2022-10-13T12:41:57-05:00 2021-12-31 366055558 GRANT THORNTON 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2021-01-01 208497991 GRAMEEN AMERICA INC GRAM 7187040424 82-11 37TH AVENUE 607 JACKSON HEIGHTS NY 11372 ANDREA JUNG PRESIDENT & CEO 7187040424 2022-10-13 1 ANDREA JUNG XXX-XX-XXXX SCOTT THOMPSETT P00741490 2125990100 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ANDREA JUNG 82-11 37TH AVENUE 607 JACKSON HEIGHTS NY 11372 50248899 0 X WWW.GRAMEENAMERICA.ORG X 2007 MA GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN. (SEE SCHEDULE O) 13 12 242 12 0 0 43135716 27786990 11566257 22038724 294128 87419 608966 335215 55605067 50248348 2157320 380600 0 0 11537800 13165158 20090 0 1093346 7977825 7088643 21693035 20634401 33912032 29613947 203595580 237127552 101552309 105470334 102043271 131657218 X SEE SCHEDULE O. 0 0 18468985 380600 22038724 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. GRAMEEN AMERICA HAD A REPAYMENT RATE OF 99.77% DURING 2021. 18468985 1 1 0 0 0 0 0 0 0 0 0 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 39 0 1 242 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 0 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 56901 0 7532 PROFESSOR MUHAMMAD YUNUS CHAIR 5.00 0.10 X X 1 0 6856 VIDAR J JORGENSEN DIRECTOR 0.50 0.10 X 0 0 0 JOHN F MEGRUE 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 0.50 0.10 X 0 0 0 ANTONIA HERNANDEZ DIRECTOR 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 DAVID GOUGH SENIOR VICE PRESIDENT & CFO 37.50 5.00 X 351038 0 19712 MIRIAM BENITEZ NIEVES SEC. & VP OF LEGAL (AS OF 03/21) 40.00 0.00 X 194969 0 17654 MARY MAJEWSKI SECRETARY & GEN. COUNSEL (TO 03/21) 37.50 5.00 X 37462 0 3218 RAJITHA SWAMINATHAN VP, PROGRAM STRATEGY & MEMBER SVCS 40.00 0.00 X 162383 0 13341 MINDEE BARHAM VICE PRESIDENT OF DEVELOPMENT 40.00 0.00 X 214922 0 40958 ALETHIA MENDEZ DIVISION PRESIDENT 40.00 0.00 X 205718 0 15360 HABIB CHOWDHURY VP, NATIONAL OPERATIONS 40.00 0.00 X 174281 0 34672 MARCUS BERKOWITZ VP, TECHNOLOGY & INNOVATION 40.00 0.00 X 189282 0 13520 DIANA SACCHI CHIEF HUMAN RESOURCES OFFICER 40.00 0.00 X 240401 0 16888 1827358 0 189711 13 0 1 0 INVAR TECHNOLOGIES INC 69 STRATFORD RD BROOKLYN NY 11218 IT SERVICES 688927 BOSTON CONSULTING GROUP 300 N LASALLE STREET FLOOR 46 CHICAGO IL 60654 CONSULTING 150000 GRANT THORNTON LLP 33570 TREASURY CENTER CHICAGO IL 60694 ACCOUNTING SERVICES 126958 3 3826265 23960725 20968 27786990 INTEREST ON MICROLOANS 520000 22038724 22038724 22038724 85759 85759 2211 551 1660 1660 1660 PARTICIPATION INCOME 900099 145064 145064 MISCELLANEOUS INCOME 900099 79653 79653 MANAGEMENT FEE 561000 60000 60000 50498 50498 335215 50248348 22038724 0 422634 380600 380600 864209 760936 81514 21759 10082054 8772562 597119 712373 135112 124202 3091 7819 1271340 1163311 37762 70267 812443 736147 23651 52645 67568 67568 169177 169177 676457 667767 8690 14195 12199 1429 567 584901 574490 7887 2524 1026903 934482 92421 825358 803158 22200 68847 68847 2668672 2668672 11473 9752 1721 130515 110938 19577 BAD DEBT EXPENSE 634972 420012 214960 EQUIP. RENTAL & MAINT. 52532 50151 2381 BUS LICENSES & PERMITS 44493 37819 6674 FILING FEES 30965 30965 81615 74407 5466 1742 20634401 18468985 1072070 1093346 41774024 43370490 47915807 34442934 9072004 14479693 14529 42156 943795 1732802 0 0 11473 0 103670687 142613655 193261 445822 203595580 237127552 1755322 1940013 99796987 103530321 101552309 105470334 X 88508701 103008533 13534570 28648685 102043271 131657218 203595580 237127552 29613947 0 X 0 1 X 1 1 1 X 10449506 11928877 28206183 43135716 27786990 121507272 10449506 11928877 28206183 43135716 27786990 121507272 33387440 88119832 67478 234925 245113 354164 85759 987439 116345 117566 269005 548966 335215 1387097 123881808 70230820 0.71130 0.73440 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: PARTICIPATION INCOME - 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 70,634. 2020 AMOUNT: $ 252,386. 2021 AMOUNT: $ 145,064. MISCELLANEOUS INCOME - 2017 AMOUNT: $ 2,465. 2018 AMOUNT: $ 7,242. 2019 AMOUNT: $ 26,527. 2020 AMOUNT: $ 54,232. 2021 AMOUNT: $ 79,653. REBATES/REWARDS - 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 10,000. 2019 AMOUNT: $ 171,844. 2020 AMOUNT: $ 147,366. 2021 AMOUNT: $ 0. REIMBURSEMENT OF EXPENSES - 2017 AMOUNT: $ 53,035. 2018 AMOUNT: $ 75,339. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 94,982. 2021 AMOUNT: $ 50,498. FUNDRAISING INCOME - 2017 AMOUNT: $ 60,845. 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. INSURANCE REFUND - 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 24,985. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. MANAGEMENT FEE - 2017 AMOUNT: $ 0. 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 60,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM LOANS, NET OF ALLOWANCE 141613655 C INVESTMENT IN GASBF II 1000000 C 142613655 X 52570202 2321854 2321854 50248348 0 50248348 22956255 2321854 2321854 20634401 0 20634401 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) 230600 0 PROGRAM SUPPORT RISING TIDE CAPITAL INC 311 MARTIN LUTHER KING DRIVE JERSEY CITY NJ 07305 113720098 501(C)(3) 150000 0 PROGRAM SUPPORT 2 PART I, LINE 2: IN CALENDAR YEAR 2021, 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 X 1 1 0 0 0 0 0 0 0 1 0 DAVID GOUGH SENIOR VICE PRESIDENT & CFO 303764 0 46500 0 774 0 8700 0 11012 0 370750 0 0 0 DIANA SACCHI CHIEF HUMAN RESOURCES OFFICER 206963 0 32250 0 1188 0 4546 0 12342 0 257289 0 0 0 MINDEE BARHAM VICE PRESIDENT OF DEVELOPMENT 184516 0 30000 0 406 0 5676 0 35282 0 255880 0 0 0 ALETHIA MENDEZ DIVISION PRESIDENT 177078 0 28500 0 140 0 4500 0 10860 0 221078 0 0 0 MIRIAM BENITEZ NIEVES SEC. & VP OF LEGAL (AS OF 03/21) 168020 0 26000 0 949 0 4965 0 12689 0 212623 0 0 0 HABIB CHOWDHURY VP, NATIONAL OPERATIONS 149425 0 24000 0 856 0 4535 0 30137 0 208953 0 0 0 MARCUS BERKOWITZ VP, TECHNOLOGY & INNOVATION 163656 0 25500 0 126 0 2625 0 10895 0 202802 0 0 0 RAJITHA SWAMINATHAN VP, PROGRAM STRATEGY & MEMBER SVCS 139784 0 22500 0 99 0 2731 0 10610 0 175724 0 0 0 PART I, LINE 1A GRAMEEN AMERICA, INC. PERMITS ONLY THE PRESIDENT & CEO TO FLY FIRST CLASS WHEN SHE IS TRAVELING ON MATTERS PERTAINING TO THE ORGANIZATION'S MISSION. THE PRESIDENT AND CEO PARTICIPATES IN THE ORGANIZATION'S HEALTH PLAN AND INCURRED ADDITIONAL OUT-OF-POCKET COSTS FOR MEDICAL SERVICES NOT COVERED BY THE PLAN. GRAMEEN AMERICA MADE THE DECISION TO REIMBURSE MS. JUNG FOR THOSE COSTS WHICH IS GROSSED UP AND REFLECTED IN FORM 990, PART VII, COLUMN D. TO BE ELIGIBLE FOR GRAMEEN AMERICA'S HEALTHCARE BENEFITS, PROFESSOR YUNUS WAS REQUIRED TO DRAW A SALARY. PROFESSOR YUNUS ELECTED TO RECEIVE A $1 SALARY IN CALENDAR YEAR 2021; THE VALUE OF THE HEALTHCARE BENEFITS HE RECEIVED IS REFLECTED IN FORM 990, PART VII, COLUMN F. PART I, LINE 7 IN CALENDAR YEAR 2021, 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: GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN BUILD SMALL BUSINESSES TO CREATE BETTER LIVES FOR THEMSELVES AND THEIR FAMILIES. 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 $2.2 BILLION IN MORE THAN 146,000 LOW-INCOME WOMEN ENTREPRENEURS. STARTED IN JACKSON HEIGHTS, QUEENS, NYC, GRAMEEN AMERICA HAS EXPANDED TO 26 LOCATIONS IN NEW YORK CITY (6 BRANCHES), HARTFORD CT, AUSTIN TX, DALLAS TX, HOUSTON TX, SAN ANTONIO TX, BOSTON MA, TRENTON NJ, CHARLOTTE NC, INDIANAPOLIS IN, LOS ANGELES CA (3 BRANCHES), FRESNO CA, NEWARK NJ, OMAHA NE, OAKLAND CA, SAN JOSE CA, CHICAGO IL, MIAMI FL, AND UNION CITY NJ. 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 15B PRESIDENT & CEO, ANDREA JUNG, ELECTS TO WORK FULL-TIME FOR AN ANNUAL SALARY OF $1. SINCE MS. JUNG IS EFFECTIVELY NOT COMPENSATED FOR THE SERVICES SHE RENDERS TO THE ORGANIZATION, GRAMEEN AMERICA DOES NOT ENGAGE IN A FORMAL COMPENSATION REVIEW PROCESS AND THUS MARKS QUESTION 15(A) NO. GRAMEEN AMERICA, INC. RELIES UPON COMPARABILITY DATA FROM SIMILAR NOT-FOR-PROFIT ORGANIZATIONS WITHIN ITS GEOGRAPHIC AREA TO DETERMINE THE COMPENSATION OF ITS OFFICERS (BELOW ITS PRESIDENT AND CEO). 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 GRAMEEN AMERICA ASSOCIATION 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 1 1 1 1 0 0 GRAMEEN PRIMACARE INC B 230600 FMV GRAMEEN PRIMACARE INC L 60000 FMV