Non-profit

Opportunity Finance Network

Website:

ofn.org/

Location:

Philadelphia, PA

Tax ID:

43-1984494

Tax-Exempt Status:

501(c)(3)

Budget (2021):

Revenue: $11,413,843
Expenses: $8,034,654
Assets: $9,128,852

Type:

Financial Institution

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The Opportunity Finance Network (OFN) is a national coalition of community development financial institutions (CDFIs) dedicated to supporting the socioeconomic growth of low-income communities. The nonprofit asserts that there is a “climate gap” that disproportionately impacts people of color and low-income communities. 1 2

Background

Opportunity Finance Network (OFN) was established in 1986 with the primary goal of driving capital into low-income and disadvantaged communities across the United States. OFN is a national network of over 400 Community Development Financial Institutions (CDFIs). 3

Staff

Harold Pettigrew works as the president and chief executive officer of Opportunity Finance Network. In 2021, President Joe Biden appointed Harold to serve on the U.S. Department of the Treasury’s community development advisory board to advise the CDFI Fund. 4

Amber Kuchar-Bell holds the position of chief strategy and operations officer at OFN. Before joining OFN, Amber served as a CDFI Manager at the U.S. Department of the Treasury for six years. 5

Beth Lipson serves as a senior advisor at OFN. Beth has over 25 years of experience in the CDFI industry. 6

Seth Julyan holds the position of executive vice president at OFN. Since joining OFN in 2011, Seth has served in several roles, including vice president, senior vice president, and executive vice president. 7

Brendon Miller joined OFN in 2024. Brendon is the executive vice president, chief of staff, and head of communications at OFN. 8

Projects

Opportunity Finance Network empowers low-income individuals to build wealth through homeownership by partnering with CDFIs to offer flexible mortgages, guidance, and house repairs. 9 After the historic floods of 2022 that devastated communities in Eastern Kentucky Mountain Association, one of OFN’S partners, supported flood victims by financing new homes built out of the flood zone. 10

During the COVID-19 pandemic, the nonprofit helped low-income communities through relief efforts like payment deferrals, emergency loans, and loan modifications. 11

OFN’s initiatives also includes financing for climate change mitigation. The nonprofit asserts that there is a “climate gap” that disproportionately impacts people of color and low-income communities. 12

Additional initiatives include creating employment opportunities within Native American communities, 13 supporting sustainable food production, 14 promoting rural development, 15 and advancing racial equity. 16

Sponsors and Partners

OFN partners with governmental agencies, as well as private companies and philanthropic organizations such as the MacArthur Foundation, 17 Robert Wood Johnson Foundation, Google, 18 and JPMorgan Chase. 19

In 2021, the nonprofit secured a $25 million contribution from Wells Fargo, 20 followed by a $10 million investment from Charles Schwab Bank in 2024 to advance OFN’s mission of tackling the racial wealth gap and poverty in low-income communities. 21

During the pandemic, the federal government worked with CDFIs to extend financial aid to communities hardest hit by the crisis. From the $900 billion FY2021 Omnibus Appropriations and COVID-19 Relief Bill signed by then-President Donald Trump, $12 billion was designated for CDFIs and minority depository institutions. 22

In 2024, the nonprofit was selected to receive a $2.29 billion award from the U.S. Environmental Protection Agency. 23

Financials

The financial records of the Opportunity Finance Network indicates that in 2021, the nonprofit generated a revenue of $10,362,675 and incurred expenses totaling $553,776. 24

References

  1. “Climate Change & Resilience.” OFN, January 11, 2024. https://www.ofn.org/key-priorities/climate-change-and-resilience/.
  2. “News Archive.” OFN. Accessed April 28, 2024. https://www.ofn.org/news/.
  3. “News Archive.” OFN. Accessed April 28, 2024. https://www.ofn.org/news/.
  4. “Harold Pettigrew, Jr. – Opportunity Finance Network .” linkedin. Accessed April 29, 2024. https://www.linkedin.com/in/haroldpettigrew/.
  5.  “Amber Kuchar-Bell – Chief Strategy and Operations Officer.” linkedin. Accessed April 29, 2024. https://www.linkedin.com/in/amber-kuchar-bell-63a88611.
  6. “Beth Lipson.” OFN, April 1, 2024. https://www.ofn.org/cpt_teammembers/beth-lipson/.
  7. “Seth Julyan .” linkedin, April 12, 2023. https://www.linkedin.com/posts/seth-julyan-073a618_2023ofnconf-capitalmeetspurpose-cdfi-activity-7051991688126365696-38hX.
  8. “Brendon Miller – Opportunity Finance Network .” linkedin. Accessed April 29, 2024. https://www.linkedin.com/in/brendon-miller-79168628/.
  9. “Affordable Housing.” OFN, February 1, 2024. https://www.ofn.org/key-priorities/affordable-housing/.
  10. “Kentucky Cdfis Partner to Fund Home Repairs after Devastating 2022 Floods .” OFN, October 13, 2023. https://www.ofn.org/impact-stories/kentucky-cdfis-fund-home-repairs-2022-floods/.
  11. “Financial First Response.” OFN, January 11, 2024. https://www.ofn.org/key-priorities/financial-first-response/.
  12. “Climate Change & Resilience.” OFN, January 11, 2024. https://www.ofn.org/key-priorities/climate-change-and-resilience/.
  13. “Native Finance.” OFN, February 28, 2022. https://www.ofn.org/key-priorities/native-finance/.
  14. “Woman-Owned Farm Fosters Healthy Communities in Philadelphia with CDFI Support.” OFN, March 31, 2024. https://www.ofn.org/impact-stories/woman-owned-farm-fosters-healthy-communities-philadelphia-with-cdfi-support/.
  15. “Rural Development.” OFN, May 24, 2023. https://www.ofn.org/key-priorities/rural-development/.
  16. “Economic Justice Partnership Fund.” OFN, February 1, 2024. https://www.ofn.org/current-initiatives/economic-justice-partnership-fund/.
  17. “Finance Justice Fund.” OFN, April 18, 2024. https://www.ofn.org/current-initiatives/finance-justice-fund/.
  18. “Grow with Google Small Business Fund.” OFN, August 23, 2022. https://www.ofn.org/current-initiatives/grow-with-google-small-business-fund/.
  19. “Finance Justice Fund.” OFN, April 18, 2024. https://www.ofn.org/current-initiatives/finance-justice-fund/
  20. Network, Opportunity Finance. “Opportunity Finance Network Announces $10 Million Investment from Charles Schwab Bank to Advance Finance Justice Fund.” PR Newswire: press release distribution, targeting, monitoring and marketing, February 26, 2024. https://www.prnewswire.com/news-releases/opportunity-finance-network-announces-10-million-investment-from-charles-schwab-bank-to-advance-finance-justice-fund-302070590.html.
  21. Wells Fargo Newsroom – Opportunity Finance Network receives largest grant in 35-year history from Wells Fargo. Accessed April 29, 2024. https://newsroom.wf.com/English/news-releases/news-release-details/2021/Opportunity-Finance-Network-Receives-Largest-Grant-in-35-Year-History-from-Wells-Fargo/default.aspx.
  22. Valvardi, Caroline. “Historic Funding for CDFIs in FY2021 Omnibus Appropriations and Covid-19 Relief Bill.” OFN, March 16, 2022. https://www.ofn.org/blog/historic-funding-cdfis-fy2021-omnibus-appropriations-and-covid-19-relief-bill/.
  23. “Opportunity Finance Network Selected to Receive Historic $2.29 Billion Grant for Clean Energy Community Investments .” OFN, April 4, 2024. https://www.ofn.org/news/ofn-selected-two-billion-grant-clean-energy-community-investments/.
  24. The-opportunity-network-form-990- … Accessed April 29, 2024. https://opportunitynetwork.org/wp-content/uploads/2020/10/The-Opportunity-Network-Form-990-FY-2019.pdf.
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Nonprofit Information

  • Accounting Period: August - July
  • Tax Exemption Received: January 1, 2003

  • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2021 Aug Form 990 $11,413,843 $8,034,654 $9,128,852 $1,081,965 N $10,980,740 $401,000 $6,732 $645,250
    2020 Aug Form 990 $7,342,956 $7,549,694 $5,710,478 $1,116,864 N $7,127,055 $182,500 $28,401 $664,118
    2019 Aug Form 990 $8,588,432 $7,142,844 $5,059,398 $268,046 N $7,994,830 $542,906 $50,696 $267,926 PDF
    2018 Aug Form 990 $4,628,799 $5,336,264 $3,563,279 $145,515 Y $4,479,757 $136,467 $12,575 $266,667 PDF
    2017 Aug Form 990 $5,579,327 $4,400,496 $4,378,585 $253,356 N $5,416,005 $160,280 $3,042 $247,603 PDF
    2016 Aug Form 990 $4,078,926 $3,655,723 $3,257,718 $311,320 N $3,996,633 $79,026 $3,267 $183,226 PDF
    2015 Aug Form 990 $4,262,466 $2,880,489 $3,011,452 $488,257 N $4,077,967 $176,999 $7,500 $190,690 PDF
    2014 Aug Form 990 $2,390,497 $2,029,905 $1,168,218 $27,000 N $2,181,872 $205,750 $2,875 $175,317 PDF
    2013 Aug Form 990 $1,734,145 $1,509,910 $809,625 $28,999 N $1,180,947 $0 $1,381 $129,032 PDF
    2012 Aug Form 990 $1,241,217 $1,139,533 $575,187 $18,796 N $838,143 $0 $1,555 $120,044 PDF
    2011 Aug Form 990 $1,050,682 $988,401 $488,913 $34,206 N $680,438 $0 $1,319 $117,500 PDF

    Additional Filings (PDFs)

    Opportunity Finance Network

    85 BROAD ST 6TH FLOOR
    Philadelphia, PA 10004-2794