Skip to content
Nonprofiteer
← RISING TIDE CAPITAL INC

Form 990 for tax year 2022

Filed by RISING TIDE CAPITAL INC.

What the amendment changed

Compared with the return it replaced , filed 14 November 2023. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Program services expenses
$5,169,935 changed to $5,117,867
Management and general expenses
$513,964 changed to $739,127
Fundraising expenses
$739,266 changed to $566,171
Program service expenses (Part III)
$5,169,935 changed to $5,117,867

Totals

Total revenue
$8,164,515
Total expenses
$6,423,165
Contributions and grants received
$7,301,927
Grants paid
$0
Program service revenue
$550,483
Investment income
$19,431
Other revenue
$292,674
Total assets, end of year
$14,713,399
Total liabilities, end of year
$3,975,433
Net assets or fund balances, end of year
$10,737,966
Program services expenses (Part IX)
$5,117,867
Management and general expenses
$739,127
Fundraising expenses
$566,171
Program service expenses (Part III)
$5,117,867

Program services were 79.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $264,293

  • 1f · All other contributions, gifts and grants

    $7,037,634

  • 2a · Program service revenue: CONTRACT SERVICES

    total $366,403 · related or exempt $366,403

  • 2b · Program service revenue: NATIONAL PROGRAM PARTN

    total $72,893 · related or exempt $72,893

  • 2c · Program service revenue: LICENSING FEES

    total $69,500 · related or exempt $69,500

  • 2d · Program service revenue: CBA AND BAS

    total $41,687 · related or exempt $41,687

  • 3 · Investment income

    total $19,431 · excluded $19,431

  • 6a · Gross rents

    real property $240,741

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $240,741

  • 6d · Net rental income or loss

    total $240,741 · excluded $240,741

  • 11a · Other revenue: OTHER INCOME

    total $51,933 · related or exempt $51,933

  • 11e · Other revenue, total

    $51,933

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $947,038 · program services $738,689 · management and general $85,234 · fundraising $123,115

  • 7 · Other salaries and wages

    total $2,195,925 · program services $1,712,822 · management and general $347,672 · fundraising $135,431

  • 8 · Pension plan contributions

    total $80,432 · program services $62,737 · management and general $7,239 · fundraising $10,456

  • 9 · Other employee benefits

    total $254,569 · program services $198,564 · management and general $22,911 · fundraising $33,094

  • 10 · Payroll taxes

    total $273,004 · program services $212,943 · management and general $24,570 · fundraising $35,491

  • 11b · Fees: legal

    total $6,452 · program services $5,642 · management and general $347 · fundraising $463

  • 11c · Fees: accounting

    total $23,500 · program services $18,330 · management and general $2,115 · fundraising $3,055

  • 11g · Fees: other

    total $1,512,977 · program services $1,322,970 · management and general $81,322 · fundraising $108,685

  • 14 · Information technology

    total $11,162 · program services $8,706 · management and general $1,005 · fundraising $1,451

  • 16 · Occupancy

    total $200,802 · program services $117,695 · management and general $49,109 · fundraising $33,998

  • 17 · Travel

    total $56,038 · program services $43,710 · management and general $7,285 · fundraising $5,043

  • 19 · Conferences, conventions and meetings

    total $17,800 · program services $13,884 · management and general $2,314 · fundraising $1,602

  • 20 · Interest

    total $115,047 · program services $89,737 · management and general $14,956 · fundraising $10,354

  • 22 · Depreciation, depletion and amortization

    total $138,442 · program services $107,985 · management and general $17,997 · fundraising $12,460

  • 23 · Insurance

    total $17,803 · program services $13,887 · management and general $1,602 · fundraising $2,314

  • 24a · Other expenses: EQUIPMENT, SOFTWARE AND

    total $294,895 · program services $230,018 · management and general $38,336 · fundraising $26,541

  • 24b · Other expenses: PRINTING AND POSTAGE

    total $78,989 · program services $61,611 · management and general $10,269 · fundraising $7,109

  • 24c · Other expenses: PROGRAM SEMINAR AND EVE

    total $73,899 · program services $57,641 · management and general $9,607 · fundraising $6,651

  • 24d · Other expenses: PROGRAM MARKETING AND O

    total $40,956 · program services $31,946 · management and general $5,324 · fundraising $3,686

  • 24e · All other expenses

    total $83,435 · program services $68,350 · management and general $9,913 · fundraising $5,172

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,020,022 · end of year $2,021,495

  • 2 · Savings and temporary cash investments

    beginning of year $2,505,275 · end of year $3,938,613

  • 3 · Pledges and grants receivable

    beginning of year $2,942,198 · end of year $3,778,017

  • 4 · Accounts receivable

    beginning of year $211,315 · end of year $382,493

  • 9 · Prepaid expenses and deferred charges

    beginning of year $67,945 · end of year $53,173

  • 10a · Land, buildings and equipment: cost or other basis

    $4,718,129

  • 10b · Land, buildings and equipment: accumulated depreciation

    $202,760

  • 10c · Land, buildings and equipment, net

    beginning of year $4,545,568 · end of year $4,515,369

  • 15 · Other assets

    beginning of year $0 · end of year $24,239

  • 17 · Accounts payable and accrued expenses

    beginning of year $367,513 · end of year $429,578

  • 19 · Deferred revenue

    beginning of year $428,194 · end of year $493,539

  • 23 · Secured mortgages and notes payable

    end of year $3,052,316

  • 24 · Unsecured notes and loans payable

    beginning of year $1,500,000 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $5,291,616 · end of year $5,721,516

  • 28 · Net assets with donor restrictions

    beginning of year $3,705,000 · end of year $5,016,450

Mission and programs · 2022

Mission

RISING TIDE CAPITAL INC. IS A NON-PROFIT ORGANIZATION WHOSE MISSION IS TO TRANSFORM LIVES AND COMMUNITIES THROUGH ENTREPRENEURSHIP. RISING TIDE AIMS TO EXPAND ITS PROVEN MODEL AND PROGRAMS TO SERVE MORE ECONOMICALLY CHALLENGED INDIVIDUALS AND FAMILIES FOR WHOM ENTREPRENEURSHIP REPRESENTS AN IMPORTANT OPPORTUNITY FOR RESILIENCE, GROWTH, STABILITY, AND INCOME GENERATION. WE ARE DRIVEN BY A VISION OF STRONG COMMUNITIES OF RESILIENT ENTREPRENEURS CATALYZING A THRIVING AND SUSTAINABLE ECONOMY FOR ALL.

Activities or mission (Part I)

OUR MISSION IS TRANSFORMING LIVES AND COMMUNITIES THROUGH ENTREPRENEURSHIP. WE ASSIST ENTREPRENEURS IN ECONOMICALLY MARGINALIZED COMMUNITIES TO BUILD LASTING BUSINESSES. OUR VISION IS TO BUILD INCLUSIVE COMMUNITIES OF RESILIENT ENTREPRENEURS CATALYZING A THRIVING AND SUSTAINABLE ECONOMY FOR ALL. THROUGH OUR SIGNATURE PROGRAMS, THE COMMUNITY BUSINESS ACADEMY (CBA), BUSINESS ACCELERATION SERVICES (BAS), AND CREDIT TO CAPITAL (C2C), WE PROVIDE HOLISTIC TECHNICAL ASSISTANCE, ACCESS TO CAPITAL THROUGH PARTNERS AND BUSINESS MANAGEMENT EDUCATION AND COACHING. CBA IS A COLLEGE-ACCREDITED COURSE PROVIDING BASIC SKILLS NEEDED TO MANAGE AND STRENGTHEN A BUSINESS. CLASSES ARE OFFERED IN ENGLISH AND SPANISH, TAILORED TO MEET VARIED IDENTITIES AND EDUCATIONAL LEVELS. AS PART OF BAS, OUR SUBJECT MATTER EXPERTS PREPARE ENTREPRENEURS FOR GROWTH. OUR C2C PROGRAM PROVIDES ACCESS TO FINANCING FROM VETTED CDFIS. WITH A NETWORK OF PARTNERS, RTC LICENSES ITS PROVEN MODEL TO SCALE IMPACT IN MORE COMMUNITIES

  • RISING TIDE CAPITAL PROVIDED INTENSIVE BUSINESS DEVELOPMENT SERVICES TO 968 ENTREPRENEURS DURING 2022. 337 PEOPLE GRADUATED FROM OUR COMMUNITY BUSINESS ACADEMY, 430 PEOPLE RECEIVED ADVANCED TECHNICAL SUPPORT AND COACHING THROUGH OUR BUSINESS ACCELERATION SERVICES PROGRAM, AND 213 PEOPLE RECEIVED CREDIT COUNSELING, LOAN PACKAGING, AND ACCESS TO CAPITAL SERVICES THROUGH OUR CREDIT TO CAPITAL PROGRAM. DURING 2022 THESE EFFORTS RESULTED IN 28 NEW BUSINESS STARTS, 356 BUSINESS STRENGTHENED/STABILIZED, 177 BUSINESS EXPANDED, AND THE CREATION OF 187 NEW JOBS (92 F.T.E.). WITHIN TWO YEARS OF GRADUATING THE COMMUNITY BUSINESS ACADEMY, OUR ENTREPRENEURS EXPERIENCE AN AVERAGE 75% INCREASE IN BUSINESS REVENUE AND 56% INCREASE IN HOUSEHOLD INCOME. OUR NATIONAL PROGRAM PARTNERSHIPS (NPP) PROGRAM, WHICH LICENSES THE RISING TIDE MODEL TO PARTNER ORGANIZATIONS IN COMMUNITIES NATIONWIDE TO ACCELERATE THEIR DEVELOPMENT AND IMPACT AS LOCAL ENTREPRENEURSHIP SUPPORT HUBS, SUPPORTED 12 PARTNER ORGANIZATIONS IN 2022, INCLUDING THE TRAINING AND LAUNCH OF PARTNERS IN THREE NEW STATES. OUR PARTNER ORGANIZATIONS SERVED A TOTAL OF 750 ENTREPRENEURS IN 2022, BRINGING THE TOTAL NUMBER OF ENTREPRENEURS SERVED BY THE RISING TIDE MODEL IN 2022 TO 1,718.

    Expenses $5,117,867 · Revenue $550,483

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Doug Forrester

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Maurice Kuykendoll

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Alfa Demmellash

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $271,400
    From this org
    $250,000
    From related orgs
    $0
    Other
    $21,400
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,000
    Bonus
    $0
    Other
    $0
    Deferred
    $12,500
    Nontaxable benefits
    $8,900
    Filer's total
    $271,400

  • Anand Devendran

    COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Matthew Barnes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Alejandro Ros

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Aicha Balla

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Kristen Sharp

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Joe Masterson

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Moses Adegboyega

    CHIEF FINANCE AND ADMINISTRATION OFF

    Total calculated
    $174,705
    From this org
    $149,927
    From related orgs
    $0
    Other
    $24,778
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,927
    Bonus
    $0
    Other
    $0
    Deferred
    $7,649
    Nontaxable benefits
    $17,129
    Filer's total
    $174,705

  • Alex Forrester

    CHIEF OPERATING OFFICER

    Total calculated
    $257,068
    From this org
    $229,352
    From related orgs
    $0
    Other
    $27,716
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,352
    Bonus
    $0
    Other
    $0
    Deferred
    $11,500
    Nontaxable benefits
    $16,216
    Filer's total
    $257,068

  • Andrea Geroldi

    CHIEF OF STAFF

    Total calculated
    $76,883
    From this org
    $72,433
    From related orgs
    $0
    Other
    $4,450
    Hours/week
    40

  • Joynicole Martinez

    CHIEF ADVANCEMENT OFFICER

    Total calculated
    $166,982
    From this org
    $160,586
    From related orgs
    $0
    Other
    $6,396
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,586
    Bonus
    $0
    Other
    $0
    Deferred
    $6,296
    Nontaxable benefits
    $100
    Filer's total
    $166,982

  • Louisa Cousins

    SENIOR DIRECTOR OF ANALYTICS & INFOR

    Total calculated
    $158,228
    From this org
    $134,352
    From related orgs
    $0
    Other
    $23,876
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,352
    Bonus
    $0
    Other
    $0
    Deferred
    $6,849
    Nontaxable benefits
    $17,027
    Filer's total
    $158,228

  • Jamie Rudolph

    DIRECTOR OF DEVELOPMENT

    Total calculated
    $136,269
    From this org
    $114,272
    From related orgs
    $0
    Other
    $21,997
    Hours/week
    40

  • Joseph Savulich

    MANAGING DIRECTOR OF MISSION VENTURE

    Total calculated
    $147,382
    From this org
    $130,517
    From related orgs
    $0
    Other
    $16,865
    Hours/week
    40

  • Kris Van Nest

    EXECUTIVE PRODUCER OF DIGITAL LEARNI

    Total calculated
    $151,770
    From this org
    $136,879
    From related orgs
    $0
    Other
    $14,891
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,879
    Bonus
    $0
    Other
    $0
    Deferred
    $5,991
    Nontaxable benefits
    $8,900
    Filer's total
    $151,770

  • Samira Cook

    MANAGING DIRECTOR OF STRATEGIC PARTNERSHIPS

    Total calculated
    $166,289
    From this org
    $141,972
    From related orgs
    $0
    Other
    $24,317
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,972
    Bonus
    $0
    Other
    $0
    Deferred
    $7,290
    Nontaxable benefits
    $17,027
    Filer's total
    $166,289

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
RISING TIDE CAPITAL USES ANNUALLY UPDATED MARKET RESEARCH ABOUT NONPROFIT COMPENSATION FOR ORGANIZATIONS OF SIMILAR SIZE, MISSION, AND GEOGRAPHIC LOCATION. THIS INFORMATION IS PUBLISHED BY PROFESSIONALS FOR NONPROFITS AND GUIDE STAR. THE DATA INFLUENCES THE CEO'S DECISION ABOUT STAFF COMPENSATION DURING ANNUAL PERFORMANCE REVIEWS OF EACH STAFF MEMBER. THE BOARD EXECUTIVE COMPENSATION TASK FORCE REVIEWS ANNUALLY THE PERFORMANCE OF THE CEO AND COO AND UTILIZES APPROPRIATE MARKET DATA TO DETERMINE EXECUTIVE COMPENSATION. EXECUTIVE PERFORMANCE REVIEW IS DONE ANNUALLY.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
5 April 2024
IRS schema version
2022v5.0
Source object
202420969349300037

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.