Cinnaire Lending Corporation

Nonprofit profile at a glance

EIN
383666288
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lansing, MI, USA
Phone
5174828555
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Support

Reported finances

Revenue
$19,256,710
Expenses
$13,179,783
Assets
$157,269,428
Liabilities
$112,722,613

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

Leadership & pay

11 people listed

People named in this filing

  • KATHY KAMP (CHAIR)
  • ADRIAN BROOKS (SECRETARY/TREASURER)
  • MARK ANGELINI (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Cinnaire lending (cl), established in 2002, is a certified cdfi and has a mission to raise and deploy capital to support the development of healthy and vibrant communities in order to improve the quality of life for residents of these communities. The end goal is to improve the quality of life for residents of these communities. Cl provides pre-development, acquisition, bridge loans, and permanent financing for multi-family rental communities that serve low- and moderate-income persons including special needs populations. In addition to its financing products, cl supports community development by consulting with developers on utilizing all available financing sources to ensure the long-term viability of developments. Cl targets its consulting services to non-profit organizations to help non-profits be an integral partner in developments in their communities.

What it reported doing in 2024

To deploy capital to underserved communities to fuel economic development and promote vibrant, healthy communities.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 56
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 82
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.3%; rating input score 53
  • Program expense ratio: 79%; rating input score 79
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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; 66th percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 31.6%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 11.93; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.72; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings

Growth

  • Program expense growth: 12.3% per year; rating input score 100; 78th percentile among comparable filings
  • Revenue growth: 11% per year; rating input score 100; 77th percentile among comparable filings
  • Asset growth: 16% per year; rating input score 100; 83rd percentile among comparable filings

Details

  • Where the money goes: 53.3% of revenue deployed · 79% of spending went to programs
  • Governance: 8 of 8 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $10.4M in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Highest-paid contractors: 2 contractors listed · $410K reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 6 filed schedules · includes major donors and related organizations
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 6 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.

  • Review — Financial Efficiency: Mission deployment rate scored 53/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.