2024-11-15T09:22:04-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 293 EISENHOWER PARKWAY 2ND FLOOR LIVINGSTON NJ 07039 990 2023-01-01 113720098 RISING TIDE CAPITAL INC AND SUBSIDIARIES RISI 2014324316 PO BOX 10188 PMB 56701 NEWARK NJ 071013188 ALEX FORRESTER CHIEF OPERATIONS OFFICER 2014324316 2024-11-14 1 1 TARA DEL GAVIO P02438051 9739949494 2024-11-14 2023 2024-10-15 13:58:12Z ALEX FORRESTER PO BOX 10188 PMB 56701 NEWARK NJ 071013188 5047525 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 36 128 0 0 7301927 4247802 550483 566716 19431 95495 292674 137512 8164515 5047525 0 0 0 0 3750968 4255972 0 0 588585 2672197 2665006 6423165 6920978 1741350 -1873453 14713399 12416017 3975433 3205632 10737966 9210385 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 5518972 0 704228 RISING TIDE CAPITAL PROVIDED INTENSIVE BUSINESS DEVELOPMENT SERVICES TO 1041 ENTREPRENEURS DURING 2023. 486 PEOPLE PARTICIPATED IN OUR COMMUNITY BUSINESS ACADEMY, 419 PEOPLE RECEIVED ADVANCED TECHNICAL SUPPORT AND COACHING THROUGH OUR BUSINESS ACCELERATION SERVICES PROGRAM, AND 301 PEOPLE RECEIVED CREDIT COUNSELING, LOAN PACKAGING, AND ACCESS TO CAPITAL SERVICES THROUGH OUR CREDIT TO CAPITAL PROGRAM.DURING 2023 THESE EFFORTS RESULTED IN 37 NEW BUSINESS STARTS, 437 BUSINESS STRENGTHENED/STABILIZED, 182 BUSINESS EXPANDED, AND THE CREATION OF 210 NEW JOBS (107 F.T.E.). 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 16 PARTNER ORGANIZATIONS ACROSS 14 STATES IN 2023, INCLUDING THE TRAINING AND LAUNCH OF 3 NEW PARTNERS (IN HOUSTON, NORFOLK AND MILWAUKEE). OUR PARTNER ORGANIZATIONS SERVED A TOTAL OF 974 ENTREPRENEURS IN 2023, BRINGING THE TOTAL NUMBER OF ENTREPRENEURS SERVED BY THE RISING TIDE MODEL IN 2023 TO 2,033. 5518972 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 1 0 0 0 1 115 0 1 36 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 X ALEX FORRESTER 2014324316 311 MARTIN LUTHER KING DRIVE JERSEY CITY NJ 07305 MAURICE KUYKENDOLL TREASURER 2.00 X X 0 0 0 JOE MASTERSON SECRETARY 2.00 X X 0 0 0 ANAND DEVENDRAN VICE CHAIR/CHAIR OF AUDIT AND FINANCE COMMITTEE 2.00 X X 0 0 0 ANDRE DUGGIN BOARD MEMBER 2.00 X 0 0 0 ANGELO STRACQUATANIO BOARD MEMBER 2.00 X 0 0 0 JEFFREY ROBINSON BOARD MEMBER 2.00 X 0 0 0 KIRAN HANDA GUADIOSO BOARD MEMBER 2.00 X 0 0 0 PRESTON PINKETT BOARD MEMBER 2.00 X 0 0 0 AICHA BALLA CHAIR 2.00 X 0 0 0 KRISTEN SHARP BOARD MEMBER 2.00 X 0 0 0 ALFA DEMMELLASH CHIEF EXECUTIVE OFFICER 40.00 X X 250833 0 80529 ALEX FORRESTER CHIEF OPERATING OFFICER 40.00 X 230833 0 84992 JOYNICOLE MARTINEZ CHIEF ADVANCEMENT OFFICER 40.00 X 201062 0 70007 LOUISA COUSINS SENIOR DIRECTOR OF ANALYTICS & INFOR 40.00 X 145475 0 72397 JAMIE RUDOLPH DIRECTOR OF DEVELOPMENT 40.00 X 135338 0 69288 KRIS VAN NEST EXECUTIVE PRODUCER OF DIGITAL LEARNI 40.00 X 142643 0 44732 CHRIS BREITENBERG DIRECTOR - NPP 40.00 X 141750 0 68803 SAMIRA COOK MANAGING DIRECTOR OF STRATEGIC PARTNERSHIPS 40.00 X 136344 0 65678 1384278 0 556426 11 0 1 0 YOH 1500 SPRING GARDEN STREET PHILADELPHIA PA 19130 CONSULTING SERVICES FOR SALES FORCE 426360 LIFT INC 1910 MAGNOLIA AVE404 LOS ANGELES DC 90007 GRANT FROM STAND TOGETHER TO LIFT AS SUB 250000 CONSILIENCE LLC 3347 QUESADA ST NW WASHINGTON DC 20015 FUTURE TIDE PARTNERS CONSULTING 185034 LIRIA PARTNER LLC 139 HIGH OAKS DRIVE WARREN NJ 07059 TAINING AND CONTENT DEVELOPMENT WITH NAT 165635 YOUR PART TIME CONTROLLER LLC MAIL CODE 7123 PO BOX 7247 PHILADELPHIA PA 191700001 FINANCIAL CONSULTANTS 118705 6 466552 3781250 4247802 CONTRACT SERVICES 541610 248384 248384 LICENSING FEES 561499 150875 150875 NATIONAL PROGRAM PARTN 611710 95074 95074 CBA AND BAS 611710 72383 72383 566716 95495 95495 OTHER INCOME 900099 137512 137512 137512 5047525 704228 0 95495 X 918225 700078 124552 93595 2714441 2069587 368182 276672 93102 70984 12628 9490 277075 211253 37581 28241 253129 192994 34334 25801 10266 8196 1349 721 36749 29339 4830 2580 1394130 1156786 140022 97322 9759 9759 67857 54174 8919 4764 213453 188560 24893 130550 113700 9208 7642 42567 34189 3259 5119 125855 119370 4170 2315 144663 130490 3118 11055 17902 16148 386 1368 EQUIPMENT, SOFTWARE AND 205422 155953 32116 17353 PRINTING AND POSTAGE 94314 92485 446 1383 PROGRAM SEMINAR AND EVE 68052 66792 1260 REAL ESTATE TAXES 37156 35242 1231 683 66311 62893 2197 1221 6920978 5518972 813421 588585 2021495 288364 3938613 4097481 3778017 3073852 382493 444978 53173 55707 4783075 346603 4515369 4436472 24239 19163 14713399 12416017 429578 227322 493539 3052316 2978310 3975433 3205632 X 5721516 6194135 5016450 3016250 10737966 9210385 14713399 12416017 -1873453 52333 293539 0 X X 1 X 1 X 1 1 1 X 3920590 7510076 7322131 7301927 4247802 30302526 3920590 7510076 7322131 7301927 4247802 30302526 7956386 22346140 13547 6347 3029 19431 95495 137849 51933 51933 30492308 1995998 0.73280 0.73940 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 434300 434300 1099527 91627 1007900 2805644 226593 2579051 122066 28383 93683 321538 321538 4436472 X 5150288 52333 50430 102763 5047525 0 5047525 6971408 50430 50430 6920978 0 6920978 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC) 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 CONSOLIDATED 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 2023 AND 2022. AT DECEMBER 31, 2023 AND 2022, 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 250833 0 0 0 0 0 12542 0 67987 0 331362 0 0 0 ALEX FORRESTER CHIEF OPERATING OFFICER 230833 0 0 0 0 0 11542 0 73450 0 315825 0 0 0 JOYNICOLE MARTINEZ CHIEF ADVANCEMENT OFFICER 201062 0 0 0 0 0 10053 0 59954 0 271069 0 0 0 LOUISA COUSINS SENIOR DIRECTOR OF ANALYTICS & INFOR 145475 0 0 0 0 0 7274 0 65123 0 217872 0 0 0 CHRIS BREITENBERG DIRECTOR - NPP 141750 0 0 0 0 0 7088 0 61715 0 210553 0 0 0 JAMIE RUDOLPH DIRECTOR OF DEVELOPMENT 135338 0 0 0 0 0 6767 0 62521 0 204626 0 0 0 SAMIRA COOK MANAGING DIRECTOR OF STRATEGIC PARTN 136344 0 0 0 0 0 6817 0 58861 0 202022 0 0 0 KRIS VAN NEST EXECUTIVE PRODUCER OF DIGITAL LEARNI 142643 0 0 0 0 0 3720 0 41012 0 187375 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 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. 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 BOARD CONSISTS ENTIRELY OF INDEPENDENT, NON-RELATED PARTIES. NO OTHER FAMILY RELATIONSHIP EXISTS WITHIN THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B AFTER COMPLETION OF THE ORGANIZATION'S ANNUAL AUDIT, THE CEO, COO, AND CONTROLLER GATHER INFORMATION TO COMPLETE THE FORM 990 WHICH IS APPROVED BY THE BOARD FOR ACCURACY 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 18 GUIDE STAR 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 1,156,786. MANAGEMENT AND GENERAL EXPENSES 140,022. FUNDRAISING EXPENSES 97,322. TOTAL EXPENSES 1,394,130. 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.