CINCINNATI DEVELOPMENT FUND

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1988

Legal Domicile

Principal Officer

JOE HUBER

Phone

5137217211

Tax Period

2024-04-01 to 2025-03-31

CINCINNATI DEVELOPMENT FUND, founded in 1988, is a mid-sized nonprofit in the Housing & Shelter sector that reported $20.0M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion. Expenses of $17.0M left a modest 15% surplus.

Mission

TO STRENGTHEN UNDERSERVED NEIGHBORHOODS AND IMPROVE LIVES THROUGH INNOVATIVE FINANCING.

Program Service Accomplishments

Program 1

Expenses: $15,609,520 Revenue: $6,149,662

CINCINNATI DEVELOPMENT FUND (CDF) IS A COMMUNITY DEVEOPMENT FINANCIAL INSTITUTION (CDFI) ESTABLISHED IN 1988 TO FINANCE AFFORDABLE HOUSING DEVELOPMENT AND COMMUNITY REVITALIZATION IN THE GREATER...

CINCINNATI DEVELOPMENT FUND (CDF) IS A COMMUNITY DEVEOPMENT FINANCIAL INSTITUTION (CDFI) ESTABLISHED IN 1988 TO FINANCE AFFORDABLE HOUSING DEVELOPMENT AND COMMUNITY REVITALIZATION IN THE GREATER CINCINNATI AREA. CDF'S MISSION IS TO STRENGTHEN UNDERSERVED NEIGHBORHOODS AND IMPROVE LIVES THROUGH INNOVATIVE FINANCING.OVER THE PAST 37 YEARS, LOCAL FINANCIAL INSTITUTIONS, FOUNDATIONS, SOCIALLY MOTIVATED INVESTORS, AND LOCAL AND FEDERAL GOVERNMENTS HAVE ALL CONTRIBUTED TO CDF'S SOURCES OF CAPITAL. THESE ORGANIZATIONS INVEST IN CDF BECAUSE OF OUR EXPERTISE IN EVALUATING COMPLEX LOAN APPLICATIONS WITH MULTIPLE FINANCING SOURCES. THIS EXPERIENCE MAKES IT EASIER AND MORE COST-EFFECTIVE FOR THESE ORGANIZATIONS TO INVEST IN THE COMMUNITY. CDF HAS ORIGINATED OVER $580 MILLION IN LOANS RESULTING IN THE CREATION OF MORE THAN 9,000 UNITS OF HOUSING. CDF FOCUSES ON LENDING IN LOW INCOME COMMUNITIES WHERE NEED AND IMPACT ARE THE GREATEST.CDF IS AN EQUAL OPPORTUNITY PROVIDER.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $12,330,365

Program Service Revenue $6,164,254

Investment Income $1,481,469

Other Revenue $-14,632

TOTAL REVENUE $19,961,456

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,804,888

Fundraising Expenses $95,023

Program Expenses $15,609,520

Other Expenses $14,208,940

TOTAL EXPENSES $17,013,828

Year-over-Year Comparison

	2024	2023	Change
Revenue	$19,961,456	$18,409,470	+0.1%
Expenses	$17,013,828	$13,419,584	+0.3%
Net Income	$2,947,628	$4,989,886	-0.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,016,440

Total Directors

Key Employees

$175,827

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KIMBERLY MAUER	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
SUSAN THOMAS	VICE CHAIR	2.00	Officer Director	$0	$0	$0
KEVIN COONEY	TREASURER	2.00	Officer Director	$0	$0	$0
KATHLEEN SCHWAB	SECRETARY	2.00	Officer Director	$0	$0	$0
DORA ANIM	TRUSTEE	1.00	Director	$0	$0	$0
DOUG BURGESS	TRUSTEE	1.00	Director	$0	$0	$0
GARY D PAINTER	TRUSTEE	1.00	Director	$0	$0	$0
JOE HANSBAUER	TRUSTEE	1.00	Director	$0	$0	$0
KEVIN HUGHES	TRUSTEE	1.00	Director	$0	$0	$0
MARGARET MOERTL	TRUSTEE	1.00	Director	$0	$0	$0
JESSICA POWELL	TRUSTEE	1.00	Director	$0	$0	$0
MURRAY SINCLAIRE	TRUSTEE	1.00	Director	$0	$0	$0
ROBIE SUGGS	TRUSTEE	1.00	Director	$0	$0	$0
SCOTT TAYLOR	TRUSTEE	1.00	Director	$0	$0	$0
DANIELLE WILSON	TRUSTEE	1.00	Director	$0	$0	$0
JOSEPH HUBER	PRESIDENT & CEO	40.00	Officer	$269,015	$49,501	$318,516
LUKE BLOCHER	GEN. COUNSEL/CHIEF STRATEGY OFFICER	40.00	Officer	$242,130	$48,674	$290,804
KELLY CLEMENTS	CHIEF LENDING OFFICER	40.00	Officer	$134,402	$16,700	$151,102
JENNIFER LARKINS	CHEIF FINANCIAL OFFICER	40.00	Officer	$209,607	$46,411	$256,018
MORAG ADLON	SENIOR LOAN OFFICER	40.00	Key Emp	$154,040	$21,787	$175,827
SARA SHEETS	EMPLOYEE	40.00	Highest	$132,874	$42,964	$175,838
JAKE GRAY	CREDIT RISK MANAGER	40.00	Highest	$114,581	$32,170	$146,751
ANGELA RATLIFF	PORTFOLIO MANAGER	40.00	Highest	$102,028	$6,615	$108,643
JOHN REISER	SENIOR LOAN & PROGRAMS OFFICER	40.00	Highest	$105,209	$40,743	$145,952

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$19,961,456	$17,013,828	$101,598,029	$2,947,628
2024	$18,409,470	$13,419,584	$89,298,579	$4,989,886
2023	$10,309,687	$4,890,754	$69,003,326	$5,418,933
2022	$6,552,988	$5,541,478	$54,993,767	$1,011,510
2021	$7,624,982	$6,167,330	$56,088,743	$1,457,652
2020	$6,584,866	$4,687,172	$56,735,495	$1,897,694
2019	$7,856,779	$5,636,218	$57,878,535	$2,220,561