2024-04-05T12:22:54-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 293 EISENHOWER PARKWAY 2ND FLOOR LIVINGSTON NJ 07039 990 2022-01-01 113720098 RISING TIDE CAPITAL INC AND SUBSIDIARIES RISI 2014324316 311 MARTIN LUTHER KING DRIVE JERSEY CITY NJ 07305 ALEX FORRESTER CHIEF OPERATIONS OFFICER 2014324316 2024-04-05 1 ALEX FORRESTER 999009999 0 TARA DEL GAVIO P02438051 9739949494 2024-04-05 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X ALEX FORRESTER 311 MARTIN LUTHER KING DRIVE JERSEY CITY NJ 07305 8164515 0 X WWW.RISINGTIDECAPITAL.ORG X 2004 NJ OUR MISSION IS TRANSFORMING LIVES AND COMMUNITIES THROUGH ENTREPRENEURSHIP. WE ASSIST ENTREPRENEURS IN ECONOMICALLY MARGINALIZED COMMUNITIES TO BUILD LASTING BUSINESSES. OUR VISION IS TO BUILD INCLUSIVE COMMUNITIES OF RESILIENT ENTREPRENEURS CATALYZING A THRIVING AND SUSTAINABLE ECONOMY FOR ALL. THROUGH OUR SIGNATURE PROGRAMS, THE COMMUNITY BUSINESS ACADEMY (CBA), BUSINESS ACCELERATION SERVICES (BAS), AND CREDIT TO CAPITAL (C2C), WE PROVIDE HOLISTIC TECHNICAL ASSISTANCE, ACCESS TO CAPITAL THROUGH PARTNERS AND BUSINESS MANAGEMENT EDUCATION AND COACHING. CBA IS A COLLEGE-ACCREDITED COURSE PROVIDING BASIC SKILLS NEEDED TO MANAGE AND STRENGTHEN A BUSINESS. CLASSES ARE OFFERED IN ENGLISH AND SPANISH, TAILORED TO MEET VARIED IDENTITIES AND EDUCATIONAL LEVELS. AS PART OF BAS, OUR SUBJECT MATTER EXPERTS PREPARE ENTREPRENEURS FOR GROWTH. OUR C2C PROGRAM PROVIDES ACCESS TO FINANCING FROM VETTED CDFIS. WITH A NETWORK OF PARTNERS, RTC LICENSES ITS PROVEN MODEL TO SCALE IMPACT IN MORE COMMUNITIES 9 8 42 97 0 0 7431391 7301927 392103 550483 3029 19431 3000 292674 7829523 8164515 0 0 0 0 3304840 3750968 0 0 566171 1997160 2672197 5302000 6423165 2527523 1741350 11292323 14713399 2295707 3975433 8996616 10737966 X RISING TIDE CAPITAL INC. IS A NON-PROFIT ORGANIZATION WHOSE MISSION IS TO TRANSFORM LIVES AND COMMUNITIES THROUGH ENTREPRENEURSHIP. RISING TIDE AIMS TO EXPAND ITS PROVEN MODEL AND PROGRAMS TO SERVE MORE ECONOMICALLY CHALLENGED INDIVIDUALS AND FAMILIES FOR WHOM ENTREPRENEURSHIP REPRESENTS AN IMPORTANT OPPORTUNITY FOR RESILIENCE, GROWTH, STABILITY, AND INCOME GENERATION. WE ARE DRIVEN BY A VISION OF STRONG COMMUNITIES OF RESILIENT ENTREPRENEURS CATALYZING A THRIVING AND SUSTAINABLE ECONOMY FOR ALL. 0 0 5117867 550483 RISING TIDE CAPITAL PROVIDED INTENSIVE BUSINESS DEVELOPMENT SERVICES TO 968 ENTREPRENEURS DURING 2022. 337 PEOPLE GRADUATED FROM OUR COMMUNITY BUSINESS ACADEMY, 430 PEOPLE RECEIVED ADVANCED TECHNICAL SUPPORT AND COACHING THROUGH OUR BUSINESS ACCELERATION SERVICES PROGRAM, AND 213 PEOPLE RECEIVED CREDIT COUNSELING, LOAN PACKAGING, AND ACCESS TO CAPITAL SERVICES THROUGH OUR CREDIT TO CAPITAL PROGRAM. DURING 2022 THESE EFFORTS RESULTED IN 28 NEW BUSINESS STARTS, 356 BUSINESS STRENGTHENED/STABILIZED, 177 BUSINESS EXPANDED, AND THE CREATION OF 187 NEW JOBS (92 F.T.E.). WITHIN TWO YEARS OF GRADUATING THE COMMUNITY BUSINESS ACADEMY, OUR ENTREPRENEURS EXPERIENCE AN AVERAGE 75% INCREASE IN BUSINESS REVENUE AND 56% INCREASE IN HOUSEHOLD INCOME. OUR NATIONAL PROGRAM PARTNERSHIPS (NPP) PROGRAM, WHICH LICENSES THE RISING TIDE MODEL TO PARTNER ORGANIZATIONS IN COMMUNITIES NATIONWIDE TO ACCELERATE THEIR DEVELOPMENT AND IMPACT AS LOCAL ENTREPRENEURSHIP SUPPORT HUBS, SUPPORTED 12 PARTNER ORGANIZATIONS IN 2022, INCLUDING THE TRAINING AND LAUNCH OF PARTNERS IN THREE NEW STATES. OUR PARTNER ORGANIZATIONS SERVED A TOTAL OF 750 ENTREPRENEURS IN 2022, BRINGING THE TOTAL NUMBER OF ENTREPRENEURS SERVED BY THE RISING TIDE MODEL IN 2022 TO 1,718. 5117867 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 179 0 1 42 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ NY X ALEX FORRESTER 2014324316 311 MARTIN LUTHER KING DRIVE JERSEY CITY NJ 07305 DOUG FORRESTER CHAIRMAN 2.00 X X 0 0 0 MAURICE KUYKENDOLL TREASURER 2.00 X X 0 0 0 ALFA DEMMELLASH CHIEF EXECUTIVE OFFICER 40.00 X X 250000 0 21400 ANAND DEVENDRAN COMMITTEE CHAIR 2.00 X X 0 0 0 MATTHEW BARNES BOARD MEMBER 2.00 X 0 0 0 ALEJANDRO ROS BOARD MEMBER 2.00 X 0 0 0 AICHA BALLA BOARD MEMBER 2.00 X 0 0 0 KRISTEN SHARP BOARD MEMBER 2.00 X 0 0 0 JOE MASTERSON SECRETARY 2.00 X 0 0 0 MOSES ADEGBOYEGA CHIEF FINANCE AND ADMINISTRATION OFF 40.00 X X 149927 0 24778 ALEX FORRESTER CHIEF OPERATING OFFICER 40.00 X 229352 0 27716 ANDREA GEROLDI CHIEF OF STAFF 40.00 X 72433 0 4450 JOYNICOLE MARTINEZ CHIEF ADVANCEMENT OFFICER 40.00 X 160586 0 6396 LOUISA COUSINS SENIOR DIRECTOR OF ANALYTICS & INFOR 40.00 X 134352 0 23876 JAMIE RUDOLPH DIRECTOR OF DEVELOPMENT 40.00 X 114272 0 21997 JOSEPH SAVULICH MANAGING DIRECTOR OF MISSION VENTURE 40.00 X 130517 0 16865 KRIS VAN NEST EXECUTIVE PRODUCER OF DIGITAL LEARNI 40.00 X 136879 0 14891 SAMIRA COOK MANAGING DIRECTOR OF STRATEGIC PARTNERSHIPS 40.00 X 141972 0 24317 1520290 0 186686 10 0 1 0 CONSILIENCE LLC 3347 QUESADA ST NW WASHINGTON DC 20015 CONSULTING 190300 YOH PO BOX 654068 DALLAS TX 75265 125520 LIFT INC 999 NORTH CAPITOL ST NE SUITE 3 WASHINGTON DC 20002 123500 LIRIA PARTNERS LLC 139 HIGH OAKS DRIVE WARREN NJ 07059 119220 4 264293 7037634 7301927 CONTRACT SERVICES 541610 366403 366403 NATIONAL PROGRAM PARTN 611710 72893 72893 LICENSING FEES 561499 69500 69500 CBA AND BAS 611710 41687 41687 550483 19431 19431 240741 0 240741 240741 240741 OTHER INCOME 900099 51933 51933 51933 8164515 602416 0 260172 X 947038 738689 85234 123115 2195925 1712822 347672 135431 80432 62737 7239 10456 254569 198564 22911 33094 273004 212943 24570 35491 6452 5642 347 463 23500 18330 2115 3055 1512977 1322970 81322 108685 11162 8706 1005 1451 200802 117695 49109 33998 56038 43710 7285 5043 17800 13884 2314 1602 115047 89737 14956 10354 138442 107985 17997 12460 17803 13887 1602 2314 EQUIPMENT, SOFTWARE AND 294895 230018 38336 26541 PRINTING AND POSTAGE 78989 61611 10269 7109 PROGRAM SEMINAR AND EVE 73899 57641 9607 6651 PROGRAM MARKETING AND O 40956 31946 5324 3686 83435 68350 9913 5172 6423165 5117867 739127 566171 1020022 2021495 2505275 3938613 2942198 3778017 211315 382493 67945 53173 4718129 202760 4545568 4515369 0 24239 11292323 14713399 367513 429578 428194 493539 3052316 1500000 0 2295707 3975433 X 5291616 5721516 3705000 5016450 8996616 10737966 11292323 14713399 1741350 0 X X 0 1 X 1 1 1 X 3573705 3920590 7510076 7322131 7301927 29628429 3573705 3920590 7510076 7322131 7301927 29628429 7635924 21992505 20663 13547 6347 3029 19431 63017 51933 51933 29743379 1395444 0.73940 0.60450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 434300 434300 1099527 54976 1044551 2740698 133937 2606761 122066 13847 108219 321538 321538 4515369 X 8261570 97055 97055 8164515 0 8164515 6520220 97055 97055 6423165 0 6423165 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS ALSO EXEMPT FROM STATE INCOME TAXES. THE ORGANIZATION FOLLOWS STANDARDS THAT PROVIDE CLARIFICATION ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE ORGANIZATION'S FINANCIAL STATEMENTS. THE GUIDANCE PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, AND ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE AND TRANSITION. THE ORGANIZATION'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES ON UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE. NO INTEREST AND PENALTIES WERE RECORDED DURING THE YEARS ENDED 2021 AND 2020. AT DECEMBER 31, 2021 AND 2020, THERE ARE NO SIGNIFICANT INCOME TAX UNCERTAINTIES. PART XII, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT EXPENSE X X 0 0 0 0 0 0 0 0 0 ALFA DEMMELLASH CHIEF EXECUTIVE OFFICER 250000 0 0 0 0 0 12500 0 8900 0 271400 0 0 0 ALEX FORRESTER CHIEF OPERATING OFFICER 229352 0 0 0 0 0 11500 0 16216 0 257068 0 0 0 MOSES ADEGBOYEGA CHIEF FINANCE AND ADMINISTRATION OFF 149927 0 0 0 0 0 7649 0 17129 0 174705 0 0 0 JOYNICOLE MARTINEZ CHIEF ADVANCEMENT OFFICER 160586 0 0 0 0 0 6296 0 100 0 166982 0 0 0 SAMIRA COOK MANAGING DIRECTOR OF STRATEGIC PARTN 141972 0 0 0 0 0 7290 0 17027 0 166289 0 0 0 LOUISA COUSINS SENIOR DIRECTOR OF ANALYTICS & INFOR 134352 0 0 0 0 0 6849 0 17027 0 158228 0 0 0 KRIS VAN NEST EXECUTIVE PRODUCER OF DIGITAL LEARNI 136879 0 0 0 0 0 5991 0 8900 0 151770 0 0 0 PART I, LINE 3 RISING TIDE CAPITAL USES ANNUALLY UPDATED MARKET RESEARCH ABOUT NONPROFIT COMPENSATION FOR ORGANIZATIONS OF SIMILAR SIZE, MISSION, AND GEOGRAPHIC LOCATION. THIS INFORMATION IS PUBLISHED BY PROFESSIONALS FOR NONPROFITS AND GUIDE STAR. THE DATA INFLUENCES THE CEO'S DECISION ABOUT STAFF COMPENSATION DURING ANNUAL PERFORMANCE REVIEWS OF EACH STAFF MEMBER. THE BOARD EXECUTIVE COMPENSATION TASK FORCE REVIEWS ANNUALLY THE PERFORMANCE OF THE CEO AND COO AND UTILIZES APPROPRIATE MARKET DATA TO DETERMINE EXECUTIVE COMPENSATION. EXECUTIVE PERFORMANCE REVIEW IS DONE ANNUALLY. FORM 990, PART VI, SECTION A, LINE 2 RISING TIDE CAPITAL WAS CO-FOUNDED BY ALFA DEMMELLASH AND ALEX FORRESTER, WHO ARE MARRIED AND WHO SERVE AS CEO AND COO, RESPECTIVELY. THE FOUNDING CHAIR OF THE BOARD WAS DOUGLAS FORRESTER (ALEX'S FATHER), WHOSE SERVICE ON THE BOARD ENDED IN 2022. THE BOARD CONSISTS ENTIRELY OF INDEPENDENT, NON-RELATED PARTIES. NO OTHER FAMILY RELATIONSHIP EXISTS WITHIN THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B AS PART OF THE ORGANIZATION'S ANNUAL AUDIT, THE FORM 990 IS ALSO PREPARED BY AN INDEPENDENT CPA. ACCURACY OF ALL INFORMATION AND STATEMENTS IS CONFIRMED BY MANAGEMENT AND SUBMITTED TO THE BOARD FOR REVIEW PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF AND BOARD MEMBERS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY DISCLOSURE FORM AT THE TIME OF BEGINNING SERVICE AT RISING TIDE CAPITAL. DISCLOSURE FORMS ARE REVIEWED BY THE GOVERNANCE COMMITTEE AND REQUIRED TO BE RENEWED ANNUALLY, OR AT ANY POINT THAT A NEW POTENTIAL CONFLICT EMERGES. FORM 990, PART VI, SECTION B, LINE 15 RISING TIDE CAPITAL USES ANNUALLY UPDATED MARKET RESEARCH ABOUT NONPROFIT COMPENSATION FOR ORGANIZATIONS OF SIMILAR SIZE, MISSION, AND GEOGRAPHIC LOCATION PUBLISHED BY ORGANIZATIONS SUCH AS CANDID, PROPUBLICA AND THE COUNCIL OF NONPROFITS. THE DATA INFLUENCES DECISION-MAKING REGARDING COMPENSATION LEVELS ASSESSED DURING THE ANNUAL PERFORMANCE PERIOD. THE BOARD EXECUTIVE COMPENSATION TASK FORCE ANNUALLY REVIEWS THE PERFORMANCE OF THE CEO AND COO AND UTILIZES APPROPRIATE MARKET DATA TO DETERMINE EXECUTIVE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 18 UPON REQUEST, RISING TIDE CAPITAL WILL FORWARD ALL INFORMATION REQUIRED BY LAW PLUS PROMOTIONAL MATERIAL TO THE REQUESTOR. FORM 990, PART VI, SECTION C, LINE 19 RISING TIDE CAPITAL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 1,322,970. MANAGEMENT AND GENERAL EXPENSES 81,322. FUNDRAISING EXPENSES 108,685. TOTAL EXPENSES 1,512,977. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PAGE 1 AMENDED RETURN: THE FUNCTIONAL EXPENSE SCHEDULE WAS AMENDED TO ADJUST AMOUNTS REPORTED TO AGREE TO THE AUDITED FINANCIAL STATEMENTS. IN ADDITION, SCHEDULE B WAS UPDATED TO INCLUDE THE FULL NAMES OF MAJOR DONORS.