COMMUNITY REINVESTMENT FUND INC

EIN: 411616861 501(c)(3) Community Improvement

MINNEAPOLIS, MN

Total Revenue
$46,782,310
Total Expenses
$31,421,112
Total Assets
$199,070,542
Net Assets
$93,608,575
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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
MN
Principal Officer
MATTHEW ROTH
Phone
6123383050
Tax Period
2024-07-01 to 2025-06-30

COMMUNITY REINVESTMENT FUND INC, founded in 1988, is a mid-sized nonprofit in the Community Improvement sector that reported $46.8M in total revenue in fiscal year 2024. Revenue surged 31% from the prior year, signaling strong growth momentum. The organization ran a surplus of $15.4M, a strong 33% operating margin.

Mission

TO EXPAND ECONOMIC OPPORTUNITY FOR SMALL BUSINESSES AND COMMUNITIES BY REIMAGINING THE WAY CAPITAL AND RESOURCES FLOW.

Program Service Accomplishments

Program 1
Expenses: $21,114,818 Revenue: $15,468,781

LENDING PROGRAMS - FOUNDED IN 1988, COMMUNITY REINVESTMENT FUND, USA (CRF) IS A NATIONAL NON-PROFIT ORGANIZATION AND A LEADING COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). CRF WORKS...

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LENDING PROGRAMS - FOUNDED IN 1988, COMMUNITY REINVESTMENT FUND, USA (CRF) IS A NATIONAL NON-PROFIT ORGANIZATION AND A LEADING COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). CRF WORKS COLLABORATIVELY WITH COMMUNITY LENDERS AND STAKEHOLDERS TO INCREASE ECONOMIC MOBILITY, BUILD STRONG LOCAL ECONOMIES, AND REDUCE THE WEALTH GAP IN PURSUIT OF A JUST ECONOMY THAT WORKS FOR ALL. IN PARTNERSHIP WITH OTHERS, CRF CO-CREATES AND DELIVERS PROGRAMS, PRODUCTS AND SERVICES THAT ADDRESS THE BARRIERS AND INEQUITIES SMALL BUSINESSES WITH A HISTORY OF UNDERREPRESENTATION FACE. CAPITAL IS PROVIDED DIRECTLY TO SMALL BUSINESSES THROUGH DIRECT LENDING PROGRAMS INCLUDING SBA 7(A) AND NEW MARKET TAX CREDITS, AS WELL AS INDIRECTLY THROUGH PROGRAMS SUCH AS THE BOND GUARANTEE PROGRAM. DURING THE FISCAL YEAR 2025, CRF PROVIDED FINANCING TOTALING $72 MILLION TO SMALL BUSINESSES VIA DIRECT LENDING AND ALSO ISSUED $325 MILLION VIA BGP, LEADING TO THE CREATION OR RETENTION OF OVER 2,900 JOBS.

Program 2
Expenses: $2,620,890 Revenue: $899,764

TECHNOLOGY SOLUTIONS - CRF OFFERS TECHNOLOGY SOLUTIONS THAT SUPPORT AND ENABLE ACCESS TO AFFORDABLE AND RESPONSIBLE SMALL BUSINESS FINANCING AND IMPROVE THE EFFICIENCY AND SCALABILITY OF...

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TECHNOLOGY SOLUTIONS - CRF OFFERS TECHNOLOGY SOLUTIONS THAT SUPPORT AND ENABLE ACCESS TO AFFORDABLE AND RESPONSIBLE SMALL BUSINESS FINANCING AND IMPROVE THE EFFICIENCY AND SCALABILITY OF MISSION-BASED LENDERS. THESE SOLUTIONS ARE CRITICAL TO MANY PUBLIC-PRIVATE PARTNERSHIPS ACROSS THE COUNTRY, AS WELL AS PARTNERSHIPS BETWEEN TRADITIONAL BANKS AND CDFIS. DURING THE FISCAL YEAR 2025, CRF FACILITATED THE ORIGINATION OF APPROXIMATELY 453 LOANS TOTALING $44.6 MILLION.

Program 3
Expenses: $1,403,253 Revenue: $1,706,536

LOAN SERVICING AND FUND ADMINISTRATION - CRF IS A NATIONAL LOAN SERVICER AND FUND ADMINISTRATOR THAT SPECIALIZES IN PROVIDING HIGH-TOUCH, CUSTOMIZED SERVICE. WITH MORE THAN 20 YEARS OF EXPERIENCE...

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LOAN SERVICING AND FUND ADMINISTRATION - CRF IS A NATIONAL LOAN SERVICER AND FUND ADMINISTRATOR THAT SPECIALIZES IN PROVIDING HIGH-TOUCH, CUSTOMIZED SERVICE. WITH MORE THAN 20 YEARS OF EXPERIENCE, CRF FOCUSES ON PROVIDING SERVICING AND ADMINISTRATION FOR MISSION-ALIGNED ORGANIZATIONS WITH A VARIETY OF ASSET TYPES INCLUDING COMMERCIAL REAL ESTATE, COMMUNITY FACILITIES, EQUIPMENT, AND OTHERS. DURING THE 2025 FISCAL YEAR, CRF PROVIDED THIRD PARTY LOAN SERVICING SUPPORT FOR 18 COMMUNITY DEVELOPMENT LENDERS WITH VOLUME OF APPROXIMATELY 356 LOANS TOTALING $33.3 MILLION. DURING THE 2025 FISCAL YEAR, CRF PROVIDED ADMINISTRATION FOR 8 FUNDS WITH ASSETS TOTALING MORE THAN $52.2 MILLION.

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $28,677,919
Program Service Revenue $18,075,081
Investment Income $0
Other Revenue $29,310
TOTAL REVENUE $46,782,310

Expense Breakdown

Grants Paid $350,000
Salaries & Benefits $15,310,779
Fundraising Expenses $557,648
Program Expenses $25,138,961
Other Expenses $15,760,333
TOTAL EXPENSES $31,421,112

Year-over-Year Comparison

2024 2023 Change
Revenue $46,782,310 $35,726,052 +0.3%
Expenses $31,421,112 $32,849,855 0.0%
Net Income $15,361,198 $2,876,197 +4.3%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
16
Independent Members
15
Employees
106
Volunteers
18

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
15
$3,048,261
Total Directors
19
$565,843
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATTHEW ROTH CEO & PRESIDENT 40.00
Officer Director
$532,348 $33,495 $565,843
JENNIFER NOVAK SVP CDFI FUND PROGRAMS 40.00
Officer
$269,696 $44,150 $313,846
ALEXIS DISHMAN SVP CHIEF LENDING OFFICER 40.00
Officer
$245,584 $30,774 $276,358
PATRICK DAVIS SVP PLATFORM AND TECHNOLOGY SERVICES 40.00
Officer
$252,907 $22,966 $275,873
KINFE ARGAW SVP CHIEF CREDIT OFFICER 40.00
Officer
$233,087 $42,319 $275,406
CHARITY VICKERS SVP CHIEF PEOPLE OFFICER 40.00
Officer
$241,201 $33,661 $274,862
PAUL TREMEWAN SVP CHIEF FINANCIAL OFFICER 40.00
Officer
$250,883 $22,865 $273,748
KATELYN BEDNARSKI SVP CHIEF OF STAFF 40.00
Officer
$212,047 $41,267 $253,314
ANNA BURGETT CHIEF LEGAL COUNSEL 40.00
Officer
$210,789 $41,204 $251,993
SANDRA DELANCY SENIOR DIRECTOR OF EDMA 40.00
Highest
$201,019 $40,716 $241,735
ERIK O'LEARY PRINCIPAL ARCHITECT 40.00
Highest
$212,759 $20,959 $233,718
PETER BERNACIAK VP, STRUCTURED FINANCE 40.00
Highest
$188,892 $31,046 $219,938
ANISHA MURPHY VP, PROGRAM DESIGN/EXECUTION 40.00
Highest
$189,025 $19,772 $208,797
CYRUS KHARAS VP, PROGRAM DESIGN/EXECUTION 40.00
Highest
$198,059 $9,903 $207,962
ERIC CHAPIN GENERAL COUNSEL THRU 8/24 40.00
Officer
$160,210 $28,453 $188,663
JENNIFER ANDERSON CHIEF ADMIN OFFICER THRU 3/24 40.00
Officer
$90,243 $8,112 $98,355
DANIEL SPILLER CHAIR 1.00
Officer Director
$0 $0 $0
STEVE KENT TREASURER 1.00
Officer Director
$0 $0 $0
JEANINE JACOKES SECRETARY AS OF 1/25 1.00
Officer Director
$0 $0 $0
LAURA TRUDEAU SECRETARY THRU 1/25 1.00
Officer Director
$0 $0 $0
REZA AGHAMIRZADEH TRUSTEE 1.00
Director
$0 $0 $0
RUBEN ALONSO TRUSTEE 1.00
Director
$0 $0 $0
GAVIN BOROWIAK TRUSTEE 1.00
Director
$0 $0 $0
TONY BROWN TRUSTEE 1.00
Director
$0 $0 $0
CHRYSTEL CORNELIUS TRUSTEE 1.00
Director
$0 $0 $0
JA'NET DEFELL TRUSTEE AS OF 1/25 1.00
Director
$0 $0 $0
RENAY DOSSMAN TRUSTEE AS OF 1/25 1.00
Director
$0 $0 $0
LUTHER RAGIN JR TRUSTEE 1.00
Director
$0 $0 $0
SARA RAZAVI TRUSTEE AS OF 3/25 1.00
Director
$0 $0 $0
KATHY ROCK TRUSTEE 1.00
Director
$0 $0 $0
GEORGE SURGEON TRUSTEE AS OF 3/25 1.00
Director
$0 $0 $0
JIE WANG TRUSTEE 1.00
Director
$0 $0 $0
CALVIN HOLMES TRUSTEE THRU 1/25 1.00
Director
$0 $0 $0
BILL KRUGLER TRUSTEE THRU 3/25 1.00
Director
$0 $0 $0
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 $46,782,310 $31,421,112 $199,070,542 $15,361,198
2024 $35,726,052 $32,849,855 $189,995,061 $2,876,197
2023 $55,474,462 $45,512,446 $193,075,984 $9,962,016
2022 $38,368,250 $32,918,771 $166,360,640 $5,449,479
2021 $69,198,385 $46,700,294 $307,729,256 $22,498,091
2020 $53,118,127 $32,885,047 $272,393,749 $20,233,080
2019 $23,357,764 $21,442,217 $121,270,124 $1,915,547
2018 $21,550,757 $22,567,110 $150,933,655 $-1,016,353
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