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Updated: 49 min 7 sec ago

RE: Need advise - Recognition of Revenue

Wed, 2020-01-29 10:44
From : Communities>>Open Forum
Charlie, that is the argument we made with our auditors and it was accepted; we used the test of the fees earned as compensation for the lending department for their time closing the loan. Good luck. ------------------------------ Chuck Wall CFO Renaissance Community Loan Fund, Inc. Gulfport MS (228) 896-3386 ------------------------------

RE: Need advise - Recognition of Revenue

Wed, 2020-01-29 10:38
From : Communities>>Open Forum
David - thank you for the response.  Our previous auditors have never pointed this out so it was news to us.  We continue to discuss the materiality issue with our new auditors since the revenue recognized is a very small percentage of overall revenue. I am inquiring on this thread to see if other CDFIs have dealt with this issue. I appreciate your input. Charlie ------------------------------ Charlie Hammerman President & CEO The Disability Opportunity Fund Rockville Centre NY (516) 399-3020 -- [More]

RE: Need advise - Recognition of Revenue

Wed, 2020-01-29 09:48
From : Communities>>Open Forum
Good morning. I would think your company might want to follow US generally accepted accounting principles. If so See  Summary of Statement No. 91 Fasb remove preview Summary of Statement No. 91 Summary This Statement establishes the accounting for nonrefundable fees and costs associated with lending, committing to lend, or purchasing a loan or group of loans. This project was undertaken in response to an AICPA Issues Paper that indicated a diversity in practice in the accounting [More]

RE: Need advise - Recognition of Revenue

Wed, 2020-01-29 09:32
From : Communities>>Open Forum
Thanks Chuck for your reply. Any others out there??? Charlie Hammerman ------------------------------ Charlie Hammerman President & CEO The Disability Opportunity Fund Rockville Centre NY (516) 399-3020 ------------------------------

RE: Need advise - Recognition of Revenue

Wed, 2020-01-29 09:32
From : Communities>>Open Forum
Life of loan but direct cost of origination up to origination fee is also deferred so there is a reduction in cost in year loan closes . Future year amortization of fee and deferred expense offset ------------------------------ Ken Gruber CFO Vital Healthcare Capital New York NY (212) 586-2821 x7 ------------------------------

RE: Need advise - Recognition of Revenue

Wed, 2020-01-29 09:27
From : Communities>>Open Forum
We record at closing. ------------------------------ Chuck Wall CFO Renaissance Community Loan Fund, Inc. Gulfport MS (228) 896-3386 ------------------------------

RE: Fair Isaac Credit Score Formula Changes

Tue, 2020-01-28 22:06
From : Communities>>Open Forum
Hi Amy, Thanks so much for sharing the article and your questions. At Credit Builders Alliance we too would love to hear everyone's thoughts. In the meantime, here is our official response, released today: In the last few days you may have heard the buzz about changes to FICO ® Scores and the impact that these changes could have for consumers, including the rather alarming headline from the Wall Street Journal, that kicked it all off: "FICO Changes Could Lower Your Credit Score." FICO and other [More]

Need advise - Recognition of Revenue

Tue, 2020-01-28 13:17
From : Communities>>Open Forum
Interesting topic brought up by our new auditors: How does the CDFI industry account for loan origination fees? Do you record revenue related to the points you charge at the issuance of loans? Do you record it at the inception of the loan, or do you record the revenue over the life of the loan? I am hoping the CDFI Community can provide their thoughts. Thanks, Charlie ------------------------------ Charlie Hammerman President & CEO The Disability Opportunity Fund Rockville Centre NY (516) 399-3020 [More]

Webinar Thursday - Take Back Control of your CDFI Fund FA Application!

Tue, 2020-01-28 12:40
From : Communities>>Open Forum
Dear Colleagues:  We all know that the most challenging part of the CDFI FA application is the Financial Data sections. Can you see your AAT ratios - capital adequacy, asset quality, earnings, and capital and operating liquidity, etc - at the push of a button? Want a better sense of your competitiveness? Are your projections defensible?  With myFund , you can now take back control of your application. Check out this mulit-tabbed spreadsheet that does all the work for you and guarantees an error-free [More]

Fair Isaac Credit Score Formula Changes

Mon, 2020-01-27 07:22
From : Communities>>Open Forum
Hi everyone,  Fair Isaac recently announced changes to their credit scoring algorithm. The changes aren't dramatic, but I thought many of you would find them interesting. According to New York Times reporting, individuals whose credit reports show financial distress will likely see a small dip in their scores. The article below summarizes the changes. Does your CDFI use the "latest and greatest" FICO formulas, or are you a model or two behind? I'm curious what everyone thinks of this shift. Do you [More]

Next Thursday - Take Back Control of Your CDFI Fund Financial Assistance Application!

Fri, 2020-01-24 15:22
From : Communities>>Open Forum
Dear Colleagues: please join us next week to learn about an 'app' to improve the competitiveness of you next CDFI Fund Program application. Webinar : Take Back Control of Your CDFI Fund Financial Assistance Application! Hosted by: Jason Friedman and Amy Szabo, Friedman Associates Would you agree that the most challenging part of the CDFI FA application is the Financial Data sections? Neither the Excel workbook provided by the CDFI Fund nor AMIS™ tell you if your financial performance and portfolio [More]

Group Housing for AmeriCorps Members

Fri, 2020-01-24 10:08
From : Communities>>Open Forum
Hi, Does anyone have experience financing group housing for AmeriCorps participants (and similar programs) being placed at area nonprofits?  Like nearly everywhere, there are abysmally low vacancy rates in NH and further, given the rural nature of much of our state, even when relatively short term housing is found, it can often be an isolating experience or otherwise not ideal. We've recently fielded several financing inquiries from organizations looking to create such an option for AmeriCorps participants [More]

Community of Practice discussions and individualized Technical Assistance (TA)

Thu, 2020-01-23 18:32
From : Communities>>Open Forum
Hello CDFI and OFN colleagues, Please see below the announcement from BCT Partner offering opportunities for training and technical assistance (Community of Practice discussions and individualized Technical Assistance (TA)) through the CDFI Fund's "Access for all: Expanding CDFI Impact in the Disability Community" Capacity Building Initiative.  Registration Deadline Extended to 1/31/2020   Dear Colleague,   BCT Partners is pleased to offer opportunities for training and technical assistance [More]

RE: Key Staff Salaries

Thu, 2020-01-23 17:10
From : Communities>>Open Forum
Thanks for the clarification and correct link, Seth! ------------------------------ Russ Seagle Executive Director The Sequoyah Fund, Inc. Cherokee NC 828-497-8142 russseagle@sequoyahfund.org ------------------------------

RE: Key Staff Salaries

Thu, 2020-01-23 17:01
From : Communities>>Open Forum
Hi everyone,  OFN conducted compensation surveys on the CDFI industry in 2012 and 2017.  The 2017 report can be purchased below: https://ofn.org/publications  and scroll down to the " 2017 CDFI Loan Fund Compensation and Benefits Survey Report" tab.  OFN members and allies receive discounts on the report.    OFN will be conducting a CDFI Loan Fund compensation survey again in 2020 with hopes of having the report published by the beginning of Q4.  Because of the confidential nature of employee compensation, [More]

RE: Key Staff Salaries

Thu, 2020-01-23 15:23
From : Communities>>Open Forum
Hi Russ. The OFN link leads to a 404 error page. Do you happen to have a working link? Thanks, Steve ------------------------------ Steve Varnum Director of Communications and Marketing New Hampshire Community Loan Fund, Inc. Concord NH (603) 224-6669 svarnum@communityloanfund.org ------------------------------

RE: Portfolio Management Process & Procedure

Thu, 2020-01-23 12:10
From : Communities>>Open Forum
Thank you for the suggestions Debra, much appreciated and I like the idea of testing with a staff member to ensure the procedures are clear once they are outlined.  Thank you. ------------------------------ Jessica Rohrer Portfolio Manager Southeast Community Capital Corporation DBA Pathway Lending Nashville TN (615) 254-6113 ------------------------------

RE: Portfolio Management Process & Procedure

Thu, 2020-01-23 12:09
From : Communities>>Open Forum
Hi Melissa, We are using TEA - The Exceptional Assistant through CommonGoals software as our core loan system.  Thank you. ------------------------------ Jessica Rohrer Portfolio Manager Southeast Community Capital Corporation DBA Pathway Lending Nashville TN (615) 254-6113 ------------------------------

RE: Portfolio Management Process & Procedure

Thu, 2020-01-23 12:05
From : Communities>>Open Forum
Okay great thank you Dale, this is very helpful and I will make sure to keep these points in mind as we move forward.  Thank you! ------------------------------ Jessica Rohrer Portfolio Manager Southeast Community Capital Corporation DBA Pathway Lending Nashville TN (615) 254-6113 ------------------------------

RE: Key Staff Salaries

Thu, 2020-01-23 09:22
From : Communities>>Open Forum
Thanks for sharing that, Russ. I'm sad to see that the compensation survey is $500.  I'm sure it's worth it, but not reachable for staff as individuals.   Thanks for taking the time to re-post the links!  I didn't ask the question, but I was interested in the answers you shared. Les Roll, MACED Hazard, KY ------------------------------ Les Roll Mountain Association for Community Economic Development, Inc. Hazard KY (859) 986-2373 ------------------------------

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