Cincinnati Development Fund

Nonprofit profile at a glance

EIN
311256064
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Cincinnati, OH, USA
Phone
5137217211
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Expense Reduction Support

Official website

Reported finances

Revenue
$19,961,456
Expenses
$17,013,828
Assets
$101,598,029
Liabilities
$64,037,946

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

Leadership & pay

24 people listed

Executive titles in this filing

  • JOSEPH HUBER (PRESIDENT & CEO)

Highest reported compensation

  • JOSEPH HUBER (PRESIDENT & CEO): $318,516 total reported compensation
  • LUKE BLOCHER (GEN. COUNSEL/CHIEF STRATEGY OFFICER): $290,804 total reported compensation
  • JENNIFER LARKINS (CHEIF FINANCIAL OFFICER): $256,018 total reported compensation

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

Overview

Mission

To strengthen underserved neighborhoods and improve lives through innovative financing.

What it reported doing in 2024

Cincinnati development fund (cdf) is a community deveopment financial institution (cdfi) established in 1988 to finance affordable housing development and community revitalization in the greater cincinnati area. Cdf's mission is to strengthen underserved neighborhoods and improve lives through innovative financing.over the past 37 years, local financial institutions, foundations, socially motivated investors, and local and federal governments have all contributed to cdf's sources of capital. These organizations invest in cdf because of our expertise in evaluating complex loan applications with multiple financing sources. This experience makes it easier and more cost-effective for these organizations to invest in the community. Cdf has originated over $580 million in loans resulting in the creation of more than 9,000 units of housing. Cdf focuses on lending in low income communities where need and impact are the greatest.cdf is an equal opportunity provider.

Operating model

Revenue model
Grant-funded. 62% of the money available for current operations came from government grants.
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. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 79
  • Accountability: 95
  • Sustainability: 66
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80.2%; rating input score 80
  • Program expense ratio: 91.7%; rating input score 92
  • Fundraising efficiency: $129.76 raised per $1 spent on fundraising; rating input score 87; 87th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.8%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 5.97; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.63; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 10.4%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 17% per year; rating input score 100; 86th percentile among comparable filings
  • Revenue growth: 14.1% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 7.7% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 80.2% of revenue deployed · 91.7% of spending went to programs
  • Governance: 15 of 15 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $15.6M in reported program spending
  • Leadership: top reported pay $319K · 24 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $481K reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 29 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 19/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.