2017-11-13T06:25:44-06:00 2016-12-31 KPMG LLP One Financial Plaza Hartford CT 061032608 990 2016-01-01 593814814 TruFund Financial services Inc % KENNETH HARVEY TRUF 2122041328 39 West 37th Street 7th Floor New York NY 10018 JAMES BASON PRESIDENT 9173389293 2017-11-09 true Mary-Evelyn Antonetti P00431862 8605223200 2017-11-10 167.68.102.5 06014420173175000000 2017-11-13 P 13505868B4EBAE9DD7D0D0701FC45B25CB65634F 39E858A85669B28A9D99A45781B84334C86C5738 2016 2018-03-14 21:41:22Z James Bason President 39 West 37th Street 7th Floor New York NY 10018 1466940 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. SEE SCHEDULE O. 8 8 33 8 0 0 9185163 858709 1247770 489447 5757 2237 224660 116547 10663350 1466940 0 0 0 0 2723378 2621937 0 0 120124 2873039 1388032 5596417 4009969 5066933 -2543029 12190636 8649788 5269682 5000420 6920954 3649368 X 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. false false 3124852 548101 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 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 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. 3124852 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 false false true false false false false false false false false true false false false false true true true false false true 42 0 33 true false false false false false false false false false false X 8 8 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 Rita Carillo 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 Charlotte Lee Board Member 1.0 1.0 X 0 0 0 Hope Knight Board Member 1.0 1.0 X 0 0 0 Marie Bibbs BOARD MEMBER As of 3/23/2016 1.0 1.0 X 0 0 0 CELAYNE HILL BOARD MEMBER As of 3/23/2016 1.0 1.0 X 0 0 0 James Bason President 35.0 5.0 X 229686 0 13482 Janet Ozarchuk CFO ENDED 12/31/2016 35.0 1.0 X 184069 0 5807 AISHA BENSON EXECUTIVE VICE PRESIDENT 35.0 1.0 X 150992 0 4308 KEVIN KONG GENERAL COUNSEL 35.0 1.0 X 145933 0 8875 Karim Smires Chief Credit Officer 35.0 1.0 X 111825 0 4184 Norman Davis Managing Director Alabama 35.0 1.0 X 105587 0 5865 928092 0 42521 6 false true false KPMG LLP 1501 N Plano Road RICHARDSON TX 75081 Audit Services 119000 1 714182 144527 200000 858709 LOAN INTEREST INCOME 372111 372111 PROGRAM AND PROCESSING FEE 117336 117336 489447 2237 2237 0 0 57893 57893 0 57893 57893 0 0 0 0 0 0 0 0 0 0 LOAN RECOVERIES 900099 54779 54779 MISCELLANEOUS REVENUE 900099 3875 3875 58654 1466940 548101 60130 0 0 0 0 588344 520257 68087 0 1598870 1469052 110120 19698 0 434723 403397 17067 14259 0 0 59779 23234 36545 129988 6482 123506 0 0 0 244496 188567 55929 20153 19918 235 144600 36785 105176 2639 0 0 383797 131678 238500 13619 40109 40159 -50 0 0 64702 64702 0 7728 7728 62151 62151 PROVISION LOAN LOSS/BAD DEBT 467779 467779 ALLOCATED INDIRECT EXPENSE-ERF -251114 -251114 OTHER EXPENSES 13864 3956 8086 1822 4009969 3124852 764993 120124 0 0 5987680 2367996 1513604 1075211 104950 3237 0 0 0 0 4244369 4909148 0 0 0 0 127718 81550 48225 46168 0 0 0 0 0 0 0 0 291808 248028 12190636 8649788 208346 173914 0 0 0 0 0 0 0 0 0 0 4857174 4622344 0 0 204162 204162 5269682 5000420 X 5469494 2556151 1451460 1093217 0 0 6920954 3649368 12190636 8649788 X -2543029 -728557 X false true X true true true X 4463716 2136365 1570567 9185163 858709 18214520 0 0 4463716 2136365 1570567 9185163 858709 18214520 9550890 8663630 13305 13213 12199 5757 2237 46711 0 18330 174715 385703 224660 57893 861301 19122532 13359965 0.45306 0.55256 X Part II, Section B, Line 10 Other Income RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34000 4675 29325 8700 1088 7612 85018 75787 9231 46168 0 REFUNDABLE CONTRACT ADVANCES 204162 204162 X 2306077 839137 839137 1466940 1466940 4791397 781428 781428 4009969 4009969 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, 2016 and 2015. 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 2013 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: $839,137 Schedule D, Part XII, Line 2d Expenses incurred by Empowerment Reinvestment Fund: $781,428 X X X X X false false false false false false false false false James Bason President 229686 0 0 0 0 0 0 0 13482 0 243168 0 0 0 Janet Ozarchuk CFO ENDED 12/31/2016 184069 0 0 0 0 0 0 0 5807 0 189876 0 0 0 AISHA BENSON EXECUTIVE VICE PRESIDENT 150992 0 0 0 0 0 0 0 4308 0 155300 0 0 0 KEVIN KONG GENERAL COUNSEL 145933 0 0 0 0 0 0 0 8875 0 154808 0 0 0 X CREDIT ENHANCEMENT 1 200000 FMV 0 false false false Schedule M, Part I, Column B The reported amount is the number of contributors. Form 990, Part I - Organization Mission TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES, PRINCIPALLY MINORITY AND WOMEN-OWNED BUSINESS ENTERPRISES, AND NON-PROFIT ORGANIZATIONS IN UNDESERVED COMMUNITIES AND AMONG DISADVANTAGED POPULATIONS. 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, 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. 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 (728,557) ----------- TOTAL (728,557) EMPOWERMENT REINVESTMENT FUND LLC 39 W 37th St NEW YORK NY 10018 043671771 FINANCING NY NA RELATED 57132 3296649 false true 0.99000 ERF HOLDINGS LLC 39 W 37th St NEW YORK NY 10018 464493315 FINANCING NY NA C CORP 1102 11338 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 166772 cost EMPOWERMENT REINVESTMENT FUND LLC O 614656 cost