Annual Report 2015-2016; 2014-2015
Audit 2015-2016; 2014-2015
Form 990 2015-2016; 2014-2015
Jaclyn Quinn, Esq., Deputy Director, biography
Rashmi Rangan, Esq., Executive Director, biography
Founded in 1987, to advocate for equal access to credit, we continue in pursuit of economic dignity for all.
One unique service we offer is our low income tax clinic. Not only are we the only ones in Delaware to provide access to representation before the IRS and the tax court. All our services revolve around helping our clients deal with a creditor. When Uncle Sam is your debt collector, it is a little daunting.
With support from many of our financial partners, we operate a community credit union. It is not to say that we no longer comment on bank mergers. Bank merger hearings give us an audience we seldom have: CEOs of the merging banks, bank regulators, and the media. These hearings allow us to push public policy in the right direction AND to raise concerns with the merging banks' practices that are injurious to the health of our community. At the other end of the spectrum, we work with our banking and community partners to bridge gaps in products and services.
In this housing crisis, we are doing more than bridging gaps. We, like our nonprofit housing counselors, are attempting to fix the mess that our regulators and financial systems have left behind. While we don't let the homeowners off too easily, but could a little old lady on the east side of Wilmington who bought a home cause the entire financial system to collapse? This kind of power comes from a deep rooted understanding of money. So, it should come as no surprise that since 1995, we have worked very diligently to inform and educate Delawareans about the importance of credit scores. Our Borrow $mart program coupled with financial coaching helps Delawareans build their credit scores. We have also been the staunchest advocates for credit score reform. We testified at hearings on the use of credit scores in auto and home owners insurance. Our Borrow $mart classes are offered on the first three Saturdays at our Wilmington office from 10 am to 1 pm. Prospective students don't have to register--just show up on the first Saturday at 10 am.
In addition to our very capable staff and volunteers who help us meet the day to day needs of our constituents who are fighting to stay financially afloat, it is our board of directors who set the agenda for excellence for us. Not surprising then that in 2007, we became the first non-profit in the state of Delaware to proudly display the seal of Standards for Excellence.
We reach out to you in hopes that you will learn about us, if you know someone who could use our help--refer them to us, if you have the time and expertise--consider volunteerism with us, and certainly, reach deep into your pockets and share your generosity with us. We shall not disappoint.
When I chose to leave India for the United States, it was because I knew the US to be a land of opportunity. When I began my work at DCRAC, I realized that for many of my compatriots, there were far too many obstacles to realizing opportunities. So, while the clinics work hard to remove barriers, the Community Federal Credit Union is a vehicle for realizing opportunities. We are investing our energies into growing the only low-income community credit union in the state, to be a full-fledged financial institution by 2015.
My greatest legacy will be to build a self-sufficient $500,000/year non-profit within the next 10-15 years. All our services are provided to the low-income community at no cost. We must rely on grants for our entire existence. I believe that the credit union will generate sufficient revenues to support itself and most of DCRAC services. To make this plan a reality, we need to build its membership base to over 5,000 by 2018 by offering direct deposits, need-appropriate loans, and credit builder products. With such a large member-base, we could tap into the borrowers for its loan products and generate income. We also need to tap into technology and make banking as accessible to our community as it is at traditional banks, which offer direct deposit, saving, bill pay, access to loan, remote deposit capture, line of credit, etc.
I have many role models within my family that have shaped me. My mother's mother ran for a municipal office and lost by 1 vote (in a village in northern India at a time when women had no rights), my mom who practiced community reinvestment (educating and financially helping the household workers and their families), my mother-in-law--an educator par excellence, my husband's grandmother who obtained a bachelors degree in early 1900s, my amazing daughter who makes me proud everyday, my two granddaughters... How could I not succeed, especially with the most supportive husband in the whole wide world who practices one aspect of our marriage ceremony daily--removing of ceremonial road blocks from my path.
In the non-profit world, competition means doing more (quantity of service, quality of service, and standards of operations) with less (staff, money, and technology). Over the years, I have brought in a talented work-force at non-profit salaries, getting great skilled work from them, and then proudly watching them move onto higher paying positions in the private sector. I am proud of setting the standards by being the first nonprofit in Delaware to have obtained and renewed the seal of excellence issued by the Standards for Excellence Institute. All this could not have happened without the supportive DCRAC and Stepping Stones family that includes it s boards, staff, volunteers, clients, and donors.
We provide ALL our services AT NO COST without regard to race, color, national origin, religion, sex, familial status, disability, age, creed, source of income, marital status, or sexual orientation. Please contact us for accommodation requests.
Our main office is located at 603 North Church Street, Wilmington, DE 19801