Capital for Change Inc

Nonprofit profile at a glance

EIN
060842738
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Wallingford, CT, USA
Phone
8009923665
Rating
89
Verdict
STRONG
Rating confidence
Standard
Sector
Housing Expense Reduction Support

Official website

Reported finances

Revenue
$9,830,048
Expenses
$11,520,997
Assets
$85,106,647
Liabilities
$65,498,779

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • DIANE SMITH (PRESIDENT & CEO)

Highest reported compensation

  • DIANE SMITH (PRESIDENT & CEO): $212,854 total reported compensation
  • JEFFREY LEVITSKY (INTERIM CFO (9/24 - 3/25)): $147,996 total reported compensation
  • KRISTEN FUSCO (DIR. OF CONSUMER LENDING): $147,374 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Together with its partners, capital for change (c4c) aims for more stability, well-being and environmentally conscious development for low-moderate income individuals and communities through its responsive financial services and products.

What it reported doing in 2024

Throughout Connecticut, c4c is a cdfi (community development financial institution) approved by the us treasury to provide a variety of financial services to consumers, nonprofits, businesses, and public institutions. Institutional as well as private social impact investors trust c4c with their funds because of how well we manage risk and the results we deliver through over 7,000 affordable housing units, thousands of jobs and environmental responsibility. C4c's financial base of $76 million in assets has enabled thousands of loans for consumer and commercial housing and energy efficiency improvements in this year alone. C4c also has decades of experience in loan servicing for organizations such as state and municipal public institutions. See www.capitalforchange.org for more information.

Operating model

Revenue model
Earned-program. 77% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 91
  • Transparency & Controls: 85
  • Accountability: 100
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.4%; rating input score 93
  • Fundraising efficiency: $10.49 raised per $1 spent on fundraising; rating input score 39; 39th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -17.2%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 7.39; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.77; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 10.4%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 10.1% per year; rating input score 100; 64th percentile among comparable filings
  • Revenue growth: 9.8% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 11% per year; rating input score 100; 62nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.4% of spending went to programs
  • Governance: 17 of 17 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $10.8M in reported program spending
  • Leadership: top reported pay $213K · 26 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.1M reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 7 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 17 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 39/100.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.