irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $1.27MCDVCA MANAGES IMPACT INVESTMENT FUNDS ON AND OFF ITS BALANCE, WHICH IT INVESTS IN BOTH COMMUNITY DEVELOPMENT VENTURE CAPITAL FUNDS AND OPERATING BUSINESSES.
named programs · 4 · from sources
What they call their work
Central Fund
CDVCA's own investment vehicle that identifies underinvested markets and invests in high-growth businesses across diverse industries to generate both financial returns and social impact.
Innovate NY Fund
A $46 million investment fund focused on supporting entrepreneurs and growing businesses in New York to create quality jobs and build wealth in low-income communities.
Puerto Rico Fund for Growth
A $45 million fund-of-funds investing in locally managed private equity and credit funds in Puerto Rico to support local economic development and job creation.
Workforce Development (WFD) Initiative
Two-tiered program supporting access to jobs (Tier 1) and upskilling of incumbent workers (Tier 2) to improve job quality, retention, and long-term economic mobility in portfolio companies.
activities · 3 groups
What they do
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Local Business Financing and Incentives 1 activity
- Advocacy for public financing of community developmentSecured over $100 million in Federal and State New Market Tax Credit allocations to support community development investments.
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Professional Association Capacity Building 1 activity
- Building industry capacity through education, policy, and networkingStrengthens the community development venture capital industry by providing education, best practices dissemination, networking opportunities, communications support, public policy development, and access to capital. Offers membership benefits including event discounts and updates on funding opportunities.
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Uncategorized 2 activities
- Expanding technical assistance and capital access programsExpanded the Unlock Capital program to serve businesses nationwide in 2024 and supported post-hurricane economic recovery in Puerto Rico through a pilot program, where 2022 and 2023 cohorts collectively raised over $5 million in growth financing.
- Funding community development venture capital funds and operating businessesManages and invests capital through multiple impact investment funds, including the $47 million Innovate New York Fund and the $45 million Puerto Rico Fund for Growth, targeting job creation and wealth generation in distressed communities across multiple states and nationally. Has raised and managed over $350 million in capital and invested in over 250 companies, resulting in the creation of over 30,000 jobs in the Continental United States and Puerto Rico.
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financials · form 990 · fy2024
revenue
Total revenue$7.46M
Contributions & grants$3.08M41%
Program service revenue$4.29M58%
Investment income$79K1%
Other revenue$137
expenses
Total expenses$2.78M
Program expenses91%
Admin / overhead8%
Fundraising1%
Salaries & benefits$1.84M
Grants paid out$0
Largest expense lineCompensation
balance sheet
Total assets$22.59M
Cash$4.82M
Investments$14.65M
Liabilities$1.57M
Net assets$21.02M
Liquid reserves84.1 mo
6 years on record · 2019–2024 · YoY revenue +23.3%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 4
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| KERWIN TESDELL | PRESIDENT | 40 | $612K |
| ERNESTO VILLARINI | MANAGING DIRECTOR | 40 | $203K |
| ALEXANDRIA HARRIS | VICE PRESIDENT | 40 | $156K |
| ALAN BERNSTEIN | TREASURER / MANAGING DIRECTOR | 30 | $68K |
board members · 4
- MYRNA RIVERA — DIRECTOR
- NATHANIEL HENSHAW — CHAIRMAN
- STANLEY TUCKER — DIRECTOR
- TOM LOY — DIRECTOR
relationships · 13
Who they work with
- Boot64 Ventures Partner — CDVCA member fund through which it supports portfolio companies like OS BENEFiTS
- CDFI Fund Government — CDVCA displays the CDFI Fund seal, indicating an affiliation with the U.S. Department of the Treasury's CDFI Program.
- CEI Ventures, Inc. Partner — Member fund and investee of CDVCA's Central Fund.
- Carbice Partner — Portfolio company invested in through CDVCA member fund Corridor Ventures.
- Coalition of Community Development Financial Institutions Network — CDVCA president serves on the board and was past board chair for seven years.
- Coastal Ventures V Partner — Co-invested with CDVCA in 88 Acres to support its expansion and product development.
- Community Development Venture Capital industry Network — National network and field-building organization of the community development venture capital industry.
- Corridor Ventures Partner — Member fund of CDVCA that makes investments in technology companies like Carbice.
- Harvard Club of New York City Partner — Hosted the Unlock Capital National Cohort Investor Showcase.
- ICA Fund Network — Affiliated venture capital fund through which CDVCA supports investments in community development enterprises
- Just Date Partner — Investee company in which ICA Fund, affiliated with CDVCA, made an investment
- Louisiana Economic Development Government — Presenter of the 2026 Spotlight Louisiana Awards recognizing OS BENEFiTS, a company supported via CDVCA’s network
- New Market Tax Credit (NMTC) community Network — Active participant in the NMTC community with over $100M in Federal and State allocations.
strategies · 5
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Impact-Driven Venture Investing with Follow-On Support 13 orgsmethodology: impact_driven_venture_investingBy using follow-on investments and tailored financial instruments (e.g., SAFE notes), we deepen impact in growth-stage ventures because sustained capital infusion enables scaling operations, expanding job creation, and strengthening market presence in underserved sectors.shared approach: Catalytic Capital Recycling →
- Community Development Venture Capitalmethodology: community_development_venture_capitalBy deploying flexible equity risk capital to businesses in low-income communities, we generate jobs, wealth, and entrepreneurial capacity because access to growth capital in underinvested markets unlocks economic self-sufficiency and local reinvestment.
- Finance-Focused Founder Accelerationmethodology: finance-focused_acceleratorBy delivering customized financial education and mentoring through workshops and webinars, we increase founder success in raising capital and scaling because early-stage ventures in underserved communities often lack access to investor-ready skill development.
- Industry Capacity Building for Systemic Changemethodology: industry_capacity_buildingBy building sector-wide capacity through education, networking, and policy advocacy, we strengthen the ecosystem for community development venture capital because a coordinated, well-resourced field attracts more capital and improves replication of successful models.
- Targeted Economic Inclusion of Marginalized Workersmethodology: targeted_benefits_for_underserved_workersBy investing in ventures that create jobs and deliver benefits to underserved worker populations, we advance economic inclusion because traditional labor markets systematically exclude hospitality and low-wage workers from security and mobility.