2023-10-13T08:09:42-05:00 2023-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2022-07-01 043105358 CHILDREN'S INVESTMENT FUND INC CHIL 6177275944 18 TREMONT ST SUITE 500 BOSTON MA 02108 AMY O'LEARY BOARD PRESIDENT 6177275944 2023-10-03 1 AMY OLEARY XXX-XX-XXXX 1 ANDREW R PURICELLI CPA P01633436 5083669100 2023-10-03 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z AMY O'LEARY 18 TREMONT ST SUITE 500 BOSTON MA 02108 1965950 0 X WWW.CHILDRENSINVESTMENTFUNDMA.ORG X 1990 MA THE CHILDREN'S INVESTMENT FUND'S (CIF) PRIMARY PURPOSE IS TO IMPROVE THE QUALITY OF AND EXPAND ACCESS TO EARLY LEARNING AND SCHOOL-AGE CHILD CARE PROGRAMS FOR LOW AND MODERATE-INCOME FAMILIES. IN ORDER TO BROADEN THE IMPACT OF ITS WORK CIF ALSO SEEKS TO SUPPORT AFFORDABLE HOUSING FOR LOW-INCOME FAMILIES THROUGH PLACE-BASED TWO-GENERATION AND OTHER STRATEGIES THAT RESULT IN SAFER, HEALTHIER AND MORE STABLE ENVIRONMENTS IN WHICH TO RAISE YOUNG CHILDREN. 14 14 0 15 0 0 2081654 1657431 131473 93951 14405 214568 0 0 2227532 1965950 7280 76659 0 0 0 0 0 0 6132 810724 1141560 818004 1218219 1409528 747731 6709396 7425756 150495 119124 6558901 7306632 X THE CHILDREN'S INVESTMENT FUND'S (CIF) PRIMARY PURPOSE IS TO IMPROVE THE QUALITY OF AND EXPAND ACCESS TO EARLY LEARNING AND SCHOOL-AGE CHILD CARE PROGRAMS FOR LOW AND MODERATE-INCOME FAMILIES. IN ORDER TO BROADEN THE IMPACT OF ITS WORK CIF ALSO SEEKS TO SUPPORT AFFORDABLE HOUSING FOR LOW-INCOME FAMILIES THROUGH PLACE-BASED TWO-GENERATION AND OTHER STRATEGIES THAT RESULT IN SAFER, HEALTHIER AND MORE STABLE ENVIRONMENTS IN WHICH TO RAISE YOUNG CHILDREN. 0 1 302511 EARLY EDUCATION AND OUT OF SCHOOL TIME (EEOST) CAPITAL FUND: THE PROGRAM WAS FIRST AUTHORIZED BY THE MASSACHUSETTS LEGISLATURE AS PART OF THE 2013 COMMUNITY DEVELOPMENT CAPITAL BOND BILL. IN MAY 2018, EEOST WAS RE-AUTHORIZED BY THE LEGISLATURE AS PART OF THE HOUSING CAPITAL BOND BILL. EACH OF THE BOND BILLS HAVE AUTHORIZED THE ISSUANCE OF UP TO $45 MILLION IN GENERAL OBLIGATION BONDS, SUBJECT TO ANNUAL ALLOCATIONS DETERMINED BY THE EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE. THE PURPOSE OF EEOST IS TO PROVIDE CAPITAL GRANTS TO LICENSED CENTER-BASED NONPROFIT EARLY EDUCATION AND OUT-OF-SCHOOL TIME PROGRAMS TO FUND FACILITY ACQUISITION, DESIGN, CONSTRUCTION AND/OR RENOVATION. CIF, UNDER CONTRACT WITH CEDAC, UNDERWRITES, CLOSES AND DISBURSES THE GRANT FUNDS AWARDED BY THE DEPARTMENT OF EARLY EDUCATION AND CARE (EEC). AS OF JUNE 30, 2023, $42.3 MILLION HAS BEEN AWARDED TO CHILDCARE PROVIDERS SINCE 2013. 544763 93951 TECHNICAL ASSISTANCE AND LENDING: CIF PROVIDES A FULL RANGE OF FINANCING, TRAINING, AND TECHNICAL SERVICES OPTIONS FOR EARLY EDUCATION AND OUT-OF-SCHOOL TIME PROVIDERS SEEKING TO CONSTRUCT OR IMPROVE THEIR FACILITIES. CIF'S SIGNATURE TRAINING, THE BUILDING STRONGER CENTERS INSTITUTE, IS A FOUR-DAY, INTENSIVE TRAINING DESIGNED FOR CHILDCARE CENTERS THAT ARE PLANNING A MAJOR RENOVATION OR CONSTRUCTION PROJECT. CONTENT INCLUDES INFORMATION ON THE DEVELOPMENT PROCESS, FINANCING STRATEGIES, HIGH-QUALITY DESIGN, AND EXAMPLES OF SUCCESSFUL PROJECTS. IN ADDITION TO PROVIDING TECHNICAL EXPERTISE AND TRAINING, CIF OFFERS PREDEVELOPMENT, SITE ACQUISITION, CONSTRUCTION LOANS, AND TERM LOANS TO HELP FINANCE THE COST OF DEVELOPING LARGER CAPITAL PROJECTS, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT ON FLEXIBLE LOAN TERMS THAT MEET THE NEEDS OF CHILDCARE PROVIDERS OF ALL SIZES. IN 2018, CIF EXTENDED THIS SUPPORT TO AFFORDABLE HOUSING DEVELOPERS THAT ARE CREATING FAMILY UNITS IN MASSACHUSETTS. 148599 76659 FACILITY IMPROVEMENT GRANTS: CIF RAISES CAPITAL THAT CAN BE USED FOR GRANTS TO PROVIDERS TO FUND THE COST OF FACILITY IMPROVEMENTS. DURING FISCAL YEARS 2023 AND 2022, CIF RECEIVED SEPARATE $1 MILLION AWARDS FROM THE LIBERTY MUTUAL FOUNDATION TO FUND ACCESSIBILITY IMPROVEMENTS IN BOSTON-BASED EARLY EDUCATION AND OUT-OF-SCHOOL TIME CENTERS. THE MAJORITY OF THESE AWARDS ARE UTILIZED IN THE FORM OF DIRECT GRANTS TO CHILDCARE PROVIDERS. 995873 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X COMMUNITY ECONOMIC DEVELOPMENT ASSI 6177275944 18 TREMONT ST SUITE 500 BOSTON MA 02108 X AMY O'LEARY PRESIDENT 1.50 X X 0 0 0 WAYNE YSAGUIRRE VICE PRESIDENT 1.50 X X 0 0 0 BRUCE FIGUEROA TREASURER 1.50 X X 0 0 0 PAM FEINGOLD TREASURER (LEFT 10/2022) 1.50 X X 0 0 0 KHUSHBU WEBBER BOARD MEMBER/CLERK 1.50 X X 0 0 0 MICHAEL LINDSTROM BOARD MEMBER 1.00 X 0 0 0 CARL SUSSMAN BOARD MEMBER 1.00 X 0 0 0 MARGARET SPRAGUE BOARD MEMBER 1.00 X 0 0 0 JOAN KAGAN BOARD MEMBER 1.00 X 0 0 0 KARLEY AUSIELLO BOARD MEMBER 1.00 X 0 0 0 RENEE BOYNTON-JARRETT BOARD MEMBER 1.00 X 0 0 0 RICHARD MURAIDA BOARD MEMBER 1.00 X 0 0 0 ANNE DOUGLASS BOARD MEMBER 1.00 X 0 0 0 LESLIE REID BOARD MEMBER 1.00 X 0 0 0 SHARON SCOTT-CHANDLER BOARD MEMBER 1.00 X 0 0 0 0 0 0 0 0 0 0 CEDAC 18 TREMONT STREET SUITE 500 BOSTON MA 02108 MANAGEMENT SERVICES 923254 1 430120 1227311 1657431 LOAN INTEREST AND FEES 900099 93951 93951 93951 214568 214568 1965950 93951 0 214568 X 76659 76659 33500 33500 1037395 875783 155480 6132 19497 19497 LOAN LOSS ADJUSTMENT 42231 42231 MISCELLANEOUS 8937 1200 7737 1218219 995873 216214 6132 104356 40425 4404569 5820164 606666 200000 1480967 1251348 112838 113819 6709396 7425756 150495 119124 150495 119124 X 1625382 2287147 4933519 5019485 6558901 7306632 6709396 7425756 747731 0 X X 0 1 X 1 1 1 X 1895724 670168 963179 2081654 1657431 7268156 88700 100172 86789 275661 1984424 770340 1049968 2081654 1657431 7543817 3184712 4359105 57682 45671 5440 14405 214568 337766 625 625 7882208 572380 0.55300 0.65290 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME INCLUDES TRAINING FEE REVENUE RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 LOANS RECEIVABLE 1251348 C 1251348 X 1923719 -42231 -42231 1965950 0 1965950 1175988 0 1175988 42231 42231 1218219 PART X, LINE 2: THE FUND ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE FUND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT JUNE 30, 2023. THE FUND'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE JURISDICTIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOAN LOSS RESERVE -42,231. PART XII, LINE 4B - OTHER ADJUSTMENTS: LOAN LOSS RESERVE 42,231. 1 GREENWOOD SHALOM OUTREACH COMMUNITY INC 378A WASHINGTON STREET DORCHESTER MA 02124 020558486 501(C)(3) 7720 0 FACILITIES GRANT NURTURY INC 2201 WASHINGTON STREET 306 ROXBURY MA 02119 042105893 501(C)(3) 21780 0 FACILITIES GRANT DIMOCK COMMUNITY HEALTH CENTER INC 55 DIMOCK STREET ROXBURY MA 02119 043487835 501(C)(3) 47159 0 FACILITIES GRANT 3 0 PART I, LINE 2: CHILDREN'S INVESTMENT FUND (CIF) ONLY AWARDS CAPITAL IMPROVEMENT GRANTS THAT ARE COST REIMBURSABLE. CIF WILL REIMBURSE FOR EXPENDITURES ONCE AN INVOICE IS RECEIVED DETAILING ELIGIBLE COSTS. CIF ALSO HAS A 5 YEAR REPORTING REQUIREMENT TO ENSURE THE GRANTEES CONTINUED USE OF THE FACILITIES FOR CHILD CARE PURPOSES. CIF ALSO PERFORMS PERIODIC SITE VISITS OF GRANTEES AS PART OF ITS MONITORING PROCESS. FORM 990, PART III, LINE 3 EVALUATION, WHICH CONCLUDED DURING FISCAL YEAR 2022 WITH THE PUBLICATON OF A REPORT TITLED "BUILDING QUALITY: TRANSFORMING EARLY LEARNING ENVIRONMENTS IN MASSACHUSETTS." THE REPORT CELEBRATES THE SUCCESSES OF THE EEOST CAPITAL FUND AND HIGHLIGHTS THE IMPORTANCE OF HIGH-QUALITY FACILITIES. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY STAFF IN DETAIL, THEN REVIEWED AND APPROVED BY THE BOARD PRESIDENT AND TREASURER, AND THEN PROVIDED FOR REVIEW BY THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST DISCLOSURES ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR AND ALL OFFICERS ARE EMPLOYEES OF CEDAC. PERIODICALLY CEDAC WILL CONDUCT A COMPENSATION SURVEY AND BENEFITS SURVEY TO ASSESS COMPARABILITY WITH LIKE ORGANIZATIONS. COMPENSATION IS BASED ON THESE RESULTS, ADJUSTING FOR THE SIZE AND COMPLEXITY OF EACH ORGANIZATION SURVEYED IN COMPARISON TO CEDAC AND CIF. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL PROVIDE THE INFORMATION UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED STAFFING: PROGRAM SERVICE EXPENSES 796,356. MANAGEMENT AND GENERAL EXPENSES 120,766. FUNDRAISING EXPENSES 6,132. TOTAL EXPENSES 923,254. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 79,427. MANAGEMENT AND GENERAL EXPENSES 34,714. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 114,141. FORM 990, PART XI,LINE 2C: THE BOARD AND THE AUDIT COMMITTEE OVERSEES THE SELECTION OF THE AUDITORS AND MEETS WITH THE AUDITORS AT THE CONCLUSION OF THE AUDIT TO REVIEW THE RESULTS.