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← REDF IMPACT INVESTING FUND

Form 990 for tax year 2024

Filed by REDF IMPACT INVESTING FUND.

Totals

Total revenue
$1,797,305
Total expenses
$984,190
Contributions and grants received
$1,447,316
Grants paid
$25,000
Program service revenue
$275,890
Investment income
$74,099
Other revenue
$0
Total assets, end of year
$15,421,001
Total liabilities, end of year
$11,865,002
Net assets or fund balances, end of year
$3,555,999
Program services expenses (Part IX)
$931,181
Management and general expenses
$53,009
Fundraising expenses
$0
Program service expenses (Part III)
$931,181

Program services were 94.6% 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)

    $100,000

  • 1f · All other contributions, gifts and grants

    $1,347,316

  • 2a · Program service revenue: PRI INTEREST INCOME

    total $212,654 · related or exempt $212,654

  • 2b · Program service revenue: PROGRAM LOAN FEES

    total $63,236 · related or exempt $63,236

  • 3 · Investment income

    total $74,099 · excluded $74,099

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000 · program services $25,000

  • 11g · Fees: other

    total $604,547 · program services $551,538 · management and general $53,009

  • 20 · Interest

    total $208,565 · program services $208,565

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $146,078 · program services $146,078

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,306 · end of year $7,306

  • 2 · Savings and temporary cash investments

    beginning of year $9,091,055 · end of year $12,319,649

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $250,000

  • 4 · Accounts receivable

    beginning of year $28,555 · end of year $25,680

  • 13 · Investments: program-related

    beginning of year $1,951,458 · end of year $2,818,366

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,680 · end of year $717,689

  • 19 · Deferred revenue

    beginning of year $321,000 · end of year $121,000

  • 23 · Secured mortgages and notes payable

    end of year $75,000

  • 24 · Unsecured notes and loans payable

    beginning of year $8,006,810 · end of year $10,951,313

  • 27 · Net assets without donor restrictions

    beginning of year $1,817,884 · end of year $2,544,923

  • 28 · Net assets with donor restrictions

    beginning of year $925,000 · end of year $1,011,076

Mission and programs · 2024

Mission

REDF IMPACT INVESTING FUND (RIIF) INVESTS IN AND PROVIDES CAPACITY BUILDING EXPERTISE TO EMPLOYMENT SOCIAL ENTERPRISES (ESES)--BUSINESSES THAT SEEK FINANCIAL RESULTS AND CREATE JOBS, STABILITY AND ECONOMIC MOBILITY FOR PEOPLE OVERCOMING THE TOUGHEST BARRIERS TO EMPLOYMENT, OFTEN INCLUDING HISTORIES OF HOMELESSNESS, INCARCERATION, SUBSTANCE USE, DOMESTIC VIOLENCE, HUMAN TRAFFICKING, OR LONG-TERM DISCONNECTION FROM WORK.

Activities or mission (Part I)

REDF IMPACT INVESTING FUND IS A NATIONAL CDFI AND CATALYTIC, IMPACT FIRST INVESTOR.

  • RIIF PROVIDES BOTH FLEXIBLE CAPITAL AND CAPACITY BUILDING EXPERTISE TO HELP EMPLOYMENT-FOCUSED BUSINESSES GROW, STRENGTHEN OPERATIONS, AND ATTRACT FOLLOW-ON INVESTMENT. IT UNDERWRITES BASED ON CASH FLOW RELIABILITY, CONTRACT-BACKED REVENUE, AND MANAGEMENT CAPACITY--PROVIDING A PRACTICAL PATH TO CAPITAL ACCESS FOR BUSINESSES THAT MAY NOT MEET TRADITIONAL CREDIT STANDARDS DUE TO LIMITED COLLATERAL, THIN CREDIT HISTORIES, OR IRREGULAR CASH FLOWS. CAPACITY BUILDING EXPERTISE IS DELIVERED IN PARTNERSHIP WITH OUR GRANTING AFFILIATE REDF, LEVERAGING MORE THAN 25 YEARS OF EXPERIENCE WORKING WITH EMPLOYMENT SOCIAL ENTERPRISES (ESES) ACROSS SECTORS AND GROWTH STAGES.RIIF EMPLOYS A COMPREHENSIVE AND DISCIPLINED RISK MANAGEMENT APPROACH TO PROTECT ITS PORTFOLIO WHILE MEETING THE CAPITAL NEEDS OF ITS BORROWERS. RIIF ACTIVELY USES COLLATERALIZATION STRATEGIES, STATE-SPONSORED GUARANTEE PROGRAMS (SUCH AS THOSE SUPPORTED BY THE STATE SMALL BUSINESS CREDIT INITIATIVE), AND LOAN PARTICIPATIONS TO SHARE AND DIVERSIFY EXPOSURE. CREDIT DECISIONS ARE GOVERNED BY A FORMAL RISK RATING SYSTEM, AND RIIF IS STEADILY BUILDING LOAN LOSS RESERVES IN LINE WITH CURRENT EXPECTED CREDIT LOSS (CECL) PRINCIPLES TO ENSURE LOSS ABSORPTION CAPACITY AND FINANCIAL POSITION STRENGTH.RIIF IS CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) BY THE U.S. DEPARTMENT OF THE TREASURY, A DESIGNATION THAT AFFIRMS ITS COMMITMENT TO EXPANDING ACCESS TO CAPITAL FOR SMALL AND MIDSIZE BUSINESSES OUTSIDE TRADITIONAL FINANCIAL CHANNELS. CDFI CERTIFICATION ENHANCES RIIF'S VISIBILITY AND CREDIBILITY WITH KEY CAPITAL PROVIDERS IN THE PRIVATE SECTOR, INCLUDING FINANCIAL INSTITUTIONS INCENTIVIZED BY THE COMMUNITY REINVESTMENT ACT (CRA).

    Expenses $931,181 · Grants $25,000 · Revenue $275,890

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Lewis Byrd

    CHAIR THROUGH 6/2024

    Total calculated
    $0
    Hours/week
    1

  • Phillip Estes

    TREAS THRU 6/2024/CHAIR START 7/2024

    Total calculated
    $0
    Hours/week
    1

  • Stuart Davidson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Terry Ing

    TREASURER START 7/2024

    Total calculated
    $0
    Hours/week
    1

  • Cedric D Thurman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Carrie McKellogg

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $312,652
    From this org
    $264,857
    From related orgs
    $0
    Other
    $47,795
    Hours/week
    24

    Schedule J breakdown matched by us

    Base
    $264,857
    Bonus
    $0
    Other
    $0
    Deferred
    $10,816
    Nontaxable benefits
    $36,979
    Filer's total
    $312,652

  • Peter Lippman

    CHIEF FINANCIAL OFFICER

    Total calculated
    $256,703
    From this org
    $224,654
    From related orgs
    $0
    Other
    $32,049
    Hours/week
    24

    Schedule J breakdown matched by us

    Base
    $224,654
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $32,049
    Filer's total
    $256,703

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)

FORM 990, PART VII, SECTION A, LINE 5 AND SCHEDULE J, PART II:
THE ORGANIZATION'S CEO AND CFO ARE COMPENSATED BY REDF, AN UNRELATED (BUT AFFILIATED) TAX-EXEMPT ORGANIZATION; THE ORGANIZATION THEN REIMBURSES REDF FOR A PORTION OF THESE INDIVIDUALS SALARIES AND BENEFITS. FORM 990, PART VII, SECTION A AND SCHEDULE J, PART II REFLECTS 100% OF THESE INDIVIDUALS' COMPENSATION & BENEFITS PACKAGES.

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

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • RIIF CAPITAL LLC

    C · HOLDING CO. FOR LLC DEVELOPING & MANAGING IMPACT FIRST PRIVATE EQUITY FUNDS · DE · 100% owned · controlled entity

    Directly controlled by REDF IMPACT INVESTING FUND

Provenance

Return type
form_990
Tax year
2024
Filed
29 July 2025
IRS schema version
2024v5.2
Source object
202542109349302104

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