2024-08-15T14:23:45-05:00 2023-09-30 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 245 PARK AVENUE 12TH FLOOR NEW YORK NY 10167 990 2022-10-01 453686069 IRC'S CENTER FOR ECONOMIC OPPORTUNITY INC IRCS 6196634186 PO BOX 152188 SAN DIEGO CA 92195 ELLEN BEATTIE TREASURER 6196634186 2024-08-15 1 1 MELISSA MODELSON P01603524 2122862600 2024-08-15 2022 2024-08-08 14:25:15Z KASRA MOVAHEDI PO BOX 152188 SAN DIEGO CA 92195 6039414 0 X HTTPS://WWW.IRC-CEO.ORG/ X 2011 NY TO HELP CREATE A MORE FAIR FINANCIAL SYSTEM THROUGH WHICH PEOPLE REALIZE THEIR POTENTIAL AND COMMUNITIES PROSPER. 5 3 8 23 0 0 5228956 4973077 412351 818017 3170 36978 14151 211342 5658628 6039414 435100 1950 0 0 798892 1010581 0 0 88986 1361098 341084 2595090 1353615 3063538 4685799 12149016 18295231 4256114 5716530 7892902 12578701 TO UNLOCK ACCESS TO CREDIT FOR REFUGEES, IMMIGRANTS, AND OTHERS SEEKING TO BUILD BETTER LIVES. 0 0 1029661 1950 818017 CEO SEEKS TO RESPONSIBLY DEPLOY CAPITAL TO UNDERSERVED, CREDIT-THIN REFUGEE AND IMMIGRANT COMMUNITIES THROUGH TRUSTED COMMUNITY PARTNERS THAT ALSO OFFER CREDIT EDUCATION AND RELATED ASSET-BUILDING SERVICES. IN FISCAL YEAR 2023, CEO REALIZED SIGNIFICANT GROWTH IN EVERY FACET OF OUR OPERATION - INCLUDING ACROSS ALL PRODUCTS AND LINES OF BUSINESS. THE ORGANIZATION CLOSED OVER 2,200 LOANS TOTALING MORE THAN $10 MILLION FINANCED ALMOST EXLUCISVELY TO LOW-INCOME INDIVIDUALS RFERRED TO US THROUGH OUR NETWORK OF PARTNERS. 1029661 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 11 0 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 3 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 CA MD NJ NY X X ELLEN BEATTIE TREASURER 2125513000 122 EAST 42ND STREET 14TH FL NEW YORK NY 101681289 HANS VAN DE WEERD PRESIDENT 0.50 37.50 X X 0 334189 38404 ELLEN BEATTIE TREASURER 0.50 37.50 X X 0 154127 29981 SEAN CARPENTER CHAIRMAN 0.50 1.00 X X 6406 0 0 MICHAEL AIKENS SECRETARY 0.50 0.00 X X 0 0 0 RADHA RAJKOTIA DIRECTOR, THRU OCT. 2022 0.50 0.00 X 0 0 0 SUTANTO WIDJAJA DIRECTOR 0.50 0.00 X 0 0 0 KASRA MOVAHEDI EXECUTIVE DIRECTOR 37.50 0.00 X 135712 0 25822 MARY GRACE NER DEPUTY DIR., FINANCE & ADMIN. 37.50 0.00 X 84752 0 28134 226870 488316 122341 1 0 1 0 0 435237 107863 4429977 20237 4973077 LOAN INTEREST INCOME 522291 474210 474210 LOAN ASSISTANCE 522291 343807 343807 818017 36978 36978 REVERSAL OF LOAN LOSS 900099 208217 208217 OTHER INCOME 900099 3125 3125 211342 6039414 818017 0 248320 1950 1950 283683 221777 36926 24980 330909 258699 43072 29138 50669 39612 6595 4462 129947 101591 16914 11442 215373 168375 28034 18964 21084 21084 25509 21952 3557 44489 44489 149233 141564 7669 546 546 15717 420 15297 62957 62957 10658 10658 BAD DEBT EXPENSE 5756 5756 MISC OPERATING EXPENSES 5135 5008 127 1353615 1029661 234968 88986 3346869 2870507 859632 892682 833728 298336 1080 19075 7077707 14184631 30000 30000 12149016 18295231 234447 330419 4021667 5386111 4256114 5716530 X 1662931 3510866 6229971 9067835 7892902 12578701 12149016 18295231 4685799 0 X 0 1 X 0 0 X 1454543 1746494 2432655 5228956 4973077 15835725 1454543 1746494 2432655 5228956 4973077 15835725 527091 15308634 7163 3447 169 3170 36978 50927 4614 28711 14151 211342 258818 16145470 2091172 0.94820 0.92490 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 114. 2020 AMOUNT: $ 2,789. 2021 AMOUNT: $ 13,251. 2022 AMOUNT: $ 3,125. REIMBURSEMENTS - 2019 AMOUNT: $ 4,500. 2020 AMOUNT: $ 25,922. 2021 AMOUNT: $ 900. REVERSAL OF LOAN LOSSES - 2022 AMOUNT: $ 208,217. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM-RELATED LOANS RECEIVABLE 14184631 C 14184631 X 6039414 0 6039414 0 6039414 1353615 0 1353615 0 1353615 PART X, LINE 2: THE ORGANIZATION IS UNAWARE OF ANY UNCERTAIN TAX POSITIONS AS OF SEPTEMBER 30, 2023 IN ACCORDANCE WITH ASC TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. X 0 0 0 0 0 0 0 0 0 HANS VAN DE WEERD PRESIDENT 0 331586 0 0 0 2603 0 33065 0 5339 0 372593 0 0 ELLEN BEATTIE TREASURER 0 152142 0 0 0 1985 0 18519 0 11462 0 184108 0 0 KASRA MOVAHEDI EXECUTIVE DIRECTOR 135442 0 0 0 270 0 14450 0 11372 0 161534 0 0 0 PART I, LINE 3 INTERNATIONAL RESCUE COMMITTEE, A RELATED ORGANIZATION, COMPENSATES SEVERAL MEMBERS OF THE BOARD. BELOW IS THEIR COMPENSATION POLICY: THE IRC BOARD OF DIRECTORS ESTABLISHED A COMPENSATION COMMITTEE. PURSUANT TO IRC BYLAWS AND BOARD GOVERNANCE GUIDELINES, COMPENSATION COMMITTEE MEMBERS ARE NOMINATED BY THE NOMINATING AND GOVERNANCE COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL AT THE ANNUAL MEETINGS. ALL COMPENSATION COMMITTEE MEMBERS ARE INDEPENDENT, UNCOMPENSATED MEMBERS OF THE BOARD. THE COMPENSATION COMMITTEE MEETS ANNUALLY TO REVIEW THE PERFORMANCE OF AND DETERMINE COMPENSATION FOR THE PRESIDENT AND CEO. IN ADDITION, THE COMMITTEE REVIEWS THE COMPENSATION FOR THE SENIOR EXECUTIVE TEAM, WHICH INCLUDES OFFICERS AND KEY EMPLOYEES. AN EXPERIENCED, INDEPENDENT CONSULTANT IS ENGAGED TO COMPILE COMPARATIVE COMPENSATION DATA, COMPENSATION RANGES, AND RELATED MATTERS. THE CONSULTANT ALSO PRESENTS TO THE COMMITTEE, A REVIEW OF INTERMEDIATE SANCTIONS RULES, CHANGES IN THOSE RULES IN THE PRECEDING YEAR, AND THE MANNER IN WHICH THE COMPENSATION COMMITTEE NEEDS TO PROCEED IN ORDER TO BE COMPLIANT. THE CONSULTANT MAKES HIS PRESENTATION VERBALLY, IN PERSON, TO THE COMMITTEE, AS WELL AS IN THE FORM OF A WRITTEN REPORT. THE COMPENSATION COMMITTEE MAINTAINS A RECORD OF ITS REVIEW AND DETERMINATIONS IN COMMITTEE MEETING MINUTES. FORM 990, PART VI, SECTION A, LINE 6 IRC'S CENTER FOR ECONOMIC OPPORTUNITY, INC. HAS THREE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS HAVE FULL VOTING RIGHTS AND SUCH OTHER RIGHTS AS ARE GRANTED TO MEMBERS UNDER THE NEW YORK NOT-FOR-PROFIT CORPORATION LAW. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MAY RECEIVE REPORTS ON THE ACTIVITIES OF THE CORPORATION, INCLUDING THE ANNUAL FINANCIAL REPORT PREPARED AND PRESENTED IN ACCORDANCE WITH SECTION 13 OF ARTICLE II, AND DETERMINE THE DIRECTION OF THE CORPORATION FOR THE COMING YEAR AT ITS ANNUAL MEETING. SPECIAL MEETINGS OF THE MEMBERS, FOR ANY PURPOSE OR PURPOSES, MAY BE CALLED AT ANY TIME BY THE CHAIRMAN OF THE BOARD OF DIRECTORS OR THE MEMBERS. CURRENTLY-SEATED MEMBERS OF THE CORPORATION MAY ADD OR REMOVE MEMBERS OF THE CORPORATION VIA UNANIMOUS VOTE. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B IRC'S CENTER FOR ECONOMIC OPPORTUNITY, INC. ("IRC'S CEO") HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY THE EXECUTIVE DIRECTOR AND DEPUTY DIRECTOR, FINANCE & ADMINISTRATION OF IRC'S CEO, AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO THE BOARD FOR REVIEW AND APPROVAL. ONCE THE BOARD HAS APPROVED THE RETURN IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO IRC'S CEO BOARD MEMBERS AND IRC STAFF PERFORMING DUTIES FOR IRC'S CEO. THE POLICY ASKS FOR ANNUAL DISCLOSURES FROM ALL BOARD MEMBERS AND INVOLVED IRC STAFF. THESE DISCLOSURES ARE REVIEWED BY THE BOARD (OR ASSIGNED SUBCOMMITTEE) ANNUALLY AND PERIODICALLY. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE THAT A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE RESPONSE OF THE MEMBER AND MAKING SUCH FURTHER INVESTIGATION AS MAY BE WARRANTED IN THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THAT THE MEMBER HAS IN FACT FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE CORRECTIVE ACTION. A BOARD MEMBER WITH A POTENTIAL CONFLICT OF INTEREST IS REQUIRED TO RECUSE HIMSELF OR HERSELF FROM THE MEETING DISCUSSION AND REFRAIN FROM VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 TWO OF THE FIVE IRC CEO'S BOARD MEMBERS ARE THE IRC'S LEADERSHIP STAFF AND ARE COMPENSATED BY THE IRC (CEO'S PARENT COMPANY). THEIR COMPENSATION FOLLOW THE IRC'S COMPENSATION POLICIES. IRC'S CEO AS A NON-CONSOLIDATED SUBSIDIARY OF THE INTERNATIONAL RESCUE COMMITTEE HAS ADOPTED THE PARENT COMPANY COMPENSATION PROGRAM AND SALARY BAND STRUCTURE. THE TOP OFFICIAL IS THE EXECUTIVE DIRECTOR, AND THAT POSITION IS THE ONE REVIEWED BY THE BOARD WITH BENCHMARKS MADE AGAINST OTHER POSITIONS AT THE PARENT ORGANIZATION, THE INTERNATIONAL RESCUE COMMITTEE, AND OTHERS WITH SIMILAR TITLE AND RESPONSIBILITIES WITHIN THE COMMUNITY DEVELOPMENT FINANCE INDUSTRY. THE TRADE ASSOCIATION FOR CDFIS PUBLISHES A SALARY SURVEY ON A REGULAR BASIS; CEO HAS SUBSCRIBED TO THAT SALARY SURVEY AND HAS BEEN ABLE TO USE IT TO ALIGN ITS COMPENSATION STRUCTURE WITH THAT OF OTHER SIMILAR-SIZED ORGANIZATIONS WITH A NATIONAL FOOTPRINT. THE CEO BOARD OF DIRECTORS REVIEWS THIS DATA, AND IN CONSULTATION WITH THE HR TEAM AT THE PARENT ORGANIZATION, DETERMINES AND THEN APPROVES AN APPROPRIATE COMPENSATION STRUCTURE FOR THE EXECUTIVE DIRECTOR. THIS WAS LAST UNDERTAKEN IN DECEMBER 2023. THE BOARD REVIEWED AND APPROVED THE BUDGET PROPOSAL FOR THE CURRENT FISCAL YEAR WHICH INCLUDED AN INCREASE TO SALARIES FOR CEO STAFF INCLUDING ITS EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS ALSO POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE ALSO AVAILABLE TO THE PUBLIC UPON REQUEST. 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