Capital for Change (Formerly known as the Greater New Haven Community Loan Fund)
121 Tremont Street
Hartford CT 06105-2541
Contact Information
Address 121 Tremont Street
Hartford, CT 06105-2541
Telephone (203) 789-8690 x1270
Fax 203-401-3378
E-mail darcand@capitalforchange.org
Web and Social Media
Mission

Capital for Change's (C4C) mission is to provide flexible, creative and responsive financial products and services to benefit low and moderate income persons, and minority and otherwise disadvantaged individuals, businesses and communities. The vision for Capital for Change is to be Connecticut's premier community development financial institution offering capital solutions that will create and sustain lasting, positive change to low-income communities, including broadened social and economic participation, economic growth and environmental sustainability. C4C's core lending products focus on financing and servicing loans for affordable housing development, energy efficiency and conservation, and neighborhood revitalization. 

At A Glance
Year of Incorporation 1987
Former Names
Greater New Haven Community Loan Fund
Connecticut Housing Investment Fund
Community Capital
Organization's type of tax exempt status Public Supported Charity
Organization received a competitive grant from the community foundation in the past five years Yes
Leadership
CEO/Executive Director Mr. Calvin B. Vinal
Board Chair Ms. Dorothy Adams
Board Chair Company Affiliation Unitarian Church of Westport
Financial Summary
 
Projected Revenue $4,943,857.00
Projected Expenses $4,935,111.00
Statements
Mission

Capital for Change's (C4C) mission is to provide flexible, creative and responsive financial products and services to benefit low and moderate income persons, and minority and otherwise disadvantaged individuals, businesses and communities. The vision for Capital for Change is to be Connecticut's premier community development financial institution offering capital solutions that will create and sustain lasting, positive change to low-income communities, including broadened social and economic participation, economic growth and environmental sustainability. C4C's core lending products focus on financing and servicing loans for affordable housing development, energy efficiency and conservation, and neighborhood revitalization. 

Background
Capital for Change was formed from the merger of three Community Development Financial Institutions in 2016. Community Development Financial Institutions are nonprofit, mission-driven lenders, meaning they measure their success through non-financial, as well as financial returns. The majority of C4C's  activities fall into these categories: 1) affordable housing and energy efficiency lending, 2) loan servicing and portfolio administration, 3) third-party contract administration, 4) home-buyer education and foreclosure counseling. Capital for Change's loan programs provide several types of loans to support new construction or rehabilitation of residential units such as construction, pre-development, interim bridge and permanent loans. Our lending finances affordable housing projects, promotes home ownership and neighborhood revitalization initiatives across Connecticut. As a loan portfolio administrator, C4C services a $200 million portfolio comprised of 11,000 loans originated by state, municipal agencies, and non-profit organizations. As a third party administrator C4C provides financial and contract management services for city, state and corporate organizations by administering home improvement loans and grant programs that benefit low and moderate income families and individuals.
 
C4C's flexible CDFI lending terms allows it to connect with non-profit and for-profit borrowers through a source of subsidies for development to pay for the "appraisal gap" that exists between the total development cost and the after-rehabilitation appraised value of the property.  After rehabilitating the unit, the new home-buyer obtains a permanent mortgage based on the appraised value of the completed property, and assumes the appraisal gap (the second mortgage) subsidy from the developer.  This "silent," or "soft" second mortgage is forgiven after a short term, usually five to ten years.  
 
Another unique feature of Capital for Change is that it invites socially responsible people and institutions to support us as mission investors. In exchange for a financial investment in our community development mission, SRI investors may receive a fixed rate of up to 3% on funds invested. Dozens of like-minded investors, (individuals, institutions and foundations) have responded and made generous loans to help us capitalize our Community Loan Pool.These community pool funds specifically target projects that benefit low-moderate populations in need of affordable housing options. In return, our dedicated Socially Responsible (SRI) investors receive a steady fixed-rate return for a loan of more than $1,000 for a term of at least one year. The investor determines the length and terms of the loan and get a double-bottom line return on their money. Over the course of this program's 28- year history, no investor has ever experienced a loss and more than 85% of those investors chose to renew their loans at the end of their term.
 
In 2007, a comprehensive foreclosure counseling program, the ROOF Project Collaborative, was developed to strategically pool resources to combat the widespread foreclosure crisis plaguing Greater New Haven. Soon thereafter the Greater New Haven Community Loan Fund became a certified HUD and Connecticut Housing Finance Authority foreclosure counseling agency. At this time, Capital for Change's New Haven office continues its commitment to struggling homeowners by maintaining the state and federal housing counseling training and certifications necessary to counsel borrowers dealing with complex issues surrounding foreclosure. Approximately 90 homeowners are engaged with a certified counselor annually and 70% of them have favorably resolved their cases, i.e. by approval for trial payments, loan modifications, short sale, etc. Our staff works diligently to keep homeowners in their own homes. Their approach involves identification of the root cause of the mortgage program and development of  realistic workout options. Foreclosure counseling is available to our clients free-of-charge for as long as it takes to bring your case to draw to a conclusion.  
  
Impact
Capital for Change (C4C) is a Community Development Financial Institution (CDFI) that is the result of a  merger between the Greater New Haven Community Loan Fund Community Capital and the Connecticut Housing Investment Fund.
 
C4C is the largest full service CDFI in CT serving people, nonprofits, businesses and public institutions in need through loans, capital and technical assistance. We champion projects of all kinds with an approach that one size does not fit all, enabling us to create high impact products and programs that increase affordable housing and energy efficiency, nurture small businesses, financed mixed- use developments, and support homeownership opportunities for lower-income people.. 
Needs
Donors: In addition to state and federal government sources, contributions from individuals, foundations and corporations are an important source of our funding. Capital for Change seeks grant funding from corporate and foundation sources, as well as contributions from individuals who share our community development vision. Your contribution goes to work to help our borrowers by allowing us to flexibly deliver our lending program and provide the extensive technical assistance that differentiates us from commercial banks.. 
 
Investors:  As a nonprofit lending institution, C4C extends a unique opportunity to individuals, nonprofits, foundations and institutional investors. C4C seeks to engage additional loan capital from these sources to make financing more widely available to affordable housing developers, nonprofit organizations and small businesses in need. Presently more than 50 individual and institutional investors receive a (0 to 3%) fixed rate in return in exchange for a loan to our Community Loan Pool.

Dedicated Volunteers:  Capital for Change is always in need of individuals interested in helping us with community outreach activities; people willing to serve as advocates and goodwill ambassadors on our behalf. Additionally, professionals with backgrounds in finance, banking and lending who are interested in our mission are invited to consider serving on our Loan Committee.

 

CEO Statement I am honored to be serving as the first CEO/President of Capital for Change, Connecticut's newest, and largest Community Development Financial Institution Loan Fund.The recent merger of the former Connecticut Housing Investment Fund (CHIF), the Greater New Haven Community Loan Fund and Community Capital Fund culminates several years of planning. Each partner builds on brings a rich history and commitment to social justice and affordable housing that we jointly take pride in. CHIF's history is intertwined with the lives of its beloved founders; George and Patricia Ritter. The Ritters were remarkable people who worked together in the Hartford area to establish a national model for minority home-ownership and integrating housing before the Civil Rights Act made discrimination in housing illegal. During it’s nearly half century of operations, in existence, CHIF has closed more than 28,000 loans, more than 20,000 of which were for energy efficiency improvements, and is responsible for more than $185M in direct community investment, $330M in leveraged public and private capital investment, and loans that created or improved more than 35,000 affordable housing units. The Greater New Haven Community Loan Fund was established in 1987 by a group of socially concerned leaders of the Interfaith Cooperative Ministry. This ecumenical coalition was dedicated to helping the poor and disadvantaged. It was a group dedicated to the creation of affordable housing and was instrumental in the establishment of GNHCLF in 1987.During its nearly 30-year history, GNHCLF's flexible CDFI lending represents more than $57 M in direct community investment and the leveraging of more than $285M in funding sources that have resulted in more than 2,500 affordable housing units. In 2005, Community Capital was formed from the merger of two loan funds, it inherited $12M in business and real estate loans. Over the past 10 years, CommCap has leveraged public and private funds to respond to the demand for its affordable housing and small business loans, providing more than $23M in financing to qualified borrowers. All that being said, Capital for Change, with more than $50M in combined assets and $17.5 in net assets promises to yield higher market efficiencies and streamline operations. The across the board consolidation of our existing commercial and consumer loan products features flexible CDFI lending that will sustain more affordable housing starts and promote energy efficiency and home-ownership.
Board Chair Statement

What gets me excited about Capital for Change? It fills a unique place in the Connecticut landscape of financing for a purpose. It is like tapping a water source in a parched desert. Ground that looks barren can blossom with a flow of funding able to reach the places that have never had it before. With C4C, more people have places that they can afford to live in. And dozens of area nonprofits can better serve those in need thanks to better funding options.

Service Categories
Primary Organization Category Housing, Shelter / Housing Development, Construction & Management
Secondary Organization Category Environment / Energy Resources Conservation & Development
Tertiary Organization Category Community Improvement, Capacity Building / Urban & Community Economic Development
Areas Served
In a specific U.S. city, cities, state(s) and/or region.
Ansonia
Bethany
Branford
Cheshire
Derby
East Haven
Guilford
Hamden
Lower Naugatuck Valley
Madison
Milford
New Haven
North Branford
North Haven
Orange
Oxford
Seymour
Shelton
Shoreline
Wallingford
West Haven
Woodbridge
Other
Other

Capital for Change is headquartered in Hartford, but maintains a strong regional presence in Greater New Haven. The organization maintains offices in the cities of New Haven, Hartford and in Bridgeport. The New Haven regional office staff is located at the site of the former Greater New Haven Community Loan Fund, or 171 Orange Street, Suite 3, New Haven, Connecticut.

CEO/Executive Director/Board Comments The vision of Capital for Change is to be Connecticut's premier community development financial institution offering capital solutions that will create and sustain lasting, positive change to low-income communities, including broadened social and economic participation, economic growth and environmental sustainability.
Programs
Description

Capital for Change is a Community Development Financial Institution, a loan fund that makes financing available to housing developers to help address the market demand for safe, affordable housing throughout our state. Desired projects encompass many types and models of affordable housing options including rental, supportive housing, mutual housing, cooperatives and home-ownership. Loans may be obtained for a variety of purposes, including acquisition, bridge funding, and construction/rehabilitation financing. In FY15, The former Connecticut Housing Investment Fund's lending impacted the creation/rehab/development of 1,295 affordable/energy efficient affordable housing units. The former GNHCLF was responsible for financing another 39 affordable housing units. As a unified CDFI, our goal is to assist others in joining the economic mainstream and the target demographic for our work is low to moderate wage earners with household incomes of 80% of area median income (AMI) or less. In addition, C4C includes a loan servicing business that specializes in affordable housing and community development loans. Clients are state, federal and private mortgage lenders with housing, community development and economic development loan portfolios.

Population Served Poor,Economically Disadvantaged,Indigent / Homeless / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Program is frequently assessed based on predetermined program goals Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.
Short-Term Success will be measured in terms of the volume of our lending activity and the numbers of new housing opportunities supported by those activities .Loan portfolio performance is tracked regularly at internal staff reviews and by the Board and Loan Committees.
 
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.

A wider range of affordable housing opportunities will be made available throughout the region to homeowners and renters in a variety of housing types, i.e. single and multi-family. Affordable housing projects include renovation of formerly blighted properties that will help stabilize urban neighborhoods. Lower income people need access to safe, decent housing options to enjoy a higher standard of wellness and economic stability.

Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.
Our success can be measured by the number of loans approved, the dollar value of approved loans, the amount of additional funding leveraged and, the number of resulting housing units . These metrics are tracked internally.
 
Impact on the neighborhoods where development occurs is harder to measure quantitatively.Potential qualitative measures may including taking note of improvements made to other properties on the block that may have been spurred by the GNHCLF funded development; increased property values on the block as noted by (non-foreclosure) sales prices; and reduction in crime rates in the immediate neighborhood. ·
 
Client feedback obtained from the Annual Borrower Survey.
 
 
 
 
Description
Capital for Change works with the Connecticut Green Bank and other  partners as a leader in the promotion and introduction of energy efficiency improvements to multi-family apartment buildings, housing cooperatives, and condominiums. C4C provides flexible lending 
solutions through the Low-Income Multi-Family (LIME) loan program under which building owners can flexibly reduce their loan payments for equipment and upgrades by using a portion of the monthly energy savings. LIME also has a clean energy, solar option under which solar power equipment and the resulting electricity generated is sold to the building owners at reduced rates in accordance with a negotiated power purchase.  
Population Served Poor,Economically Disadvantaged,Indigent / /
Program is linked to organization’s mission and strategy Yes
Program is frequently assessed based on predetermined program goals Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service. Short-term success is measured in terms of the volume of our LIME lending and the number of housing units rendered more energy efficient by those activities.  Loan portfolio performance is tracked monthly by internal staff and by members of the Board of Directors and Loan Committees.
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state. Currently, LIME lending constitutes about 10% of C4C's financing activities, with plans for expansion.  Success is measured in terms of the volume of our energy efficient  lending activity, the amount of electricity saved in kilowatt hours, annual energy saved in terms of BTUs, and annual gas savings in CCF units. 
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact. Energy lending opportunities will be available to assist more owners of multi-family buildings, apartments, cooperatives and condominiums and their residents/tenants.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success. C4C is the proud lending partner involved inthe construction of a new energy efficient home in Hamden. The 1800 SF three-bedroom home, which is occupied on 499 Newall Street is a zero-energy home.  Such a home is a building with zero net energy consumption, meaning the total amount of energy used by the building annually is roughly equal to the amount of renewable energy created on the site. These buildings contribute less overall greenhouse gas to the atmosphere than similar buildings.  The happy new homeowners are a married couple with three children from New Haven. The home includes many significant energy conservation features including advanced framing exterior walls, shallow frost protected foundations, Energy Star appliances, etc.  The new owners will add solar panels that will render their home virtually energy (cost) free. The family hopes to generate additional income through the investment in solar panels by periodically selling energy back to the power company.
Description Capital for Change supports non-profit institutions whose unique financing needs may not be best served by traditional commercial banking institutions.  C4C responds to the needs of non-profit organizations with flexible lending solutions that allow organizations to continue to deliver vital programs and services to vulnerable populations. C4C's mission lending has benefitted dozens of nonprofit organizations for nearly thirty years. 
Population Served US / At-Risk Populations / Poor,Economically Disadvantaged,Indigent
Program is linked to organization’s mission and strategy Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service. In the next 12 months, Capital for Change will provide nonprofit lending assistance and technical assistance to community-based organizations in need on a per case basis. 
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state. Capital for Change gauges long-term program success by considering the number of nonprofit institutions strengthened, the number of jobs preserved and the numbers of clients that continue to receive services due to our financial support. Nonprofit organizations served include domestic violence centers, the elderly, immigrant rights and services groups, community health care centers, community-based health and educational organizations serving special populations and more. In most cases, clients belong to under-served and under-represented minority groups.
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact. Program Success is monitored by the nonprofit organizations ability to make regular loan repayment to Capital for Change.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success. In July 2014, Capital for Change was able to approve a $350,000 facility loan to Fairhaven Community Health Care Center, an institution that serves more than 15,000 low-income and uninsured people in the Fairhaven area of the City of New Haven. The mission of FHCHC aligns with ours--to deliver high quality health care services to the residents of Fairhaven. The health centers enlists local support and members of their community to set policies that advance the health and safety of community members.
Description
Foreclosure Prevention Counseling is offered by Capital for Change's experienced HUD certified counselors free of charge from its New Haven offices. Clients present to us from 23 area communities, with the majority residing in the City of New Haven, Hamden, East Haven and Ansonia. 
 
Counselors work with individual homeowners to develop a clear understanding of their personal financial circumstances and a sound understanding of the terms of their existing mortgages.  Counselors are experienced at developing viable strategies to prevent a foreclosure, depending on the circumstances.  Counselors can negotiate a loan modification with a bank servicer, referrals to available government programs or a short sale.  In 2016, 63 households received counseling services and more than 70% of those counseled experienced a positive outcome from working with a counselor.
Population Served General/Unspecified / /
Program is linked to organization’s mission and strategy Yes
Program is frequently assessed based on predetermined program goals Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service. Our counseling services prevent homeowners from falling prey tohousing assistance scams in which homeowners lose even more money to so-called counselors and end up obtaining no real assistance with the foreclosure problem.
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state. Families or individuals at risk of foreclosure are able to utilize our programmatic, legal and financial expertise and resources to arrive at a favorable resolution to their housing issue.  In the majority of cases, a successful resolution will mean that a homeowner is able to obtain a permanent mortgage modification that allows the family  to stay in their home with a mortgage payment that is affordable.  In other circumstances, the family may need to leave the home, but if that is the case, it can be accomplished in a time-frame and manner that does the least damage to the homeowner's long term credit and provides them with a stable transition to another living situation.
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact. Client cases are tracked by our housing counselors through an computerized Housing Counselor system which is used to report to HUD and other funders.  They track client progress and outcomes through the entire housing counseling process and note financial, demographic and other client data.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success. The best example of programmatic success is represented by the negotiation of a successful loan modification that allows the homeowner to stay in their home. Our housing counselors prepare the application for modification on behalf of their clients and negotiate with the loan servicer to obtain a permanent loan modification agreement.
Program Comments
CEO Comments
As a newly formed organization, a major priority is to ensure that our lending activity is sufficient to maintain our continued financial stability. The first year of the merger will result in one-time transactional costs and introduce some operational inefficiencies as staff and processes are realigned. The plan is to begin to move forward to strategically deploy a wider range of flexible lending products and programmatic activities in as orderly a fashion as possible to a larger number of Low to moderate income (LMI) communities across the state.  
CEO/Executive Director
Mr. Calvin B. Vinal
Term Start May 2016
Email cvinal@capitalforchange.org
Experience
Calvin Vinal is a mission-focused leader with more than 30 years of experience in banking, real estate, and community development lending environments. He was the CEO of Connecticut Housing Investment Fund and the President of its nonprofit affiliate; CT Energy Efficiency Finance Company (CEEFCO) for seven years before assuming his present role. Under Mr. Vinal's leadership, CHIF grew from $9.5M to $35M in assets.  Key strategic accomplishments led by Mr. Vinal include creating a data warehouse supported by on-line applications and automated processing, design and implementation of on-bill repayment processing of energy efficiency loans for Eversource electric customers, building a $9.8 M multi-family permanent pool funded by 12 banks, creation of a $13.5 M nonprofit affiliate to offer consumer energy efficiency loans and creation of innovative financing produces for affordable multi-family energy efficiency.  Mr. Vinal graduated summa cum laude from the University of Maine with a B.A. in Political Science.  He is also a graduate of the Development Training Institute and has worked as a licensed commercial real estate appraiser.
Staff
Number of Full Time Staff 37
Number of Part Time Staff 1
Number of Volunteers 20
Staff Retention Rate 75%
Staff Demographics - Ethnicity
African American/Black 7
Asian American/Pacific Islander 1
Caucasian 18
Hispanic/Latino 10
Native American/American Indian 0
Other 2 0
Staff Demographics - Gender
Male 8
Female 29
Unspecified 1
Former CEOs and Terms
NameTerm
Ms. Carla Weil Apr 1988 - May 2016
Senior Staff
Title Chief Strategy Officer
Title VP, Controller
Title VP, Controller
Formal Evaluations
CEO Formal Evaluation Yes
CEO/Executive Formal Evaluation Frequency Annually
Senior Management Formal Evaluation Yes
Senior Management Formal Evaluation Frequency Annually
Non Management Formal Evaluation Yes
Non Management Formal Evaluation Frequency Annually
Collaborations
Connecticut Housing Coalition
Connecticut Green Bank 
Neighborhood Housing Services of New Haven
Neighborworks New Horizons 


 

 

Affiliations
AffiliationYear
Greater New Haven Chamber of Commerce1994
Awards
Award/RecognitionOrganizationYear
Nonprofit Partnership AwardGreater New Haven Chamber of Commerce2009
Impact Award (ROOF Project)CT Community Development Association2013
Comments
CEO Comments

 

Board Chair
Ms. Dorothy Adams
Company Affiliation Unitarian Church of Westport
Term May 2016 to May 2019
Board of Directors
NameAffiliation
Anna Blanding Pilliner Group
Ginne-Rae Clay City of Bridgeport
Carmen Colon Alpha Community Services YMCA
Linda Cote Webster Bank
Robin Golden Self-Employed Consultant
Nicole Licata Grant United Holdings Corporation
Timothy Hodges People's United Bank
Brian Robinson HAI Group
Jeffrey Robinson Retired, TD Bank
Diane Smith Connecticut Housing Finance Authority
Board Demographics - Ethnicity
African American/Black 3
Asian American/Pacific Islander 0
Caucasian 7
Hispanic/Latino 1
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 3
Female 8
Unspecified 0
Risk Management Provisions
Directors and Officers Policy
Commercial General Liability and D and O and Umbrella or Excess and Automobile and Professional
Disability Insurance
Employee Dishonesty
See Management and Governance Comments
Special Event Liability
Umbrella or Excess Insurance
Workers Compensation and Employers' Liability
Standing Committees
Finance
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
Additional Board/s Members and Affiliations
NameAffiliation
Ms Anna Blanding Pilliner Group
Ms. Linda Cote Webster Bank
CEO Comments

Capital for Change has a unique committee structure specific to its primary role as a lender. Members of the Loan Committee make final lending decisions on behalf of the organization.The committee is made up of both board members and non-board members with specialized areas of knowledge and expertise in finance and/or banking that are important to the lending process.

 
 
Financials
Fiscal Year Start May 01 2016
Fiscal Year End Mar 31 2017
Projected Revenue $4,943,857.00
Projected Expenses $4,935,111.00
Spending Policy N/A
Credit Line No
Reserve Fund Yes
Other Documents
Other Documents 3
NameYear
Annual Report2014View
Annual Report2013View
Annual Report2012View
Annual Report2011View
Detailed Financials
Prior Three Years Revenue Sources ChartHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201520142013
Foundation and
Corporation Contributions
$705,797$673,030$655,391
Government Contributions$620,848$2,178,385$1,158,548
Federal------
State------
Local------
Unspecified$620,848$2,178,385$1,158,548
Individual Contributions------
------
$186,503$627,630$468,518
Investment Income, Net of Losses$380,195$2,944$2,681
Membership Dues------
Special Events$26,997$10,000$35,474
Revenue In-Kind------
Other($4,132)$57,816$3,307
Prior Three Years Expense Allocations Chart
Fiscal Year201520142013
Program Expense$1,303,839$2,763,837$1,095,987
Administration Expense$240,327$292,560$147,496
Fundraising Expense$77,774$105,020$105,811
Payments to Affiliates------
Total Revenue/Total Expenses1.181.121.72
Program Expense/Total Expenses80%87%81%
Fundraising Expense/Contributed Revenue6%4%6%
Prior Three Years Assets and Liabilities Chart
Fiscal Year201520142013
Total Assets$10,384,028$11,840,500$11,268,615
Current Assets$10,046,747$11,488,163$11,146,402
Long-Term Liabilities$7,149,873$8,885,688$8,715,519
Current Liabilities$26,571$31,069$31,161
Total Net Assets$3,207,584$2,923,743$2,521,935
Prior Three Years Top Three Funding Sources
Fiscal Year201520142013
Top Funding Source & Dollar Amount --CT Dept. of Housing $1,569,790U.S. Dept. of the Treasury CDFI Fund $953,892
Second Highest Funding Source & Dollar Amount --State of CT DECE $528,188CL&P $500,000
Third Highest Funding Source & Dollar Amount --CT Light & Power $500,000State of CT DECD $114,377
Solvency
Short Term Solvency
Fiscal Year201520142013
Current Ratio: Current Assets/Current Liabilities378.11369.76357.70
Long Term Solvency
Fiscal Year201520142013
Long-Term Liabilities/Total Assets69%75%77%
Capitial Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
Comments
CEO Comments Capital for Change will issue its first 990 in 2017, after it has completed a full year of operations. Separate audits are available for the Greater New Haven Community Loan Fund, CT Housing Investment Fund and Community Capital Fund.
Foundation Staff Comments

This profile, including the financial summaries prepared and submitted by the organization based on its own independent and/or internal audit processes and regulatory submissions, has been read by the Foundation. Financial information is inputted by Foundation staff directly from the organization’s IRS Form 990, audited financial statements or other financial documents approved by the nonprofit’s board. The Foundation has not audited the organization’s financial statements or tax filings, and makes no representations or warranties thereon. The Community Foundation is continuing to receive information submitted by the organization and may periodically update the organization’s profile to reflect the most current financial and other information available. The organization has completed the fields required by The Community Foundation and updated their profile in the last year. To see if the organization has received a competitive grant from The Community Foundation in the last five years, please go to the General Information Tab of the profile.

 

Address 121 Tremont Street
Hartford, CT 061052541
Primary Phone 203 789-8690 1270
CEO/Executive Director Mr. Calvin B. Vinal
Board Chair Ms. Dorothy Adams
Board Chair Company Affiliation Unitarian Church of Westport

 

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