Overview
What is Opportunity Finance Network?
Opportunity Finance Network (OFN) is a leading organization dedicated to expanding access to responsible and affordable financial services for low-income and low-wealth communities throughout the United States. Based in Philadelphia, Pennsylvania, OFN functions as a network of more than 350 Community Development Financial Institutions (CDFIs), including community banks, credit unions, and loan funds. OFN's mission is to empower CDFIs and their partners by providing financial products and services, increasing their strength and capacity, and amplifying their voice in the industry. Through its members, OFN invests in underserved rural, urban, and Native American communities across all 50 states, delivering affordable credit that finances community businesses, fosters job growth, and generates both sound financial returns and real changes for people and communities.
Official website here: www.ofn.org
Is Opportunity Finance Network legitimate?
Opportunity Finance Network is a legitimate nonprofit organization registered as a 501(c)(3) entity. Opportunity Finance Network submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $2,761,825
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,240,753
For more financial information, click here
Official website here: www.ofn.org
What is the mission statement of Opportunity Finance Network?
The Opportunity Finance Network (OFN) aims to lead Community Development Financial Institutions (CDFIs) and their partners in ensuring that low-income, low-wealth, and other underserved communities have access to affordable and responsible financial products and services. OFN is a network of over 350 CDFIs, including community banks, credit unions, and loan funds, that invest in and finance community businesses in underprivileged areas across the US. Through OFN's financing activities, it provides affordable credit that sparks job growth and delivers both sound financial returns and real changes for people and communities. OFN offers various financial services such as on-balance-sheet lending and investing to CDFIs, fund management services, New Markets Tax Credit activity, and CDFI Bond Guarantee Program bond issuance and administrative services.
Official website here: www.ofn.org
Who is the CEO of Opportunity Finance Network?
Bhumip Patel is the Board Chair of Opportunity Finance Network. The CEO's salary of Opportunity Finance Network is $256,457 and their total compensation is $260,379.
Official website here: www.ofn.org
What is the revenue of Opportunity Finance Network?
Who are the executives of Opportunity Finance Network and what are their salaries?
The average compensation at Opportunity Finance Network during 2022 was $84,789. There are 59 employees and 11 volunteers at Opportunity Finance Network.
Here are 27 key members and their salaries (Opportunity Finance Network's CEO's salary is $256,457 and their total compensation is $260,379):
- Lisa Mensah (President & Ceo Thru Aug 31, 2022) [Trustee/Director]
- Beth Lipson (Interim President & Ceo & Chief Financial Officer)
- Amber Bell (Chief Strategy & Operation)
- Jennifer Vasiloff (Chief External Affairs Off)
- Seth Julyan (Executive Vp, Network Services)
- Mary Wright (Senior Vp, Financial Svcs)
- Dafina Williams (Executive Vp, External Affairs)
- Andrea Longton (Senior Vp, Financial Svcs)
- Bhumip Patel (Senior Vp, Accounting & Finance)
- Shakeyda Daniels (Senior Vp, Financial Servi)
- Khalid Sarwary (Senior Investment Officer)
- Laurie Curran (Vp, Accounting)
- Tamara Frye (Senior Vp, Human Resources)
- Sindhu Lakshmanan (Senior Vp, Development Services)
- Adrienne Smith (Senior Vp, Research)
- Donna Gambrell (Board Chair) [Trustee/Director]
- Betsy Biemann (Board Vice Chair) [Trustee/Director]
- Robert Villarreal (Board Treasurer) [Trustee/Director]
- David Beck (Board Member) [Trustee/Director]
- Aisha Benson (Board Member) [Trustee/Director]
- Marla Bilonick (Board Member) [Trustee/Director]
- Elena Gonzales (Board Member) [Trustee/Director]
- Henry Jimenez (Board Member Since Oct 2022) [Trustee/Director]
- Ted Piccolo (Board Member) [Trustee/Director]
- Sara Razavi (Board Member) [Trustee/Director]
- Christina Travers (Board Member) [Trustee/Director]
- Carla Mannings (Board Member Thru Oct 2022) [Trustee/Director]
Official website here: www.ofn.org
Where can I find the form 990 for Opportunity Finance Network?
The Opportunity Finance Network’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.ofn.org
Learn more at the official website: www.ofn.org
Mission Statement of Opportunity Finance Network
Opportunity Finance Network (OFN), a leading network of over 350 Community Development Financial Institutions (CDFIs) in the United States, is dedicated to ensuring that low-income, low-wealth, and other underserved communities have access to affordable, responsible financial products and services. OFN's mission is to empower CDFIs and their partners to expand financial opportunities for people often overlooked by traditional financial institutions.
OFN's role extends beyond just financing. The organization provides various programs and services, including on-balance-sheet lending and investing to CDFIs, fee-based business services for CDFI fund management and asset management, New Markets Tax Credit activity, and CDFI bond guarantee program bond issuance and administrative services. Through these activities, OFN's members are able to finance community businesses, spur job growth, and deliver both sound financial returns and tangible changes to people and communities in need. OFN's influence within the CDFI industry not only strengthens and increases the capacity of CDFIs but also amplifies their voices. By leading this effort, Opportunity Finance Network plays a crucial role in expanding access to affordable, responsible credit for the most underserved communities across all 50 states in America.
Impact
This information is meant to be a general summary of Opportunity Finance Network. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Opportunity Finance Network leads a national network of over 350 Community Development Financial Institutions (CDFIs) that invest in low-income and underserved communities across all 50 states in America. Through its members, OFN provides affordable and responsible credit that finances community businesses, stimulates job growth in areas that need it most, and generates both financial returns and tangible improvements for people and communities. OFN's impact is evident in expanding access to responsible, affordable capital, empowering low-income and low-wealth communities throughout the U.S. through various financial services and programs. This organization plays a crucial role in fostering economic development, addressing financial disparities, and supporting the growth and resilience of underserved communities nationwide.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$5,053,861
OTHER FEES
Revenue
$3,422,644
SPONSORSHIP INCOME
Revenue
$1,928,583
TRAINING EVENTS
Revenue
$1,497,052
Organization Details
Founding Year
2006
Phone
(215) 320-4317
Principal Officer
Bhumip Patel
Main Address
123 S BROAD STREET SUITE 1930, PHILADELPHIA, PA, 19109
Website
www.ofn.org
NTEE Category
Code: S30 - Community improvement
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