Opportunity Finance Network Continues Strong Financial Performance, Internal Controls
Consistently clean audits reflect the organization's high standards and commitment to excellence.
WASHINGTON, June 5, 2024 /PRNewswire/ -- Opportunity Finance Network (OFN), the leading national network of mission-driven community lenders, is committed to excellence, rigorous performance standards, and transparency in our work and financials. OFN is proud to share the successful completion of our financial audit for the fiscal year 2023, resulting in clean audit opinions for over 25 years.
The audit, conducted by Mitchell Titus, encompassed a comprehensive review of OFN's financial statements, internal controls, and compliance with regulatory requirements. The results reaffirmed OFN's integral practice of financial integrity, compliance assurance, effective internal controls, and strong stakeholder confidence.
"Regular audits are key to Opportunity Finance Network's strong financial standing and practices of transparency, integrity, and exceptional standards," said Bhumip Patel, Senior Vice President of Finance and Accounting and Interim Chief Financial Officer at OFN. "Our team works diligently to maintain our standing and we appreciate our auditors for their thorough review. As we move forward, OFN remains dedicated to our mission to increase financial opportunity in underinvested communities, and we can only achieve this with rigorous standards and financial oversight."
OFN remains committed to upholding the highest standards of financial stewardship and transparency as we continue to drive economic, racial, and climate justice in communities across the nation.
About Opportunity Finance Network
Opportunity Finance Network (OFN) is the leading national network of mission-driven community lenders, including certified community development financial institutions (CDFIs). OFN's membership of more than 400 mission lenders manages over $50 billion in on-balance-sheet assets and represents banks, loan funds, credit unions, venture firms, minority depository institutions, green banks, and the full spectrum of institutions providing affordable, responsible financial products and services in low-income rural, urban, and Native communities nationwide. As a trusted intermediary between CDFIs and the public and private sectors, OFN works with its partners – banks, philanthropies, corporations, government agencies, and others – to create economic opportunity for all by strengthening and investing in CDFIs.
Since its founding in 1986 and through 2022, the network has originated $111 billion in financing in rural, urban, and Native communities, helping to create or maintain more than 3 million jobs, start or expand more than 850,000 businesses and microenterprises, and support the development or rehabilitation of nearly 2.4 million housing units and more than 14,000 community facility projects.
SOURCE Opportunity Finance Network
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