CDFI Connect Community Discussions

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RE: CDFI Fund Expands Target Market Eligibility for Payroll Protection Program Lending

Thu, 2020-12-10 09:21
From : Communities>>Open Forum
That is good news, but many of us provided emergency lending to our communities outside the PPP program.  We need safe harbor for those loans as well. ------------------------------ Kim Jacobs President/CEO Community Capital New York Elmsford, NY 914 747 8020 ------------------------------

RE: Revenue recognition of FA awards from CDFI

Wed, 2020-12-09 13:45
From : Communities>>Open Forum
Thanks, Beth, for the quote from CDFI. Does OFN have multiple disbursements on its award from CDFI? Is so, are you treating the whole award as unconditional even before disbursements are made? Or do you treat it as unconditional only once you've received the money or once you've requested it? The fact that they say, "The Fund will continue to record grants disbursements as expenses." suggests to me that the award shouldn't be recorded on the financials until the subsequent disbursements are requested [More]

CDFI Fund Expands Target Market Eligibility for Payroll Protection Program Lending

Wed, 2020-12-09 12:37
From : Communities>>Open Forum
Dear Colleagues - good news from Jodi Harris, the Director of the CFI Fund.  Your can access the full letter here, but the bottom line is that: "The CDFI Fund also understands that the emergency nature of loans provided under the PPP may have temporarily distorted the proportion, in dollar and/or number, of Financial Products some CDFIs provided to their identified Target Market(s). In consideration of this, and consistent with the mission of CDFIs, the CDFI Fund will allow all PPP loans originated [More]

CDFI Capital Needs Survey for Impact Investor Report

Mon, 2020-12-07 15:00
From : Communities>>Open Forum
Hi CDFI Connect, My team is working on a CDFI capital needs survey to share with potential impact investors. I've been working at or with CDFIs for over a decade, and the firm I work for, CNote has experienced significantly higher interest from investors to create custom notes that specify the type of impact they'd like to see. We want to produce a regular report to keep impact investors updated on the evolving capital needs of CDFIs.  In an effort to better support CDFIs, we'd like to ask [More]

RE: Member Monday

Mon, 2020-12-07 13:58
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight the work of St Louis Community Credit Union. For 75 years and counting, St. Louis CCU has been working to increase the standard of living for the Missouri community. They meet the ever-growing banking needs of all people, including low-and moderate-income individuals. Since creation, St. Louis CCU has funded more than $285 million in assets and 60,000+ members. Their mission giveback program brings together 170+ staff volunteers in October [More]

RE: Revenue recognition of FA awards from CDFI

Mon, 2020-12-07 08:21
From : Communities>>Open Forum
Similar to Karen's response above, OFN has also treated CDFI Fund grants as unconditional, and temporarily restricted (until we spend the fund consistent with the grant) and then we release them to unrestricted.  I am including the e-mail below from the CDFI Fund on this issue that Karen references above.   "We spoke with our auditors regarding the treatment of CDFI grants by non-profits under the recent FASB pronouncement. The auditors confirmed  that the pronouncement will have no impact on the [More]

RE: Revenue recognition of FA awards from CDFI

Fri, 2020-12-04 14:45
From : Communities>>Open Forum
Hi Karen and Pam!  Thanks so much for your responses (especially the CDFI industry statement, which is really helpful!).  It's comforting to know that others are questioning the revenue recognition treatment as well under the new standard.  I do think there is some room for interpretation, but, again, it would be nice to have all of my clients treat the awards consistently.  As mentioned, a few of my clients are treating the entire FA award as conditional based on the limited discretion barrier.  [More]

RE: Advice on finding a part-time web developer

Fri, 2020-12-04 11:16
From : Communities>>Open Forum
Check out ThinkerSys ( https://www.thinkersys.com/ ), based in Argentina. They provide developers to large NGOs like the IRC and come highly recommended. Working with them has been a pleasure. Individual developer hourly cost can be around $40-$60+/hour depending on specialty. Contact: Sebastian Pilafis, spilafis@thinkersys.com, https://www.linkedin.com/in/spilafis/ . For the rest, I'm open to chatting with anyone about the digital transformation epic quest! ------------------------------ Kathryn [More]

RE: Legal structure of a special purpose vehicle

Fri, 2020-12-04 10:30
From : Communities>>Open Forum
Grant I'd be happy to discuss with you if you'd like. Regards Doug F. Douglas Raymond Partner douglas.raymond@faegredrinker.com +1 215 988 2548 direct / +1 215 512 0521 mobile / +1 215 988 2757 fax ___________ Faegre Drinker Biddle & Reath LLP One Logan Square, Suite 2000 Philadelphia, Pennsylvania 19103 USA This message and any attachments are for the sole use of the intended recipient(s) and may contain confidential and/or privileged information. Any unauthorized review, use, disclosure or [More]

Join Fannie Mae, Enterprise, Bellwether and HUD on launch of Business Continuity Initiative for Affordable Housing Orgs 12/10

Fri, 2020-12-04 10:13
From : Communities>>Open Forum
View in a browser Please join Enterprise Community Partners, the U.S. Department of Housing and Urban Development, Fannie Mae, and Bellwether Enterprise on Thursday, December 10th at 1:30-3:00 EST for a symposium: Ready to Respond: Disaster Planning for Multifamily Affordable Housing Organizations Register Today Affordable housing organizations face unique challenges during emergency events. Having an effective, well-coordinated plan in place before disaster strikes can make all [More]

RE: Legal structure of a special purpose vehicle

Fri, 2020-12-04 09:14
From : Communities>>Open Forum
Hi Grant --  We've created several SPVs. How simple or complex they are depends on your reason for creating it. We put together a large credit facility with a sophisticated investment bank and it required quite a bit of documentation with two law firms. We've done others that have been straightforward. In all cases they were LLCs. Happy to discuss off-line, if you'd like.  ------------------------------ Michelle Corson On the Road Sustainability Funds mcorson@ontheroadcompanies.com ------------- [More]

RE: Revenue recognition of FA awards from CDFI

Thu, 2020-12-03 18:13
From : Communities>>Open Forum
Hi Tiffany and Pam.  I served on the group that contacted the CDFI Fund for information on their implementation of ASU 2018-08, since the update encourages consistent treatment by the grantor and grantee.  We received an email from the CDFI Fund this summer that noted that they expense these grants, which reflects no conditions from their perspective.  At Enterprise Community Loan Fund, we consider all CDFI Fund awards - Financial Assistance, Healthy Foods Financing Initiative, and Capital Magnet [More]

Advice on finding a part-time web developer

Thu, 2020-12-03 16:12
From : Communities>>Open Forum
Hi all, We're looking to transition away from our current web support and development (monthly contract with an outside firm) to something that is a little more internal and focused on our individual situation. Does anyone have any advice from personal experience on: Where to post jobs to find CDFI/nonprofit-focused developers Transitioning away from an RFP/outside support model to an in-house model Bringing in more technical web development staff We'd be grateful for any suggestions or [More]

VT Community Loan Fund Releases First Environmental Impact Report

Thu, 2020-12-03 08:19
From : Communities>>Open Forum
As a mission-first lender and impact investment fund, and as a leader in the CDFI industry, the Vermont Community Loan Fund is committed to doing our part in the fight for climate justice. Yesterday, we released   "A Carbon Impact Analysis of VCLF's Loan Portfolio,"  studying the environmental impacts of the organization's work. MORE HERE: December 2nd: VCLF Releases First Environmental Impact Report VCLF was the first CDFI (and one of the first financial institutions of any kind) to use the Partnership [More]

Legal structure of a special purpose vehicle

Thu, 2020-12-03 01:32
From : Communities>>Open Forum
Looking for input in regards to special purpose vehicle (SPV) operating agreements, master loan documents, etc.  If not specific document examples, then any resources one found useful during the process of creating the SPV.  This could include any law firms, articles, or a conversation about your experience creating the legal documents needed to stand up the SPV. Thanks in advance for any feedback! Very respectfully, Grant Bennett ------------------------------ Grant Bennett Director of Veteran Programs [More]

RE: Revenue recognition of FA awards from CDFI

Wed, 2020-12-02 13:08
From : Communities>>Open Forum
Great question. Thanks, Tiffany. Have you seen OFN's March 2020 statement on the matter, which I attached? That said, I'm also interested in what others are doing and how people have come to their conclusions because I'm not confident OFN addresses the 90% issue I mention below. For the 2020 award, my take is that the first disbursement is not conditional but subsequent disbursements are. Input welcome! For the subsequent disbursements, there seems a clear barrier: "The CDFI Fund shall not make a [More]

Files Attached Document
Revenue recognition of FA awards from CDFI Attachments

RE: State support for CDFI's

Wed, 2020-12-02 09:32
From : Communities>>Open Forum
Both Pennsylvania and New York City are using CDFIs to distribute grants to businesses and paying them an admin fee. ------------------------------ Adina Abramowitz Managing Partner CDFI Friendly America Philadelphia PA 215-247-1544 ------------------------------

RE: Revenue recognition of FA awards from CDFI

Tue, 2020-12-01 16:13
From : Communities>>Open Forum
Beth (or anyone else), are you aware of any updates regarding this discussion and the revenue recognition of CDFI awards under ASU 2018-08?  I'm an auditor of several CDFI funds.  Most of my clients have been concluding that their financial assistance award is conditional as there is limited discretion as to the spending (a barrier).  In other words, they are treating the grant as they treat most federal cost reimbursement grants and recognizing the revenue as the grant is spent (and cash advances [More]

State support for CDFI's

Tue, 2020-12-01 14:58
From : Communities>>Open Forum
All:  Please let me know if your state provides support of any kind for CDFI's.  I'm super interested if any states replicate Financial Assistance, Technical Assistance from the CDFI Fund.  Loan Guarantees?  I'm meeting with State officials in KY tomorrow to discuss.  Many thanks.   Amy Shir President and CEO LHOME ------------------------------ Amy Shir President and CEO LHOME CDFI Louisville KY (502) 235-8710 ------------------------------

RE: Tip Tuesday

Tue, 2020-12-01 14:28
From : Communities>>Open Forum
In this week's Tip Tuesday, we will show you how to fix if you are having trouble viewing the html email messages. If images are not appearing, it is likely that your email client is set to suppress images. This should be something you can change in your security or viewing options. If you would rather receive text-based email, go to your profile page and click on the " My Account " tab. Choose " Community Notifications " from the drop-down menu. Select the "Plain Text" format option for each of [More]

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