Ijara Community Development Corp.

What it reported doing in 2023

Ijara finanacial counseling one-on-one counseling. Every ijara member has his or her own mortgage consultant to work with through the home purchase and mortgage process. The mortgage consultant will work with a member for as long as it takes to qualify for a mortgage, locate and purchase a home. Financial counseling. The mortgage consultant will work with the ijara member to develop a realistic financial analysis that determines an affordable purchase price while maintaining a comfortable standard of living. Credit resolution. The mortgage consultant will work with member to resolve any credit issues. This may involve correcting mistakes made by the credit bureaus and reporting companies. The mortgage consultant also addresses payment history problems and can assist you in developing and implementing a plan to re-establish and improve your credit. For some members, this may take a period of time. Ijara qualification (i.e. Mortgage qualification). After developing a realistic financial analysis, resolving credit issues, demonstrating sufficient savings, and obtaining the documents necessary to be approved, a member can be ijara qualified. The mortgage consultant will determine the maximum purchase price based on a monthly payment that fits the member's budget, the current interest rate and the estimated taxes and insurance. Ijara qualification virtually assures that the lender will approve the mortgage application. Ijara mortgage process counseling members will go through a credit and mortgage process counseling seminar prior to submitting an application for credit and a mortgage. After successfully completing the credit and mortgage counseling seminar, the buyer will submit a credit application for approval. Credit and mortgage application. Ijara requires that prior to submitting a mortgage application through ijara that a member apply to ijara for credit and get approved - called ijara credit process. Once the application for ijara credit process has been approved, the mortgage consultant will take the members mortgage application. Because of all the pre-application work, lenders approve virtually all mortgage applications. Mortgage process. The mortgage consultant will work with the member to navigate the mortgage process and obtain a commitment letter. After the loan is approved, the mortgage consultant reviews the commitment letter with the member and discusses any additional contingencies (conditions) specified by the lender. Closing. The mortgage consultant will advise the member about the insurance binder and pre-paid taxes, insurance, etc. Due at the closing. The buyer's agent or other real estate agent will be present at the closing and the mortgage consultant and ijara staff will be available to handle any last minute problems. Ijara membership assistance program (imap). Ijara provides counseling and financial assistance for ijara homeowners through the ijara membership assistance program which provides emergency financial assistance to prevent foreclosure, as well as providing staff who can provide financial counseling, payment plans and other assistance in helping to avoid foreclosure.

Financial Efficiency

• Mission deployment rate: 94.7%; rating input score 95
• Program expense ratio: 84.3%; rating input score 84
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 81st percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 33.3%; rating input score 33; 15th percentile among comparable filings
• Governance controls: 1 of 7 controls in place; rating input score 14
  • Conflict-of-interest policy: Fail
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -12.3%; rating input score 21; 21st percentile among comparable filings
• Total-asset coverage ratio: 0.33; rating input score 17; 17th percentile among comparable filings
• Liabilities to assets ratio: 1.11; rating input score 4; 4th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

• Program expense growth: 9.5% per year; rating input score 100; 69th percentile among comparable filings
• Revenue growth: 13.6% per year; rating input score 100; 79th percentile among comparable filings
• Asset growth: 11.9% per year; rating input score 100; 70th percentile among comparable filings