Opportunity Finance Network
OPPORTUNITY FINANCE NETWORK'S (OFN) MISSION IS TO LEAD COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) AND THEIR PARTNERS TO ENSURE THAT LOW-INCOME, LOW-WEALTH, AND OTHER DISINVESTED PEOPLE AND COMMUNITIES HAVE ACCESS TO AFFORDABLE, RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES. OFN IS A NATIONAL LEADERSHIP NETWORK OF MORE THAN 450+CDFIS, INCLUDING COMMUNITY BANKS, CREDIT UNIONS, AND LOAN FUNDS. OFN, THROUGH ITS MEMBERS, INVESTS IN LOW-INCOME AND UNDERSERVED RURAL, URBAN, AND NATIVE AMERICAN COMMUNITIES ACROSS ALL 50 STATES IN AMERICA; PROVIDING AFFORDABLE, RESPONSIBLE CREDIT THAT FINANCES COMMUNITY BUSINESSES, SPARKS JOB GROWTH IN THE AREAS THAT NEED IT MOST, AND DELIVERING BOTH SOUND FINANCIAL RETURNS AND REAL CHANGES FOR PEOPLE AND COMMUNITIES. OFN'S PROGRAM SERVICE OFFERINGS INCLUDE PROVIDING FINANCIAL PRODUCTS AND SERVICES FOR CDFIS, INCREASING THE STRENGTH AND CAPACITY OF THE CDFI INDUSTRY, AND AMPLIFYING THE VOICE OF THE INDUSTRY.
IRS Tax Year 2024
Period ending December 31, 2024
Total Revenue
$2.3B
Total Expenses
$41.0M
Net Assets
$2.4B
Employees
85
Volunteers
12
Grants Paid
$14.8M
Program Expense Ratio
85.6%
Fundraising Efficiency
348147.8%
This nonprofit profile presents IRS Form 990 tax filing data for Opportunity Finance Network (EIN: 20-5189202), based on the 2024 tax year annual return filed with the Internal Revenue Service.
Sections below include financial summaries (revenue, expenses, and net assets), program accomplishments, officer and key employee compensation, detailed executive pay breakdowns, top independent contractors, governance policies and audit information, related tax-exempt organizations. All figures are reported in USD as filed.
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Financial Health
Transparency
Compensation
Program Effectiveness
Financial Stability
Risk Flags
Indicators derived from IRS Form 990 data. Not financial advice.
Opportunity Finance Network is a 501(c)(3) nonprofit headquartered in PHILADELPHIA, PA, founded in 2006. It is classified under NTEE code W60 (Financial Institutions), within the Public & Societal Benefit category. The organization has held tax-exempt status since 2008. In its 2024 filing, the organization reported $2.3B in total revenue, a 9245.9% increase from the prior year, and $41.0M in total expenses. The organization employed 85 people and engaged 12 volunteers. HAROLD PETTIGREW, PRESIDENT & CEO, is the highest-compensated individual at $480,658. The organization runs 4 programs, totaling $35.0M in program expenses. 6 of 6 recommended governance policies are in place.
Opportunity Finance Network is classified under NTEE code W60 (Financial Institutions), which falls within the Public & Societal Benefit category. Its foundation type is 16.
Programs(Tax Year 2024)
4 records
Opportunity Finance Network operates 4 programs, with total program expenses of $35.0M. Opportunity Finance Network's largest program accounts for 60% of total program spending.
MONEY: EXPANDING ACCESS TO RESPONSIBLE, AFFORDABLE CAPITALTHE MONEY ASPECT OF OFN'S WORK INCLUDES THE FOLLOWING ACTIVITIES WHICH BENEFIT LOW-INCOME AND LOW-WEALTH COMMUNITIES THROUGHOUT THE U.S: OFN'S FINANCING FUND (ON-BALANCE-SHEET LENDING AND INVESTING IN CDFIS); FUND MANAGEMENT SERVICES (FEE-BASED BUSINESS PROVIDING CDFI FUND MANAGEMENT AND ASSET MANAGEMENT SERVICES TO THIRD PARTY INVESTORS); AND CDFI BOND GUARANTEE PROGRAM BOND ISSUANCE AND ADMINISTRATIVE SERVICES.
STRENGTH: BUILDING POTENTIAL FOR IMPACTOFN STRENGTHENS THE CDFI INDUSTRY BY PROVIDING PEER LEARNING OPPORTUNITIES, RESEARCH, NETWORKING PLATFORMS, AND SIGNATURE ANNUAL EVENTS (E.G. THE OFN CONFERENCE AND SMALL BUSINESS FINANCE FORUM) FOR CDFI PRACTITIONERS, PARTNERS, AND INVESTORS.
VOICE: AMPLIFYING THE CDFI MESSAGE AND SECURING STAKEHOLDER SUPPORTACROSS MULTIPLE PLATFORMS AND AUDIENCES, OFN'S STRATEGIC COMMUNICATIONS AND POLICY ADVOCACY DRIVE THE MESSAGE THAT CDFI INVESTMENTS TRANSFORM COMMUNITIES AND CHANGE LIVES AND INCREASES RESOURCES TO CDFIS.
OTHER
Financial Overview(Tax Years 2019–2024)
6 records
Over the past 6 years, Opportunity Finance Network's revenue has grown from $16.5M to $2.3B, a 14080.5% increase. Program expenses represent 86% of total spending.
Revenue increased 9245.9% year-over-year, while expenses grew 31.1%. net assets rose to $2.4B, up 1717.2% from the prior year. the organization added 26 employees.
Opportunity Finance Network derives 99% from contributions and grants, with 1% from program services, with 0% from investment income.
Revenue is heavily concentrated: 99% comes from contributions and grants, indicating limited diversification.
Opportunity Finance Network allocates 86% to programs, 13% to management and general, 2% to fundraising.
Revenue grew by 9245.9% while expenses grew by only 31.1%, suggesting improving operational efficiency.
Opportunity Finance Network distributed $14.8M in grants to other organizations and individuals, representing 36% of total expenses.
Over 6 filings from 2019–2024, Opportunity Finance Network grew revenue from $16.5M to $2.3B (+14080.5%) while maintaining a program expense ratio of 86%. During this period, the organization grew from 35 to 85 employees.
Opportunity Finance Network holds $2.6B in total assets against $198.6M in liabilities (debt-to-asset ratio of 8%). The organization has 710.8 months of operating reserves. Cash and equivalents of $1 cover approximately 0.0 months of expenses.
Revenue
| Year | Total Revenue | Contributions | Gov't Grants | Program Revenue | Investment |
|---|---|---|---|---|---|
| 2024 | $2.3B | $2.3B | $2.3B | $27.6M | $4.6M |
| 2023 | $25.0M | $7.0M | $3.6M | $12.8M | $3.2M |
| 2022 | $76.0M | $63.1M | $590K | $11.9M | $1.0M |
| 2021 | $52.0M | $42.8M | $1.8M | $8.9M | $317K |
| 2020 | $30.8M | $21.8M | $520K | $8.7M | $303K |
| 2019 | $16.5M | $7.6M | $565K | $8.7M | $114K |
Expenses
| Year | Total Expenses | Program | Management | Fundraising | Grants Paid |
|---|---|---|---|---|---|
| 2024 | $41.0M | $35.0M | $5.2M | $661K | $14.8M |
| 2023 | $31.2M | $28.8M | $1.8M | $499K | $15.2M |
| 2022 | $36.5M | $34.4M | $1.6M | $510K | $21.4M |
| 2021 | $22.1M | $20.1M | $1.6M | $405K | $0 |
| 2020 | $24.1M | $22.3M | $1.4M | $334K | $0 |
| 2019 | $11.0M | $9.2M | $1.5M | $326K | $275K |
Program Expense Ratio
85.6%
Admin Expense Ratio
12.8%
Fundraising Efficiency
348147.8%
Operating Reserve
710.8 mo
People & Compensation(Tax Year 2024)
33 records
Opportunity Finance Network reported compensation for 33 officers and key employees. Total officer compensation was $4.0M, representing 9.7% of total expenses.
Opportunity Finance Network's highest-compensated individual received $481K in total compensation. Total officer compensation of $4.0M represents 9.7% of total expenses.
| Name | Title | Type | Hours/wk | Comp from Org | Related Orgs | Total |
|---|---|---|---|---|---|---|
| HAROLD PETTIGREW | PRESIDENT & CEO | OfficerDirector | 40.00 | $468,873 | $0 | $480,658 |
| AMBER KUCHAR BELL | EVP, CHIEF STRATEGY & OPER | Officer | 40.00 | $347,075 | $0 | $381,472 |
| SETH JULYAN | EVP, CHIEF NETWORK OFFICER | Key Employee | 40.00 | $269,260 | $0 | $299,360 |
| DAFINA WILLIAMS | EVP, CHIEF EXTERNAL AFFAIR | Officer | 40.00 | $267,468 | $0 | $291,488 |
| BRENDON MILLER SINCE 124 | EVP, CHIEF OF STAFF & HEAD OF COMMUNICATIONS | Officer | 40.00 | $277,266 | $0 | $278,033 |
| BETH LIPSON UNTIL 324 | EVP, CHIEF FINANCIAL OFFIC | Former | 40.00 | $230,540 | $0 | $239,845 |
| MARY WRIGHT | SVP, FINANCIAL SERVI | Officer | 40.00 | $229,978 | $0 | $239,711 |
| SHAKEYDA DANIELS | SVP, FINANCIAL SERVI | Officer | 40.00 | $209,682 | $0 | $227,284 |
| TAMARA FRYE | SVP, HUMAN RESOURCES | Highest Comp | 40.00 | $200,693 | $0 | $219,242 |
| BHUMIP PATEL UNTIL 1024 | SVP, ACCOUNTING & FI | Former | 40.00 | $203,976 | $0 | $212,460 |
| LISA CHENSVOLD | SVP, STRATEGIC COMMU | Highest Comp | 40.00 | $191,766 | $0 | $210,673 |
| ADRIENNE SMITH | SVP, RESEARCH | Highest Comp | 40.00 | $185,734 | $0 | $193,676 |
| SINDHU LAKSHMANAN | SVP, DEVELOPMENT SER | Highest Comp | 40.00 | $175,031 | $0 | $188,789 |
| JESSEL AMIN SINCE 624 | EVP, CHIEF INVESTMENT OFFICER | Key Employee | 40.00 | $175,459 | $0 | $184,534 |
| MARY SCOTT BALYS | VP, PUBLIC POLICY | Highest Comp | 40.00 | $160,407 | $0 | $167,362 |
| KEVIN FRYATT SINCE 624 | EVP, CHIEF OPERATING OFFICER | Officer | 40.00 | $153,852 | $0 | $162,981 |
| DONNA GAMBRELL | BOARD CHAIR | OfficerDirector | 2.00 | $0 | $0 | $0 |
| ARLO WASHINGTON | BOARD MEMBER SINCE 10/24 | Director | 2.00 | $0 | $0 | $0 |
| BETSY BIEMANN | BOARD VICE CHAIR | OfficerDirector | 2.00 | $0 | $0 | $0 |
| ROBERT VILLARREAL | BOARD TREASURER | OfficerDirector | 2.00 | $0 | $0 | $0 |
| DAVID BECK | BOARD MEMBER | OfficerDirector | 2.00 | $0 | $0 | $0 |
| AISHA BENSON | BOARD MEMBER | Director | 2.00 | $0 | $0 | $0 |
| MARLA BILONICK | BOARD MEMBER | Director | 2.00 | $0 | $0 | $0 |
| MARTINA EDWARDS | BOARD MEMBER | Director | 2.00 | $0 | $0 | $0 |
| ELENA GONZALES | BOARD MEMBER | Director | 2.00 | $0 | $0 | $0 |
| HENRY JIMENEZ | BOARD VICE CHAIR SINCE 10/24 | OfficerDirector | 2.00 | $0 | $0 | $0 |
| TED PICCOLO | BOARD MEMBER | Director | 2.00 | $0 | $0 | $0 |
| SARA RAZAVI | BOARD MEMBER | Director | 2.00 | $0 | $0 | $0 |
| CHRISTINA TRAVERS | BOARD TREASURER SINCE 10/24 | Director | 2.00 | $0 | $0 | $0 |
| SKYA DUCHENEAUX | BOARD MEMBER SINCE 10/24 | Director | 2.00 | $0 | $0 | $0 |
| JOHN HOLDSCLAW IV | BOARD MEMBER SINCE 10/24 | Director | 2.00 | $0 | $0 | $0 |
| ARIEL MEYERSTEIN | BOARD MEMBER SINCE 6/24 | Director | 2.00 | $0 | $0 | $0 |
| NELLY ROJAS-MORENO | BOARD MEMBER SINCE 10/24 | Director | 2.00 | $0 | $0 | $0 |
Compensation Breakdown
Schedule J detail — base, bonus, benefits, and executive perks
HAROLD PETTIGREW
Base Salary
$408,873
Bonus
$60,000
Other Reportable
—
Retirement/Deferred
$11,372
Nontaxable Benefits
$413
AMBER KUCHAR BELL
Base Salary
$258,519
Bonus
$88,556
Other Reportable
—
Retirement/Deferred
$14,434
Nontaxable Benefits
$19,963
SETH JULYAN
Base Salary
$252,760
Bonus
$16,500
Other Reportable
—
Retirement/Deferred
$11,030
Nontaxable Benefits
$19,070
DAFINA WILLIAMS
Base Salary
$255,968
Bonus
$11,500
Other Reportable
—
Retirement/Deferred
$10,830
Nontaxable Benefits
$13,190
BRENDON MILLER SINCE 124
Base Salary
$265,766
Bonus
$11,500
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
$767
BETH LIPSON UNTIL 324
Base Salary
$229,540
Bonus
$1,000
Other Reportable
—
Retirement/Deferred
$9,202
Nontaxable Benefits
$103
MARY WRIGHT
Base Salary
$202,478
Bonus
$27,500
Other Reportable
—
Retirement/Deferred
$9,320
Nontaxable Benefits
$413
SHAKEYDA DANIELS
Base Salary
$181,682
Bonus
$28,000
Other Reportable
—
Retirement/Deferred
$8,518
Nontaxable Benefits
$9,084
TAMARA FRYE
Base Salary
$190,193
Bonus
$10,500
Other Reportable
—
Retirement/Deferred
$8,249
Nontaxable Benefits
$10,300
BHUMIP PATEL UNTIL 1024
Base Salary
$203,976
Bonus
—
Other Reportable
—
Retirement/Deferred
$8,140
Nontaxable Benefits
$344
LISA CHENSVOLD
Base Salary
$178,766
Bonus
$13,000
Other Reportable
—
Retirement/Deferred
$7,793
Nontaxable Benefits
$11,114
ADRIENNE SMITH
Base Salary
$172,734
Bonus
$13,000
Other Reportable
—
Retirement/Deferred
$7,529
Nontaxable Benefits
$413
SINDHU LAKSHMANAN
Base Salary
$159,531
Bonus
$15,500
Other Reportable
—
Retirement/Deferred
$7,154
Nontaxable Benefits
$6,604
JESSEL AMIN SINCE 624
Base Salary
$163,959
Bonus
$11,500
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
$9,075
MARY SCOTT BALYS
Base Salary
$151,407
Bonus
$9,000
Other Reportable
—
Retirement/Deferred
$6,584
Nontaxable Benefits
$371
KEVIN FRYATT SINCE 624
Base Salary
$142,352
Bonus
$11,500
Other Reportable
—
Retirement/Deferred
—
Nontaxable Benefits
$9,129
Top Contractors(Tax Year 2024)
5 records
Opportunity Finance Network reported 5 contractors receiving over $100,000, with total contractor payments of $1.5M.
| Name | Service | Compensation |
|---|---|---|
| CIVIC INITIATIVES LLC | PROCUREMENT & COMPLIANCE | $544,773 |
| ALL AROUND CREATIVE | MARKETING SERVICES | $307,376 |
| FORSYTH STREET ADVISORS LLC | ADVISORY SERVICES | $247,776 |
| ZRG PARTNERS LLC | EXECUTIVE RECRUITING SERVICES | $190,770 |
| JENNER & BLOCK | LEGAL SERVICES | $163,163 |
Governance & Compliance(Tax Year 2024)
Opportunity Finance Network has 6 of 6 recommended governance policies in place, including conflict of interest, whistleblower, document retention. Its board has 12 members, 12 of whom are independent.
Opportunity Finance Network's financial statements are audited, an audit committee oversees the process, the organization is subject to a federal grant audit (Single Audit).
Policies & Oversight
Audit & Financial Oversight
Grants Awarded(Tax Year 2024)
53 records
Opportunity Finance Network awarded $14.8M across 53 grants to organizations. Top recipients include WHITE EARTH INVESTMENT INITIATIVE (DETROIT LAKES, MN) — $500K for operating grant; SPRUCE ROOT INC (JUNEAU, AK) — $500K for operating grant; COOK INLET LENDING CENTER INC (ANCHORAGE, AK) — $500K for operating grant.
Organization Grants
| Recipient | Location | Amount | Purpose |
|---|---|---|---|
| WHITE EARTH INVESTMENT INITIATIVE010732253 | DETROIT LAKES, MN | $500K | OPERATING GRANT |
| SPRUCE ROOT INC454295940 | JUNEAU, AK | $500K | OPERATING GRANT |
| COOK INLET LENDING CENTER INC920177969 | ANCHORAGE, AK | $500K | OPERATING GRANT |
| ACCESSITY330620415 | SAN DIEGO, CA | $500K | OPERATING GRANT |
| NEIGHBORHOOD DEVELOPMENT CENTER INC411738791 | SAINT PAUL, MN | $500K | OPERATING GRANT |
| PACIFIC NORTHWEST TRIBAL LENDING371525217 | BELLINGHAM, WA | $400K | OPERATING GRANT |
| LA FUERZA UNIDA COMMUNITY DEVELOPMENT CORP113613094 | ROCKVILLE CENTRE, NY | $400K | OPERATING GRANT |
| PATHSTONE ENTERPRISE CENTER161534956 | ROCHESTER, NY | $400K | OPERATING GRANT |
| CO-OP FUND OF THE NORTHEAST030264092 | WATERTOWN, MA | $400K | OPERATING GRANT |
| WISCONSIN NATIVE LOAN FUND INC432116172 | LAC DU FLAMBEAU, WI | $400K | OPERATING GRANT |
| JUST COMMUNITY INC811447315 | AUSTIN, TX | $350K | OPERATING GRANT |
| WORKING SOLUTIONS CDFI911951777 | SAN FRANCISCO, CA | $350K | OPERATING GRANT |
| ONE ROOF COMMUNITY HOUSING411678328 | DULUTH, MN | $300K | OPERATING GRANT |
| CATALYTIC DEVELOPMENT FUND CORP OF NORTHERN KENTUCKY263389252 | COVINGTON, KY | $300K | OPERATING GRANT |
| VIRGINIA COMMUNITY DEVELOPMENT FUND INC541914519 | RICHMOND, VA | $300K | OPERATING GRANT |
| FOUR BANDS COMMUNITY FUND INC460456528 | EAGLE BUTTE, SD | $300K | OPERATING GRANT |
| PROPEL NONPROFITS411916373 | MINNEAPOLIS, MN | $300K | OPERATING GRANT |
| IMPACT LOAN FUND INC233032463 | PHILADELPHIA, PA | $300K | OPERATING GRANT |
| LATINO ECONOMIC DEVELOPMENT CENTER521749216 | SAINT PAUL, MN | $300K | OPERATING GRANT |
| MISSION ECONOMIC DEVELOPMENT AGENCY510187791 | SAN FRANCISCO, CA | $300K | OPERATING GRANT |
Showing 20 of 53 grants.
Filing History(Tax Years 2008–2024)
6 records
Showing the 6 Form 990 filings currently in our system.
| Tax Year | Form | Period | Revenue | Expenses | Net Assets |
|---|---|---|---|---|---|
| 2024 | 990 | 2024-01-01 – 2024-12-31 | $2.3B | $41.0M | $2.4B |
| 2023 | 990 | 2023-01-01 – 2023-12-31 | $25.0M | $31.2M | $133.5M |
| 2022 | 990 | 2022-01-01 – 2022-12-31 | $76.0M | $36.5M | $139.5M |
| 2021 | 990 | 2021-01-01 – 2021-12-31 | $52.0M | $22.1M | $100.7M |
| 2020 | 990 | 2020-01-01 – 2020-12-31 | $30.8M | $24.1M | $65.3M |
| 2019 | 990 | 2019-01-01 – 2019-12-31 | $16.5M | $11.0M | $58.4M |
| 2008–2018 | No filings acquired yet | ||||
Frequently Asked Questions
What does Opportunity Finance Network do?
OPPORTUNITY FINANCE NETWORK'S (OFN) MISSION IS TO LEAD COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) AND THEIR PARTNERS TO ENSURE THAT LOW-INCOME, LOW-WEALTH, AND OTHER DISINVESTED PEOPLE AND COMMUNITIES HAVE ACCESS TO AFFORDABLE, RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES. OFN IS A NATIONAL LEADERSHIP NETWORK OF MORE THAN 450+CDFIS, INCLUDING COMMUNITY BANKS, CREDIT UNIONS, AND LOAN FUNDS. OFN, THROUGH ITS MEMBERS, INVESTS IN LOW-INCOME AND UNDERSERVED RURAL, URBAN, AND NATIVE AMERICAN COMMUNITIES ACROSS ALL 50 STATES IN AMERICA; PROVIDING AFFORDABLE, RESPONSIBLE CREDIT THAT FINANCES COMMUNITY BUSINESSES, SPARKS JOB GROWTH IN THE AREAS THAT NEED IT MOST, AND DELIVERING BOTH SOUND FINANCIAL RETURNS AND REAL CHANGES FOR PEOPLE AND COMMUNITIES. OFN'S PROGRAM SERVICE OFFERINGS INCLUDE PROVIDING FINANCIAL PRODUCTS AND SERVICES FOR CDFIS, INCREASING THE STRENGTH AND CAPACITY OF THE CDFI INDUSTRY, AND AMPLIFYING THE VOICE OF THE INDUSTRY.
How much revenue does Opportunity Finance Network have?
Opportunity Finance Network reported $2,333,785,289 in total revenue for tax year 2024, up 9245.9% from the prior year.
Who is the highest-paid executive at Opportunity Finance Network?
HAROLD PETTIGREW, PRESIDENT & CEO, received $480,658 in total compensation as of tax year 2024.
Is Opportunity Finance Network a 501(c)(3)?
Yes, Opportunity Finance Network is classified as a 501(c)(3) tax-exempt organization.
Where is Opportunity Finance Network located?
Opportunity Finance Network is headquartered in PHILADELPHIA, PA 19109.
How many employees does Opportunity Finance Network have?
Opportunity Finance Network has 85 employees and 12 volunteers as of tax year 2024.
What type of nonprofit is Opportunity Finance Network?
Opportunity Finance Network is classified under NTEE code W60 (Financial Institutions), within the Public & Societal Benefit category. It is a 501(c)(3) tax-exempt organization.
Is Opportunity Finance Network audited?
Yes, Opportunity Finance Network's financial statements are audited, and the organization has an audit committee.
How much does Opportunity Finance Network spend on fundraising?
Opportunity Finance Network reported $661,098 in fundraising expenses for tax year 2024, which represents 1.6% of total expenses.
Does Opportunity Finance Network give grants?
Yes, Opportunity Finance Network distributed $14,800,000 in grants to other organizations and individuals in tax year 2024. Top recipients include WHITE EARTH INVESTMENT INITIATIVE, SPRUCE ROOT INC, COOK INLET LENDING CENTER INC.
Data Source
Prepared by: MITCHELL & TITUS LLP, NEW YORK, NY
IRS Form 990 electronic filings via the IRS Exempt Organizations Business Master File. All financial figures are as reported in USD.
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