2019-11-15T12:03:54-06:00 2018-12-31 KPMG LLP ONE FINANCIAL PLAZA HARTFORD CT 061032608 990 2018-01-01 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 2019-11-15 true MARY-EVELYN ANTONETTI P00431862 8605223200 2019-11-14 167.68.102.5 06014420193195000021 2019-11-15 P F7E791049FCEE4943A341CCA4F642AE72B60D2A0 F7E791049FCEE4943A341CCA4F642AE72B60D2A0 2018 2020-04-17 16:48:07Z JAMES BASON PRESIDENT 39 WEST 37th STREET 7th FLOOR New York NY 10018 5035334 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 44 9 0 37627 3617312 4160687 671927 699412 1942 129561 189076 45674 4480257 5035334 814863 841461 0 0 2786743 3166291 0 0 80027 1856647 2048025 5458253 6055777 -977996 -1020443 13642225 14368346 8013173 9202101 5629052 5166245 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 4167499 841461 863938 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. 4167499 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 54 0 44 true true true 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 MAURICE COLEMAN CHAIRPERSON 1.0 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 HOPE KNIGHT BOARD MEMBER 1.0 1.0 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 JAMES BASON PRESIDENT 35.0 5.0 X 244808 0 13597 AISHA BENSON EXECUTIVE VICE PRESIDENT 35.0 1.0 X 199003 0 1975 KENNETH HARVEY DIRECTOR OF FINANCE 35.0 1.0 X 154351 0 5550 MYLA POREE MANAGING DIRECTOR LOUISIANA 35.0 1.0 X 117691 0 10015 CRAIG HAMILTONTHRU 9302018 CHIEF CREDIT OFFICER 35.0 1.0 X 103382 0 1888 819235 0 33025 5 false true false ARENT FOX 1301 AVENUE OF THE AMERICAS 42ND F NEW YORK NY 10019 LEGAL SERVICES 124629 KPMG LLP 1501 N PLANO ROAD RICHARDSON TX 75081 AUDIT SERVICES 118250 2 3588513 572174 4160687 LOAN INTEREST INCOME 522310 519226 519226 PROGRAM AND PROCESSING FEE 522310 180186 180186 699412 5744 5744 0 0 4965 4965 0 4965 4965 1263550 1139733 123817 123817 123817 0 0 0 0 0 0 0 0 0 LOAN RECOVERIES 900099 40057 40057 MISCELLANEOUS REVENUE 900099 652 652 40709 5035334 863938 10709 841461 841461 0 0 0 749335 77229 672106 0 2012794 1781627 169831 61336 0 404162 360067 31417 12678 0 0 143008 4550 138458 145207 23772 121435 0 0 0 384057 293016 91041 56194 45805 10389 247943 92343 155600 0 0 437834 211932 219889 6013 118815 65926 52889 0 65319 28997 36322 71040 71040 0 25498 25498 69814 69814 PROVISION LOAN LOSS/BAD DEBT 561189 561189 ALLOCATED INDIRECT EXPENSE-ERF -332247 -332247 RECRUITMENT EXPENSES 6356 3321 3035 DUES AND SUBSCRIPTIONS 36598 26569 10029 11400 10902 498 6055777 4167499 1808251 80027 0 0 4282574 4129470 1460435 1701097 10967 8833 0 0 0 0 7637445 8266482 0 0 28043 0 191992 116138 75446 75854 0 0 0 0 0 0 0 0 147315 186610 13642225 14368346 379012 357940 0 0 0 0 0 0 0 0 0 0 7429999 8639999 0 0 204162 204162 8013173 9202101 X 3025104 1316586 2603948 3849659 0 0 5629052 5166245 13642225 14368346 X -1020443 557636 X false true X true true true X 1897515 9185163 858709 3617312 4158187 19716886 0 0 1897515 9185163 858709 3617312 4158187 19716886 8663326 11053560 12199 20157 60130 58926 5744 157156 0 385703 210260 58654 132092 48174 834883 20708925 5297600 0.53376 0.47385 X Part II, Section B, Line 10 OTHER INCOME RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 34000 8075 25925 8700 2827 5873 149292 105236 44056 75854 0 REFUNDABLE CONTRACT ADVANCES 204162 204162 X 7915277 2879943 2879943 5035334 5035334 7341866 1346089 1346089 5995777 60000 60000 6055777 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, 2018 AND 2017. 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 2015 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. TRUFUND HAS NO MATERIAL UNCERTAIN TAX POSITIONS. Schedule D, Part XI Line 2d FEES EARNED BY EMPOWERMENT REINVESTMENT FUND: $2,879,943 Schedule D, Part XII, Line 2d EXPENSES INCURRED BY EMPOWERMENT REINVESTMENT FUND: $1,346,089 Schedule D, Part XII, Line 4b GRANT REVERSALS: $60,000 true GRAIN BIN SERVICES INC 2411 PINEHURST DR MONROE LA 71201 721299995 19476 DISASTER RECOVERY CHARLES T COLEMAN DMD PROF DENT CORP 5207 PINNACLE PKWY COVINGTON LA 70433 462702065 60000 DISASTER RECOVERY ROTATING RELIABILITY SOLUTIONS LLC 11035 KELLEHER OAKS ST GONZALES LA 70737 453985297 60000 DISASTER RECOVERY DELTA ELECTRIC COMPANY OF BATON ROUGE INC 3888 VICTORIA DR BATON ROUGE LA 70812 721219907 60000 DISASTER RECOVERY OWEN PRESTRIDGE CONTRACTOR LLC 8653 JOOR RD BATON ROUGE LA 70818 800532727 55200 DISASTER RECOVERY B&P ENTERPRISES OF AVOYELLES PARISH INC 250 BLUEBIRD LN MARKSVILLE LA 71351 861156465 60000 DISASTER RECOVERY POOR BOY'S RIVERSIDE INN inc 240 TUBING RD BROUSSARD LA 70518 721117259 60000 DISASTER RECOVERY C&A ASSOCIATES INC 1814 S RANGE AVE DENHAM SPRINGS LA 70726 721209634 60000 DISASTER RECOVERY TRIM & TRIM OF LOUISANA INC 1352 CROSSBOW DR BATON ROUGE LA 70816 721230446 60000 DISASTER RECOVERY ALLSTATE LAND & TIMBER COMPANY INC 7333 HIGHWAY 157 HAUGHTON LA 71037 721249530 60000 DISASTER RECOVERY HULCO PRINTERS INC 221 JEAN MAR RD RAYNE LA 70578 721009900 60000 DISASTER RECOVERY ENTIRE ENVIRONMENTAL SERVICES INC 3504 CYPRESS AVENUE SAINT GABRIEL LA 70776 721384715 55267 DISASTER RECOVERY LASHISH LEBANESE & GREEK CAFE INC 7755 MAGNOLIA BEACH RD DENHAMSPGS LA 70726 721492728 60000 DISASTER RECOVERY GULF SOUTH ENGINEERING AND TESTING INC 2201 ABERDEEN ST STE KENNER LA 70062 273104212 60000 DISASTER RECOVERY IVEY CONSTRUCTION LLC 9399 VILLA CROSSING DR GREENspgs LA 70739 464027341 51518 DISASTER RECOVERY 15 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 226402 0 15000 0 3406 0 0 0 13597 0 258405 0 0 0 AISHA BENSON EXECUTIVE VICE PRESIDENT 183425 0 15000 0 578 0 0 0 1975 0 200978 0 0 0 KENNETH HARVEY DIRECTOR OF FINANCE 147450 0 3000 0 3901 0 0 0 5550 0 159901 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 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 AND LOUISANA MARKETS. FORM 990, PART III, PROGRAM SERVICE ACCOMPLISHMENTS, 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 LOUISANA. 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 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, 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, 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 LAST REVIEW WAS DONE IN THE SPRING OF 2018. 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 497,636 GRANT REVERSAL 60,000 ----------- TOTAL 557,636 EMPOWERMENT REINVESTMENT FUND LLC 39 W 37th St NEW YORK NY 10018 043671771 FINANCING NY NA RELATED 1518515 2954491 false true 0.99000 ERF HOLDINGS LLC 39 W 37th St NEW YORK NY 10018 464493315 FINANCING NY NA C CORP 13049 45902 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 1079477 cost EMPOWERMENT REINVESTMENT FUND LLC O 266612 cost