Pennsylvania Cdfi Network

Nonprofit profile at a glance

EIN
232920364
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-N 2019
Location
Philadelphia, PA, USA
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Improvement, Capacity Building N.E.C.

Official website

Reported finances

Revenue
$19,573,243
Expenses
$16,690,854
Assets
$4,466,187
Liabilities
$55,835

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

Leadership & pay

10 people listed

Executive titles in this filing

  • VARSOVIA FERNANDEZ (CEO)

Highest reported compensation

  • VARSOVIA FERNANDEZ (CEO): $240,625 total reported compensation

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

Overview

Mission

The pa cdfi network is organized exclusively for charitable and educational purposes of providing information, advice and necessary financial assistance to federally-certified (continued on schedule o)

What it reported doing in 2024

The pa cdfi network collaborates on regional and statewide initiatives to support small businesses. It has the capacity to engage with large-scale funders, allowing for the deployment of more resources to a wider range of business owners than any one cdfi can serve. In 2020-2021, the network obtained 249 million from cares act resources to manage state and county-based programs and delivered the keep your doors open program. As a result, 14,500 small businesses received recovery grants. (continued on schedule o)

Operating model

Revenue model
Grant-funded. 93% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 96% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 72
  • Accountability: 95
  • Sustainability: 58
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.2%; rating input score 84
  • Program expense ratio: 98.7%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 8th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 98%; rating input score 98; 29th 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; 66th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 14.7%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 0.27; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 1.4%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: -76.5% per year; rating input score 0; 0th percentile among comparable filings
  • Revenue growth: -74.5% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -3.7% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 84.2% of revenue deployed · 98.7% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $16.5M in reported program spending
  • Leadership: top reported pay $241K · 10 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 181 filed money-flow records
  • Related organizations: 180 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.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.