2023-10-16T13:55:23-05:00 2022-12-31 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2022-01-01 208497991 GRAMEEN AMERICA INC GRAM 7187040424 82-11 37TH AVENUE 607 JACKSON HEIGHTS NY 11372 LUCAS RAMIREZ CFO 7187040424 2023-10-16 1 LUCAS RAMIREZ XXX-XX-XXXX 0 SCOTT THOMPSETT P00741490 2125990100 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANDREA JUNG 82-11 37TH AVENUE 607 JACKSON HEIGHTS NY 11372 46427113 0 X WWW.GRAMEENAMERICA.ORG X 2007 MA GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN. (SEE SCHEDULE O) 13 12 319 12 0 0 27786990 15675525 22038724 29834476 87419 242751 335215 644091 50248348 46396843 380600 2130000 0 0 13165158 16335454 0 0 836966 7088643 9825366 20634401 28290820 29613947 18106023 237127552 278769129 105470334 128932655 131657218 149836474 X SEE SCHEDULE O. 0 0 26331964 2130000 29834476 GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN BUILD SMALL BUSINESSES TO CREATE BETTER LIVES FOR THEMSELVES AND THEIR FAMILIES. WE OFFER MICROLOANS, TRAINING AND SUPPORT TO TRANSFORM COMMUNITIES AND FIGHT POVERTY IN THE UNITED STATES. 26331964 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 57 0 1 319 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA FL IL MD MA MI NJ NY PA SC TN X X JOEL SHTEIR CPA 7187040359 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 ANDREA JUNG PRESIDENT & CEO 37.00 5.00 X X 463879 0 14477 DAVID GOUGH EXECUTIVE VICE PRESIDENT & CFO 37.50 5.00 X 425076 0 18088 DIANA SACCHI CHIEF HUMAN RESOURCES OFFICER 40.00 0.00 X 263832 0 26948 PATRICIA CHOI CHIEF TECHNOLOGY OFFICER 40.00 0.00 X 255918 0 4227 HABIB CHOWDHURY VP, NATIONAL OPERATIONS 40.00 0.00 X 208209 0 33797 ALETHIA MENDEZ DIVISION PRESIDENT 40.00 0.00 X 217772 0 18477 MIRIAM BENITEZ NIEVES SEC. & VP OF LEGAL 40.00 0.00 X 203115 0 21367 MARCUS BERKOWITZ CHIEF PRODUCT & INNOVATION OFFICER 40.00 0.00 X 198602 0 16233 RAJITHA SWAMINATHAN VP, PROGRAM STRATEGY & MEMBER SVCS 40.00 0.00 X 182451 0 13774 JILL MONUM VP, DEVELOPMENT & MARKETING 40.00 0.00 X 181841 0 9002 PROFESSOR MUHAMMAD YUNUS CO-CHAIR 5.00 0.10 X X 0 0 8105 JOHN F MEGRUE CO-CHAIR 0.50 0.10 X X 0 0 0 VIDAR J JORGENSEN DIRECTOR 0.50 0.10 X 0 0 0 MICHAEL D GRANOFF DIRECTOR 0.50 0.10 X 0 0 0 KAREN PRITZKER DIRECTOR 0.50 0.10 X 0 0 0 MAHMOUD MAMDANI DIRECTOR 0.50 0.10 X 0 0 0 HOPE KNIGHT DIRECTOR (THRU 01/2022) 0.50 0.10 X 0 0 0 ANTONIA HERNANDEZ DIRECTOR (THRU 10/2022) 0.50 0.10 X 0 0 0 BENJAMIN FARKAS DIRECTOR 0.50 0.10 X 0 0 0 ABDUL HAI KHAN DIRECTOR 0.50 0.10 X 0 0 0 ROBERT ANNIBALE DIRECTOR 0.50 0.10 X 0 0 0 NANDITA BAKHSHI DIRECTOR 0.50 0.10 X 0 0 0 LORI DICKERSON FOUCHE DIRECTOR (AS OF 10/2022) 0.50 0.10 X 0 0 0 JENNIFER R JACKSON DIRECTOR (AS OF 10/2022) 0.50 0.10 X 0 0 0 2600695 0 184495 22 0 1 0 INVAR TECHNOLOGIES INC 69 STRATFORD RD BROOKLYN NY 11218 IT SERVICES 805047 ENDAVA INC 757 3RD AVE SUITE 1901 NEW YORK NY 10017 IT SERVICES 386507 GRANT THORNTON LLP 33570 TREASURY CENTER CHICAGO IL 60654 ACCOUNTING SERVICES 123649 EXCELR8 ADVISORY SERVICES LLC PO BOX 43721 ATLANTA GA 30336 MANAGEMENT CONSULTING 108190 4 1046530 14628995 19916 15675525 INTEREST ON MICROLOANS 520000 29834476 29834476 29834476 246976 246976 26045 30270 -4225 -4225 -4225 PARTICIPATION INCOME 900099 443991 443991 REIMBURSED EXPENSES 900099 128500 128500 MANAGEMENT FEE 561000 60000 60000 11600 11600 644091 46396843 29834476 0 886842 2130000 2130000 1533070 1170328 125824 236918 12389482 11584615 425295 379572 162104 148381 9347 4376 1159041 1070839 51231 36971 1091757 1009176 33449 49132 81230 81230 162618 162618 663762 633572 9375 20815 100447 42783 57186 478 667011 649755 12132 5124 1403730 1277394 126336 773956 747754 26202 338903 281166 41877 15860 3186188 3186188 135348 115046 20302 BAD DEBT EXPENSE 1982066 1982066 EQUIP. RENTAL & MAINT. 127388 45268 1234 80886 RECRUITMENT EXPENSE 77661 66012 11649 FILING FEES 65688 65688 59370 44703 7833 6834 28290820 26331964 1121890 836966 43370490 33669407 34442934 31622846 14479693 7125461 42156 20406 1732802 1750222 386508 0 386508 142613655 203233715 445822 960564 237127552 278769129 1940013 3121662 103530321 125810993 105470334 128932655 X 103008533 124559229 28648685 25277245 131657218 149836474 237127552 278769129 18106023 73233 0 X 0 1 X 1 1 1 X 11928877 28206183 43135716 27786990 15675525 126733291 11928877 28206183 43135716 27786990 15675525 126733291 32146651 94586640 234925 245113 354164 85759 246976 1166937 117566 269005 548966 335215 644091 1914843 129815071 90097947 0.72860 0.71130 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: REBATES/REWARDS - 2018 AMOUNT: $ 10,000. 2019 AMOUNT: $ 171,844. 2020 AMOUNT: $ 147,366. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. REIMBURSEMENT OF EXPENSES - 2018 AMOUNT: $ 75,339. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 94,982. 2021 AMOUNT: $ 50,498. 2022 AMOUNT: $ 128,500. PARTICIPATION INCOME - 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 70,634. 2020 AMOUNT: $ 252,386. 2021 AMOUNT: $ 145,064. 2022 AMOUNT: $ 443,991. INSURANCE REFUND - 2018 AMOUNT: $ 24,985. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. MANAGEMENT FEE - 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 60,000. 2022 AMOUNT: $ 60,000. MISCELLANEOUS INCOME - 2018 AMOUNT: $ 7,242. 2019 AMOUNT: $ 26,527. 2020 AMOUNT: $ 54,232. 2021 AMOUNT: $ 79,653. 2022 AMOUNT: $ 11,600. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 386508 386508 386508 PROGRAM LOANS, NET OF ALLOWANCE 202233715 C INVESTMENT IN GASBF II 1000000 C 203233715 X 48602925 73233 2132849 2206082 46396843 0 46396843 30423669 2132849 2132849 28290820 0 28290820 PART X, LINE 2: THE ORGANIZATION FOLLOWS GUIDANCE THAT CLARIFIES ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS IF THE POSITION IS MORE-LIKELY-THAN-NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE ORGANIZATION HAS PROCESSES IN PLACE TO ENSURE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED BUSINESS INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. IN ADDITION, THE ORGANIZATION HAS NOT RECORDED A PROVISION FOR INCOME TAXES AS IT HAS NO MATERIAL TAX LIABILITY FROM UNRELATED BUSINESS INCOME ACTIVITIES. 1 GRAMEEN PRIMACARE INC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 463181224 501(C)(3) 1580000 0 PROGRAM SUPPORT RISING TIDE CAPITAL INC 311 MARTIN LUTHER KING DRIVE JERSEY CITY NJ 07305 113720098 501(C)(3) 550000 0 PROGRAM SUPPORT 2 0 PART I, LINE 2: IN CALENDAR YEAR 2022, GRAMEEN AMERICA MADE GRANTS TO A RELATED PARTY, GRAMEEN PRIMACARE, INC. TO SUPPORT ITS OPERATIONAL ACTIVITIES. BOTH ORGANIZATIONS SHARE AN OVERLAPPING BOARD OF DIRECTORS WHO GOVERN AND OVERSEE EACH ORGANIZATION'S DAILY ACTIVITIES AND ENSURE THAT GRANTED FUNDS ARE USED TO FURTHER THEIR STATED EXEMPT MISSION. DUE TO THE NATURE OF THIS RELATIONSHIP WITH GRAMEEN PRIMACARE, GRAMEEN AMERICA HAS DETAILED KNOWLEDGE OF HOW GRANT FUNDS ARE EXPENDED. OTHER GRANTS WERE MADE TO ANOTHER 501(C)(3) ORGANIZATION, WHICH GRAMEEN AMERICA ENTERED INTO A RELATIONSHIP WITH FOR THE PURPOSE OF FULFILLING A SHARED MISSION RELATED ACTIVITY, ALLOWING GRAMEEN AMERICA TO VERIFY FUNDS WERE SPENT ON PURPOSES SPECIFIED IN THE GRANT AGREEMENT. X 1 1 X X X 0 0 0 0 0 0 0 1 0 ANDREA JUNG PRESIDENT & CEO 363011 0 100000 0 868 0 6929 0 7548 0 478356 0 0 0 DAVID GOUGH EXECUTIVE VICE PRESIDENT & CFO 340582 0 83750 0 744 0 9150 0 8938 0 443164 0 0 0 DIANA SACCHI CHIEF HUMAN RESOURCES OFFICER 228940 0 33750 0 1142 0 9150 0 17798 0 290780 0 0 0 PATRICIA CHOI CHIEF TECHNOLOGY OFFICER 225637 0 30281 0 0 0 0 0 4227 0 260145 0 0 0 HABIB CHOWDHURY VP, NATIONAL OPERATIONS 178567 0 28500 0 1142 0 7829 0 25968 0 242006 0 0 0 ALETHIA MENDEZ DIVISION PRESIDENT 187616 0 30000 0 156 0 9150 0 9327 0 236249 0 0 0 MIRIAM BENITEZ NIEVES SEC. & VP OF LEGAL 174643 0 27300 0 1172 0 9150 0 12217 0 224482 0 0 0 MARCUS BERKOWITZ CHIEF PRODUCT & INNOVATION OFFICER 171446 0 27000 0 156 0 2630 0 13603 0 214835 0 0 0 RAJITHA SWAMINATHAN VP, PROGRAM STRATEGY & MEMBER SVCS 157545 0 24750 0 156 0 6226 0 7548 0 196225 0 0 0 JILL MONUM VP, DEVELOPMENT & MARKETING 161481 0 20100 0 260 0 8310 0 692 0 190843 0 0 0 PART I, LINE 1A GRAMEEN AMERICA, INC. PERMITS PROFESSOR YUNUS, CHAIRMAN AND ANDREA JUNG, PRESIDENT & CEO TO FLY FIRST CLASS WHEN THEY ARE TRAVELING ON MATTERS PERTAINING TO THE ORGANIZATION'S MISSION. PART I, LINE 7 IN CALENDAR YEAR 2022, GRAMEEN AMERICA PROVIDED BONUSES TO VARIOUS INDIVIDUALS REPORTED ON THE FORM 990 UPON MEETING CERTAIN OBJECTIVE PERFORMANCE-BASED CRITERIA AS OUTLINED IN THE ORGANIZATION'S COMPENSATION POLICY. THE PRESIDENT AND CEO SETS ALL PERFORMANCE OBJECTIVES AND APPROVES ALL BONUSES AT YEAR END. THESE PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B)(II). FORM 990, PART I AND PART III: FOUNDED BY NOBEL PEACE PRIZE RECIPIENT MUHAMMAD YUNUS, GRAMEEN AMERICA IS A SECTION 501(C)(3) NONPROFIT MICROFINANCE ORGANIZATION DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN BUILD SMALL BUSINESSES TO CREATE BETTER LIVES FOR THEMSELVES AND THEIR FAMILIES. THE ORGANIZATION OFFERS MICROLOANS, TRAINING AND SUPPORT TO TRANSFORM COMMUNITIES AND FIGHT POVERTY IN THE UNITED STATES. SINCE OPENING IN JANUARY 2008, GRAMEEN AMERICA HAS INVESTED OVER $2.9 BILLION IN MORE THAN 164,000 LOW-INCOME WOMEN ENTREPRENEURS. STARTED IN JACKSON HEIGHTS, QUEENS, NYC, GRAMEEN AMERICA HAS EXPANDED TO 29 LOCATIONS. LEARN MORE AT WWW.GRAMEENAMERICA.ORG. FORM 990, PART VI, SECTION A, LINE 2 PROFESSOR MUHAMMAD YUNUS, ABDUL HAI KHAN, AND VIDAR JORGENSEN HAVE BUSINESS RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION IN CONJUNCTION WITH ITS OUTSIDE ACCOUNTING FIRM. UPON COMPLETION, IT IS REVIEWED BY SENIOR MANAGEMENT AND SHARED WITH THE BOARD OF DIRECTORS. THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS VIA EMAIL TO ENSURE THAT ALL MEMBERS ARE AWARE OF ITS CONTENTS. ONCE THE BOARD APPROVES THE 990 FOR FILING, IT IS SUBMITTED ELECTRONICALLY TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY APPLIES TO TRUSTEES, OFFICERS, EMPLOYEES, AND ANY OTHER PERSON WHO WAS IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF GAI. ON AN ANNUAL BASIS, CONFLICT OF INTEREST QUESTIONNAIRES ARE DISTRIBUTED TO TRUSTEES, OFFICERS, AND KEY EMPLOYEES. POTENTIAL CONFLICTS OF INTEREST INVOLVING TRUSTEES, OFFICERS, AND KEY EMPLOYEES ARE REPORTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS AND EVALUATES CONFLICT OF INTEREST TRANSACTIONS. THE EXECUTIVE COMMITTEE ALSO REVIEWS EXISTING CONFLICTS OF INTEREST ON AN ANNUAL BASIS. AN INDIVIDUAL INVOLVED, DIRECTLY OR INDIRECTLY, IN AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST TRANSACTION MAY NOT PARTICIPATE IN ANY DISCUSSION OF THE RELEVANT TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PAID TO GRAMEEN AMERICA'S PRESIDENT AND CEO IS APPROVED BY THE BOARD OF DIRECTORS IN ACCORDANCE WITH THE ORGANIZATION'S GOVERNING DOCUMENTS. COMPENSATION LEVELS ARE ESTABLISHED WITHIN COMPETITIVE RANGES DETERMINED VIA A COMPENSATION STUDY PERFORMED IN JANUARY 2022 WHICH INCLUDED COMPARISONS WITH SIMILAR ORGANIZATIONS AND LOCAL MARKET CONDITIONS. GRAMEEN AMERICA, INC. RELIES UPON COMPARABILITY DATA FROM SIMILAR NOT-FOR-PROFIT ORGANIZATIONS WITHIN ITS GEOGRAPHIC AREA TO DETERMINE THE COMPENSATION OF ITS OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GAI MAKES ITS FORM 990, ANNUAL FINANCIAL STATEMENTS, ANNUAL REPORT AND MISSION STATEMENT AVAILABLE ON ITS WEBSITE AT WWW.GRAMEENAMERICA.ORG. THE ORGANIZING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AND AT MANAGEMENT'S DISCRETION. GA FUND MANAGER LLC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 832270372 FUND MANAGER DE 0 0 GRAMEEN AMERICA GRAMEEN ELEVATE HOLDINGS LLC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 874020094 HOLDING COMPANY DE 0 0 GRAMEEN AMERICA GRAMEEN ELEVATE LLC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 874019244 MICROLENDING DE 0 0 GRAMEEN ELEVATE HOLDINGS LLC GRAMEEN PRIMACARE INC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 463181224 HEALTH CARE NY 501(C)(3) LINE 7 GRAMEEN AMERICA 1 GRAMEEN AMERICA (NY) INC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 10001 INACTIVE NY GRAMEEN AMERICA C 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 GRAMEEN PRIMACARE INC B 1580000 FMV GRAMEEN PRIMACARE INC L 60000 FMV GRAMEEN PRIMACARE INC Q 19171 FMV GRAMEEN PRIMACARE INC P 22000 FMV SCHEDULE R, PART I GRAMEEN ELEVATE HOLDINGS, LLC AND GRAMEEN ELEVATE, LLC WERE FORMED IN DECEMBER OF 2021 TO ACCELERATE GRAMEEN'S COMMITMENT TO RACIAL EQUITY. ELEVATE ACTS AS A RESEARCH AND DEVELOPMENT PROJECT AIMED AT IDENTIFYING AND OPERATIONALIZING REFINEMENTS TO ITS MICROLOAN PROGRAM THAT WILL ALLOW FOR SCALING UP AS NEEDED. GRAMEEN IS UNABLE TO ISOLATE SPECIFIC REVENUE AND ASSET INFORMATION TO REPORT IN SCHEDULE R, PART I FOR THE GRAMEEN ELEVATE HOLDINGS, LLC AND GRAMEEN ELEVATE, LLC ENTITIES, BUT THE TOTAL ELEVATE PROGRAM INTEREST INCOME FOR 2022 WAS $96K, AND TOTAL MICROLOAN PORTFOLIO WAS $856K. ADDITIONALLY, IT IS IMPORTANT TO NOTE THAT ALL OF BOTH ELEVATE ENTITIES' FINANCIAL ACTIVITIES ARE REPORTED IN THE FORM 990. THE ELEVATE INITIATIVE WILL ULTIMATELY BE FOLDED INTO GRAMEEN'S CORE OPERATIONS AND BOTH DISREGARDED ENTITIES WILL BE DISSOLVED.