Opportunity Resource Fund

Nonprofit profile at a glance

EIN
382784136
IRS 990 coverage
2011–2025
Forms available
Form 990 2025
Location
Lansing, MI, USA
Phone
5173726001
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Centers to Support the Independence of Specific Populations

Official website

Reported finances

Revenue
$3,774,089
Expenses
$3,490,612
Assets
$31,672,524
Liabilities
$21,998,569

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

Leadership & pay

13 people listed

Executive titles in this filing

  • Christine Narayanan (President/CEO (Ended 5/19/25))
  • Byna Elliott (President/CEO)

Highest reported compensation

  • Kevin Fitzgerald (VP of Finance/CFO): $201,814 total reported compensation
  • Byna Elliott (President/CEO): $163,894 total reported compensation
  • Christine Narayanan (President/CEO (Ended 5/19/25)): $162,464 total reported compensation

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

Overview

Mission

Opportunity Resource Fund (OppFund) promotes affordable housing, small business ownership, single family mortgages, strong communities, and fosters social and economic justice by providing loans and development services throughout the state of Michigan. By making funds available to those denied access to traditional capital, OppFund is breaking the cycle of poverty and assisting in the revitalization of Michigan neighborhoods and communities. Pre and post loan closing development services are a provision of services offered to individuals, nonprofits, and business owners.OppFund is a certified community development financial institution and functions as a revolving loan fund. It accepts socially motivated investments from individuals, not for profit organizations and banks with interest rates ranging generally from zero to three percent. These investment dollars are pooled to provide loans at affordable rates for real estate development, small business and homeownership loans.

What it reported doing in 2025

Opportunity Resource Fund (OppFund) has a nearly 40-year legacy of delivering mission-driven capital across Michigan. Since 1985, OppFund has built a reputation as a reliable, flexible, and community-focused lender and development services provider. Our long-standing partnerships with local governments, nonprofits, and financial institutions support high-impact investments across urban and rural communities.As of year-end 2025, OppFund has deployed over $129 million in loan capital. This includes 431 real estate development projects, 240 small business loans, 11 consumer loans, and 554 homeownership loans. These investments have leveraged more than $284 million from public and private sources, resulting in the creation or preservation of 3,315 units of affordable housing, 830 new or improved housing units primarily serving low- and moderate-income households. Also, OppFund launched the Homeownership Relief Fund in 2025 which helps families bring mortgages current, avoid displacement, and regain financial footing. Since its launch it has benefited over 29 families.OppFund helps individuals, families, and small businesses across the state access the capital they need to improve their quality of life and strengthen Michigan's communities. Guided by a Board-approved Strategic Plan, OppFund is focused on expanding access to affordable housing, increasing homeownership, and supporting business development that contributes to economic growth. In 2025, the organization continued to grow its service delivery model, which includes technical assistance, lending readiness support, and follow-up services through a "CampusWithout Walls" framework. This approach ensures that borrowers are equipped with the tools and guidance necessary for long-term success.

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 94% 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 - 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: 71
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 52
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.5%; rating input score 75
  • Program expense ratio: 76.5%; rating input score 77
  • Fundraising efficiency: $9.59 raised per $1 spent on fundraising; rating input score 34; 34th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 23rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 64.1%; rating input score 64; 23rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

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: 7.5%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 9.07; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.69; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 22.9%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: 5.7% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: 7.2% per year; rating input score 100; 53rd percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 75.5% of revenue deployed · 76.5% of spending went to programs
  • Governance: 8 of 8 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.7M in reported program spending
  • Leadership: top reported pay $202K · 13 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $119K reported
  • Consistency: 36 of 37 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2011 to 2025
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 2 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 34/100.
  • Review — Sustainability: Operating margin scored 50/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.