COMMUNITY INVESTMENT CORPORATION

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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

1973

Legal Domicile

Phone

3122580070

Tax Period

2023-10-01 to 2024-09-30

COMMUNITY INVESTMENT CORPORATION, founded in 1973, is a mid-sized nonprofit in the Housing & Shelter sector that reported $38.6M in total revenue in fiscal year 2023. Revenue surged 119% from the prior year, signaling strong growth momentum. The organization ran a surplus of $17.5M, a strong 45% operating margin.

Mission

COMMUNITY INVESTMENT CORPORATION (CIC) IS A NOT-FOR-PROFIT 501(C)(3) CORPORATION. INCORPORATED IN 1973, CIC'S MISSION IS TO BE THE LEADING FORCE IN NEIGHBORHOOD REVITALIZATION THROUGH INNOVATIVE FINANCIAL PROGRAMS. IN PURSUIT OF THIS MISSION, CIC HAS BECOME THE LEADING LENDER FOR THE ACQUISITION, REHABILITATION, AND PRESERVATION OF AFFORDABLE RENTAL HOUSING THROUGHOUT THE CHICAGO METROPOLITAN AREA. CIC PROVIDES ONE OF THE VERY FEW SOURCES OF CAPITAL FOR REDEVELOPING AND MAINTAINING AFFORDABLE RENTAL HOUSING, PRIMARILY LOCATED IN LOW AND MODERATE-INCOME COMMUNITIES. CIC EXERCISES SOUND MANAGEMENT AND FISCAL PRUDENCE IN ITS OPERATIONS.

Program Service Accomplishments

Program 1

Expenses: $16,736,941 Revenue: $17,461,971

DURING FY 2024, CIC CLOSED 74 LOANS FOR A TOTAL OF $56.9 MILLION UNDER THE MULTIFAMILY LOAN PROGRAM. THESE LOANS FINANCED THE ACQUISITION AND REHAB OF 1,397 RESIDENTIAL AND 17 COMMERCIAL UNITS. ALL LOANS CARRIED A 10-YEAR TERM AND MOST LOANS HAD A 25-YEAR AMORTIZATION. IN TOTAL, AT THE CLOSE OF FY 2024, CIC'S MULTIFAMILY LOAN PROGRAM PORTFOLIO STANDS AT $169.8 MILLION OF NOTES SOLD TO INVESTORS.

Program 2

Expenses: $739,829 Revenue: $794,531

CIC DIDN'T CLOSE ANY SINGLE-FAMILY RENTAL PROPERTY LOANS IN FY 2024. LOOKING FORWARD, THIS PROGRAM WILL WIND DOWN EFFECTIVE IN MARCH 2025. SINCE THE INCEPTION OF THIS PROGRAM 9 YEARS AGO, CIC HAS...

CIC DIDN'T CLOSE ANY SINGLE-FAMILY RENTAL PROPERTY LOANS IN FY 2024. LOOKING FORWARD, THIS PROGRAM WILL WIND DOWN EFFECTIVE IN MARCH 2025. SINCE THE INCEPTION OF THIS PROGRAM 9 YEARS AGO, CIC HAS CLOSED 84 LOANS FOR $47.8 MILLION TOTALING 796 RESIDENTIAL UNITS.

Program 3

Expenses: $627,322 Revenue: $673,704

IN FY 2018, CIC AND THE PRESERVATION COMPACT SECURED $34 MILLION TO CREATE THE OPPORTUNITY INVESTMENT FUND (OIF), AN INNOVATIVE, STREAMLINED VEHICLE TO FINANCE MULTIFAMILY RENTAL BUILDINGS AND CREATE AFFORDABLE HOUSING IN HIGH COST NEIGHBORHOODS. OIF PROVIDES EXISTING, FUNCTIONING MULTIFAMILY RENTAL BUILDINGS WITH LOW-COST MEZZANINE DEBT. IN RETURN, OWNER WILL KEEP 20% OF THEIR UNITS AFFORDABLE FOR 15 YEARS. BOTH NON-PROFIT AND FOR-PROFIT OWNERS WILL BE ABLE TO USE OIF. OWNERS MAY CHOOSE TO USE HOUSING CHOICE VOUCHERS OR OTHER TYPES OF OPERATING SUBSIDY TO HELP OFFSET REDUCED RENTS FOR THE AFFORDABLE UNITS. IN FY 2024, CIC CLOSED 4 LOANS FOR $4.5 MILLION IN OIF MEZZANINE DEBT. IN ADDITION, CIC CLOSED FOUR FIRST MORTGAGES FOR $14 MILLION AS PART OF THE OIF TRANSACTIONS. THESE LOANS WERE FOR BUILDINGS WITH A TOTAL OF 230 UNITS OF MIXED-INCOME HOUSING, OF WHICH 46 UNITS ARE AFFORDABLE TO HOUSEHOLDS AT 50% AMI. OVERALL, SINCE INCEPTION, $12.8 MILLION IN OIF LOANS HAVE BEEN CLOSED, AND CIC HAS PROVIDED $55 MILLION IN ASSOCIATED FIRST MORTGAGE FINANCING.

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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 (2023)

Revenue Breakdown

Contributions & Grants $19,604,167

Program Service Revenue $18,994,743

Investment Income $0

Other Revenue $0

TOTAL REVENUE $38,598,910

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,668,546

Fundraising Expenses $210,513

Program Expenses $18,104,092

Other Expenses $13,382,724

TOTAL EXPENSES $21,051,270

Year-over-Year Comparison

	2023	2022	Change
Revenue	$38,598,910	$17,601,990	+1.2%
Expenses	$21,051,270	$17,704,023	+0.2%
Net Income	$17,547,640	$-102,033	-173.0%

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

$1,281,989

Total Directors

$355,205

Key Employees

$176,307

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STACIE YOUNG	PRESIDENT	35.0	Officer Director	$328,700	$26,505	$355,205
ANDREW SALK	DIRECTOR	1.0	Director	$0	$0	$0
ANGIE MARKS	DIRECTOR	1.0	Director	$0	$0	$0
COLLETE ENGLISH DIXON	DIRECTOR	1.0	Director	$0	$0	$0
DANIEL WATTS	DIRECTOR	1.0	Director	$0	$0	$0
DAVID DYKSTRA	CHAIRMAN	1.0	Director	$0	$0	$0
ERIKA POETHIG	DIRECTOR	1.0	Director	$0	$0	$0
FRANK PETTAWAY	VICE CHAIRMAN	1.0	Director	$0	$0	$0
JEFF NEWCOM	DIRECTOR	1.0	Director	$0	$0	$0
JOHN GHOLAR	DIRECTOR	1.0	Director	$0	$0	$0
JOHN HEIN	DIRECTOR	1.0	Director	$0	$0	$0
KAREN CASE	DIRECTOR	1.0	Director	$0	$0	$0
ROBERT MARJAN	DIRECTOR	1.0	Director	$0	$0	$0
SCOTT FERRIS	DIRECTOR	1.0	Director	$0	$0	$0
TIMOTHY HADRO	DIRECTOR	1.0	Director	$0	$0	$0
JOHN CRANE	SVP/DIRECTOR OF LENDING	39.0	Officer	$263,464	$43,779	$307,243
JONAH HESS	CII VICE PRESIDENT	1.0	Officer	$196,757	$27,713	$224,470
MICHAEL CIACCIA	TREASURER/CFO	35.0	Officer	$244,555	$51,373	$295,928
MONICA KIRBY	ASSISTANT SECRETARY	39.0	Officer	$82,244	$16,899	$99,143
NICK BRUNICK	SECRETARY & GENERAL COUNSEL	1.0	Officer	$0	$0	$0
PHILLIP MOORE	VP/DIRECTOR OF CREDIT ADMIN	40.0	Key Emp	$162,628	$13,679	$176,307
ANDRE COLLINS	AQUISITION MANAGER	15.0	Highest	$404,299	$29,934	$434,233
ANNE COLE	DIRECTOR OF COMMUNICATIONS	40.0	Highest	$158,334	$31,796	$190,130
DARRIS SHAW	SENIOR CONSTRUCTION INSPECTOR	40.0	Highest	$140,674	$41,729	$182,403
RENE BARAZZA	CONSTRUCTION MANAGER	40.0	Highest	$139,928	$41,821	$181,749
TOMMY JACKSON	LOAN OFFICER	40.0	Highest	$184,384	$31,935	$216,319

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
2024	$38,598,910	$21,051,270	$349,185,880	$17,547,640
2023	$17,601,990	$17,704,023	$316,503,327	$-102,033
2022	$18,564,820	$16,927,370	$313,725,284	$1,637,450
2021	$31,622,758	$21,465,331	$332,682,140	$10,157,427
2020	$19,725,309	$19,541,981	$329,223,141	$183,328
2019	$21,057,845	$20,078,049	$329,211,131	$979,796
2018	$18,590,866	$16,886,540	$313,404,191	$1,704,326