Civic Intelligence

Cincinnati Development Fund Inc.

990 • Fiscal year 2016 • EIN 31-1256064

Apr 01, 2015 to Mar 31, 2016 • Filed on Nov 07, 2016

1224 Race StreetCincinnati, OH 45202

(513) 721-7211

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

81st percentile

0.70x

Higher debt load relative to assets than 81% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

94th percentile

5.53x

Higher debt load relative to revenue than 94% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Net Margin

89th percentile

35%

Higher net margin than 89% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2016

Asset Growth

56th percentile

3.7%

Faster asset growth than 56% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

89th percentile

39%

Faster revenue growth than 89% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Assets

Up

$40,408,905

Up $1,460,146 (+3.7%) from 2015

Net Assets

Up

$12,080,130

Up $1,819,977 (+18%) from 2015

Liabilities

Down

$28,328,775

Down $359,831 (-1.3%) from 2015

Revenue

Up

$5,122,913

Up $1,431,862 (+39%) from 2015

Expenses

Up

$3,304,747

Up $92,540 (+2.9%) from 2015

Net Income

Up

$1,818,166

Up $1,339,322 (+280%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2012: $40,787,598Liabilities 2012: $33,948,453Net Assets 2012: $6,839,1452012Assets 2013: $37,534,350Liabilities 2013: $28,510,117Net Assets 2013: $9,024,2332013Assets 2014: $39,814,905Liabilities 2014: $30,042,906Net Assets 2014: $9,771,9992014Assets 2015: $38,948,759Liabilities 2015: $28,688,606Net Assets 2015: $10,260,1532015Assets 2016: $40,408,905Liabilities 2016: $28,328,775Net Assets 2016: $12,080,1302016Assets 2018: $52,042,300Liabilities 2018: $33,863,660Net Assets 2018: $18,178,6402018Assets 2019: $57,878,535Liabilities 2019: $37,496,910Net Assets 2019: $20,381,6252019Assets 2020: $56,735,495Liabilities 2020: $34,457,050Net Assets 2020: $22,278,4452020Assets 2022: $54,993,767Liabilities 2022: $30,207,111Net Assets 2022: $24,786,6562022Assets 2023: $69,003,326Liabilities 2023: $38,716,534Net Assets 2023: $30,286,7922023Assets 2025: $101,598,029Liabilities 2025: $64,037,946Net Assets 2025: $37,560,0832025

Highlighted filing

2016

Assets$40,408,905
Liabilities$28,328,775
Net Assets$12,080,130

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$15M$10M$5.0M$0Expenses 2012: $1,360,3572012Expenses 2013: $1,544,5662013Revenue 2014: $3,218,669Expenses 2014: $2,431,472Net Income 2014: $787,1972014Revenue 2015: $3,691,051Expenses 2015: $3,212,207Net Income 2015: $478,8442015Revenue 2016: $5,122,913Expenses 2016: $3,304,747Net Income 2016: $1,818,1662016Revenue 2018: $4,513,024Expenses 2018: $4,115,761Net Income 2018: $397,2632018Revenue 2019: $7,856,779Expenses 2019: $5,636,218Net Income 2019: $2,220,5612019Revenue 2020: $6,584,866Expenses 2020: $4,687,172Net Income 2020: $1,897,6942020Revenue 2022: $6,552,988Expenses 2022: $5,541,478Net Income 2022: $1,011,5102022Revenue 2023: $10,309,687Expenses 2023: $4,890,754Net Income 2023: $5,418,9332023Revenue 2025: $19,961,456Expenses 2025: $17,013,828Net Income 2025: $2,947,6282025

Highlighted filing

2016

Revenue$5,122,913
Expenses$3,304,747
Net Income$1,818,166
Jump To
Filing Snapshot
Filing Period
Apr 1, 2015 to Mar 31, 2016
Signed
Nov 7, 2016
Return Version
2015v2.1
Gross Receipts
$5,122,913
Mission and Program Overview

Mission

To drive community revitalization by providing capital access and technical assistance.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$27,323,985$31,328,343▲ $4,004,358
Investments Other Securities$3,599,925$4,346,528▲ $746,603
Cash and Non-Interest-Bearing Accounts$122,181$726,979▲ $604,798
Savings and Temporary Cash Investments$5,056,250$699,307▼ $4,356,943
Accounts Receivable$388,737$421,235▲ $32,498
Investments Program Related$210,259$212,289▲ $2,030
Land, Buildings, and Equipment, Net$27,134$156,656▲ $129,522
Prepaid Expenses and Deferred Charges$37,970$8,948▼ $29,022
Total Assets$38,948,759$40,408,905▲ $1,460,146
Other Assets Total$2,182,318$2,508,620▲ $326,302
Liabilities
Unsecured Notes Loans Payable$23,789,004$21,793,889▼ $1,995,115
Deferred Revenue$2,754,841$3,099,368▲ $344,527
Other Liabilities$900,000$2,245,500▲ $1,345,500
Escrow Account Liability$816,618$813,983▼ $2,635
Accounts Payable and Accrued Expenses$428,143$376,035▼ $52,108
Total Liabilities$28,688,606$28,328,775▼ $359,831
Net Assets / Fund Balance
Unrestricted Net Assets$10,260,153$12,080,130▲ $1,819,977
Total Net Assets Fund Balance$10,260,153$12,080,130▲ $1,819,977
Total Liabilities and Net Assets / Fund Balance$38,948,759$40,408,905▲ $1,460,146

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$156,656$104,346$261,002
Other Assets Org$2,508,620--
Other Securities$4,346,528--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jeanne GolliherPresident and CEOFT$200,000$28,489$228,489
Joseph R HuberChief Operating OfficerFT$140,000$24,895$164,895
Dale ShaferChief Accounting OfficerFT$140,000$15,125$155,125
Kathleen O BrookshireTreasurerFT$99,662$8,564$108,226

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,550,000
Program Service Revenue
$3,555,786
Investment Income
$0
Other Revenue
$17,127
All Other Contributions
$1,550,000
Change in Net Assets
$1,818,166

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,118,428
Revenue Not Reported on Financial Statements
$4,485
Revenue Not Reported on Form 990
$-910,801
Other Revenue Adjustments
$4,485
Total Revenue per Audited Statements
$4,207,627
Total Revenue per Form 990
$5,122,913
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,993,937
Salaries, Compensation, and Employee Benefits$1,310,810
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$917,097--$917,097
Current Officers, Directors, Trustees, and Key Employees$444,807$111,202-$556,009
Other Salaries and Wages$419,958$104,990-$524,948
Office Expenses$159,474$39,869-$199,343
Other Employee Benefits$126,806$31,702-$158,508
Other Expenses$121,542--$121,542
Payroll Taxes$57,076$14,269-$71,345
Occupancy$41,870$10,467-$52,337
Fees for Services Accounting-$28,716-$28,716
Depreciation Depletion$12,816$3,204-$16,020
Insurance$8,878$2,220-$11,098
Fees for Services Legal$2,412--$2,412
Fees for Services Other$1,894--$1,894
Total Functional Expenses$2,958,108$346,639$0$3,304,747

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,304,747
Expenses per Audited Statements$2,387,650
Total Expenses per Audited Statements$2,387,650
Expenses Not Reported on Financial Statements$917,097
Other Expense Adjustments$917,097
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Fhlb Advances- Current Portion$1,300,000
Fhlb Advances$900,000
Unearned Investment Revenue$45,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

The president/ceo and cfo review and approve the form 990 prepared by the cpa. One board member is provided a copy of the 990 and approves before it is presented to the audit committee where it is ultimately approved.

Form 990, Part VI, Section B, Line 12C

All officers and board members sign a conflict of interest policy and confirm their status periodically during meetings.

Form 990, Part VI, Section B, Line 15A

Annually, the board discusses overall employee performance and the president/ceo determines employee compensation. The board holds a closed meeting to evaluate the executive director's performance and pay increase. Comparability data is used to assist with compensation decisions.

Form 990, Part VI, Section C, Line 19

Governing documents, the conflict of interest policy and audited financial statements will be made available upon request.

Filing and Contact Details

Filer

Filer Name
Cincinnati Development Fund
EIN
31-1256064
Phone
5137217211
Address
1224 RACE STREET, CINCINNATI, OH 45202

Signing Officer

Name
Jeanne Golliher
Title
President & CEO
Phone
5137217211
Signed
2016-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeanne Golliher
Formed
1988
Legal Domicile
Oh
Voting Board Members
15
Independent Board Members
15
Employees
10
Volunteers
15

Preparer

Firm
Clark Schaefer Hackett & Co
Address
ONE EAST FOURTH ST SUITE 1200, CINCINNATI, OH 45202
Preparer
Maxwell M Sullivan CPA
Phone
5132413111
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Income from passthroughs- k-1's received -4,485.

FORM 990, PART XII, LINE 2C:

The organization has an audit committee that is responsible for the selection of an independent accountant and oversight of the audit. The processes used by this committee have not changed from previous years.

Financial Statement Notes

PART IV, LINE 2B:

Amounts held in escrow are for real estate taxes and insurance. These amounts are segregated as restricted assets.

PART X, LINE 2:

The financial accounting standards board ("fasb") has issued guidance which clarifies generally accepted accounting principles for recognition, measurement, presentation and disclosure relating to uncertain tax positions. This guidance clarifies the accounting and recognition for income tax positions taken or expected to be taken in the organization's income tax returns. The organization's income tax filings are subject to audit by various taxing authorities. The organization's policy with regard to interest and penalties is to recognize interest through interest expense and penalties through other expense. In evaluating the organization's tax provision and tax exempt status, interpretations and tax planning strategies were considered. The organization believes their estimates are appropriate based on the current facts and circumstances.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Interest expense reclassified -917,097.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Income from passthrough entities 4,485.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Interest expense reclassified 917,097.

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IRS990/ActivityOrMissionDesc0TO DRIVE COMMUNITY REVITALIZATION BY PROVIDING CAPITAL ACCESS AND TECHNICAL ASSISTANCE.
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IRS990/Desc0CINCINNATI DEVELOPMENT FUND (CDF) IS THE PREMIERE CDFI IN THE CINCINNATI METRO AREA SERVING 6 AREA COUNTIES (3 IN OHIO AND 3 IN KENTUCKY), WITH A PARTICULAR FOCUS ON THE MOST DISTRESSED INNER-CITY NEIGHBORHOODS. CDF HAS A TRACK RECORD OF PROVIDING HIGH-IMPACT LOANS AND LEADERSHIP IN COMMUNITY DEVELOPMENT POLICY FOR OVER 27 YEARS. IT WAS CREATED IN 1988 AS A FINANCIAL INTERMEDIARY, THROUGH WHICH LOCAL FINANCIAL INSTITUTIONS COULD SHARE RISK AND COST-EFFECTIVELY INVEST IN COMMUNITY DEVELOPMENT LENDING.CDF PROVIDES CONSTRUCTION AND PERMANENT FINANCING FOR AFFORDABLE HOUSING DEVELOPMENT AND MORE SIGNIFICANTLY DIRECT LENDING TO BUILD ITS BALANCE SHEET TO SUPPORT THE EXPANSION OF ITS LENDING PRODUCTS. DURING ITS HISTORY, LOCAL FINANCIAL INSTITUTIONS, FOUNDATIONS, SOCIALLY MOTIVATED INVESTORS, AND LOCAL AND FEDERAL GOVERNMENT SOURCES HAVE MADE COMMITMENTS TO CDF TOTALING OVER $400 MILLION.95% OF ALL CDF LOANS HAVE BEEN MADE IN LICS. THE BALANCE IS IN THE FORM OF AFFORDABLE HOUSING LOANS IN NON-LIC NEIGHBORHOODS. THE IMPACT OF THAT FUNDING HAS BEEN SIGNIFICANT. CDF HAS FUNDED OVER 4500 UNITS OF HOUSING OVER ITS HISTORY.DURING THE YEAR ENDED MARCH 31, 2016, CDF COMPLETED THE REMAINING PROJECTS UNDER ITS VARIOUS LOAN FUND INITIATIVES AND ENTERED INTO 5 MORE SIGNIFICANT PROJECTS TO RE-DEVELOP VARIOUS COMMERCIAL REAL ESTATE PROPERTIES AS WELL AS LARGE SCALE REDEVELOPMENTS IN THE CITY OF CINCINNATI. THESE INCLUDE THE RENOVATION OF A FORMER LOCAL HIGH SCHOOL BUILDING AND SURROUNDING AREAS TO PRODUCE AFFORDABLE AND MARKET RATE HOUSING, THE COMPLETION OF MARKET RATE HOUSING IN THE BLIGHTED URBAN NEIGHBORHOOD OF WALNUT HILLS, THE REDEVELOPMENT OF THE MUCH NEEDED LOCAL YMCA TO PROMOTE HEALTH AND WELLNESS IN THE HEART OF CINCINNAT AND THE NEW FACILITY TO PROMOTE ARTS AND CULTURE WITH THE SHAKESPEARE THEATRE.CDF ALSO RECEIVED GRANTS AS FOLLOWS: $1,350,000 FROM CHASE BANK AS PART OF A COLLABORATION WITH IFF TO PROVIDE NON-PROFIT ASSISTANCE LENDING IN CDF'S BUSINESS AREA FOR LOAN CAPITAL, $105,000 FROM THE HAILE FOUNDATION TO PROVIDE ASSISTANCE WITHIN THE COMMUNITY, $111,700 FROM VARIOUS ARTS SUPPORTING ORGANIZATIONS TO DEPLOY INTO THE COMMUNITY IN THE FORM OF SPONSORSHIP FOR SUMMER COMMUNITY EVENTS AND $2,500 FROM WESBANCO BANK FOR SPECIFIC TECHNOLOGY OPERATING SUPPORT. CDF ORIGINATED 32 BELOW MARKET RATE LOANS INCLUDING 3 NEW MARKETS LOANS TOTALING $28 MILLION TO FACILITATE LOCAL ECONOMIC AND HOUSING GROWTH AS WELL AS $14.2 MILLION IN LOAN CAPITAL TO VARIOUS OTHER DEVELOPMENTS WITHIN ITS TARGET MARKET.
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