2024-11-15T13:54:10-06:00 2023-12-31 135565207 KPMG LLP 345 PARK AVENUE NEW YORK NY 101540102 990 2023-01-01 593814814 TRUFUND FINANCIAL SERVICES INC TRUF 2122041328 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 KENNETH HARVEY SVP - DIRECTOR OF FINANCE 2122041328 2024-11-15 1 0 EVAN W SEEKAMP P01907071 2127589700 2024-11-14 2023 2024-10-15 13:58:12Z JAMES BASON 39 WEST 37TH ST TH FL NEW YORK NY 10018 12004522 0 X WWW.TRUFUND.ORG X 2005 NY PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS. 13 13 73 14 0 0 13863709 8000690 1965354 3057490 130667 454588 65074 491754 16024804 12004522 121908 0 0 0 6015149 6694951 0 0 444197 3488909 3884288 9625966 10579239 6398838 1425283 48532112 51843427 29296146 32059259 19235966 19784168 X TRUFUND'S (TFS) MISSION IS TO PROMOTE AND FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES AND AMONG DISADVANTAGED POPULATIONS. FOR MORE INFORMATION, SEE SCHEDULE O. 0 0 6872484 0 3549244 SMALL BUSINESS LENDING - A PRINCIPAL COMPONENT OF TRUFUND'S MISSION IS TO SERVE MINORITY AND WOMEN OWNED BUSINESS ENTERPRISES AND SMALL BUSINESSES LOCATED WITHIN A LOW-OR MODERATE INCOME COMMUNITY, AS THEY REPRESENT HISTORICALLY ECONOMICALLY DISADVANTAGED POPULATIONS AND THOSE TRADITIONALLY DISCONNECTED FROM MAINSTREAM FINANCIAL INSTITUTIONS. FOR MORE INFORMATION - SEE SCHEDULE O. 6872484 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 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 1 1 1 0 0 1 42 0 1 73 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X RAMY HENNEDY 2122041347 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 CHARLOTTE LEE CHAIRPERSON 1.00 1.00 X X 0 0 0 DOUGLAS JACKSON BOARD MEMBER - RETIRED JUNE 2023 1.00 1.00 X 0 0 0 CHERI MORIAL AUSBERRY BOARD MEMBER 1.00 1.00 X 0 0 0 CELAYNE HILL SECRETARY 1.00 1.00 X 0 0 0 CARRA WALLACE BOARD MEMBER 1.00 1.00 X 0 0 0 RONALD TOROK BOARD MEMBER 1.00 1.00 X 0 0 0 TERRENCE CLARK VICE-CHAIR 1.00 1.00 X X 0 0 0 DR ADRIAN FRANCO BOARD MEMBER 1.00 1.00 X 0 0 0 MARC THOMPSON JR TREASURER 1.00 1.00 X 0 0 0 HEIDI HAMILTON BOARD MEMBER 1.00 1.00 X 0 0 0 CARMEN MANOYAN BOARD MEMBER 1.00 1.00 X 0 0 0 WORLEY BARKER BOARD MEMBER 1.00 1.00 X 0 0 0 KIMBERLY HARDY BOARD MEMBER - JOINED SEPTEMBER 2023 1.00 1.00 X 0 0 0 GEORGE BUCHANAN III BOARD MEMBER - JOINED DECEMBER 2023 1.00 1.00 X 0 0 0 JAMES BASON PRESIDENT - CHIEF EXECUTIVE OFFICER 35.00 5.00 X 389084 0 23280 DOMONICA L EDWARDS SENIOR VICE PRESIDENT 35.00 1.00 X 186183 0 0 KENNETH HARVEY SVP - DIRECTOR OF FINANCE 35.00 1.00 X 222741 0 2265 BRIAN GURSKI SVP - DIR OF STRATEGY & INNOVATION 35.00 1.00 X 180101 0 9327 MICHAEL VAUGH SVP - CHIEF CREDIT OFFICER 35.00 1.00 X 200318 0 18750 ROBERT BENITEZ SVP - NATIONAL DIRECTOR OF LENDING 35.00 1.00 X 184485 0 7536 MATHEW SHAPIRO SVP DIRECTOR OF RESOURCE DEVELOPMENT 35.00 1.00 X 187646 0 7527 AKIMIE CARTER EVANS SVP - MANAGING DIRECTOR NAT'L MARKET 35.00 1.00 X 187413 0 10508 1737971 0 79193 19 0 1 0 JONES WALKER 420 20TH STREET N SUITE 1100 BIRMINGHAM AL 35203 LEGAL SERVICES 196989 KPMG LLP 345 PARK AVE NEW YORK NY 10154 ACCOUNTING & AUDIT SERVICES 182000 MICRO INFO SIDDARTH CONSULTING 2625 N JOSEY LANE SUITE 326 CARROLLTON TX 75007 SOFTWARE DEVELOPING SERVICES 164348 3 5093626 2907064 8000690 PROGRAM AND PROCESSING FEES 522310 1763510 1763510 LOAN INTEREST INCOME 522310 1293980 1293980 3057490 454588 454588 LOAN RECOVERIES 900099 462481 462481 MISCELLANEOUS REVENUE 900099 29273 29273 491754 12004522 3549244 0 454588 729572 79515 650057 4958142 3653551 948269 356322 1007237 793561 136814 76862 339713 224508 115205 383754 187779 195975 713147 469510 243637 83970 79276 4604 90 377187 47213 329974 402654 46320 355218 1116 184021 152102 27615 4304 112675 70061 41691 923 363985 353394 10591 40634 40634 88265 88265 PROVISION FOR LOAN LOSS 1973609 1973609 RECRUITMENT EXPENSES 73249 33205 38777 1267 DUES AND SUBSCRIPTIONS 42331 22066 16952 3313 ALLOCATED INDIRECT EXPE -1410926 -1410926 116020 97740 18280 10579239 6872484 3262558 444197 19399003 14690812 6465007 4016108 264695 324673 19840982 29791729 323141 286801 76973 36340 903938 759618 1581514 2224147 48532112 51843427 1639411 1208200 4332532 4572753 714203 691307 21466043 24888134 1143957 698865 29296146 32059259 X 12654487 12144535 6581479 7639633 19235966 19784168 48532112 51843427 X 1425283 -144320 -732761 X 0 1 X 1 1 1 X 1626200 7228972 1048730 13863709 8000690 31768301 1626200 7228972 1048730 13863709 8000690 31768301 11046305 20721996 8222 1672 4218 130667 454588 599367 69108 154003 46831 65074 491754 826770 33194438 13117755 0.62430 0.68090 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: LOAN RECOVERIES - 2019 AMOUNT: $ 47,905. 2020 AMOUNT: $ 153,906. 2021 AMOUNT: $ 7,425. 2022 AMOUNT: $ 48,387. 2023 AMOUNT: $ 462,481. OTHER INCOME - 2019 AMOUNT: $ 21,203. 2020 AMOUNT: $ 97. 2021 AMOUNT: $ 39,406. 2022 AMOUNT: $ 16,687. 2023 AMOUNT: $ 29,273. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 34000 16575 17425 8700 7178 1522 221388 203995 17393 59053 59053 0 36340 OPERATING LEASE LIABILITIES 610250 REFUNDABLE CONTRACT ADVANCES 88615 698865 X 14790493 -144320 2930291 2785971 12004522 0 12004522 13448403 2869164 2869164 10579239 0 10579239 PART IV, LINE 2B: ESCROW ACCOUNTS ARE HELD FOR BORROWERS PARTICIPATING IN THE NEW MARKETS SMALL BUSINESS REVOLVING LOAN FUND. THESE ACCOUNTS ARE ESTABLISHED FOR A VARIETY OF REASONS INCLUDING TO ENSURE PROPERTY REPAIRS ARE COMPLETED, COLLATERAL FOR LAND PURCHASES AND COMPLETION OF APPRAISALS AND ENVIRONMENTAL REPORTS. PART X, LINE 2: TRUFUND HAS APPLIED FOR AND RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE ("IRS") TO BE TREATED AS A TAX EXEMPT ENTITY PURSUANT TO SECTION 501(C)(3) OF THE IRS AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. DUE TO ITS TAX EXEMPT STATUS, TRUFUND IS NOT SUBJECT TO INCOME TAXES EXCEPT FOR ITS UNRELATED BUSINESS INCOME. TRUFUND IS REQUIRED TO FILE AND DOES FILE EXEMPT ORGANIZATIONS TAX RETURNS WITH THE IRS AND OTHER TAXING AUTHORITIES. INCOME TAX RETURNS FILED BY TRUFUND ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2020 REMAIN OPEN. FASB ASC TOPIC 740, INCOME TAXES, PRESCRIBES A THRESHOLD FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. ONLY TAX POSITIONS MEETING THE MORE-LIKELY THAN-NOT RECOGNITION THRESHOLD AT THE EFFECTIVE DATE MAY BE RECOGNIZED OR CONTINUE TO BE RECOGNIZED UPON ADOPTION OF THIS INTERPRETATION. ASC TOPIC 740 ALSO PROVIDES GUIDANCE ON ACCOUNTING FOR DERECOGNITION, INTEREST AND PENALTIES, AND CLASSIFICATION AND DISCLOSURE OF MATTERS RELATED TO UNCERTAINTY IN INCOME TAXES. TRUFUND HAS NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FEES EARNED BY EMPOWERMENT REINVESTMENT FUND 2,930,291. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES INCURRED BY EMPOWERMENT REINVESTMENT FUND 2,869,164. X X X 0 0 0 0 0 0 0 1 0 JAMES BASON PRESIDENT - CHIEF EXECUTIVE OFFICER 291523 0 92379 0 5182 0 0 0 23280 0 412364 0 0 0 KENNETH HARVEY SVP - DIRECTOR OF FINANCE 192050 0 27000 0 3691 0 0 0 2265 0 225006 0 0 0 MICHAEL VAUGH SVP - CHIEF CREDIT OFFICER 165914 0 34020 0 384 0 0 0 18750 0 219068 0 0 0 AKIMIE CARTER EVANS SVP - MANAGING DIRECTOR NAT'L MARKET 162748 0 24140 0 525 0 0 0 10508 0 197921 0 0 0 MATHEW SHAPIRO SVP DIRECTOR OF RESOURCE DEVELOPMENT 171509 0 14000 0 2137 0 0 0 7527 0 195173 0 0 0 ROBERT BENITEZ SVP - NATIONAL DIRECTOR OF LENDING 162996 0 20000 0 1489 0 0 0 7536 0 192021 0 0 0 BRIAN GURSKI SVP - DIR OF STRATEGY & INNOVATION 151497 0 28101 0 503 0 0 0 9327 0 189428 0 0 0 DOMONICA L EDWARDS SENIOR VICE PRESIDENT 121797 0 62941 0 1445 0 0 0 0 0 186183 0 0 0 PART I, LINE 7 THE BONUSES REPORTED ON SCHEDULE J, PART II (B)(II) ARE NON-FIXED AND APPROVED BY THE BOARD. FORM 990, PART I, LINE 1 - DESCRIPTION OF ORGANIZATION MISSION: TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES, PRINCIPALLY MINORITY AND WOMEN OWNED BUSINESS ENTERPRISES, AND NON-PROFIT ORGANIZATIONS. FORM 990, PART III, LINE 1 - DESCRIPTION OF ORGANIZATION MISSION: TRUFUND FINANCIAL SERVICES' (TFS) MISSION IS TO PROMOTE & FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES & AMONG DISADVANTAGED POPULATIONS BY OFFERING AFFORDABLE CAPITAL AND CAPACITY BUILDING TECHNICAL ASSISTANCE (TA) TO SMALL BUSINESSES AND NOT-FOR-PROFIT ORGANIZATIONS THAT HAVE DIFFICULTY ACCESSING CONVENTIONAL CAPITAL MARKETS. FORM 990, PART III - PROGRAM SERVICE ACCOMPLISHMENTS, LINE 4A: TRUFUND HAS ALSO DEVELOPED A STRONG TRACK RECORD OF WORKING WITH STATE AND LOCAL GOVERNMENT AGENCIES TO DESIGN AND IMPLEMENT SMALL BUSINESS LOAN PROGRAMS TO HELP THEM RECOVER FROM NATURAL AND MAN-MADE DISASTERS. TRUFUND HAS SUCCESSFULLY OPERATED SEVERAL SMALL BUSINESS DISASTER RECOVERY PROGRAMS FOLLOWING BOTH NATURAL AND MAN-MADE DISASTERS IN NEW YORK CITY AND LOUISIANA. TRUFUND'S WHOLLY-CONTROLLED SUBSIDIARY, EMPOWERMENT REINVESTMENT FUND LLC (ERF), UTILIZES NEW MARKET TAX CREDITS (NMTC) TO FINANCE LARGESCALE PROJECTS IN UNDERSERVED MARKETS THAT ACT AS CATALYSTS FOR COMMUNITY DEVELOPMENT AND GENERATE SIGNIFICANT COMMUNITY IMPACTS IN THE FORM OF NEW OR RETAINED JOBS, COMMUNITY SERVICES OR INCREASED ECONOMIC OPPORTUNITY. WHEN POSSIBLE, TRUFUND COMBINES THE AVAILABILITY OF THE ORGANIZATION'S LEVERAGE LOAN PROGRAM WITH THE USE OF NMTCS IN AN EFFORT TO MAXIMIZE SUPPORT FOR FINANCIALLY VIABLE, HIGH IMPACT PROJECTS, WITH AN EMPHASIS ON PROJECTS THAT CREATE OPPORTUNITY FOR SURROUNDING SMALL BUSINESSES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE DIRECTOR OF FINANCE AND OTHER RELATED STAFF, IN CONJUNCTION WITH EXTERNAL TAX ADVISORY SUPPORT. IT IS THE POLICY OF THE ORGANIZATION TO CIRCULATE A DRAFT VERSION OF THE FORM 990 FOR REVIEW BY THE EXECUTIVE STAFF AND THE GOVERNING BOARD PRIOR TO ITS SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C IN ORDER TO CONFORM TO OUR CONFLICT OF INTEREST POLICY, ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE REQUIRED ON AN ANNUAL BASIS TO SIGN AN ACKNOWLEDGMENT WHICH STATES THAT THEY ARE NOT AWARE OF ANY CONFLICTS OF INTEREST. THE ACKNOWLEDGMENTS ARE REVIEWED BY THE DIRECTOR OF FINANCE. IF IT WAS DETERMINED THERE WAS A CONFLICT THE INDIVIDUAL WOULD RECUSE THEMSELVES FROM ALL DISCUSSIONS REGARDING THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE CEO COMPENSATION IS REVIEWED BY THE BOARD OF DIRECTORS, USING COMPARABLE DATA, INCLUDING FORM 990 OF OTHER ORGANIZATIONS, AND THIS PROCESS IS DOCUMENTED IN THE BOARD MINUTES. FOR ALL OTHER OFFICERS, AND KEY EMPLOYEES OF THE ORGANIZATION, TFS REVIEWS AVAILABLE COMPENSATION DATA, INCLUDING EMPLOYEE COMPENSATION SURVEYS AND SALARY LEVELS IN RELEVANT JOB POSTINGS BY ITS COMPETITORS. TFS ALSO ASSIGNS AN INTERNAL JOB GRADE TO EACH JOB POSITION WITHIN EACH JOB GRADE TFS APPLIES AN ALLOWABLE SALARY RANGE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FORM 990, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST AT ITS HEADQUARTERS. FORM 990, PART XI, LINE 9: CHANGE IN INVESTMENT IN ERF -732,761. EMPOWERMENT REINVESTMENT FUND LLC 39 W 37TH ST NEW YORK NY 10018 043671771 FINANCING NY RELATED 60517 2802085 0 1 0.99000 ERF HOLDINGS LLC 39 W 37TH ST NEW YORK NY 10018 464493315 FINANCING NY C 225 55258 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 EMPOWERMENT REINVESTMENT FUND LLC Q 2283409 COST EMPOWERMENT REINVESTMENT FUND LLC O 585754 COST