Community First Fund

“The form 990 is reviewed by the audit committee of the board of directors prior to filing.”

“The policy is monitored and enforced through the annual conflict of interest disclosure process.”

“Ceo compensation is reviewed during the budget process and approved by the board of directors.”

“Compensation for officers and key employees is reviewed during the budget process and approved by the board of directors.”

“The organization makes its governing documents, conflict of interest policy, financial statements and form 990 available to the public upon request at the organization's headquarters.”

“Finanta was originally reported as a disregarded entity on the community first fund form 990. Finanta has filed a separate return for the fiscal year ended 6/30/2023, therefore the community first fund form 990 is being amended to exclude finanta.”

“To promote community and work-based economic development. The organization provides loans for community projects and technical assistance to housing & economic development projects that have a direct and measurable benefit to low income persons and contribute to social progress and economic development in the south central pennsylvania region. On july 1, 2020, the organization merged with finanta, a philadelphia based nonprofit cdfi loan fund founded in 1996. Finanta converted to a member owned nonprofit corporation and appointed the organization as its sole member. By virtue of the organization being the sole member of finanta, finanta is considered a subsidiary of the organization. The consolidation of the two organizations added 19,959,381.”

“Community first fund promotes community and ecenomic development by providing affordable loans to entities throughout central and eastern pennsylvania, including small businesses, developers of affordable housing, community-based organizations, women, people of color. On july 1, 2020, community first fund merged with finanta, a philadelphia based nonprofit cdfi loan fund. Finanta converted to a member owned nonprofit corporation and appointed community first fund as its sole member. During the year ending june 30, 2023, the organization closed 292 new loans. The organization financed 638 housing units for low and moderate income individuals. Through the organizations financing efforts, 1,273 jobs were created or retained, and 872,393 square feet of business real estate was developed or rehabbed. In march 2020 in response to the covid-19 pandemic, the organization shifted its focus to participation in and promotion of various grant and loan programs to businesses located in low-income communities and owned by people of color. By june 30, 2020, the organization had directly provided emergency financial relief in the form of low-interest loans to 24 businesses and had managed the program to fund 461 sba paycheck protection program loans totaling 15,784,735 through its subsidiary community first capital corp.”

“Transfer to subsidiary -212,350 rounding -6 total -212,356”