Ircs Center for Economic Opportunity Inc.
Ircs Center for Economic Opportunity Inc.
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About this organization
Revenue
$1,704,615
Expenses
$484,928
Mission
TO PROVIDE SMALL BUSINESS LOANS AND MICROFINANCING TO VICTIMS OF OPPRESSION AND PERSECUTION WITHOUT REGARD TO THE RACE, NATIONALITY OR RELIGION OF THE BENEFICIARIES; TO RECEIVE, MANAGE, SELL, EXCHANGE, INVEST AND REINVEST THE FUNDS TRANSFERRED TO THE CORPORATION, AND TO APPLY THE INCOME AND PRINCIPAL TO THE ESTABLISHMENT AND SUPPORT OF CHARITABLE AND EDUCATIONAL ACTIVITIES.
About
IN FISCAL YEAR 2019, IRC'S CENTER FOR ECONOMIC OPPORTUNITY (CEO) CONTINUED TO BUILD ITS CAPACITY TO SERVE AS A CENTRALIZED LENDING PLATFORM ACCESSIBLE BY COMMUNITY-BASED ORGANIZATIONS THAT WISH TO OFFER SMALL-DOLLAR LOAN PRODUCTS TO THEIR CLIENTS. CEO'S PORTFOLIO CONSISTS OF CREDIT-BUILDING, AUTO, EDUCATION, IMMIGRATION, WORK SUPPORTS AND MICROENTERPRISE LOANS. EACH LOAN PRODUCT IS DESIGNED TO BE NESTED WITHIN BROADER FINANCIAL CAPABILITIES PROGRAMS OPERATED BY OUR PARTNERS.BY THE END OF FY2019, CEO WAS LIVE IN A TOTAL OF 11 LOCATIONS IN 7 STATES. DURING THE YEAR, CEO DEPLOYED 502 LOANS TOTALING OVER $1.27M IN DIRECT FINANCING TO BORROWERS THAT ARRIVED TO THE U.S. FROM OVER 40 DIFFERENT COUNTRIES. 61% OF BORROWERS HAD NO OR BAD CREDIT SCORE AND WERE PART OF HOUSEHOLDS THAT EARNED AN AVERAGE OF $28K PER YEAR. 89% OF THE $1.27M FINANCED WENT TO LOW-INCOME HOUSEHOLDS. DESPITE MAKING LOANS TO CREDIT-THIN, LOW-INCOME IMMIGRANT HOUSEHOLDS, CEO'S PORTFOLIO CONTINUED TO OUTPERFORM OUR BORROWER'S RISK PROFILES. CEO'S TRAILING 12-MONTH CHARGE-OFF RATE UNDER 3% AND HISTORICAL REPAYMENT RATE OF 97%. THUS FAR, CEO HAS ONLY BECOME OPERATIONAL IN PARTNERSHIP WITH ITS PARENT ORGANIZATION, THE INTERNATIONAL RESCUE COMMITTEE (IRC). IN FY2020, CEO PLANS TO BEGIN LENDING IN PARTNERSHIP WITH NON-AFFILIATED COMMUNITY-BASED ORGANIZATIONS. ULTIMATELY, CEO INTENDS TO OFFER AGENCIES AND THEIR CONSTITUENTS A SAFE, AFFORDABLE, COMPLIANT AND VIABLE ALTERNATIVE TO HIGH-COST PREDATORY PAYDAY AND SUBPRIME AUTO LENDERS.
Interesting data from their 2020 990 filing
The non-profit's aim, as indicated in the filing, is “To provide small business loans and microfinancing to victims of oppression and persecution without regard to the race, nationality or religion of the beneficiaries; to receive, manage, sell, exchange, invest and reinvest the funds transferred to the corporation, and to apply the income and principal to the establishment and support of charitable and educational activities.”.
When referring to its functions, they were specified as: “To provide small business loans and microfinancing to victims of oppression and persecution without regard to the race, nationality or religion of the beneficiaries; to receive, manage, sell, exchange, invest and reinvest the funds transferred to the corporation, and to apply the income and principal to the establishment and support of charitable and educational activities.”.
- The non-profit has reported their operating state as NY, as required by law.
- As stated in the filing, the non-profit's address in 2020 was 122 EAST 42ND STREET 14TH FLOOR, NEW YORK, NY, 10168.
- The non-profit's form reports a total of 0 employees as of 2020.
- Is not a private foundation.
- Expenses are between $250,000 and $500,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $1,219,687.
- The organization has 2 independent voting members.
- The organization was formed in 2011.
- The organization pays $85,605 in salary, compensation, and benefits to its employees.
- The organization pays $14,131 in fundraising expenses.
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