2025-08-15T20:07:37-04:00 2024-09-30 113287732 Padilla and Company LLP 175-61 Hillside Avenue Ste 200 Jamaica NY 11432 990 2023-10-01 453686069 IRCS CENTER FOR ECONOMIC OPPORTUNITY INC IRCS PO BOX 152188 San Diego CA 92195 ELLEN BEATTIE TREASURER 6196634186 2025-08-14 false true Jose Paolo Espiritu P01304010 7185585858 2025-08-15 2023 2025-03-06 01:10:19Z Ariana Miller 6038537 false X HTTPS://WWW.IRC-CEO.ORG/ X 2011 NY To unlock access to credit to help create a fair financial system where low-income people can realize their potential to build better lives and communities prosper. 5 3 15 23 0 0 4973077 4256729 818017 1726248 36978 55560 211342 0 6039414 6038537 1950 0 0 1010581 1660025 0 335438 341084 5335708 1353615 6995733 4685799 -957196 18295231 28193836 5716530 16572331 12578701 11621505 To unlock access to credit to help create a fair financial system where low-income people can realize their potential to build better lives and communities prosper. false false 6298800 4070 1181655 CEO provides support to low and very low income households with consumer and small business loans in partnership with local community organizations that also offer credit education and related asset-building services. By fiscal year end 2024, CEO had 3,179 loans in its $19.5 million portfolio, reaching borrowers in 18 states with 37 local partners providing support to borrowers in their communities. 94% of these borrowers were from low income households and 63% of those borrowers had no or sub-prime credit scores before becoming CEO clients. CEOs lending activity, when combined with credit education and technical assistance, is proven to lead to improved credit scores: in a study conducted in 2024 with the Credit Builders Alliance, 98% of those who had no credit score before getting a CEO-funded loan were able to establish credit and 66% of these borrowers achieved a prime score of 660 or higher. These outcomes...(continuation in Schedule O, General Explanation) 6298800 true true false false false false false false false false false false true false false true true false false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true 8 0 15 true false false false false false false false false false false false false false false false false false X 5 3 false false false false true true false true false false false true true true true true true true true false CA MD NJ NY X X ELLEN BEATTIE 2125513000 122 EAST 42ND STREET 14TH FL New York NY 101681289 Johannes Van de Weerd Board President 37.50 0.00 X 340523 0 0 Ellen Beattie Board Tresurer 37.50 0.00 X 247000 0 0 Kasra Movahedi Executive Director 37.50 0.00 X 149618 0 0 Megan Hershiser Assoc Dir Corporate Partne 37.50 0.00 X 115038 0 0 Gokcen Topbas Director Credit Strategy 37.50 0.00 X 107210 0 0 Senad Voloder Dep Dir Origination & Serv 37.50 0.00 X 100237 0 0 Mary Grace Ner Dep Dir Finance & Administ 37.50 0.00 X 95635 0 0 Zachary Bezold Dep Dir Learning & Innovat 37.50 0.00 X 92438 0 0 Ariana Miller Executive Director 37.50 0.00 X 0 0 0 1247699 0 0 10 true true false 436956 3819773 4256729 Loan interest and fee 900099 1181173 1181173 Portfolio management 900099 545075 545075 1726248 55560 55560 6038537 1781808 0 0 1283730 992863 107326 183541 376295 291008 31459 53828 216083 2100 145455 68528 28030 4995 23035 139601 133792 4014 1795 2962 2962 65732 35019 2967 27746 240882 240882 17310 17310 Bad debts expenses 12660 12660 Miscellaneous 562386 560481 1905 Bank fees 25062 25062 Recoverable grants expenses 4025000 4025000 6995733 6298800 361495 335438 2870507 7391634 892682 939595 298336 1267570 19075 73666 14184631 18491371 30000 30000 18295231 28193836 330419 123609 5386111 16448722 5716530 16572331 X 3510866 3221676 9067835 8399829 12578701 11621505 18295231 28193836 -957196 0 X false true X false false X 1746494 2432655 5228956 4973077 4256729 18637911 1746494 2432655 5228956 4973077 4256729 18637911 1206826 17431085 3447 169 3170 36978 55560 99324 18737235 0.93030 0.94820 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED Investments - program related 18491371 18491371 Security deposit 30000 30000 X 6038537 6038537 6038537 6995733 6995733 6995733 Footnote for uncertain tax position under FIN 48 (Part X) The Organization does not believe its financial statements include any material uncertain tax positions that require adjustment to the financial statements to comply with the provisions of Financial Accounting Standards Board (FASB) Accounting StandardsCodification (ASC) 740, Accounting for Uncertainty in Income Taxes. Tax filings forperiods ending September 30, 2021 and later are subject to examination by applicabletaxing authorities. X false false false false false false false false false Ellen Beattie Board Tresurer 247000 247000 Johannes Van de Weerd Board President 340523 340523 Kasra Movahedi Executive Director 149618 149618 Members or stockholder classes and rights Part VI line 6 IRCS CENTER FOR ECONOMIC OPPORTUNITY, INC. HAS THREE MEMBERS. Member election for additional members Part VI 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. Governing body decisions Part VI 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. Committee meeting documentation Part VI line 8b THE ORGANIZATION HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. Form 990 governing body review Part VI line 11 IRCS CENTER FOR ECONOMIC OPPORTUNITY, INC. (IRCS 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 IRCS 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. Conflict of interest policy compliance Part VI line 12c THE CONFLICT OF INTEREST POLICY APPLIES TO IRCS CEO BOARD MEMBERS AND IRC STAFF PERFORMING DUTIES FOR IRCS 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... (continuation in Schedule O, General Explanation) CEO executive director top management comp Part VI line 15a TWO OF THE FIVE IRC CEOS BOARD MEMBERS ARE THE IRCS LEADERSHIP STAFF AND ARE COMPENSATED BY THE IRC (CEOS PARENT COMPANY). THEIR COMPENSATION FOLLOW THE IRCS COMPENSATION POLICIES. IRCS 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... (continuation in Schedule O, General Explanation) Other officer or key employee compensation Part VI line 15b TWO OF THE FIVE IRC CEOS BOARD MEMBERS ARE THE IRCS LEADERSHIP STAFF AND ARE COMPENSATED BY THE IRC (CEOS PARENT COMPANY). THEIR COMPENSATION FOLLOW THE IRCS COMPENSATION POLICIES. IRCS 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... (continuation in Schedule O, General Explanation) Governing documents etc available to public Part VI 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 ORGANIZATIONS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE ALSO AVAILABLE TO THE PUBLIC UPON REQUEST. General explanation attachment (continuation of Part III, 4a)...give these borrowers a path to other wealth-building opportunities and further CEOs mission of unlocking access to credit. (continuation of Schedule O, Part VI, Line 12c)...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. (continuation of Schedule O, Part VI, Lines 15a and 15b)...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. 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