcs | 12/30/21 | $138,982 |
Dataworks Llc It Services | 12/30/21 | $307,948 |
Family Housing Resources Inc Case Workers | 12/30/21 | $248,920 |
Catholic Community Services Case Workers | 12/30/21 | $143,443 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $39,417,937 |
| All other contributions, gifts, grants, and similar amounts not included above | $269,877 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $39,687,814 |
| Total Program Service Revenue | $716,979 |
| Investment income | $14,967 |
| 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 | $40,472,550 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $34,438,375 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $305,095 |
| Compensation of current officers, directors, key employees. | $69,281 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,143,035 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $144,554 |
| Payroll taxes | $113,492 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $30,623 |
| Fees for services: Accounting | $19,411 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $13,444 |
| Fees for services: Other | $1,726,054 |
| Advertising and promotion | $60,369 |
| Office expenses | $23,055 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,869 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $70,431 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,115 |
| Insurance | $28,508 |
| All other expenses | $43,364 |
| Total functional expenses | $38,924,622 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,726 |
| Savings and temporary cash investments | $5,005,988 |
| Pledges and grants receivable | $1,568,474 |
| Accounts receivable, net | $188,814 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,929,024 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $27,758 |
| Net Land, buildings, and equipment | $369,821 |
| Investments—publicly traded securities | $1,436,553 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $333,200 |
| Other assets | $0 |
| Total assets | $12,041,358 |
| Accounts payable and accrued expenses | $385,552 |
| Grants payable | $0 |
| Deferred revenue | $149,446 |
| 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 | $630,108 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,609,862 |
| Total liabilities | $5,774,968 |
| Net assets without donor restrictions | $6,207,950 |
| Net assets with donor restrictions | $58,440 |
| 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 | $12,041,358 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Community Investment Corporation has recieved totaling $26,000.
| Awarding Organization | Amount |
|---|---|
United Way Of Tucson And Southern Arizona Inc Tucson, AZ PURPOSE: GENERAL USE | $25,000 |
Frederick Gardner Cottrell Foundation Tucson, AZ PURPOSE: CHARITABLE ENTITY SUPPORT | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cplc Texas Inc Phoenix, AZ | $13,673,290 | $82,582,605 |
Community Investment Corporation Tucson, AZ | $12,041,358 | $40,472,550 |
Accion Opportunity Fund Community Development San Jose, CA | $200,481,759 | $53,600,614 |
Mission Asset Fund San Francisco, CA | $54,523,090 | $57,826,731 |
Civic San Diego San Diego, CA | $12,596,747 | $8,835,597 |
Colorado Enterprise Fund Inc Denver, CO | $82,518,626 | $21,255,608 |
Rocky Mountain Community Reinvestment Corporation Salt Lake City, UT | $241,166,960 | $12,007,635 |
Csac Finance Corporation Sacramento, CA | $22,360,310 | $12,934,423 |
Ampac Tri-State Cdc Inc Ontario, CA | $22,461,621 | $9,676,882 |
Local First Arizona Foundation Phoenix, AZ | $3,232,104 | $5,988,087 |
Inclusive Action For The City Los Angeles, CA | $6,839,271 | $6,785,637 |
Genesis La Economic Growth Corporation Los Angeles, CA | $84,073,617 | $20,248,596 |