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Neighborhood Finance Corporation

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 421353472 ✦ Des moines, IA ✦ Designated as a 501(c)(3)

Overview

What is Neighborhood Finance Corporation?

Neighborhood Finance Corporation, based in Des Moines, Iowa, is a nonprofit organization committed to revitalizing neighborhoods. They achieve this goal by offering repayable loans, along with forgivable loans for qualified transactions, in areas identified as needing improvement. These loans help reduce barriers associated with downpayments and equity while funding property renovations. In 2022, the organization closed 190 loans, primarily in Polk County and Cedar Rapids, to support low-to-moderate income individuals and communities. Additionally, Neighborhood Finance Corporation launched programs like Neighborhood Reinvest and Journey to Homeownership (J2H) to assist eligible homebuyers and increase lending to communities of color. The organization's mission is to facilitate neighborhood revitalization through partnerships with various stakeholders, including residents, governments, and financial institutions.


Official website here: www.neighborhoodfinance.org

Is Neighborhood Finance Corporation legitimate?

Neighborhood Finance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Neighborhood Finance Corporation 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: $485,054
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,359,871

For more financial information, click here


Official website here: www.neighborhoodfinance.org

What is the mission statement of Neighborhood Finance Corporation?

Neighborhood Finance Corporation's mission is centered around neighborhood revitalization. They achieve this by providing unique lending programs and services, partnering with various sectors such as residents, governments, community-based organizations, financial institutions, and the business community. The corporation facilitates loan origination, offering a forgivable loan with no interest and payments, and a secondary mortgage with a lower interest rate. These initiatives aim to reduce downpayment and equity barriers, allowing for needed property renovations. In 2022, they closed 190 loans, primarily focusing on low to moderate income areas. Additionally, Neighborhood Finance Corporation launched programs like Neighborhood Reinvest and Journey to Homeownership to support first-time home buyers and increase lending to communities of color.


Official website here: www.neighborhoodfinance.org

Who is the CEO of Neighborhood Finance Corporation?

Stephanie Murphy is the Polk County Board Of Supervisors of Neighborhood Finance Corporation.


Official website here: www.neighborhoodfinance.org

What is the revenue of Neighborhood Finance Corporation?

Neighborhood Finance Corporation's revenue in 2022 was $6,795,518.


Official website here: www.neighborhoodfinance.org

Who are the executives of Neighborhood Finance Corporation and what are their salaries?

The average compensation at Neighborhood Finance Corporation during 2022 was $55,907. There are 33 employees and 44 volunteers at Neighborhood Finance Corporation.

Here are 19 key members and their salaries:

    Stephanie Murphy (Executive Director)
  • Compensation: $154,685
  • Related: $0
  • Other: $32,984

    • Mark Alberico (Vp Finance & Admin/Treasurer)
  • Compensation: $129,281
  • Related: $0
  • Other: $41,267

    • Terry Gearhart (Vice President Lending)
  • Compensation: $102,291
  • Related: $0
  • Other: $24,546

    • Steve Van Oort -President (Polk County Board Of Supervisors) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Marsha Kephart -Vice President (Iowa State Bank) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Travis Simpson -Secretary ((From 2/1/2022) Northwest Bank) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Michelle Mueller-Past President (Neighborhood Representative) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Almardi Abdalla From 81122 (Neighborhood Representative) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Bret Vandelune (Polk County Board Of Supervisors) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Chris Johansen (City Of Des Moines) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Dave Williamson Alternate (Polk County Public Works) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Deb Anderson Alternate (Polk County Board Of Supervisors) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Joshua Kummer From 70122 (Bankers Trust Company) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Linda Westergaardfrom 11022 (City Of Des Moines) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Marge Ramsey (Neighborhood Representative) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Patrick Reding (Great Western Bank) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Ryan Mortier From 81122 (Us Bank) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Sonia Reyes From 81122 (Neighborhood Representative) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Theron Hobbs From 82522 (Neighborhood Representative) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0


  • Official website here: www.neighborhoodfinance.org

    Where can I find the form 990 for Neighborhood Finance Corporation?

    The Neighborhood Finance Corporation’s most recent form 990 was submitted in 2022 and can be accessed here


    Official website here: www.neighborhoodfinance.org

    Learn more at the official website: www.neighborhoodfinance.org

    Mission Statement of Neighborhood Finance Corporation

    Neighborhood Finance Corporation, a nonprofit organization, is committed to facilitating neighborhood revitalization in unspecified regions. They achieve this mission by providing unique lending programs and related services. The corporation partners with various entities, including residents, governments, community-based organizations, financial institutions, and the business community. Their loan offerings are tailored to address the barriers of downpayment and equity, offering repayable loans and forgivable loans with favorable interest rates and payment terms. In 2022, Neighborhood Finance Corporation closed 190 loans, serving low- to moderate-income borrowers and focusing on revitalization in identified areas. They also launched initiatives such as Neighborhood Reinvest and Journey to Homeownership (J2H) to support low and moderate-income households and communities of color seeking homeownership. Neighborhood Finance Corporation's mission aims to revitalize neighborhoods, making the community a better place for its residents.

    Impact

    This information is meant to be a general summary of Neighborhood Finance Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.




    Saturday, July 20, 2024

    Neighborhood Finance Corporation's impact is focused on neighborhood revitalization in Polk County and Cedar Rapids, Iowa. They achieve this through lending programs and services that aim to reduce barriers to homeownership and support community development. In 2022, NFC closed 190 loans, totaling $10,819,004, primarily in low to moderate-income census tracts. The organization serves a diverse range of borrowers, with 84.7% of loans going to low-mod income individuals or areas for revitalization. Additionally, NFC has initiatives like the Neighborhood Reinvest program and Journey to Homeownership (J2H) program to provide down payment assistance and support communities of color in accessing homeownership opportunities. Their efforts include collaborating on programs like PATCH to assist homeowners with storm-related repairs and partnering with various stakeholders to drive positive change in the community.





    Financials

    This financial information is from Propublica.

    Revenue
    Expenses
    Efficiency

    Other financial information:

    This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $245,622
  • Program Service Revenue: $1,859,662
  • Gross Receipts: $6,795,518

    • Assets and Liabilities:
  • Total Assets: $94,727,126
  • Total Liabilities: $38,543,440
  • Net Assets: $56,183,686
  • Programs

    Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

    Loan Fees/Svc Chgs

    Revenue

    $1,135,346

    Program Svc Interest

    Revenue

    $583,708

    Real Estate Developmen

    Revenue

    $140,608

    Organization Details

    Founding Year

    1990

    Principal Officer

    Stephanie Murphy

    Main Address

    4908 Franklin Avenue, Des Moines, IA, 503101901

    NTEE Category

    Code: L22Z - Housing

    If you are a representative of Neighborhood Finance Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.