Cook Inlet Lending Center Inc
- Assets
- $29.2m
- Revenue
- $3.0m
- Investments
- $1.3m
- Employees
- 17
- Location
- Anchorage, AK
- Founding
- 04/2002
- Data as of
- 12/2022
- EIN
- 92-0177969
Organization Overview
Cook Inlet Lending Center Inc is located in Anchorage, AK. The organization was established in 2002. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Cook Inlet Lending Center Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cook Inlet Lending Center 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 12/2022, Cook Inlet Lending Center Inc generated $3.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $2.3m during the year ending 12/2022. While expenses have increased by 9.9% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COOK INLET LENDING CENTER IS A NONPROFIT LENDING ENTITY ESTABLISHED TO PROMOTE AND PROVIDE LENDING PRODUCTS AND SERVICES TO LOW-INCOME PERSONS, PRIMARILY THOSE OF AMERICAN INDIAN/ALASKA NATIVE DESCENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOME BUYER LOAN PROGRAM PROVIDES ASSISTANCE TO ELIGIBLE APPLICANTS AS THEY FINANCE A HOME WITHIN THE COOK INLET REGION IN THE FORM OF A MORTGAGE DOWN PAYMENT OR A SECOND MORTGAGE SECURED BY A DEED OF TRUST ON THE PROPERTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Boling Chairman | Trustee | 1 | $0 |
Debra Morris Secretary | Trustee | 1 | $0 |
Robert Juliussen Vice Chair | Trustee | 1 | $0 |
Barbara Donatelli Commissioner | Trustee | 1 | $0 |
Patrick Duke Treasurer | Trustee | 1 | $0 |
Jewel Jones Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,967,362 |
| All other contributions, gifts, grants, and similar amounts not included above | $434,295 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,401,657 |
| Total Program Service Revenue | $0 |
| Investment income | $507,068 |
| 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 | $2,983,120 |
| 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 | $1,179,855 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $192,924 |
| Advertising and promotion | $24,185 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,630 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,654 |
| Interest | $181,335 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $132,052 |
| Insurance | $18,646 |
| All other expenses | $23,664 |
| Total functional expenses | $2,256,443 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,274,142 |
| Pledges and grants receivable | $8,426 |
| Accounts receivable, net | $1,485 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,126,337 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $43,961 |
| Net Land, buildings, and equipment | $121,937 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,283,208 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,310,933 |
| Total assets | $29,170,429 |
| Accounts payable and accrued expenses | $268,547 |
| Grants payable | $0 |
| Deferred revenue | $4,700,856 |
| 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 | $8,832,980 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,802,383 |
| Net assets without donor restrictions | $15,368,046 |
| Net assets with donor restrictions | $0 |
| 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 | $29,170,429 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cook Inlet Lending Center Inc Anchorage, AK | $29,170,429 | $2,983,120 |
Alliance 2005 Omak, WA | $420,430 | $1,037,296 |
Strongertowns Port Townsend, WA | $324,041 | $558,556 |
Iaf Northwest Seattle, WA | $116,724 | $344,164 |
Seabrook Community Foundation Pacific Beach, WA | $2,687,288 | $770,494 |
Rural Peoples Platform Winthrop, WA | $58,907 | $0 |
American Community Enrichment Elma, WA | $180,717 | $0 |
White Pass Scenic Byway Chehalis, WA | $3,980 | $0 |