Nrrc Financial Llc

Nonprofit profile at a glance

EIN
862005201
IRS 990 coverage
2025–2025
Forms available
Form 990 2025, Form 990-N 2024
Location
Minneapolis, MN, USA
Phone
6123159227
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Support

Reported finances

Revenue
$301,212
Expenses
$141,757
Assets
$196,567
Liabilities
$3,881

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Highest reported compensation

  • Martine Smaller (Board Chair): $75,000 total reported compensation
  • Cristin Burnett (Secretary): $52,224 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

NRRC Financial LLC's mission is to provide innovative and flexible financial products that support and sustain affordable housing, encourage community development, and meet the credit needs of low-income and underserved residents of the Near North and Willard-Hay neighborhoods of Minneapolis.

What it reported doing in 2025

Over 2025, NRRC Financial pursued its mission by supporting homeowners and aspiring homeowners at every stage of the homeownership journey. To address high-cost debt and predatory lending, we offered 0% interest personal loans to residents within our service area. These loans helped borrowers pay off high-interest debt or provided a safe alternative to payday and other high-cost loans. Some borrowers who participated in this program have since become homeowners within our service area. We introduced a new program to payoff mortgage loans for homeowners over 62 with a loan that is forgiven over five years. This program supports housing stability for elder homeowners while helping families preserve and build generational wealth.

Operating model

Revenue model
Grant-funded. 99% 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

SUPPORTED - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 62
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 40%; rating input score 40
  • Program expense ratio: 83.9%; rating input score 84
  • Fundraising efficiency: $302.92 raised per $1 spent on fundraising; rating input score 93; 93rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 52.9%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 1.39; rating input score 50; 50th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 34; 34th percentile among comparable filings
  • Officer compensation ratio: 36.8%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 40% of revenue deployed · 83.9% of spending went to programs
  • Governance: 7 of 7 board members independent · 5 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $119K in reported program spending
  • Leadership: top reported pay $75K · 7 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.

Key Signals

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

  • Moderate — Financial Efficiency: Mission deployment rate scored 40/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 50/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 34/100.