2024-10-09T16:46:17-05:00 2024-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-07-01 043105358 CHILDREN'S INVESTMENT FUND INC CHIL 6177275944 18 TREMONT ST SUITE 500 BOSTON MA 02108 AMY O'LEARY BOARD PRESIDENT 6177275944 2024-10-09 1 1 ANDREW R PURICELLI CPA P01633436 5083669100 2024-10-09 2023 2024-10-15 13:58:12Z AMY O'LEARY 18 TREMONT ST SUITE 500 BOSTON MA 02108 1898365 0 X HTTPS://CIF-MA.ORG X 1990 MA THE CHILDREN'S INVESTMENT FUND'S (CIF) PRIMARY PURPOSE IS TO IMPROVE THE QUALITY OF AND EXPAND ACCESS TO EARLY LEARNING AND SCHOOL-AGE CHILD CARE PROGRAMS FOR LOW AND MODERATE-INCOME FAMILIES. IN ORDER TO BROADEN THE IMPACT OF ITS WORK CIF ALSO SEEKS TO SUPPORT AFFORDABLE HOUSING FOR LOW-INCOME FAMILIES THROUGH PLACE-BASED TWO-GENERATION AND OTHER STRATEGIES THAT RESULT IN SAFER, HEALTHIER AND MORE STABLE ENVIRONMENTS IN WHICH TO RAISE YOUNG CHILDREN. 14 14 0 14 0 0 1657431 1489917 93951 83726 214568 324722 0 0 1965950 1898365 76659 1205922 0 0 0 0 0 0 4398 1141560 1125229 1218219 2331151 747731 -432786 7425756 8038883 119124 1021608 7306632 7017275 X THE CHILDREN'S INVESTMENT FUND'S (CIF) PRIMARY PURPOSE IS TO IMPROVE THE QUALITY OF AND EXPAND ACCESS TO EARLY LEARNING AND SCHOOL-AGE CHILD CARE PROGRAMS FOR LOW AND MODERATE-INCOME FAMILIES. IN ORDER TO BROADEN THE IMPACT OF ITS WORK CIF ALSO SEEKS TO SUPPORT AFFORDABLE HOUSING FOR LOW-INCOME FAMILIES THROUGH PLACE-BASED TWO-GENERATION AND OTHER STRATEGIES THAT RESULT IN SAFER, HEALTHIER AND MORE STABLE ENVIRONMENTS IN WHICH TO RAISE YOUNG CHILDREN. 0 0 504139 EARLY EDUCATION AND OUT OF SCHOOL TIME (EEOST) CAPITAL FUND: THE PROGRAM WAS FIRST AUTHORIZED BY THE MASSACHUSETTS LEGISLATURE AS PART OF THE 2013 COMMUNITY DEVELOPMENT CAPITAL BOND BILL. IN MAY 2018, EEOST WAS RE-AUTHORIZED BY THE LEGISLATURE AS PART OF THE HOUSING CAPITAL BOND BILL. EACH OF THE BOND BILLS HAVE AUTHORIZED THE ISSUANCE OF UP TO $45 MILLION IN GENERAL OBLIGATION BONDS, SUBJECT TO ANNUAL ALLOCATIONS DETERMINED BY THE EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE. IN JULY 2024, EEOST WAS RE-AUTHORIZED FOR UP TO $50 MILLION. THE PURPOSE OF EEOST IS TO PROVIDE CAPITAL GRANTS TO LICENSED CENTER-BASED NONPROFIT EARLY EDUCATION AND OUT-OF-SCHOOL TIME PROGRAMS TO FUND FACILITY ACQUISITION, DESIGN, CONSTRUCTION, AND/OR RENOVATION. CIF, UNDER CONTRACT WITH CEDAC, UNDERWRITES, CLOSES AND DISBURSES THE GRANT FUNDS AWARDED BY THE DEPARTMENT OF EARLY EDUCATION AND CARE FOR THE FIRST TIME, CIF STAFF PROVIDED A FACILITY IMPROVEMENT PROGRAM FOR FOR-PROFIT CENTER-BASED ORGANIZATIONS. THE PROGRAM OFFERS GRANTS BETWEEN $200K - $500K AND WILL UTILIZE $7.5 MILLION FROM THE DEPARTMENT OF EARLY EDUCATION AND CARE THROUGH AN APPROPRIATION FROM THE FAIR SHARE AMENDMENT. 396022 83726 TECHNICAL ASSISTANCE AND LENDING: CIF PROVIDES A FULL RANGE OF FINANCING, TRAINING, AND TECHNICAL SERVICES OPTIONS FOR EARLY EDUCATION AND OUT-OF-SCHOOL TIME PROVIDERS SEEKING TO CONSTRUCT OR IMPROVE THEIR FACILITIES. CIF'S SIGNATURE TRAINING, THE BUILDING STRONGER CENTERS INSTITUTE, IS A FOUR-DAY, INTENSIVE TRAINING DESIGNED FOR CHILDCARE CENTERS THAT ARE PLANNING A MAJOR RENOVATION OR CONSTRUCTION PROJECT. CONTENT INCLUDES INFORMATION ON THE DEVELOPMENT PROCESS, FINANCING STRATEGIES, HIGH-QUALITY DESIGN, AND EXAMPLES OF SUCCESSFUL PROJECTS. IN ADDITION TO PROVIDING TECHNICAL EXPERTISE AND TRAINING, CIF OFFERS PREDEVELOPMENT, SITE ACQUISITION, CONSTRUCTION LOANS, AND TERM LOANS TO HELP FINANCE THE COST OF DEVELOPING LARGER CAPITAL PROJECTS, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT ON FLEXIBLE LOAN TERMS THAT MEET THE NEEDS OF CHILDCARE PROVIDERS OF ALL SIZES. IN 2018, CIF EXTENDED THIS SUPPORT TO AFFORDABLE HOUSING DEVELOPERS THAT ARE CREATING FAMILY UNITS IN MASSACHUSETTS. 1258409 1205922 FACILITY IMPROVEMENT GRANTS: CIF RAISES CAPITAL THAT CAN BE USED FOR GRANTS TO PROVIDERS TO FUND THE COST OF FACILITY IMPROVEMENTS. CIF HAS RECEIVED TOTAL FUNDING OF $2 MILLION FROM THE LIBERTY MUTUAL FOUNDATION TO FUND ACCESSIBILITY IMPROVEMENTS IN BOSTON-BASED EARLY EDUCATION AND OUT-OF-SCHOOL TIME CENTERS. IN FISCAL YEAR 2024, CIF RECEIVED A GRANT FROM THE U.S. DEPARTMENT OF THE TREASURY'S CDFI FUND FOR $986,991 UNDER THE EQUITABLE RECOVERY PROGRAM (ERP). CIF IS USING THESE FUNDS TO PROVIDE CAPITAL GRANTS TO CHILD CARE PROVIDERS LOCATED IN LOW OR MODERATE INCOME MAJORITY MINORITY CENSUS TRACTS IN MASSACHUSETTS. CIF HAS AWARDED $900,000 OF THE ERP GRANTS TO FIVE PROVIDERS AS OF JUNE 30, 2024. 2158570 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X X COMMUNITY ECONOMIC DEVELOPMENT ASSI 6177275944 18 TREMONT ST SUITE 500 BOSTON MA 02108 X AMY O'LEARY PRESIDENT 1.50 X X 0 0 0 WAYNE YSAGUIRRE VICE PRESIDENT 1.50 X X 0 0 0 BRUCE FIGUEROA TREASURER (LEFT DURING FY24) 1.50 X X 0 0 0 KARLEY AUSIELLO TREASURER 1.50 X X 0 0 0 KHUSHBU WEBBER BOARD MEMBER/CLERK(LEFT DURING FY24) 1.50 X X 0 0 0 SHARON SCOTT-CHANDLER BOARD MEMBER/CLERK 1.50 X X 0 0 0 MICHAEL LINDSTROM BOARD MEMBER 1.00 X 0 0 0 CARL SUSSMAN BOARD MEMBER 1.00 X 0 0 0 MARGARET SPRAGUE BOARD MEMBER 1.00 X 0 0 0 JOAN KAGAN BOARD MEMBER (LEFT DURING FY24) 1.00 X 0 0 0 RENEE BOYNTON-JARRETT BOARD MEMBER 1.00 X 0 0 0 RICHARD MURAIDA BOARD MEMBER 1.00 X 0 0 0 ANNE DOUGLASS BOARD MEMBER 1.00 X 0 0 0 LESLIE REID BOARD MEMBER 1.00 X 0 0 0 DAWN DISTEFANO BOARD MEMBER 1.00 X 0 0 0 CATHERINE DUN RAPPAPORT BOARD MEMBER 1.00 X 0 0 0 CHRISTI STAPLES BOARD MEMBER 1.00 X 0 0 0 0 0 0 0 0 0 0 CEDAC 18 TREMONT STREET SUITE 500 BOSTON MA 02108 MANAGEMENT SERVICES 931191 1 1381311 108606 1489917 LOAN INTEREST AND FEES 900099 83726 83726 83726 324722 324722 1898365 83726 0 324722 X 1205922 1205922 1762 1762 35200 35200 1057940 952648 100894 4398 19668 19668 MISCELLANEOUS 10659 10659 2331151 2158570 168183 4398 40425 47361 5820164 5872811 200000 501991 1251348 1418784 113819 197936 7425756 8038883 119124 201608 820000 119124 1021608 X 2287147 2543074 5019485 4474201 7306632 7017275 7425756 8038883 X -432786 143429 X X 0 1 X 1 1 1 X 670168 963179 2081654 1657431 1489917 6862349 100172 86789 79907 266868 770340 1049968 2081654 1657431 1569824 7129217 1990640 5138577 45671 5440 14405 214568 324722 604806 7734023 543619 0.66440 0.55300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 LOANS RECEIVABLE 1418784 C 1418784 X 1978272 79907 79907 1898365 0 1898365 2411058 79907 79907 2331151 0 2331151 PART X, LINE 2: THE FUND ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE FUND HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT JUNE 30, 2024. THE FUND'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE JURISDICTIONS. 1 ELIZABETH PEABODY HOUSE 275 BROADWAY SOMERVILLE MA 02145 042104827 501(C)(3) 80000 0 EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT EAST BOSTON SOCIAL CENTERS 68 CENTRAL SQUARE EAST BOSTON MA 02128 042104257 501(C)(3) 158679 0 LIBERTY MUTUAL INCLUSIVE FUTURES GRANT PROGRAM - FACILITY GRANT DIMOCK COMMUNITY FOUNDATION INC 55 DIMOCK STREET ROXBURY MA 02119 043487833 501(C)(3) 117841 0 LIBERTY MUTUAL INCLUSIVE FUTURES GRANT PROGRAM - FACILITY GRANT PAIGE ACADEMY 28 HIGHLAND AVE ROXBURY MA 02119 237404791 501(C)(3) 29402 0 LIBERTY MUTUAL INCLUSIVE FUTURES GRANT PROGRAM - FACILITY GRANT THE CRISPUS ATTUCKS CHILDREN'S CENTER INC 105 CRAWFORD STREET DORCHESTER MA 02121 042457984 501(C)(3) 235000 0 EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT PAIGE ACADEMY 28 HIGHLAND AVE ROXBURY MA 02119 237404791 501(C)(3) 200000 0 EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT BOSTON CHINATOWN NEIGHBORHOOD CENTER INC 38 ASH STREET BOSTON MA 02111 237209691 501(C)(3) 235000 0 EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT JOHN F KENNEDY FAMILY SERVICE CENTER INC 23A MOULTON STREET BOSTON MA 02129 042373976 501(C)(3) 150000 0 EQUITABLE RECOVERY GRANT PROGRAM - FACILITY GRANT 7 0 PART I, LINE 2: CHILDREN'S INVESTMENT FUND (CIF) ONLY AWARDS CAPITAL IMPROVEMENT GRANTS THAT ARE COST REIMBURSABLE. CIF WILL REIMBURSE FOR EXPENDITURES ONCE AN INVOICE IS RECEIVED DETAILING ELIGIBLE COSTS. CIF ALSO HAS A 5 YEAR REPORTING REQUIREMENT TO ENSURE THE GRANTEES CONTINUED USE OF THE FACILITIES FOR CHILD CARE PURPOSES. CIF ALSO PERFORMS PERIODIC SITE VISITS OF GRANTEES AS PART OF ITS MONITORING PROCESS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY STAFF IN DETAIL, THEN REVIEWED AND APPROVED BY THE BOARD PRESIDENT AND TREASURER, AND THEN PROVIDED FOR REVIEW BY THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST DISCLOSURES ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR AND ALL KEY EMPLOYEES ARE EMPLOYEES OF CEDAC. PERIODICALLY CEDAC WILL CONDUCT A COMPENSATION SURVEY AND BENEFITS SURVEY TO ASSESS COMPARABILITY WITH LIKE ORGANIZATIONS. COMPENSATION IS BASED ON THESE RESULTS, ADJUSTING FOR THE SIZE AND COMPLEXITY OF EACH ORGANIZATION SURVEYED IN COMPARISON TO CEDAC AND CIF. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL PROVIDE THE INFORMATION UPON REQUEST. FORM 990, PART IX, LINE 11G CONTRACTED STAFFING: PROGRAM SERVICE EXPENSES 932,104. MANAGEMENT AND GENERAL EXPENSES 70,909. FUNDRAISING EXPENSES 4,398. TOTAL EXPENSES 1,007,411. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 20,544. MANAGEMENT AND GENERAL EXPENSES 29,985. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 50,529. FORM 990, PART XI, LINE 9: CUMULATIVE ADJUSTMENT FROM ADOPTION OF NEW CREDIT LOSS STANDARD 143,429. FORM 990, PART XI,LINE 2C: THE BOARD AND THE AUDIT COMMITTEE OVERSEES THE SELECTION OF THE AUDITORS AND MEETS WITH THE AUDITORS AT THE CONCLUSION OF THE AUDIT TO REVIEW THE RESULTS.