2024-11-25T11:48:16-06:00 2024-03-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-04-01 060842738 CAPITAL FOR CHANGE INC CAPI 8009923665 10 ALEXANDER DRIVE WALLINGFORD CT 06492 DIANE SMITH CHIEF EXECUTIVE OFFICER 8009923665 2024-11-20 1 1 ANDREW R PURICELLI CPA P01633436 5083669100 2024-11-20 2023 2024-10-15 13:58:12Z DIANE SMITH 10 ALEXANDER DRIVE WALLINGFORD CT 06492 10463119 0 X WWW.CAPITALFORCHANGE.ORG X 1968 CT TO PROVIDE RESPONSIVE FINANCIAL SERVICES FOR INCLUSIVE & SUSTAINABLE COMMUNITIES. 11 11 59 18 0 0 1798561 3433703 6109324 6944203 22270 85213 0 0 7930155 10463119 0 0 0 0 4108369 4350786 0 0 155289 3619754 3582932 7728123 7933718 202032 2529401 73173736 76235581 53927647 54558118 19246089 21677463 X TOGETHER WITH ITS PARTNERS, CAPITAL FOR CHANGE (C4C) AIMS FOR MORE STABILITY, WELL-BEING, AND ENVIRONMENTALLY CONSCIOUS DEVELOPMENT FOR LOW-MODERATE INCOME INDIVIDUALS AND COMMUNITIES THROUGH ITS RESPONSIVE FINANCIAL SERVICES AND PRODUCTS. 0 0 7245416 6944203 COVERING ALL OF CONNECTICUT, C4C IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) APPROVED BY THE US TREASURY TO PROVIDE A VARIETY OF FINANCIAL SERVICES TO CONSUMERS, NONPROFITS, BUSINESSES, AND PUBLIC INSTITUTIONS. INSTITUTIONAL AS WELL AS PRIVATE SOCIAL IMPACT INVESTORS TRUST C4C WITH THEIR FUNDS BECAUSE OF HOW WELL WE MANAGE RISK AND THE RESULTS WE DELIVER, OVER 7,000 AFFORDABLE HOUSING UNITS, THOUSANDS OF JOBS AND SIGNIFICANT CO2 REDUCTION. C4C'S FINANCIAL BASE OF $73 MILLION IN ASSETS HAS ENABLED THOUSANDS OF LOANS FOR CONSUMER AND COMMERCIAL HOUSING AND ENERGY EFFICIENCY IMPROVEMENTS THIS YEAR ALONE. C4C ALSO HAS DECADES OF EXPERIENCE IN LOAN SERVICING FOR ORGANIZATIONS SUCH AS STATE AND MUNICIPAL PUBLIC INSTITUTIONS, IN PARTICULAR FOR ENERGY EFFICIENCY LOAN PROGRAMS. SEE WWW.CAPITALFORCHANGE.ORG FOR MORE DETAILS. 7245416 1 1 0 0 0 0 0 0 1 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 260 0 1 59 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CT X JEFFREY LEVITSKY 8009923665 10 ALEXANDER DRIVE WALLINGFORD CT 06492 BENNA LEHRER BOARD CHAIR (AS OF 1/24) 0.50 0.50 X X 0 0 0 DOROTHY ADAMS BOARD CHAIR (UNTIL 1/24) 0.50 0.50 X X 0 0 0 JEFF ROBINSON TREASURER 0.50 0.50 X X 0 0 0 ROBIN GOLDEN SECRETARY 0.50 0.50 X X 0 0 0 BRIAN ROBINSON DIRECTOR 0.50 0.50 X 0 0 0 ANNA BLANDING DIRECTOR 0.50 X 0 0 0 GINNE-RAE CLAY DIRECTOR 0.50 X 0 0 0 MICHAEL VAN LEESTEN DIRECTOR 0.50 X 0 0 0 EDWARD SEIBERT DIRECTOR 0.50 X 0 0 0 JOHN STEVENS DIRECTOR 0.50 X 0 0 0 ANDREW BEAMON DIRECTOR 0.50 X 0 0 0 CAROLYN GONZALEZ DIRECTOR 0.50 X 0 0 0 CHARLES BODIE CFO (UNTIL 6/23) 40.00 X 75301 0 15933 BHAVANI DARYANANI INTERIM CFO (6/23 - 12/23) 40.00 X 64423 0 1352 RICHARD MCGEARY CFO (AS OF 12/23) 40.00 X 5885 0 0 DIANE SMITH PRESIDENT & CEO 37.50 2.50 X 179039 0 6160 CARLA WEIL DIRECTOR OF COMMERCIAL LENDING & IMPACT 40.00 X 125406 0 16127 JEFF LEVITSKY DIRECTOR OF ACCOUNTING 40.00 X 121191 0 22428 KRISTEN FUSCO DIRECTOR OF CONSUMER LENDING 40.00 X 107429 0 36553 GARY CLARK DIRECTOR OF LOAN SERVICING 40.00 X 116358 0 23122 CASSANDRA BRADLEY OFFICER, SENIOR MULTI-FAMILY LENDING 40.00 X 107515 0 20994 902547 0 142669 7 0 1 0 OMNI MECHANICAL SERVICES LLC 229 FARNHAM ROAD SOUTH WINDSOR CT 06074 CONTRACTOR 568837 TOTAL MECHANICAL SYSTEMS LLC 140 NEW BRITAIN AVE PLAINVILLE CT 06062 CONTRACTOR 524559 SALVATORE MARINO 75 NAUBUC AVENUE GLASTONBURY CT 06033 CONTRACTOR 383345 TOTAL COMFORT CONTROL LLC 401 SOUNDVIEW ROAD GUILFORD CT 06437 CONTRACTOR 368295 CALL THE BEE HEATING COOLING PLUMBING 7 EASTVIEW DRIVE FARMINGTON CT 06032 CONTRACTOR 357799 58 3334386 99317 3433703 SERVICE FEES 531390 4270219 4270219 MORTGAGE INTEREST 531390 2673984 2673984 6944203 85213 85213 10463119 6944203 0 85213 380298 155903 186365 38030 3118001 2920002 146826 51173 108190 101968 3792 2430 456528 417393 27038 12097 287769 259776 19876 8117 65085 56672 6515 1898 72000 62694 7206 2100 319864 278520 32017 9327 118616 105102 10466 3048 218862 193924 19312 5626 98087 86911 8655 2521 1376701 1370126 5092 1483 213420 189102 18831 5487 115289 100040 11809 3440 WRITE-OFF LOANS RECEIVA 675013 675013 ADMINISTRATIVE EXPENSES 221042 193453 21364 6225 REPAIRS AND MAINTENANCE 88953 78817 7849 2287 7933718 7245416 533013 155289 13387230 8365262 2119553 7588563 341865 2012442 2022347 57351 75646 5231742 1871286 3477071 3360456 1294294 1007541 50810705 53306779 15090 167122 73173736 76235581 423148 319474 160924 317831 2960276 2655451 152000 200000 44229429 32712486 11760766 6001870 6592110 53927647 54558118 X 14280488 15107414 4965601 6570049 19246089 21677463 73173736 76235581 X 2529401 1141 -99168 X X 0 1 X 1 1 1 X 1272211 1127095 4306331 1798561 3433703 11937901 6378765 5903130 6011975 6109324 6944203 31347397 7650976 7030225 10318306 7907885 10377906 43285298 1600 2500 1600 5700 20698 20698 1600 23198 1600 26398 43258900 9806 13982 17233 22270 85213 148504 9806 13982 17233 22270 85213 148504 7660782 7044207 10335539 7930155 10463119 43433802 0.99600 0.99720 0.00340 0.00210 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 241686 241686 783961 157110 626851 2443253 376422 2066831 1762842 1337754 425088 3360456 NOTES AND LOANS RECEIVABLE 53306779 C 53306779 CONDITIONAL ADVANCES 5507167 FUNDS HELD FOR OTHERS 543421 CREDIT LOSS LIABILITY - UNFUNDED COMMITMENTS 541522 6592110 X PART IV, LINE 2B: BANK ACCOUNT BALANCES IN TRUST TO THE ORGANIZATION UNDER THIRD-PARTY FIDUCIARY CONTRACTS ARE REFLECTED AS RESTRICTED CASH AND ESCROW LIABILITIES AND ARE REQUIRED TO BE MAINTAINED IN A SEPARATE BANK ACCOUNT. PART X, LINE 2: THE ORGANIZATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE COMBINED FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COMBINED FINANCIAL STATEMENTS AT MARCH 31, 2024. THE ORGANIZATION'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. X X X 0 0 0 0 0 0 0 0 0 DIANE SMITH PRESIDENT & CEO 179039 0 0 0 0 0 4348 0 1812 0 185199 0 0 0 BENNA LEHRER BOARD MEMBER SUPPORT COMMUNITY LOAN POOL X 20000 20000 0 1 1 DOROTHY ADAMS BOARD MEMBER SUPPORT COMMUNITY LOAN POOL X 100000 100000 0 1 1 JEFFREY ROBINSON BOARD MEMBER SUPPORT COMMUNITY LOAN POOL X 30000 30000 0 1 1 NANCY WEIL MOTHER OF EMPLOYEE OF C4C SUPPORT COMMUNITY LOAN POOL X 50000 50000 0 1 1 200000 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FEDERAL FORM 990 WAS PROVIDED TO THE ORGANIZATION'S FINANCE PERSONNEL FOR REVIEW PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE (IRS). FOLLOWING THIS REVIEW THE FORM 990 WAS PROVIDED TO EACH MEMBER OF THE ORGANIZATION'S FINANCE COMMITTEE, PRIOR TO FILING WITH THE IRS. FOLLOWING THIS REVIEW THE FORM 990 WAS PROVIDED TO EACH MEMBER OF THE ORGANIZATION'S BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. AS PART OF THE TAX RETURN PREPARATION PROCESS THE ORGANIZATION HIRED A PROFESSIONAL CPA FIRM WITH EXPERIENCE AND EXPERTISE IN NOT-FOR-PROFIT TAX RETURN PREPARATION TO PREPARE THE FEDERAL FORM 990. THE CPA FIRM'S TAX PROFESSIONALS WORKED CLOSELY WITH THE ORGANIZATION'S FINANCE PERSONNEL AND VARIOUS OTHER INDIVIDUALS OF THE ORGANIZATION TO OBTAIN THE INFORMATION NEEDED IN ORDER TO PREPARE A COMPLETE AND ACCURATE TAX RETURN. THE CPA FIRM PREPARED A DRAFT FEDERAL FORM 990 AND FURNISHED IT TO THE ORGANIZATION'S FINANCE PERSONNEL AND OTHER INDIVIDUALS FOR THEIR REVIEW. THE ORGANIZATION'S FINANCE PERSONNEL AND OTHER INDIVIDUALS REVIEWED THE DRAFT FEDERAL FORM 990 AND DISCUSSED QUESTIONS AND COMMENTS WITH THE CPA FIRM. REVISIONS WERE MADE TO THE DRAFT FEDERAL FORM 990 WHERE NECESSARY AND A REVISED DRAFT WAS THEN FURNISHED BY THE CPA FIRM TO THE ORGANIZATION'S FINANCE PERSONNEL AND VARIOUS OTHER INDIVIDUALS FOR REVIEW AND APPROVAL PRIOR TO PRESENTATION OF THE FEDERAL FORM 990 TO THE MEMBERS OF THE ORGANIZATION'S FINANCE COMMITTEE. REVISIONS WERE THEN MADE TO THE DRAFT FEDERAL FORM 990 WHERE NECESSARY AND A FINAL DRAFT WAS FURNISHED BY THE CPA FIRM TO THE ORGANIZATION'S FULL BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IS PROVIDED TO DIRECTORS IN THE BOARD RESOURCE MANUAL. DIRECTORS REVIEW POTENTIAL/ACTUAL CONFLICT OF INTEREST ISSUES AS REQUIRED AND ALSO ANNUALLY DOCUMENT THEIR INVOLVEMENTS ON AN ANNUAL DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE SALARIES OF MEMBERS OF SENIOR MANAGEMENT ARE REVIEWED AGAINST PUBLICLY AVAILABLE COMPENSATION SURVEYS. JOB CLASSES/RANGES ARE ADJUSTED TO REFLECT THIRD-PARTY DATA AND ARE REVIEWED BY THE EXECUTIVE COMMITTEE. THE BOARD, VIA THE EXECUTIVE COMMITTEE, OVERSEE THE COMPENSATION OF THE CEO. CEO COMPENSATION IS DETERMINED BY REVIEWING FORM 990S AND INDUSTRY SURVEY AND JOB GRADES AND IS APPROVED BY THE BOARD. THE SALARIES OF ALL MEMBERS OF SENIOR MANAGEMENT ARE REVIEWED BY THE EXECUTIVE COMMITTEE AND COMPARED TO INDUSTRY DATA. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS AND AUDITED FS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CUMULATIVE ADJUSTMENT FROM ADOPTION OF NEW CREDIT LOSS STANDARD -390,175. RECOVERY OF CREDIT LOSSES - FUNDED LOANS 442,354. PROVISION FOR CREDIT LOSSES - UNFUNDED LOANS -151,347. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE TO THE SELECTION PROCESS DURING THE TAX YEAR. 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