2025-11-11T08:28:37-06:00 2024-12-31 333709623 COHNREZNICK ADVISORY LLC 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 990 2024-01-01 133641265 GROW AMERICA FUND INC GROW 2126821106 633 THIRD AVE 19J NEW YORK NY 10017 DANIEL MARSH III CHAIRMAN 2126821106 2025-11-11 1 1 LORI ROTHE YOKOBOSKY P01273422 2122970400 2025-11-03 2024 2025-03-06 01:10:19Z DANIEL MARSH III 633 THIRD AVE 19J NEW YORK NY 10017 3546199 0 X WWW.GROWAMERICAFUND.ORG X 1971 DE SEE SCHEDULE O 10 3 0 3 0 0 890000 0 2443795 3528519 0 0 587881 17680 3921676 3546199 0 0 0 0 1872170 1997228 0 0 0 1588749 2101920 3460919 4099148 460757 -552949 46573067 45228755 26788050 25996687 19785017 19232068 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 3314274 3546199 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) 3314274 1 0 0 0 0 0 0 0 0 0 0 0 1 0 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 10 3 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 351274 92962 CHARLEY DEPEW BOARD MEMBER 1.00 49.00 X 0 255296 38772 DANIEL MARSH III CHAIRMAN 2.75 52.25 X X 0 531397 73655 DAVID TREVISANI BOARD MEMBER/INTERIM PRESI 8.50 41.50 X X 0 284339 124916 DAWAYNE SIMS BOARD MEMBER 0.25 X 0 0 0 EARL RICHARSON BOARD MEMBER 0.25 X 0 0 0 KEVIN GREMSE BOARD MEMBER 1.00 49.00 X 0 274418 100815 PATRICIA THOMSON BOARD MEMBER 0.25 X 0 0 0 RAQUEL FAVELA BOARD MEMBER 1.00 49.00 X 0 293881 38849 STEPHANIE DUGAN BOARD MEMBER 1.00 49.00 X 0 250665 91151 DANIEL CHOI CFO AND VICE PRESIDENT 12.50 37.50 X 0 271108 60981 JENNIFER VERTREES SECRETARY 7.50 42.50 X 0 114248 87566 ANN FINNEGAN MANAGING DIRECTOR OF LENDI 20.00 30.00 X 0 248434 95716 0 2875060 805383 0 0 1 0 SHALLO GALLUSCIO & BIANCHI CPAS 21 NORTH SEVENTH STREET HUDSON NY 12534 ACCOUNTING 130000 COHNREZNICK LLP 1301 AVENUE OF THE AMERICAS NEW YORK NY 10019 AUDITING AND TAXATION 109365 2 INTEREST INCOME 523000 2089454 2089454 PREMIUM ON SALE OF LOA 523000 952544 952544 LOAN SERVICE FEES 523000 411019 411019 FEE INCOME 523000 75502 75502 3528519 LATE FEES 523000 6230 6230 11450 11450 17680 3546199 3546199 0 0 1443228 1152698 290530 75907 62196 13711 372836 305490 67346 105257 84068 21189 165297 165297 239365 239365 367323 367323 1661 1229 432 4700 3477 1223 165753 142169 23584 519650 519650 BAD DEBT EXPENSE 296628 296628 EQUIPMENT LEASES AND MA 213180 106590 106590 SBA EXAMINATION FEE 70743 70743 AMORTIZATION OF LOAN OR 23665 23665 33955 13051 20904 4099148 3314274 784874 0 17660859 7416079 113547 19504 25842024 35553622 275596 294500 2681041 1945050 46573067 45228755 650014 814255 10670098 10573324 15467938 14609108 26788050 25996687 X 11906362 11874417 7878655 7357651 19785017 19232068 46573067 45228755 -552949 0 X 0 1 X 1 0 X 1125850 2596924 407298 890000 5020072 3829055 9580430 3368061 2443795 3528519 22749860 4954905 12177354 3775359 3333795 3528519 27769932 0 0 0 27769932 18381 4622 26353 587881 17680 654917 4973286 12181976 3801712 3921676 3546199 28424849 0.97700 0.97570 0.00000 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: LATE FEES - 2020 AMOUNT: $ 5,122. 2021 AMOUNT: $ 4,622. 2022 AMOUNT: $ 8,386. 2023 AMOUNT: $ 3,223. 2024 AMOUNT: $ 6,230. MISCELLANEOUS INCOME - 2020 AMOUNT: $ 13,259. 2022 AMOUNT: $ 17,967. 2023 AMOUNT: $ 17,808. 2024 AMOUNT: $ 11,450. BAD DEBT RECOVERY - 2023 AMOUNT: $ 566,850. 0 PROGRAM LOAN RECEIVABLES 35553622 C 35553622 CLIENT INVESTMENT LIABILITIES 13675864 DUE TO RELATED ENTITIES 133244 SUBORDINATED DEBT 800000 14609108 X 2729921 -816278 -816278 3546199 0 3546199 3282870 0 3282870 816278 816278 4099148 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, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: INTEREST EXPENSES -519,650. BAD DEBT EXPENSES -296,628. PART XII, LINE 4B - OTHER ADJUSTMENTS: INTEREST EXPENSES 519,650. BAD DEBT EXPENSES 296,628. 0 1 0 0 0 0 0 0 0 DANIEL MARSH III CHAIRMAN 0 431397 0 100000 0 0 0 54928 0 18727 0 605052 0 0 ADAM ENNIS TREASURER 0 286274 0 65000 0 0 0 39024 0 53938 0 444236 0 0 DAVID TREVISANI BOARD MEMBER/INTERIM PRESI 0 244339 0 40000 0 0 0 76453 0 48463 0 409255 0 0 KEVIN GREMSE BOARD MEMBER 0 260418 0 14000 0 0 0 47098 0 53717 0 375233 0 0 ANN FINNEGAN MANAGING DIRECTOR OF LENDI 0 226434 0 22000 0 0 0 39876 0 55840 0 344150 0 0 STEPHANIE DUGAN BOARD MEMBER 0 225665 0 25000 0 0 0 48660 0 42491 0 341816 0 0 RAQUEL FAVELA BOARD MEMBER 0 243881 0 50000 0 0 0 15902 0 22947 0 332730 0 0 DANIEL CHOI CFO AND VICE PRESIDENT 0 231108 0 40000 0 0 0 10941 0 50040 0 332089 0 0 CHARLEY DEPEW BOARD MEMBER 0 220296 0 35000 0 0 0 19979 0 18793 0 294068 0 0 JENNIFER VERTREES SECRETARY 0 108248 0 6000 0 0 0 37589 0 49977 0 201814 0 0 PART I, LINE 3 ALL COMPENSATION IS DETERMINED BY A RELATED ORGANIZATION USING THE FOLLOWING: THE BOARD OF DIRECTORS OF NDC HAS A STANDING COMPENSATION REVIEW COMMITTEE, THE MEMBERS OF WHICH ARE ALL INDEPENDENT DIRECTORS. THE COMMITTEE ENGAGES A THIRD PARTY INDEPENDENT CONSULTANT TO REVIEW THE COMPENSATION OF THE PRESIDENT EVERY TWO YEARS. THE COMMITTEE REVIEWS AND DISCUSSES THE FINDINGS AT A SPECIAL SESSION WITH ALL BOARD MEMBERS PRESENT EXCEPT THE PRESIDENT. 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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