2025-11-17T16:18:26-06:00 2024-12-31 135565207 KPMG LLP 345 PARK AVENUE NEW YORK NY 101540102 990 2024-01-01 593814814 TRUFUND FINANCIAL SERVICES INC TRUF 2122041328 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 STEPHANIE KABORE TURQUIN SVP - CHIEF FINANCIAL OFFICER 2122041328 2025-11-17 1 0 EVAN W SEEKAMP P01907071 2127589700 2025-10-02 2024 2025-03-06 01:10:19Z JAMES BASON 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 16334961 0 X WWW.TRUFUND.ORG X 2005 NY PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS. 13 13 64 13 0 0 8000690 11928056 3057490 3799532 454588 391734 491754 215639 12004522 16334961 0 0 0 0 6694951 7447130 0 0 941798 3884288 7145806 10579239 14592936 1425283 1742025 51843427 50002432 32059259 31191748 19784168 18810684 X TRUFUND'S (TFS) MISSION IS TO PROMOTE AND FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES AND AMONG DISADVANTAGED POPULATIONS. FOR MORE INFORMATION, SEE SCHEDULE O. 0 0 10687259 0 4015171 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. 10687259 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 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 1 1 0 0 1 43 0 1 64 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X RAMY HENNEDY 2122041347 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 KIMBERLY HARDY BOARD MEMBER 1.00 1.00 X 0 0 0 WORLEY BARKER BOARD MEMBER 1.00 1.00 X 0 0 0 HEIDI HAMILTON BOARD MEMBER 1.00 1.00 X 0 0 0 CHERI MORIAL AUSBERRY BOARD MEMBER 1.00 1.00 X 0 0 0 CARRA WALLACE BOARD MEMBER 1.00 1.00 X 0 0 0 RONALD TOROK BOARD MEMBER 1.00 1.00 X 0 0 0 GEORGE BUCHANAN III BOARD MEMBER 1.00 1.00 X 0 0 0 MONICA BURCH BOARD MEMBER - JOINED DEC 2024 1.00 1.00 X 0 0 0 B SETH BRYANT BOARD MEMBER - JOINED SEPT 2024 1.00 1.00 X 0 0 0 JONNEL DORRIS BOARD MEMBER - JOINED SEPT 2024 1.00 1.00 X 0 0 0 DR ADRIAN FRANCO BOARD MEMBER - LEFT FEBRUARY 2024 1.00 1.00 X 0 0 0 CARMEN MANOYAN BOARD MEMBER - LEFT JULY 2024 1.00 1.00 X 0 0 0 TERRENCE CLARK CHAIRPERSON 1.00 1.00 X X 0 0 0 CHARLOTTE LEE CHAIRPERSON - LEFT JULY 2024 1.00 1.00 X X 0 0 0 WENDI BOYEN SECRETARY - JOINED JUNE 2024 1.00 1.00 X X 0 0 0 CELAYNE HILL SECRETARY - LEFT JULY 2024 1.00 1.00 X X 0 0 0 MARC THOMPSON JR TREASURER 1.00 1.00 X X 0 0 0 JAMES BASON PRESIDENT - CHIEF EXECUTIVE OFFICER 35.00 5.00 X 413686 0 667 SETH MANOFF SVP - DIR OF STRUCT LENDING & INVST 35.00 1.00 X 203342 0 10508 KENNETH HARVEY SVP - INTERIM CFO - THROUGH NOV 2024 35.00 1.00 X 158205 0 212 CHARLES FOSTER SVP- CFO - LEFT MAY 2024 35.00 1.00 X 96455 0 5378 STEPHANIE KABORE TURQUIN SVP - CFO - JOINED NOV 2024 35.00 1.00 X 21819 0 82 DOMONICA L EDWARDS SENIOR VICE PRESIDENT 35.00 1.00 X 220310 0 1950 MICHAEL VAUGH SVP - CHIEF CREDIT OFFICER 35.00 1.00 X 216998 0 1950 AKIMIE CARTER EVANS SVP - MANAGING DIRECTOR NAT'L MARKET 35.00 1.00 X 198301 0 10508 ROBERT BENITEZ SVP - NATIONAL DIRECTOR OF LENDING 35.00 1.00 X 198243 0 6323 MATHEW SHAPIRO SVP DIRECTOR OF RESOURCE DEVELOPMENT 35.00 1.00 X 199864 0 7527 1927223 0 45105 22 0 1 0 JONES WALKER 420 20TH STREET N SUITE 1100 BIRMINGHAM AL 35203 LEGAL SERVICES 253557 KPMG LLP 345 PARK AVE NEW YORK NY 10154 ACCOUNTING & AUDIT SERVICES 184510 MICRO INFO SIDDARTH CONSULTING 2625 N JOSEY LANE SUITE 326 CARROLLTON TX 75007 SOFTWARE DEVELOPING SERVICES 160693 3 2572482 9355574 11928056 PROGRAM AND PROCESSING FEES 523310 2092633 2092633 LOAN INTEREST INCOME 523310 1706899 1706899 3799532 391734 391734 LOAN RECOVERIES 900099 213202 213202 MISCELLANEOUS REVENUE 900099 2437 2437 215639 16334961 4015171 0 391734 910354 359761 404682 145911 4904119 3667712 680282 556125 1632657 1140226 298976 193455 403222 138623 243421 21178 473816 324429 149387 637567 368383 269184 100312 53909 46403 400492 173510 226982 373782 12979 360803 199628 162192 34831 2605 127832 119416 6626 1790 636867 636867 16428 16428 101343 101343 PROVISION FOR LOAN LOSS 5003862 5003862 RECRUITMENT EXPENSES 118666 85440 20173 13053 DUES AND SUBSCRIPTIONS 47794 22538 17575 7681 ALLOCATED INDIRECT EXPE -1582588 -1582588 86783 86783 14592936 10687259 2963879 941798 14690812 19008459 4016108 816419 324673 284953 29791729 27206077 323141 303228 36340 19913 759618 766330 2224147 1900281 51843427 50002432 1208200 1196690 4572753 2228552 691307 137691 24888134 27242487 698865 386328 32059259 31191748 X 12144535 10893809 7639633 7916875 19784168 18810684 51843427 50002432 X 1742025 6712 -2722221 X 0 1 X 1 1 1 X 6975914 10325073 13478289 7978273 11928056 50685605 6975914 10325073 13478289 7978273 11928056 50685605 15204166 35481439 1672 4218 130667 454588 391734 982879 154003 46831 65074 491754 215639 973301 52641785 15449898 0.67400 0.62430 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: LOAN RECOVERIES - 2020 AMOUNT: $ 153,906. 2021 AMOUNT: $ 7,425. 2022 AMOUNT: $ 48,387. 2023 AMOUNT: $ 462,481. 2024 AMOUNT: $ 213,202. OTHER INCOME - 2020 AMOUNT: $ 97. 2021 AMOUNT: $ 39,406. 2022 AMOUNT: $ 16,687. 2023 AMOUNT: $ 29,273. 2024 AMOUNT: $ 2,437. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 34000 18275 15725 8700 8047 653 221388 217853 3535 59053 59053 0 19913 OPERATING LEASE LIABILITIES 297713 REFUNDABLE ADVANCES 88615 386328 X 20290637 6712 3948964 3955676 16334961 0 16334961 18885717 4292781 4292781 14592936 0 14592936 PART IV, LINE 2B: ESCROW ACCOUNTS ARE HELD ON BEHALF OF BORROWERS PARTICIPATING IN TRUFUND'S BUSINESS LOAN PROGRAMS. THESE ACCOUNTS ARE ESTABLISHED FOR VARIOUS PURPOSES, INCLUDING HOLDING FUNDS THAT MAY BE APPLIED TOWARD LOAN PAYMENTS OR USED TO OFFSET POTENTIAL LOSSES IN THE EVENT OF A CHARGE-OFF. 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 IRS AND DID NOT HAVE ANY UNRELATED BUSINESS INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023. DUE TO ITS TAX EXEMPT STATUS, TRUFUND IS NOT SUBJECT TO INCOME TAXES EXCEPT FOR ITS UNRELATED BUSINESS INCOME. TRUFUND IS REQUIRED TO FILE AND DOES FILE EXEMPT ORGANIZATIONS 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 2021 REMAIN OPEN. FASB ASC TOPIC 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 TOPIC 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: FEES EARNED BY EMPOWERMENT REINVESTMENT FUND 3,990,444. GOVERNMENT RECOVERIES -41,480. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES INCURRED BY EMPOWERMENT REINVESTMENT FUND 3,233,616. UNRECOVERABLE GRANT FUNDING 1,059,165. X X X 0 0 0 0 0 0 0 1 0 JAMES BASON PRESIDENT - CHIEF EXECUTIVE OFFICER 288334 0 120000 0 5352 0 0 0 667 0 414353 0 0 0 DOMONICA L EDWARDS SENIOR VICE PRESIDENT 188599 0 30000 0 1711 0 0 0 1950 0 222260 0 0 0 MICHAEL VAUGH SVP - CHIEF CREDIT OFFICER 188600 0 28000 0 398 0 0 0 1950 0 218948 0 0 0 SETH MANOFF SVP - DIR OF STRUCT LENDING & INVST 174992 0 28000 0 350 0 0 0 10508 0 213850 0 0 0 AKIMIE CARTER EVANS SVP - MANAGING DIRECTOR NAT'L MARKET 169742 0 28000 0 559 0 0 0 10508 0 208809 0 0 0 MATHEW SHAPIRO SVP DIRECTOR OF RESOURCE DEVELOPMENT 171573 0 26000 0 2291 0 0 0 7527 0 207391 0 0 0 ROBERT BENITEZ SVP - NATIONAL DIRECTOR OF LENDING 170677 0 26000 0 1566 0 0 0 6323 0 204566 0 0 0 KENNETH HARVEY SVP - INTERIM CFO - THROUGH NOV 2024 134975 0 21000 0 2230 0 0 0 212 0 158417 0 0 0 PART I, LINE 7 THE BONUSES REPORTED ON SCHEDULE J, PART II (B)(II) ARE NON-FIXED AND APPROVED BY THE BOARD. FORM 990, PART I, LINE 1 - DESCRIPTION OF ORGANIZATION MISSION: TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES, PRINCIPALLY MINORITY AND WOMEN-OWNED BUSINESS ENTERPRISES, AND NON-PROFIT ORGANIZATIONS. FORM 990, PART III, LINE 1 - DESCRIPTION OF ORGANIZATION MISSION: TRUFUND FINANCIAL SERVICES' (TFS) MISSION IS TO PROMOTE & FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES & 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. 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 SEVERAL SMALL BUSINESS DISASTER RECOVERY PROGRAMS FOLLOWING BOTH NATURAL AND MAN-MADE DISASTERS IN NEW YORK CITY AND LOUISIANA. TRUFUND'S WHOLLY-CONTROLLED SUBSIDIARY, EMPOWERMENT REINVESTMENT FUND LLC (ERF), UTILIZES NEW MARKET TAX CREDITS (NMTC) TO FINANCE LARGESCALE 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, SECTION A, LINE 4 DURING THE YEAR, THE ORGANIZATION'S BYLAWS WERE AMENDED TO (I) ELIMINATE THE "MEMBER" CLASS AND CLARIFY THAT GOVERNANCE IS CONDUCTED SOLELY THROUGH THE BOARD OF DIRECTORS, (II) EXPAND THE MAXIMUM POTENTIAL BOARD SIZE AND EXTEND DIRECTOR TERMS FROM ONE TO TWO YEARS, AND (III) UPDATE THE COMMITTEE STRUCTURE TO ADD GOVERNANCE, INVESTMENT, AND RESOURCE DEVELOPMENT COMMITTEES WHILE MODERNIZING OVERSIGHT ROLES. FORM 990, PART VI, SECTION B, LINE 11B 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 AND THE GOVERNING BOARD PRIOR TO ITS SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C 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 DIRECTOR OF FINANCE. IF IT WAS DETERMINED THERE WAS A CONFLICT THE INDIVIDUAL WOULD RECUSE THEMSELVES FROM ALL DISCUSSIONS REGARDING THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 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. FORM 990, PART VI, SECTION C, LINE 19 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: CHANGE IN INVESTMENT IN ERF -1,621,576. UNRECOVERABLE GRANT FUNDING -1,059,165. GOVERNMENT RECOVERIES -41,480. TRU-CAPITAL INVESTMENT FUND LLC 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 850889264 FINANCING DE 343634 1898633 TRUFUND FINANCIAL SERVICES TRU-CAPITAL INVESTMENT FUND II LLC 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 872869734 FINANCING DE 53001 490606 TRUFUND FINANCIAL SERVICES NY EMERGING DEVELOPERS EQUITY FUND LLC 39 WEST 37TH STREET 7TH FLOOR NEW YORK NY 10018 872897269 FINANCING DE 0 0 TRUFUND FINANCIAL SERVICES EMPOWERMENT REINVESTMENT FUND LLC 39 W 37TH ST NEW YORK NY 10018 043671771 FINANCING NY TRUFUND FINANCIAL SERVICES RELATED 724012 5469297 0 1 0.99000 ERF HOLDINGS LLC 39 W 37TH ST NEW YORK NY 10018 464493315 FINANCING NY TRUFUND FINANCIAL SERVICES C 7313 63245 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 EMPOWERMENT REINVESTMENT FUND LLC Q 2539919 COST EMPOWERMENT REINVESTMENT FUND LLC O 693696 COST