2023-07-27T12:50:39-05:00 2022-12-31 382157642 Maner Costerisan PC 2425 E Grand River Suite 1 Lansing MI 489123291 990 2022-01-01 382784136 Opportunity Resource Fund OPPO 5173726001 330 Marshall Street 105 Lansing MI 48912 Kevin Fitzgerald CFO 5173726001 2023-07-24 1 Kevin Fitzgerald 999009999 0 Dennis D Theis CPA P00010168 5173237500 2023-07-27 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Kevin Fitzgerald 330 Marshall Street 105 Lansing MI 48912 4959860 0 X www.oppfund.org X 1985 MI Promotes affordable home and small business ownership to benefit and strengthen MI Communities. 12 12 19 12 0 0 2450102 3952856 1787971 1002668 516 4336 0 0 4238589 4959860 59833 37832 0 0 1178398 1412009 0 0 3238 916773 1048539 2155004 2498380 2083585 2461480 31795394 26919241 26044681 18731773 5750713 8187468 X Opportunity Resource Fund (OppFund) promotes affordable housing, small business ownership, single family mortgages, strong communities, and fosters social and economic justice by providing loans and development services throughout the state of Michigan. By making funds available to those denied access to traditional capital, OppFund is breaking the cycle of poverty and assisting in the revitalization of Michigan neighborhoods and communities. Pre and post loan closing development services are a provision of services offered to individuals, nonprofits, and business owners.OppFund is a certified community development financial institution and functions as a revolving loan fund. It accepts socially motivated investments from individuals, not for profit organizations and banks with interest rates ranging generally from zero to three percent. These investment dollars are pooled to provide loans at affordable rates for real estate development, small business and homeownership loans. 0 0 2031868 37832 991480 OppFund's history of successful lending spans more than 36 years. Commitment and diligence has earned OppFund a reputation as a solid, dependable, and flexible lender and development services provider throughout the state of Michigan. As a recognized Michigan lender, OppFund seeks collaboration opportunities and has strong relationships and positive partnerships with key concerns in Michigan's economic community. Since 1985, OppFund has loaned more than $70.8 million providing 416 real estate development, 197 small business, 11 consumer, 265 Payroll Protection Program loans under the CARES Act, and 466 homeownership loans. These loans have leveraged more than $190 million from public and private investments helping to create or maintain 3,014 units of affordable housing, 1804 jobs, 594 new or safer housing for predominantly low and moderate-income families, and ensuring at least 125 children are safer in organized daycare facilities. OppFund loans empower people throughout the state of Michigan. 11188 OppFund relies upon its Board-approved Strategic Plan in its continuing quest to act as a catalyst for change to benefit and strengthen Michigan communities. The Strategic Plan includes lending goals to increase financing for the creation, renovation, and/or preservation of affordable housing, assist individual homeowners, and help to fuel Michigan's economy with the creation of jobs. OppFund launched the Justice Fund Initiative to better serve our minority borrowers which includes a full campus without walls and full wrap-around technical support services. We believe this is a positive step in eliminating the racial wealth gap. 2031868 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 152 0 1 19 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MI X Kevin Fitzgerald 5174892416 330 Marshall Street Suite 105 Lansing MI 48912 Christine Coady Narayanan President/CEO 40.00 X 182768 0 1000 Kevin Fitzgerald VP of Finance/CFO 40.00 X 161945 0 1000 Amy Hovey Board Chair 4.00 X X 0 0 0 Thomas Seabron Vice Chair 2.00 X X 0 0 0 Marc Craig Treasurer 2.00 X X 0 0 0 Sheilah P Clay Secretary 2.00 X X 0 0 0 Tarik Bazzy Trustee 2.00 X 0 0 0 Thomas Johnson Trustee 2.00 X 0 0 0 Sonali Allen Trustee 2.00 X 0 0 0 Raymond Henney Trustee 2.00 X 0 0 0 Curtis Smith Trustee 2.00 X 0 0 0 Robert Hunt Trustee 2.00 X 0 0 0 Anika Goss Trustee 2.00 X 0 0 0 Carol Tarnowsky Trustee 2.00 X 0 0 0 344713 0 2000 2 0 1 0 Jozef Contractors 17245 Mt Elliott Detroit MI 48212 Construction 176820 1 3735875 216981 3952856 Interest Income - Loan 900099 758881 758881 Contractual Services 525990 148724 148724 Loan Origination Fees 525990 83875 83875 Other Income 900099 11188 11188 1002668 4336 4336 4959860 1002668 0 4336 37832 37832 346713 251275 94776 662 791950 573955 216483 1512 12814 9287 3503 24 170004 123208 46471 325 90528 65609 24746 173 64377 55026 9286 65 153070 130835 22080 155 51 23 27 1 156633 135245 21238 150 98832 84265 14466 101 9542 8712 824 6 58899 53778 5086 35 338399 338399 4792 3936 850 6 11705 9950 1742 13 Loan Loss Provision 96929 96929 Property Charge off 36894 36894 Miscellaneous 18416 16710 1696 10 2498380 2031868 463274 3238 3455302 5680247 5517709 2481102 139604 3689802 151533 111868 22362727 14615589 40261 52452 172366 166482 10675 5884 117583 282297 31795394 26919241 109380 135405 408906 381177 335230 333075 3000 3000 24914145 17415657 274020 463459 26044681 18731773 X 4890885 4535534 859828 3651934 5750713 8187468 31795394 26919241 2461480 -24725 0 X 0 1 X 1 0 X 1067590 902253 316716 2450102 3952856 8689517 904659 893335 1032723 1787971 1002668 5621356 1972249 1795588 1349439 4238073 4955524 14310873 5000 5000 10000 810504 86499 897003 810504 86499 5000 5000 907003 13403870 2530 1776 618 516 4336 9776 2530 1776 618 516 4336 9776 1974779 1797364 1350057 4238589 4959860 14320649 0.93600 0.91190 0.00070 0.00090 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 10500 10500 10500 10500 10500 10500 10500 10500 10500 10500 1.00000 1 0 110314 104430 5884 62052 62052 0 5884 Due to Department of Community Health 274020 Operating Lease Liability 189439 463459 X 4935135 -24725 -24725 4959860 0 4959860 2498380 0 2498380 0 2498380 Part IV, Line 2b: Opportunity Resource Fund escrows funds for the payment of property taxes and insurance premiums for mortgages held by OppFund. Part V, Line 4: This fund consists of permanently restricted capital invested to provide general operating monies from the investment income. Part X, Line 2: In the preparation of tax returns, tax positions are taken based on interpretation of federal, state and local income tax laws. Management periodically reviews and evaluates the status of uncertain tax positions and makes estimates of amounts, including interest and penalties, ultimately due or owed. No amounts have been identified, or recorded, as uncertain tax positions. Federal, state, and local tax returns generally remain open for examination by the various taxing authorities for a period of three to four years. 1 CDFI Coalition 1155 15th Street NW Washington DC 20005 010728162 501(c)(3) 37832 0 CASH Grant Issued for CDFI fund use. Part I, Line 2: Funds received from Local Initiatives Support Corporation to pass through to CDFI Coalition, no further monitoring done. X X 0 0 0 0 0 0 0 0 0 Christine Coady Narayanan President/CEO 182768 0 0 0 0 0 1000 0 0 0 183768 0 0 0 Kevin Fitzgerald VP of Finance/CFO 161945 0 0 0 0 0 1000 0 0 0 162945 0 0 0 Part I, Line 3 The compensation of the President/CEO is reviewed and approved by independent members of OppFund's Board of Trustees, provided persons with conflicts of interest with respect to the compensation arrangement at issue are not involved in the review and approval. The review and approval of the President/CEO's compensation is made using compensation data for similarly qualified persons in functionally comparable positions at similarly situated organizations. The review and approval process is documented by the Board of Trustees via documentation and recordkeeping with respect to the deliberations and decisions regarding the compensation arrangement. Robert Hunt Chair Investment X 500 0 0 1 1 Robert Hunt Chair Investment X 500 0 0 1 1 Narayanan Revocable Trust President/CEO Investment X 1000 1000 0 1 1 Narayanan Revocable Trust President/CEO Investment X 1000 1000 0 1 1 Narayanan Revocable Trust President/CEO Investment X 1000 1000 0 1 1 3000 Form 990, Part VI, Section B, line 11b Opportunity Resource Fund's (OppFund) policy is for the Board of Trustees to receive and review the IRS Form 990 filed each year on behalf of OppFund before it is filed with the IRS. The means of delivery may be via hard copy or email, to each board member's mailing address or email address, or via electronic portal. Upon a vote and acceptance by the Board of Trustees, the IRS Form 990 is filed with the IRS. Form 990, Part VI, Section B, line 12c Board of Trustees, officers, and staff members are required to disclose conflicts as they arise. After disclosure of the financial interest and all material facts, and any discussion with the interested person, the interested person will leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members decide if a conflict of interest exists. If a conflict of interest is determined to exist, the governing board or committee will determine the appropriate actions to be taken. Form 990, Part VI, Section B, line 15 The compensation of the person is reviewed and approved by independent members of OppFund's Board of Trustees, provided persons with conflicts of interest with respect to the compensation arrangement at issue are not involved in the review and approval. The review and approval of the person's compensation is made using compensation data for similarly qualified persons in functionally comparable positions at similarly situated organizations. The review and approval process is documented by the Board of Trustees via documentation and recordkeeping with respect to the deliberations and decisions regarding the compensation arrangement. Form 990, Part VI, Section C, line 19 All information is available upon request. Form 990 is also posted annually on Guidestar's website. OppFund is registered to solicit in the State of Michigan and provides Form 990 and audited financial statements to the Michigan Attorney General's Office where it is public information.