2026-08-17T11:57:52-04:00 2025-09-30 113287732 Padilla and Company LLP 175-61 Hillside Avenue Ste 200 Jamaica NY 11432 990 2024-10-01 453686069 IRCS CENTER FOR ECONOMIC OPPORTUNITY INC % Ellen Beattie IRCS 8886121002 PO BOX 152188 San Diego CA 92195 ELLEN BEATTIE Board President Interim ED 8886121002 2026-08-10 false true JOSE PAOLO ESPIRITU P01304010 7185585858 2026-08-17 2024 2025-03-06 01:10:19Z 6801266 false 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. 9 5 15 23 0 0 4256729 4619536 1726248 1849428 55560 332137 165 6038537 6801266 0 0 1660025 2149349 0 419994 5335708 4482730 6995733 6632079 -957196 169187 28193836 27853053 16572331 16062361 11621505 11790692 TO HELP CREATE A MORE FAIR FINANCIAL SYSTEM THROUGH WHICH PEOPLE REALIZE THEIR POTENTIAL AND COMMUNITIES PROSPER. false false 5767003 1450000 1353424 IRCs Center for Economic Opportunity (IRC-CEO) advances its exempt purpose by expanding responsible access to credit for low- and very-low-income refugees, immigrants, and other individuals and households with limited access to conventional financing. During the fiscal year ended September 30, 2025, IRC-CEO provided responsible consumer and small business loans in collaboration with community-based partners that also offered credit education, technical assistance, and related financial capability and asset-building support. During FY2025, IRC-CEO deployed approximately $7.7 million in lending capital and maintained 3,681 outstanding loans as of September 30, 2025. IRC-CEOs integrated lending and education model helped borrowers establish or improve credit, address essential household and business needs, and pursue longer-term financial stability. (continuation in Schedule O, General Explanation) 5767003 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 true false true 21 0 15 true false false false false false false false false false false false false false false false false false X 9 5 false false false false true true true 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 0 375887 0 Ellen Beattie Board President Interim ED 37.50 0.00 X 0 285203 0 Kasra Movahedi Executive Director 37.50 0.00 X 172122 0 0 Megan Hershiser Assoc Dir Corporate Partnerships 37.50 0.00 X 159474 0 0 Gokcen Topbas Director Credit Strategy 37.50 0.00 X 138289 0 0 Senad Voloder Dep Dir Origination & Servicing 37.50 0.00 X 133792 0 0 Mary Grace Ner Dep Dir Finance & Administration 37.50 0.00 X 121210 0 0 Zachary Bezold Dep Dir Learning & Innovation 37.50 0.00 X 111762 0 0 Ariana Miller Executive Director 37.50 0.00 X 0 0 0 836649 661090 0 6 true true false Vermeer Consulting Group LLC Financial services 120922 1 800348 3819188 4619536 Loan interest and fee i 900099 1354984 1354984 Portfolio management se 900099 342500 342500 Loan adminstration fee 900099 151944 151944 1849428 332137 332137 0 Other income 900099 165 165 165 6801266 2181730 0 0 764813 496027 75758 193028 897355 828062 37363 31930 487181 388091 33155 65935 38344 10586 18114 9644 298795 82487 141152 75156 115241 115241 256998 251237 4026 1735 2296 2296 67350 24284 500 42566 345052 345052 17477 17477 Provision for credit losses 1873310 1873310 Subrecipient grants 1450000 1450000 Loan forgiven 15409 15409 Loan fees 1500 1500 958 958 6632079 5767003 445082 419994 7391634 9830444 939595 1267570 457915 73666 70805 18491371 17402708 30000 91181 28193836 27853053 123609 176541 16448722 15885820 16572331 16062361 X 3221676 2007763 8399829 9782929 11621505 11790692 28193836 27853053 169187 0 X false true X false false X 2432655 5228956 4973077 4256729 4619536 21510953 2432655 5228956 4973077 4256729 4619536 21510953 3839375 17671578 169 3170 36978 55560 332302 428179 21939132 0.80550 0.93030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED Investments - program related 17402708 17402708 X 6801266 6801266 6801266 6632079 6632079 6632079 Part X, Line 2-Text in footnote regarding FIN 48 (ASC 740) 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 Standards Codification (ASC) 740, Accounting for Uncertainty in Income Taxes. Tax filings for periods ending September 30, 2022 and later are subject to examination by applicable taxing authorities. false false false false false false false false false Ellen Beattie Board President Interim ED 249676 35527 285203 Johannes Van de Weerd Board President 332265 43622 375887 Kasra Movahedi Executive Director 145985 26137 172122 Megan Hershiser Assoc Dir Corporate Partnerships 107330 52144 159474 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) Form 990 availability to public Part VI line 18 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. 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)IRC-CEO continued to prioritize individuals and families with no credit history, limited credit histories, or subprime credit who otherwise faced barriers to obtaining affordable conventional financing.Through these activities, IRC-CEO furthered its mission of expanding access to responsible credit and creating pathways to financial stability and wealth-building opportunities in underserved communities. .(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. .Schedule R, Part V, Line 1p Transactions with Related Organization - IRCs Center for Economic Opportunity, Inc. (IRC-CEO) is a non-consolidated affiliate of International Rescue Committee (IRC). IRC provides certain operational and administrative support to IRC-CEO, including payroll processing services and access to group employee benefits. During the fiscal year ended September 30, 2025, personnel services totaling $2,149,349 were processed through IRC and reimbursed by IRC-CEO. Transactions with IRC are recorded at cost and are not intended to approximate market rates. As of September 30, 2025, IRC-CEO had an outstanding payable to IRC of $157,029, which was unsecured, non-interest bearing, and due on demand. 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