Delaware Community Reinvestment Action Council Inc
Delaware Community Reinvestment Action Council Inc
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About this organization
Mission
DCRAC transforms financial lives by ensuring equitable treatment and equal access to credit and capital throughout Delaware. DCRAC integrates legal & financial services with community education and advocacy to enable low-wealth Delawareans to manage their own financial futures and thrive within mainstream banking and legal systems. We proudly work with community members to match our services to their needs, ensuring everyone who walks through our doors has the necessary services, resources, and knowledge to access credit, capital, and legal support. In Delaware, we’re also the only group making sure the big banks that our state economy is built around give back to the community—and we’ve been doing that since 1987.
About
Low income tax clinic: as part of the internal revenue service restructuring and reform act of 1998 (rra 98), congress enacted irc 7526 to authorize funding for the litc grant program. The program protects taxpayers' rights by providing access to representation for low-income taxpayers, so that achieving a correct outcome in an irs dispute does not depend on the taxpayer's ability to pay for representation. DCRAC's litc provides free legal services to low-income taxpayers in Delaware. Since 2003, we have helped more than 1,000 taxpayers resolve their tax debts with the state and the irs.
Interesting data from their 2020 990 filing
The purpose of the non-profit is stated in the filing as “Since 1987, delaware community reinvestment action council (dcrac) has served the community as a strong consumer advocate, effective educator of consumer finance, foreclosure prevention professional, title & tax attorneys, and as a banker. dcrac's mission is to ensure equitable treatment and equal access to credit and capital through advocacy, education, legislation and outreach. dcrac's purpose: 1) build a pool of qualified borrowers of financial products and services2) build the capacity of financial institutions to offer products and services”.
Their activities were defined as: “The mission of the delaware community reinvestment action council is rooted in equality, economic empowerment, and education. we believe everyone deserves a chance to succeed, and we offer guidance and support to do so. we serve delaware families working hard to escape poverty and build a better life for themselves and their families. our success measures include helping families save three months of their income, build a ladder of credit to escape debt traps, reduce the homeownership gap between black and white homeowners by creating new homeowners and preventing foreclosures, and we fight for equal access to economic opportunities.”.
- As per legal requirements, the non-profit's state of operation is reported as DE.
- The non-profit's address in 2020 as per the filing is 600 SOUTH HARRISON STREET, WILMINGTON, DE, 19805.
- The form of the non-profit organization shows 10 employees as of 2020.
- Is not a private foundation.
- Expenses are between $500,000 and $1,000,000+.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $853,600.
- The organization has 9 independent voting members.
- The organization was formed in 1987.
- The organization pays $435,921 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.