2020-11-12T08:39:26-06:00 2019-12-31 KPMG LLP 345 PARK AVENUE NEW YORK NY 101540102 990 2019-01-01 593814814 TRUFUND FINANCIAL SERVICES INC % KENNETH HARVEY TRUF 2122041328 39 WEST 37th STREET 7th FLOOR NEW YORK NY 10018 KENNETH HARVEY DIRECTOR OF FINANCE 9173389293 2020-11-12 true CHRISTINA ROSSETTI P01491094 2127589700 2020-11-10 127.0.0.1 06014420203175000000 2020-11-12 P 7DD1F63BECD2DEC11E5427C6B014FD51623C8F15 F9D41499E49AB25A577AB752AE89C6DF27FEE897 2019 2021-01-29 14:40:06Z JAMES BASON PRESIDENT 39 WEST 37th STREET 7th FLOOR New York NY 10018 2737716 false X WWW.TRUFUND.ORG X 2005 NY TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES, PRINCIPALLY MINORITY AND WOMEN OWNED BUSINESS ENTERPRISES, AND NON-PROFIT ORGANIZATIONS. 9 9 36 9 0 0 4160687 1626200 699412 565115 129561 57482 45674 69108 5035334 2317905 841461 40790 0 0 3166291 3123352 0 0 96963 2048025 1843133 6055777 5007275 -1020443 -2689370 14368346 14181328 9202101 8513649 5166245 5667679 X TRUFUNDS MISSION IS TO PROMOTE AND FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES AND AMONG DISADVANTAGED POPULATIONS. FOR MORE INFORMATION, SEE SCHEDULE O. false false 3076489 40790 683483 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. 3076489 true true false false false false false false false false true false false false true true false true false false false false false false false false false true false true false false false false false false false false false false false false false true true true false false true 45 0 36 true false false false false false false false false false false false false X 9 9 false false false false false false false true true false false true true true true true true true true false NY X KENNETH HARVEY 9173389293 39 WEST 37TH STREET 7TH FLOOR New York NY 10018 JAMES BASON PRESIDENT 35.0 5.0 X 251959 0 13647 AISHA BENSON EXECUTIVE VICE PRESIDENT 35.0 1.0 X 204641 0 1975 MICHAEL VAUGH CHIEF CREDIT OFFICER 35.0 1.0 X 148571 0 29899 KENNETH HARVEY DIRECTOR OF FINANCE 35.0 1.0 X 167759 0 5640 BRIAN GURSKI VP STRATEGY AND INNOVATION 35.0 1.0 X 146836 0 6252 MYLA POREE MANAGING DIRECTOR LOUISIANA 35.0 1.0 X 114691 0 10015 CHARLOTTE LEE CHAIRPERSON 1.0 1.0 X X 0 0 0 DOUGLAS JACKSON BOARD MEMBER 1.0 1.0 X 0 0 0 CHERI MORIAL AUSBERRY BOARD MEMBER 1.0 1.0 X 0 0 0 HOPE KNIGHT VICE CHAIRPERSON 1.0 1.0 X X 0 0 0 CELAYNE HILL BOARD MEMBER 1.0 1.0 X 0 0 0 CARRA WALLACE BOARD MEMBER 1.0 1.0 X 0 0 0 RONALD TOROK BOARD MEMBER 1.0 1.0 X 0 0 0 TERRENCE CLARK BOARD MEMBER 1.0 1.0 X 0 0 0 DR ADRIAN FRANCO BOARD MEMBER (AS OF 06/19) 1.0 1.0 X 0 0 0 1034457 0 67428 6 false true false JONES WALKER LLP 445 N BOULEVARD SUITE 800 BATON ROUGE LA 70802 LEGAL SERVICES 148764 KPMG LLP 1501 N PLANO ROAD RICHARDSON TX 75081 AUDIT SERVICES 128175 2 1253658 372542 1626200 LOAN INTEREST INCOME 522310 439600 439600 PROGRAM AND PROCESSING FEE 522310 125515 125515 565115 8222 8222 0 0 0 0 0 469071 419811 49260 49260 49260 0 0 0 0 0 0 0 0 0 LOAN RECOVERIES 900099 47905 47905 MISCELLANEOUS REVENUE 900099 21203 21203 69108 2317905 683483 8222 40790 40790 0 0 0 781203 188483 592720 0 1938381 1612789 251304 74288 0 403768 337937 50278 15553 0 0 193236 7781 185455 159768 29000 130768 0 0 0 214546 131822 82724 40732 38735 1997 220661 53324 166448 889 0 0 403542 175568 224237 3737 114105 86743 26943 419 0 38459 21798 15780 881 77854 77854 0 29118 29118 68222 68222 PROVISION LOAN LOSS/BAD DEBT 542427 542427 ALLOCATED INDIRECT EXPENSES -287871 -287871 DUES AND SUBSCIPTIONS 14545 6404 6985 1156 OTHER EXPENSES 13789 12905 844 40 5007275 3076489 1833823 96963 0 0 4129470 5547963 1701097 1428085 8833 155606 0 0 0 0 8266482 6796427 0 0 0 0 205470 140915 75854 64555 0 0 0 0 0 0 0 0 186610 188692 14368346 14181328 357940 686155 0 0 0 0 0 0 0 0 0 0 8639999 7623332 0 0 204162 204162 9202101 8513649 X 1316586 2856769 3849659 2810910 5166245 5667679 14368346 14181328 X -2689370 3190804 X false true X true true true X 9185163 858709 3617312 4158187 1626200 19445571 0 0 9185163 858709 3617312 4158187 1626200 19445571 8053522 11392049 20157 60130 58926 5744 8222 153179 0 210260 58654 132092 48174 69108 518288 20117038 4357571 0.56629 0.53376 X Part II, Section B, Line 10 OTHER INCOME RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34000 9775 24225 8700 3698 5002 162770 127442 35328 64555 0 REFUNDABLE CONTRACT ADVANCES 204162 204162 X 3846210 1528305 1528305 2317905 2317905 6006964 1099689 1099689 4907275 100000 100000 5007275 Schedule D, 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 IRC AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018. 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 2016 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. Schedule D, Part XI Line 2d FEES EARNED BY EMPOWERMENT REINVESTMENT FUND: $1,528,305 Schedule D, Part XII, Line 2d EXPENSES INCURRED BY EMPOWERMENT REINVESTMENT FUND: $1,099,689. Schedule D, Part XII, Line 4B GRANT REVERSAL: $100,000 true GRAIN BIN SERVICES INC 2411 PINEHURST DR MONROE LA 71201 721299995 10062 DISASTER RECOVERY HENDERSON EQUIPMENT 7370 Hooper rd BR LA 70811 721510340 14646 DISASTER RECOVERY TICK FLAW RIVER BOAT 5522 summer lake dr BR LA 70817 439765860 16082 DISASTER RECOVERY 3 Schedule I, Part II TRUFUND FINANCIAL SERVICES, INC. PROVIDED GRANTS FOR DISASTER RECOVERY. ELIGIBLE INSTITUTIONS APPLIED FOR GOVERNMENT LOANS. IF THEY MET THE REQUIREMENTS, THE ORGANIZATION WAS PROVIDED A LOAN ALONG WITH GRANT MONEY. THE GRANT MONEY IS CONTINGENT ON THE ORGANIZATION MEETING ALL TERMS AND CONDITIONS FOR LOAN REPAYMENT. THE ORGANIZATIONS MONITORS THE LOANS TO MAKE SURE ALL BALANCES ARE CURRENT. X X X false false false false false false false true false JAMES BASON PRESIDENT 233553 0 15000 0 3406 0 0 0 13647 0 265606 0 0 0 AISHA BENSON EXECUTIVE VICE PRESIDENT 189191 0 15000 0 450 0 0 0 1975 0 206616 0 0 0 KENNETH HARVEY DIRECTOR OF FINANCE 156949 0 7000 0 3810 0 0 0 5640 0 173399 0 0 0 MICHAEL VAUGH CHIEF CREDIT OFFICER 148301 0 0 0 270 0 0 0 29899 0 178470 0 0 0 BRIAN GURSKI VP STRATEGY AND INNOVATION 143548 3000 288 0 6252 153088 0 SCHEDULE J, PART I, LINE 7 THE BOARD APPROVES ALL BONUS PAYMENTS REPORTED ON SCHEDULE J, PART II (B)(II). FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION TRUFUND'S MISSION IS TO PROMOTE AND FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES AND 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. HEADQUARTERED IN NEW YORK CITY, TRUFUND'S OPERATIONS ALSO EXTEND TO SERVE THE NEW JERSEY, ALABAMA, LOUISIANA AND HOUSTON MARKETS. FORM 990, PART III - PROGRAM SERVICE ACCOMPLISHEMENTS, 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 SIX SMALL BUSINESS DISASTER RECOVERY PROGRAMS FOLLOWING BOTH NATURAL AND MANMADE DISASTERS IN NEW YORK CITY AND LOUISIANA. TRUFUND'S WHOLLY-CONTROLLED SUBSIDIARY EMPOWERMENT REINVESTMENT FUND LLC (ERF) UTILIZES NEW MARKET TAX CREDITS (NMTCS) 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, LINE 11 - 990 RETURN 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, LINE 12C - CONFLICTS OF INTEREST 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 GENERAL COUNSEL. IF IT WAS DETERMINED THERE WAS A CONFLICT, THE INDIVIDUAL WOULD RECUSE THEMSELVES FROM ALL DISCUSSIONS REGARDING THE MATTER. FORM 990, PART VI, LINES 15 A & B - DETERMINING COMPENSATION 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. THE MOST RECENT REVIEW WAS DONE IN THE WINTER OF 2019. FORM 990, PART VI, LINE 19 - DOCUMENTS AVAILABILITY 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 - OTHER CHANGES IN NET ASSETS change in investment in ERF 3,090,804 GRANT REVERSAL 100,000 ----------- TOTAL 3,190,804 EMPOWERMENT REINVESTMENT FUND LLC 39 W 37th St NY NY 10018 043671771 FINANCING NY NA RELATED 424330 336891 false true 0.99000 ERF HOLDINGS LLC 39 W 37th St NEW YORK NY 10018 464493315 FINANCING NY NA C CORP 4139 48111 1.00000 true false false false false false false false false false false false false false false true false true false false EMPOWERMENT REINVESTMENT FUND LLC Q 732927 cost EMPOWERMENT REINVESTMENT FUND LLC O 366762 cost