2016-11-15T16:32:59-06:00 2015-12-31 221478099 COHNREZNICK LLP 1301 Avenue of the Americas New York NY 10019 990 2015-01-01 133641265 Grow America Fund inc GROW 2126821106 one battery park plaza No 710 new york NY 10004 ROBERT W DAVENPORT chairman 2126821106 2016-11-15 1 THOMAS LANNING P00851654 2122970400 2015 2017-02-10 21:41:12Z X ROBERT W DAVENPORT one battery park plaza No 710 new york NY 10004 4436826 0 X www.growamericafund.org X 1971 DE GAF'S PRIMARY MISSION IS TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN DISADVANTAGED COMMUNITIES AND/OR CREATE JOBS FOR THE LOW-INCOME AND UNEMPLOYED. GAF PROVIDES LONGER TERM, LOW COST LOANS THAT DECREASE DEBT SERVICE COSTS AND STRENGTHEN THE ECONOMIC BASE OF THE BUSINESS AND COMMUNITY. 9 0 0 0 0 0 2971172 1869756 6070027 2555325 25692 0 0 11745 9066891 4436826 0 0 0 0 2537985 2554654 0 0 0 2941455 2994909 5479440 5549563 3587451 -1112737 94191571 64917551 80810741 51874104 13380830 13043447 X GAF'S PRIMARY MISSION IS TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN DISADVANTAGED COMMUNITIES AND/OR CREATE JOBS FOR THE LOW-INCOME AND UNEMPLOYED. GAF PROVIDES LONGER TERM, LOW COST LOANS THAT DECREASE DEBT SERVICE COSTS AND STRENGTHEN THE ECONOMIC BASE OF THE BUSINESS AND COMMUNITY. 0 0 4443365 2567070 GAF HAS FOSTERED MORE THAN 550 SMALL BUSINESSES OWNED BY DISADVANTAGED INDIVIDUALS ACROSS THE NATION BY PROVIDING LOANS AND BUSINESS COUNSELING. LOANS TOTAL OVER $200 MILLION AT VERY LOW INTEREST RATES AND ATTRACTIVE TERMS. THE BUSINESS COUNSELING IS PROVIDED AT NO COST TO THE SMALL BUSINESSES. OVER THE LAST SEVERAL YEARS, OUR SMALL BUSINESS LOAN FUND HAS RECEIVED NATIONAL RECOGNITION FROM A VARIETY OF INSTITUTIONS:- THE U.S. SMALL BUSINESS ADMINISTRATION HAS ACKNOWLEDGED US FOR CARRYING OUT OUR MISSION TO MAKE CREDIT AVAILABLE TO DISADVANTAGED BUSINESSES AND HELPING THOSE BUSINESSES TO SUCCEED THROUGH OUR TECHNICAL ASSISTANCE.- THE US DEPARTMENT OF THE TREASURY CERTIFIED OUR SMALL BUSINESS LOAN FUND AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) AND COMMUNITY DEVELOPMENT ENTITY (CDE) WHOSE PRIMARY PURPOSE IS TO SERVE LOW INCOME POPULATIONS AND LOW INCOME COMMUNITIES. IN RECOGNITION OF OUR WORK, THE CDFI FUND AWARDED OUR LOAN FUND MORE THAN $5 MILLION IN GRANTS TO FURTHER CARRY OUT OUR MISSION.- JPM CHASE HAS MADE A $7 MILLION GRANT TO A CONSORTIUM OF SMALL BUSINESS LENDERS WORKING WITH DISADVANTAGED BUSINESSES IN LOW INCOME COMMUNITIES IN CHASE'S COMMUNITY REINVESTMENT AREAS. GAF IS A MEMBER OF THE LENDING CONSORTIUM AND HAS RECEIVED $2.3 MILLION OF THE $7MILLION GRANT.- CITIBANK, PNC BANK, BANK OF AMERICA, MERRILL LYNCH, AND CARVER BANK HAVE RECOGNIZED AND SUPPORTED OUR EFFORTS BY MAKING VERY LOW INTEREST LOANS AND GRANTS AVAILABLE TO US TO CARRY OUT OUR MISSION IN LOW INCOME COMMUNITIES AND WITH DISADVANTAGED BUSINESSES.- THE FORD FOUNDATION AND THE SEATTLE FOUNDATION MADE PROGRAM RELATED INVESTMENTS (PRIS) TO OUR SMALL BUSINESS LOAN FUND TOTALING $1.7MILLION.HERE ARE EXAMPLES OF DISADVANTAGED BUSINESSES THAT GAF'S SMALL BUSINESS LOAN FUND HAS RECENTLY ASSISTED:- IN CINCINNATI, OH, WE HELPED A VETERAN AFRICAN AMERICAN OWNED COMPUTER REPAIR NETWORK SERVICING COMPANY TO REFINANCE THE PURCHASE OF A SHREDDING TRUCK USED TO DIVERSIFY HIS BUSINESS, TO TAKE-OUT OTHER SHORT TERM DEBT AND TO PROVIDE ADDITIONAL WORKING CAPITAL TO ASSIST WITH THE GROWTH OF THIS BUSINESS. THIS PROJECT WILL CREATE THREE NEW JOBS WHILE RETAINING FIVE.- IN SALINAS, CA, WE ASSISTED A HISPANIC OWNED PRECISION MACHINING AND FABRICATION SHOP TO PURCHASE A NEW CNC WATER JET CUTTING MACHINE AND HIGH DEFINITION PLASMA CUTTER TO ASSIST THIS GROWING COMPANY WITH DIVERSIFYING ITS PRODUCT OFFERINGS. THIS NEW EQUIPMENT WILL RESULT IN THE CREATION OF TEN NEW FULL-TIME JOBS.- IN CLEVELAND, OH, A 150 YEAR OLD MANUFACTURER OF AWNINGS SOUGHT AND RECEIVED GAF ASSISTANCE TO RELOCATE FROM AN OUTMODED INDUSTRIAL BUILDING INTO A NEW MODERN FACILITY. NOT ONLY DID THIS RELOCATION AND REAL ESTATE PURCHASE HELP CREATE 12 NEW JOBS BRINGING EMPLOYMENT TO OVER 30 BUT ITS OLD FACILITY WAS LOCATED IN A DIFFICULT NEIGHBORHOOD AND WAS INVOLVED IN A CATALYTIC REDEVELOPMENT FOR HOUSING AND RETAIL.- IN SALINAS, CA, A HISPANIC OWNED COMPANY THAT PRODUCES BANNERS, MURALS, SIGNS, AND VEHICLE WRAPS WHILE OFFERING SERVICES SUCH AS GRAPHIC DESIGN, LAYOUT, PRODUCTION AND INSTALLATION NEEDED TO PURCHASE A ROUTER, FLATBED PRINTER, AND ENGRAVER IN ADDITION TO PERMANENT WORKING CAPITAL. THE ROUTER AND FLATBREAD PRINTER WOULD ALLOW THE COMPANY TO PRINT LARGER WORK. THE ENGRAVER ENABLED THE COMPANY TO ENHANCE ITS PRODUCT OFFERING. THE COMPANY GREW FROM EIGHT TO FOURTEEN PEOPLE AS A RESULT OF OUR LOAN.- IN BUFFALO, NEW YORK, WE ASSISTED A MANUFACTURER, PACKAGER, AND DISTRIBUTOR OF LUBRICATING OILS, GREASES, INDUSTRIAL OILS AND TIRE CARE PRODUCTS THAT HAS BEEN OPERATING SINCE 1923 WITH THE REHABILITATION AND CONSTRUCTION OF A NEW BUILDING AFTER FIRE DESTROYED ITS ORIGINAL LOCATION. 24 JOBS WERE SAVED AND 16 NEW JOBS WERE CREATED.IN ADDITION, GAF PROVIDES FINANCIAL AND MARKETING COUNSELING AND TRAINING TO FLEDGLING BORROWERS. OFTEN WE HELP A BORROWER TO: RESTRUCTURE THEIR CAPITAL STRUCTURE SO THEY CAN BETTER MANAGE THEIR CASH FLOW; DEVELOP A MARKETING PLAN TO INCREASE SALES AND CONSERVE CASH FLOW; TO MAKE CAPITAL INVESTMENT DECISIONS THAT HELP THE COMPANY TO SUCCEED; AND, WHEN NEEDED, PROVIDE MORATORIUMS ON DEBT SERVICE WHEN CASH FLOW IS NOT ADEQUATE TO MEET OPERATIONAL NEEDS. WE ALSO CONDUCT CLASSROOM TRAINING FOR BORROWERS THAT HIGHLIGHT HOW CASH AND DEBT FLOW THROUGH THE BALANCE SHEET OF THE BUSINESS AND IMPACT ITS ABILITY TO SUCCEED.THIS COUNSELING IS OFFERED FREE OF CHARGE TO OUR BORROWERS. 4443365 1 1 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 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 0 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X VIRGINIA RUIZ BADILLO 2126821106 one battery park plaza suite 710 new york NY 10004 Angela Butler Board Member 5.00 45.00 X 0 146250 31676 Ann Vogt Secretary/Board Member 1.10 54.40 X X 0 250993 52907 Daniel Marsh III Board Member 1.10 54.40 X 0 238333 70252 David Trevisani Board Member 2.50 47.50 X 0 151032 54554 John Finke Outgoing Board Member 2.50 47.80 X 0 611605 74910 John paylo President/Board Member 45.00 5.00 X X 0 209360 49732 Patricia Thomson Board Member 1.00 49.30 X 0 202808 65667 Robert W Davenport Chairman/Board Member 2.90 54.60 X X 0 311954 50281 Stephanie Dugan Board Member 1.00 49.30 X 0 145918 50252 Thomas Jackson Board Member 1.00 49.00 X 0 164832 52038 Adam Ennis CFO 2.90 54.60 X 0 124863 40870 Virginia Ruiz Badillo Controller 39.20 5.80 X 0 138514 38488 0 2696462 631627 0 0 1 0 RSM US LLP 1185 Avenue of the Americas new york NY 10036 Auditing 175000 Shallo Galluscio & Bianchi CPAs 21 North Seventh Street hudson NY 12534 Accounting 164169 2 100537 1358519 410700 1869756 Interest income 523000 1936427 1936427 Loan Service Fees 523000 305605 305605 Premium on sale of loa 523000 222669 222669 Fee Income 523000 90624 90624 2555325 late fees 523000 11745 11745 11745 4436826 2567070 0 0 1769399 1412041 357358 317693 253530 64163 467562 373130 94432 123862 46303 77559 339169 339169 70505 56404 14101 133341 53336 80005 317226 301365 15861 626942 626942 6500 3250 3250 Provision for loan loss 828093 828093 Project and other fees 299302 299302 Amortization 83430 83430 Loan liquidation costs 54616 54616 111923 51623 60300 5549563 4443365 1106198 0 789097 3405053 6040400 98176 1750000 1268308 103340 98292 79753712 57152139 240864 387647 5514158 2507936 94191571 64917551 692534 856776 410309 25783949 29859398 53923949 21157930 80810741 51874104 X 6877953 4000908 6502877 9042539 13380830 13043447 94191571 64917551 -1112737 775354 0 X X 0 1 X 1 1 1 X 7637088 1905969 1657000 2971172 1869756 16040985 913734 3942476 5561901 6070027 2555325 19043463 8550822 5848445 7218901 9041199 4425081 35084448 0 0 0 35084448 3240 9616 1741 14597 3240 9616 1741 14597 11745 11745 8554062 5858061 7220642 9041199 4436826 35110790 X Schedule A, Part III, Line 12, Explanation of Other Income: late fees - 2015 Amount: $ 11,745. SCHEDULE A, PART III: 2011 WAS A SHORT YEAR DUE TO the year BEING THE ORGANIZATIONS initial YEAR of being a public charity. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 Program Loan Receivables 57152139 C 57152139 Client investment liabilities 12494101 Due to related entities 8496456 Due to Borrowers 167373 21157930 X 2981791 -1455035 -1455035 4436826 0 4436826 4094528 0 4094528 1455035 1455035 5549563 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 year ended December 31, 2015. The Organization files Form 990s, Return of Organization Exempt from Income Tax, with the Internal Revenue Service annually. At December 31, 2015, the Organization's Form 990s for the years ended 2013 through 2015 remain eligible for examination by the IRS. Part XI, Line 2d - Other Adjustments: loan expenses -1,455,035. Part XII, Line 4b - Other Adjustments: loan expenses 1,455,035. 0 1 0 0 0 0 0 0 0 Angela Butler Board Member 0 145890 0 0 0 360 0 12462 0 19214 0 177926 0 0 Ann Vogt Secretary/Board Member 0 249409 0 0 0 1584 0 36603 0 16304 0 303900 0 0 Daniel Marsh III Board Member 0 236749 0 0 0 1584 0 34450 0 35802 0 308585 0 0 David Trevisani Board Member 0 150000 0 0 0 1032 0 19673 0 34881 0 205586 0 0 John Finke Outgoing Board Member 0 331952 0 0 0 279653 0 37629 0 37281 0 686515 0 0 John paylo President/Board Member 0 209000 0 0 0 360 0 13976 0 35756 0 259092 0 0 Patricia Thomson Board Member 0 199760 0 0 0 3048 0 30623 0 35044 0 268475 0 0 Robert W Davenport Chairman/Board Member 0 310100 0 0 0 1854 0 33152 0 17129 0 362235 0 0 Stephanie Dugan Board Member 0 145000 0 0 0 918 0 15517 0 34735 0 196170 0 0 Thomas Jackson Board Member 0 163800 0 0 0 1032 0 15957 0 36081 0 216870 0 0 Adam Ennis CFO 0 124687 0 0 0 176 0 5620 0 35250 0 165733 0 0 Virginia Ruiz Badillo Controller 0 137009 0 0 0 1505 0 20034 0 18454 0 177002 0 0 Part I, Line 4b CERTAIN SENIOR MANAGEMENT OFFICIALS PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. There were no contributions during the year. During 2015 John A. Finke received a distribution from a SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, this amount was included in his w-2. SCHEDULE J PART II, Column C: AMOUNTS IN COLUMN C INCLUDE THE ALLOCATED EXPENSE FOR THE DEFINED BENEFIT PLAN. 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 11 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 xii, line 2c the process has not changes from the prior year 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 none are independent the independent board of directors of the parent oversee the organization's operations and actions. NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION-GROUP RETURN one battery park plaza suite 710 New york NY 10004 911884698 Assist Gov/Housing VA 501(c)(3) Line 9 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NDC SUPPORT I INC one battery park plaza suite 710 New york NY 10004 134156877 Assist Gov/Housing NY 501(c)(3) Line 11a, I NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION one battery park plaza suite 710 New york NY 10004 112933129 Assist Gov/Housing VA 501(c)(3) Line 9 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 KINGSBOROUGH HOUSING DEVELOPMENT FUND COMPANY INC one battery park plaza suite 710 New york NY 10004 141734500 Housing NY 501(c)(3) Line 9 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 Yonkers Larkin Garage Inc one battery park plaza suite 710 New york NY 10004 800730609 Assist Gov NY 501(c)(3) Line 9 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 National Council For community Development one battery park plaza suite 710 New york NY 10004 136532871 Assist Gov NY 501(c)(3) Line 9 N/A 0 NDC Green Renewable Energy Enterprise Nexus one battery park plaza suite 710 New york NY 10004 273820841 economic development NY 501(c)(3) Line 9 NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC 0 NDC CORPORATE EQUITY FUND one battery park plaza suite 710 new york NY 10004 133864158 Low income housing NY N/A NDC CORPORATE EQUITY FUND II one battery park plaza suite 710 new york NY 10004 133952802 Low income housing NY N/A NDC CORPORATE EQUITY FUND III one battery park plaza suite 710 new york NY 10004 134071776 Low income housing NY N/A NDC CORPORATE EQUITY FUND IV one battery park plaza suite 710 new york NY 10004 134151268 Low income housing NY N/A NDC CORPORATE EQUITY FUND V one battery park plaza suite 710 new york NY 10004 134195127 Low income housing NY N/A NDC CORPORATE EQUITY FUND VI one battery park plaza suite 710 new york NY 10004 050585420 Low income housing NY N/A NDC CORPORATE EQUITY FUND VII one battery park plaza suite 710 new york NY 10004 203273264 Low income housing NY N/A NDC CORPORATE EQUITY FUND VIII one battery park plaza suite 710 new york NY 10004 261481355 Low income housing NY N/A NDC CORPORATE EQUITY FUND IX one battery park plaza suite 710 new york NY 10004 264226439 Low income housing NY N/A NDC CORPORATE EQUITY FUND X one battery park plaza suite 710 new york NY 10004 454281155 Low income housing NY N/A NDC CORPORATE EQUITY FUND XI one battery park plaza suite 710 new york NY 10004 462764258 Low income housing NY N/A NDC CORPORATE EQUITY FUND XIi one battery park plaza suite 710 new york NY 10004 473762588 low income housing NY N/A Community Development Group Holt one battery park plaza suite 710 New York NY 10004 201643188 economic development NY N/A C 0 Community Development Group Illinois Inc one battery park plaza suite 710 New York NY 10004 201644052 economic development NY N/A C 0 Community Development Group Kentucky Inc one battery park plaza suite 710 New York NY 10004 133555220 economic development NY N/A C 0 Community Development Group Renewable Energy one battery park plaza suite 710 New York NY 10004 262989445 economic development NY N/A C 0 Community Development Group Walla Walla Inc one battery park plaza suite 710 New York NY 10004 133615889 economic development NY N/A C 0 Community Development Investor Brooklyn one battery park plaza suite 710 New York NY 10004 461534076 economic development NY N/A C 0 Community Development Group III INC one battery park plaza suite 710 New York NY 10004 203673695 economic development NY N/A C 0 0 0 1 0 1 0 0 0 0 0 0 0 1 1 1 1 0 0 0