2018-11-15T13:40:10-06:00 2017-12-31 KPMG LLP One Financial Plaza Hartford CT 061032608 990 2017-01-01 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 2018-11-15 true Mary-Evelyn Antonetti P00431862 8605223200 2018-11-15 167.68.102.5 06014420183195000023 2018-11-15 P 39E858A85669B28A9D99A45781B84334C86C5738 39E858A85669B28A9D99A45781B84334C86C5738 2017 2019-02-21 02:37:17Z James Bason President 39 West 37th Street 7th Floor New York NY 10018 5085565 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 858709 3617312 489447 608796 2237 65073 116547 189076 1466940 4480257 0 814863 0 0 2621937 2786743 0 0 84157 1388032 1856647 4009969 5458253 -2543029 -977996 8649788 13642225 5000420 8013173 3649368 5629052 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 4424567 814863 804019 SMALL BUSINESS LENDING - FOR MORE INFORMATION, SEE SCHEDULE O. 4424567 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 34 0 36 true 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 Maurice Coleman Chairperson 5.0 1.0 X X 0 0 0 CHARLOTTE LEE Vice 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 RITA CARILLO VICE CHAIRPERSON-END 6/22/2017 1.0 1.0 X X 0 0 0 Hope Knight Board Member 1.0 1.0 X 0 0 0 Marie Bibbs BOARD MEMBER - END 6/22/2017 1.0 1.0 X 0 0 0 CELAYNE HILL BOARD MEMBER 1.0 1.0 X 0 0 0 CARRA WALLACE BOARD MEMBER AS OF 12/5/2017 1.0 1.0 X 0 0 0 RONALD TOROK BOARD MEMBER AS OF 3/27/2017 1.0 1.0 X 0 0 0 TERRENCE CLARK BOARD MEMBER AS OF 3/27/2017 1.0 1.0 X 0 0 0 James Bason President 35.0 5.0 X 240329 0 13482 AISHA BENSON EXECUTIVE VICE PRESIDENT 35.0 1.0 X 187190 0 3368 KENNETH HARVEY DIR. OF FINANCE AS OF 1/1/2017 35.0 1.0 X 148748 0 4229 KEVIN KONG GENERAL COUNSEL 35.0 1.0 X 152944 0 8875 MYLA POREE MANAGING DIRECTOR LOUISIANA 35.0 1.0 X 109290 0 8275 NORMAN DAVIS MANAGING DIRECTOR ALABAMA 35.0 1.0 X 106231 0 5865 944732 0 44094 6 false true false KPMG LLP 1501 N Plano Road RICHARDSON TX 75081 Audit Services 112750 1 3395261 222051 3617312 LOAN INTEREST INCOME 522310 477517 477517 PROGRAM AND PROCESSING FEE 522310 131279 131279 608796 1942 1942 0 0 56984 56984 0 56984 56984 668439 605308 63131 63131 63131 0 0 0 0 0 0 0 0 0 LOAN RECOVERIES 900099 118408 118408 MISCELLANEOUS REVENUE 900099 13684 13684 132092 4480257 804019 58926 814863 814863 0 0 0 596940 596940 0 1716055 1548131 108635 59289 0 473748 452527 9976 11245 0 0 153633 25758 127875 131656 11299 120357 0 0 0 161378 66608 94770 76311 74586 1725 191000 65175 123186 2639 0 0 386494 123924 252610 9960 90182 85191 3967 1024 0 19332 10697 8635 70636 70636 0 12867 12867 69481 69481 PROVISION LOAN LOSS/BAD DEBT 710280 710280 ALLOCATED INDIRECT EXPENSE-ERF -271166 -271166 CATERING, FOOD & BEVERAGE 13154 8946 4208 DUES & SUBSCRIPTIONS 6615 3161 3454 34794 27011 7783 5458253 4424567 949529 84157 0 0 2367996 4282574 1075211 1460435 3237 10967 0 0 0 0 4909148 7637445 0 0 101218 28043 169863 94417 46168 75446 0 0 0 0 0 0 0 0 146810 147315 8649788 13642225 173914 379012 0 0 0 0 0 0 0 0 0 0 4622344 7429999 0 0 204162 204162 5000420 8013173 X 2556151 3025104 1093217 2603948 0 0 3649368 5629052 8649788 13642225 X -977996 2957680 X false true X true true true X 2136365 1897515 9185163 858709 3617312 17695064 0 0 2136365 1897515 9185163 858709 3617312 17695064 8776597 8918467 13213 12199 20157 60130 58926 164625 0 174715 385703 210260 58654 132092 961424 18821113 8950588 0.47385 0.45306 X Part II, Section B, Line 10 Other Income 34000 6375 27625 8700 1958 6742 127163 86084 41079 75446 0 REFUNDABLE CONTRACT ADVANCES 204162 204162 X 7245347 2765090 2765090 4480257 4480257 6695635 1237382 1237382 5458253 5458253 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 internal revenue code ("IRC") and did not have any unrelated business income for the years ended December 31, 2017 and 2016. Due to its tax-exempt status, TRUFUND is not subject to income taxes. TRUFUND is required to file and does file 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 2014 remain open. Fasb asc 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 740 also provides guidance on accounting for derecognition, interest and penalties, and classification and disclosure of matters related to uncertainty in income taxes. Schedule D, Part XI Line 2d Fees earned by Empowerment Reinvestment Fund: $2,765,090 Schedule D, Part XII, Line 2d Expenses incurred by Empowerment Reinvestment Fund: $1,237,382 true STREET BREADS 14155 HIGHWAY 73 UNIT 4 PRAIRIEVILLE LA 70769 272271122 60000 DISASTER RECOVERY TADI BROWN 1120 FLORIDA AVE SW DENHAM SPRINGS LA 70726 205642078 60000 DISASTER RECOVERY RANDAZZO ITALIAN MARKET 240 CAPITOL ST DENHAM SPRINGS LA 70726 450637527 60000 DISASTER RECOVERY AMB 123 ASPEN SQ DENHAM SPRINGS LA 70726 800531973 60000 DISASTER RECOVERY R&R HOME CARE 1148 N-CAUSEWAY BLVD MANDEVILLE LA 70471 721230446 60000 DISASTER RECOVERY QUARK ENTERTAINMENT 14 HARBOR CV SLIDELL LA 70458 455009291 60000 DISASTER RECOVERY TRANSPO KING 3034 LAMBER DR BATON ROUGE LA 70805 450951976 60000 DISASTER RECOVERY LA CARRETTA 135 VETERANS BLVD DENHAM SPRINGS LA 70726 264040345 60000 DISASTER RECOVERY STRIC-LAN COMPANIES 104 SABLE DR DUSON LA 70529 020622060 60000 DISASTER RECOVERY CORNERSTONE COMMERICAL 10125 MAMMOTH AVE BATON ROUGE LA 70814 161638464 60000 DISASTER RECOVERY GENTS ENTERPRISES 4330 VICTORIA DR BATON ROUGE LA 70812 043842650 48947 DISASTER RECOVERY WHITE TAIL BUTCHER 146 RAGUSA RD INDEPENDENCE LA 70443 204489282 40000 DISASTER RECOVERY INNOVATIVE MOBILE 1400 S RANGE AVE DENHAM SPRINGS LA 70726 721230446 40000 DISASTER RECOVERY EMERY AND DUNCAN 35850 BILL STILLEY RD INDEPENDENCE LA 70443 260550653 31380 DISASTER RECOVERY MR POBOY 6888 AIRLINE WAY BATON ROUGE LA 70805 721491105 20000 DISASTER RECOVERY NOM NOM YOGURT 240 S RANGE BLVD DENHAM SPRINGS LA 70726 455481458 18536 DISASTER RECOVERY NORTHGATE LAND DEVELOPMENT 4330 VICTORIA DR BATON ROUGE LA 70812 721230446 16000 DISASTER RECOVERY 17 Schedule I, Part II TFS PREPARES A DETAILED BUDGET FOR ALL GRANT SUBMISSIONS. ON A MONTHLY BASIS, SALARY ALLOCATIONS AND OTHER EXPENSES CHARGED AGAINST GRANTS ARE REVIEWED FOR ACCURACY IN COMPARISON WITH BUDGETED EXPECTATIONS. A MONTHLY GRANT UTILIZATION REPORT IS PREPARED AND REVIEWED WITH THE MANAGING DIRECTORS RESPONSIBLE FOR THESE GRANTS TO ENSURE COMPLIANCE. X X X X X false false false false false false false true false James Bason President 226923 10000 3406 0 0 13482 0 253811 0 0 0 AISHA BENSON EXECUTIVE VICE PRESIDENT 176632 0 10000 558 0 0 3368 0 190558 0 0 0 KENNETH HARVEY DIR. OF FINANCE AS OF 1/1/2017 139938 0 5000 0 3810 0 0 0 4229 0 152977 0 0 0 KEVIN KONG GENERAL COUNSEL 149125 0 3500 319 0 0 8875 0 161819 0 0 0 SCHEDULE J, PART I, LINE 7 THE BOARD APPROVES ALL BONUS PAYMENTS REPORTS ON SCHEDULE J, PART II (B)(II). FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION TRUFUNDS 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, TRUFUNDS OPERATIONS ALSO EXTEND TO SERVE THE NEW JERSEY, ALABAMA AND LOUISIANA MARKETS. FORM 990, PART III, LINE 4A - PROGRAM SERVICE ACCOMPLISHMENTS A PRINCIPAL COMPONENT OF TRUFUNDS 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. 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 MANMADE 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 LARGE-SCALE 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 ORGANIZATIONS 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, INTERNAL LEGAL COUNSEL 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, 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 LAST REVIEW WAS DONE IN THE SPRING OF 2017. 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 ERF RECEIVABLE (2,957,680) ----------- TOTAL (2,957,680) EMPOWERMENT REINVESTMENT FUND LLC 39 W 37th St NEW YORK NY 10018 043671771 FINANCING NY TRUFUND RELATED 1512431 1967451 false true 0.99000 ERF HOLDINGS LLC 39 W 37th St NEW YORK NY 10018 464493315 FINANCING NY NA C CORP 13251 28326 1.00000 true false false false false false false false false false false false false false true false true false false EMPOWERMENT REINVESTMENT FUND LLC Q 985693 cost EMPOWERMENT REINVESTMENT FUND LLC O 251689 cost