2024-11-13T14:45:53-06:00 2023-12-31 221478099 COHNREZNICK LLP 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 990 2023-01-01 133641265 GROW AMERICA FUND INC GROW 2126821106 633 THIRD AVE 19J NEW YORK NY 10017 DANIEL MARSH III CHAIRMAN 2126821106 2024-11-12 1 1 LORI ROTHE YOKOBOSKY CPA P01273422 2122970400 2024-11-05 2023 2024-10-15 13:58:12Z DANIEL MARSH III 633 THIRD AVE 19J NEW YORK NY 10017 3921676 0 X WWW.GROWAMERICAFUND.ORG X 1971 DE SEE SCHEDULE O 8 1 0 1 0 0 407298 890000 3368061 2443795 0 0 26353 587881 3801712 3921676 0 0 0 0 2099494 1872170 0 0 0 2194500 1588749 4293994 3460919 -492282 460757 53966443 46573067 34642183 26788050 19324260 19785017 X THE GROW AMERICA FUND, INC. ("GAF") HAS A PRIMARY MISSION TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW-INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN THOSE DISADVANTAGED (CONT. ON SCHEDULE O) COMMUNITIES, AND/OR CREATE JOBS FOR LOW-INCOME UNEMPLOYED AND UNDER-EMPLOYED INDIVIDUALS. GAF, A LICENSED U.S. SBA SMALL BUSINESS LENDING COMPANY, AND U.S. DEPARTMENT OF THE TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDES ACCESS TO CAPITAL FOR BUSINESS EXPANSION STRUCTURED WITH LONGER AMORTIZATION TERMS AND LOWER INTEREST RATES. THESE LENDING TERMS SERVE TO DECREASE DEBT SERVICE COSTS AND IMPROVE THE BORROWER'S OPERATING CASH FLOW, GIVING BUSINESSES A FINANCIAL ADVANTAGE THAT HELPS STRENGTHEN BOTH THE ECONOMIC BASE OF THE BUSINESS, AND THE COMMUNITY. 0 0 2639696 3031676 GAF PROVIDES LONGER TERM, LOWER INTEREST RATE SMALL BUSINESS LOANS THAT ENABLE SMALL BUSINESSES TO CREATE JOBS, STIMULATE INVESTMENT, AND EXPAND THE ENTREPRENEURIAL AND SMALL BUSINESS BASE IN LOW-INCOME COMMUNITIES. (CONT. ON SCHEDULE O) 2639696 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 1 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X DANIEL CHOI 2126821106 633 THIRD AVE SUITE 19J NEW YORK NY 10017 ADAM ENNIS TREASURER 3.00 47.00 X X 0 298140 87486 CHARLEY DEPEW BOARD MEMBER 1.00 49.00 X 0 247953 65048 DANIEL MARSH III CHAIRMAN 2.75 52.25 X X 0 519444 163290 DAVID TREVISANI BOARD MEMBER/INTERIM PRESI 8.50 41.50 X X 0 249303 103509 KEVIN GREMSE BOARD MEMBER 1.00 49.00 X 0 269640 104024 PATRICIA THOMSON BOARD MEMBER 0.25 X 0 0 0 RAQUEL FAVELA BOARD MEMBER 1.00 49.00 X 0 271994 53205 STEPHANIE DUGAN BOARD MEMBER 1.00 49.00 X 0 247304 89349 JENNIE VERTREES SECRETARY 7.50 42.50 X 0 110863 84444 ANN FINNEGAN MANAGING DIRECTOR OF LENDING 20.00 30.00 X 0 230936 109425 DANIEL CHOI CFO 15.00 35.00 X 0 225345 83166 0 2670922 942946 0 0 1 0 COHNREZNICK LLP 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 AUDITING AND TAXATION 159965 SHALLO GALLUSCIO & BIANCHI CPAS 21 NORTH SEVENTH STREET HUDSON NY 12534 ACCOUNTING 137000 2 890000 890000 INTEREST INCOME 523000 1736690 1736690 PREMIUM ON SALE OF LOA 523000 438187 438187 LOAN SERVICE FEES 523000 245894 245894 FEE INCOME 523000 23024 23024 2443795 BAD DEBT RECOVERY 900099 566850 566850 LATE FEES 523000 3223 3223 17808 17808 587881 3921676 3031676 0 0 1347284 1062873 284411 103077 82795 20282 326423 262196 64227 95386 75250 20136 187942 187942 296965 296965 275132 275132 6226 4605 1621 107514 92512 15002 520513 520513 7658 7658 EQUIPMENT LEASES AND MA 92313 92313 PROJECT AND OTHER FEES 60596 60596 SUBSCRIPTIONS AND MEMBE 13934 6967 6967 SBA EXAMINATION FEE 11000 11000 8956 8315 641 3460919 2639696 821223 0 15198149 17660859 8888 113547 26532594 25842024 283265 275596 11943547 2681041 53966443 46573067 835147 650014 18995168 10670098 14811868 15467938 34642183 26788050 X 11749981 11906362 7574279 7878655 19324260 19785017 53966443 46573067 460757 0 X 0 1 X 1 0 X 644968 1125850 2596924 407298 890000 5665040 3019575 3829055 9580430 3368061 2443795 22240916 3664543 4954905 12177354 3775359 3333795 27905956 0 0 0 27905956 56579 18381 4622 26353 587881 693816 3721122 4973286 12181976 3801712 3921676 28599772 0.97570 0.98910 0.00000 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LATE FEES - 2019 AMOUNT: $ 29,592. 2020 AMOUNT: $ 5,122. 2021 AMOUNT: $ 4,622. 2022 AMOUNT: $ 8,386. 2023 AMOUNT: $ 3,223. MISCELLANEOUS INCOME - 2019 AMOUNT: $ 26,987. 2020 AMOUNT: $ 13,259. 2022 AMOUNT: $ 17,967. 2023 AMOUNT: $ 17,808. BAD DEBT RECOVERY - 2023 AMOUNT: $ 566,850. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM LOAN RECEIVABLES 25842024 C 25842024 RESTRICTED DEPOSITS 701115 ESCROW HELD FOR BORROWERS AND OTHER AMOUNTS DUE FROM BORROWERS 705502 INTEREST RECEIVABLE 232801 SERVICE FEE RECEIVABLE 506483 PPP LOANS RECEIVABLE 366341 DUE FROM AFFILIATE 168799 2681041 CLIENT INVESTMENT LIABILITIES 14535953 DUE TO RELATED ENTITIES 131985 SUBORDINATED DEBT 800000 15467938 X 3401163 -520513 -520513 3921676 0 3921676 2940406 0 2940406 520513 520513 3460919 PART X, LINE 2: THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION, AMONG OTHERS. THERE WERE NO UNCERTAIN TAX POSITIONS IDENTIFIED OR RECORDED AS LIABILITIES FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSES -520,513. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSES 520,513. 0 1 0 0 0 0 0 0 0 DANIEL MARSH III CHAIRMAN 0 514500 0 0 0 4944 0 144693 0 18597 0 682734 0 0 ADAM ENNIS TREASURER 0 297600 0 0 0 540 0 38804 0 48682 0 385626 0 0 KEVIN GREMSE BOARD MEMBER 0 267318 0 0 0 2322 0 52616 0 51408 0 373664 0 0 DAVID TREVISANI BOARD MEMBER/INTERIM PRESI 0 243268 0 0 0 6035 0 55692 0 47817 0 352812 0 0 ANN FINNEGAN MANAGING DIRECTOR OF LENDING 0 227950 0 0 0 2986 0 58237 0 51188 0 340361 0 0 STEPHANIE DUGAN BOARD MEMBER 0 244168 0 0 0 3136 0 54126 0 35223 0 336653 0 0 RAQUEL FAVELA BOARD MEMBER 0 270868 0 0 0 1126 0 32983 0 20222 0 325199 0 0 CHARLEY DEPEW BOARD MEMBER 0 242208 0 0 0 5745 0 46896 0 18152 0 313001 0 0 DANIEL CHOI CFO 0 224950 0 0 0 395 0 34222 0 48944 0 308511 0 0 JENNIE VERTREES SECRETARY 0 110032 0 0 0 831 0 39406 0 45038 0 195307 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, NO CONTRIBUTIONS WERE MADE DURING THE YEAR. - DANIEL MARSH III FORM 990, PART I, LINE 1: THE GROW AMERICA FUND, INC. ("GAF") HAS A PRIMARY MISSION TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW-INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN THOSE DISADVANTAGED COMMUNITIES, AND/OR CREATE JOBS FOR LOW-INCOME UNEMPLOYED AND UNDER-EMPLOYED INDIVIDUALS. GAF, A LICENSED U.S. SBA SMALL BUSINESS LENDING COMPANY, AND U.S. DEPARTMENT OF THE TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDES ACCESS TO CAPITAL FOR BUSINESS EXPANSION STRUCTURED WITH LONGER AMORTIZATION TERMS AND LOWER INTEREST RATES. THESE LENDING TERMS SERVE TO DECREASE DEBT SERVICE COSTS AND IMPROVE THE BORROWER'S OPERATING CASH FLOW, GIVING BUSINESSES A FINANCIAL ADVANTAGE THAT HELPS STRENGTHEN BOTH THE ECONOMIC BASE OF THE BUSINESS, AND THE COMMUNITY. FORM 990, PART III, LINE 4A CONTINUATION: GAF PROVIDES LONGER TERM, LOWER INTEREST RATE SMALL BUSINESS LOANS THAT ENABLE SMALL BUSINESSES TO CREATE JOBS, STIMULATE INVESTMENT, AND EXPAND THE ENTREPRENEURIAL AND SMALL BUSINESS BASE IN LOW-INCOME COMMUNITIES. TO DATE GAF HAS PROVIDED MORE THAN 3,300 LOANS WITH TOTAL LENDING VOLUME IN EXCESS OF $512 MILLION. GAF NOT ONLY PROVIDES LOANS WITH FAVORABLE BELOW MARKET TERMS BUT ALSO PROVIDES INDIVIDUAL BUSINESS COUNSELING AT APPLICATION AND CONTINUING THROUGH THE ENTIRE TERM OF THE LOAN. LOANS ARE MATCHED TO THE NEEDS OF THE INDIVIDUAL BUSINESS AND CARRY BELOW MARKET RATES AND TERMS. TO ASSIST THE BORROWER, GAF CAPS CLOSING COSTS AND PROVIDES BUSINESS COUNSELING AT NO COST TO THE SMALL BUSINESSES. GAF LENDS IN DISTRESSED COMMUNITIES IN AN ELEVEN-STATE MARKET WHERE THE POVERTY LEVEL IS DOUBLE THE NATIONAL AVERAGE. FORM 990, PART VI, SECTION A, LINE 6 THE NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT, INC D/B/A THE NATIONAL DEVELOPMENT COUNCIL IS THE SOLE MEMBER OF GROW AMERICA FUND, INC. FORM 990, PART VI, SECTION A, LINE 7A THE NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT, INC D/B/A THE NATIONAL DEVELOPMENT COUNCIL AS THE SOLE MEMBER IT HAS THE RIGHT TO ELECT THE DIRECTORS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY OUTSIDE TAX PREPARERS IN CONSULTATION WITH MANAGEMENT AND AUDITORS. A DRAFT OF THE FULL FORM 990 WAS PROVIDED TO ENTIRE BOARD FOR REVIEW. A COMPLETE COPY OF THE FINAL FORM 990 WAS PROVIDED TO THE ORGANIZATION'S ENTIRE BOARD BEFORE IT WAS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE GROW AMERICA FUND, INC. ("GAF") BOARD OF DIRECTORS AND EXECUTIVE EMPLOYEES ARE REQUIRED TO ANNUALLY EXECUTE A CONFLICT OF INTEREST AND COMPENSATION GUIDELINES ACKNOWLEDGEMENT STATING THAT THEY HAVE RECEIVED, READ AND UNDERSTAND, AND AGREE TO COMPLY WITH THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES. THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES REQUIRES BOARD MEMBERS AND EXECUTIVE EMPLOYEES TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST IMMEDIATELY. THE CHAIRPERSON OF THE BOARD WILL UPON NOTIFICATION OF SUCH AN EVENT APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION. VIOLATIONS OF THE CONFLICT OF INTEREST POLICY CAN RESULT IN APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. ALSO, ALL BOARD MEMBERS, BY EXECUTING THE CONFLICT OF INTEREST AND COMPENSATION GUIDELINES, ACKNOWLEDGE THAT THEY SHARE THE RESPONSIBILITY OF GAF TO REMAIN FAITHFUL TO THE ORGANIZATION'S CHARITABLE PURPOSES. FORM 990, PART VI, SECTION C, LINE 19 THE DOCUMENTS ARE AVAILABLE BY REQUEST. FORM 990, PART IX, LINES 7-9: THE AMOUNTS REPORTED ON LINES 7-9 RELATED TO EXPENSES PAID BY THE PARENT COMPANY (NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT EIN 13-6532871) AND ALLOCATED TO THE ORGANIZATION. PART VI, 1B: ALL OF THE ORGANIZATION'S BOARD MEMBERS WORK FOR THE PARENT ORGANIZATION NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT. WHILE ONE IS INDEPENDENT THE INDEPENDENT BOARD OF DIRECTORS OF THE PARENT OVERSEES THE ORGANIZATION'S OPERATIONS AND ACTIONS. 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