Skip to content
Nonprofiteer
← ROOT CAPITAL INC

Form 990 for tax year 2022

Filed by ROOT CAPITAL INC.

Totals

Total revenue
$52,823,176
Total expenses
$22,889,458
Contributions and grants received
$41,878,138
Grants paid
$724,623
Program service revenue
$10,474,079
Investment income
$470,959
Other revenue
$0
Total assets, end of year
$129,626,012
Total liabilities, end of year
$56,492,291
Net assets or fund balances, end of year
$73,133,721
Program services expenses (Part IX)
$16,788,164
Management and general expenses
$5,566,798
Fundraising expenses
$534,496
Program service expenses (Part III)
$16,788,164

Program services were 73.3% 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)

    $948,201

  • 1f · All other contributions, gifts and grants

    $40,929,937

  • 2a · Program service revenue: LOAN INTEREST

    total $5,896,738 · related or exempt $5,896,738

  • 2b · Program service revenue: LOAN GUARANTEES AND RECOVERIES

    total $3,049,734 · related or exempt $3,049,734

  • 2c · Program service revenue: LOAN FEES

    total $1,527,607 · related or exempt $1,527,607

  • 3 · Investment income

    total $286,146 · excluded $286,146

  • 7a · Gross sales of assets other than inventory

    securities $184,813

  • 7b · Less cost or other basis and sales expenses

    securities $0

  • 7c · Gain or loss

    securities $184,813

  • 7d · Net gain or loss

    total $184,813 · excluded $184,813

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $19,444 · program services $19,444

  • 3 · Grants to foreign organizations and individuals

    total $705,179 · program services $705,179

  • 5 · Compensation of officers, directors and key employees

    total $1,307,836 · program services $76,644 · management and general $1,064,280 · fundraising $166,912

  • 7 · Other salaries and wages

    total $8,074,936 · program services $5,438,546 · management and general $2,379,016 · fundraising $257,374

  • 8 · Pension plan contributions

    total $190,065 · program services $11,139 · management and general $154,669 · fundraising $24,257

  • 9 · Other employee benefits

    total $940,498 · program services $720,959 · management and general $203,669 · fundraising $15,870

  • 10 · Payroll taxes

    total $822,227 · program services $524,840 · management and general $267,100 · fundraising $30,287

  • 11b · Fees: legal

    total $173,581 · program services $159,634 · management and general $13,947

  • 11c · Fees: accounting

    total $156,894 · program services $35,864 · management and general $121,030

  • 11g · Fees: other

    total $2,830,129 · program services $2,439,172 · management and general $376,957 · fundraising $14,000

  • 12 · Advertising and promotion

    total $22,575 · program services $19,186 · management and general $2,824 · fundraising $565

  • 13 · Office expenses

    total $343,699 · program services $195,916 · management and general $147,758 · fundraising $25

  • 14 · Information technology

    total $1,194,958 · program services $785,876 · management and general $402,697 · fundraising $6,385

  • 16 · Occupancy

    total $390,331 · program services $329,979 · management and general $54,863 · fundraising $5,489

  • 17 · Travel

    total $1,471,562 · program services $1,221,093 · management and general $237,534 · fundraising $12,935

  • 19 · Conferences, conventions and meetings

    total $550,007 · program services $550,007

  • 20 · Interest

    total $931,925 · program services $931,925

  • 22 · Depreciation, depletion and amortization

    total $211,812 · program services $197,558 · management and general $14,254

  • 23 · Insurance

    total $110,568 · program services $10,151 · management and general $100,417

  • 24a · Other expenses: ALLOWANCE FOR LOAN LOSS

    total $1,875,003 · program services $1,875,003

  • 24b · Other expenses: LOAN ORIGINATION COSTS

    total $514,130 · program services $514,130

  • 24c · Other expenses: PRINTING & PUBLICATIONS

    total $52,099 · program services $25,919 · management and general $25,783 · fundraising $397

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $31,156,880 · end of year $16,281,302

  • 2 · Savings and temporary cash investments

    beginning of year $4,438,283 · end of year $32,145,096

  • 3 · Pledges and grants receivable

    beginning of year $9,669,388 · end of year $13,950,011

  • 4 · Accounts receivable

    beginning of year $320,707 · end of year $1,400,699

  • 9 · Prepaid expenses and deferred charges

    beginning of year $499,707 · end of year $505,014

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

    $1,394,470

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

    $1,177,662

  • 10c · Land, buildings and equipment, net

    beginning of year $430,199 · end of year $216,808

  • 11 · Investments: publicly traded securities

    beginning of year $225,977 · end of year $20,410,790

  • 13 · Investments: program-related

    beginning of year $53,595,627 · end of year $43,951,676

  • 15 · Other assets

    beginning of year $536,522 · end of year $764,616

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,895,827 · end of year $2,122,131

  • 19 · Deferred revenue

    beginning of year $529,373 · end of year $853,761

  • 21 · Escrow or custodial account liability

    beginning of year $1,889,714 · end of year $1,235,918

  • 22 · Loans and payables to officers and key people

    beginning of year $100,000 · end of year $100,000

  • 24 · Unsecured notes and loans payable

    beginning of year $52,824,587 · end of year $52,180,481

  • 27 · Net assets without donor restrictions

    beginning of year $17,686,180 · end of year $49,343,064

  • 28 · Net assets with donor restrictions

    beginning of year $25,947,609 · end of year $23,790,657

Mission and programs · 2022

Mission

ROOT CAPITAL SEEKS TO INCREASE INCOMES AND STABILIZE EMPLOYMENT FOR FARMERS IN AFRICA, SOUTH-EAST ASIA, AND LATIN AMERICA. ROOT CAPITAL DOES THIS THROUGH A PROVEN CHANNEL: SUPPORT FOR AGRICULTURAL BUSINESSES THAT COLLECT AND MARKET THE CROPS OF THOUSANDS OF FARMERS. THROUGH A UNIQUE COMBINATION OF CAPITAL, TRAINING, AND ACCESS TO GLOBAL MARKETS, ROOT CAPITAL HELPS AGRICULTURAL BUSINESSES INCREASE FARMER INCOMES, EMPOWERS WOMEN, CONSERVES ECOSYSTEMS, AND CREATES OPPORTUNITIES FOR THE NEXT GENERATION.

Activities or mission (Part I)

TO GROW RURAL PROSPERITY AND BUILD THE RESILIENCE OF FARMING FAMILIES AROUND THE WORLD.

  • ROOT CAPITAL PROVIDES AGRICULTURAL BUSINESSES WITH A UNIQUE COMBINATION OF CREDIT AND CAPACITY BUILDING. THE ORGANIZATION ALSO CATALYZES CHANGE IN THE BROADER SECTOR THROUGH EVALUATION AND SHARED LEARNING. PLEASE REFER TO THE ORGANIZATION'S WEBSITE FOR FURTHER INFORMATION AND STATISTICS ON PROGRAM ACCOMPLISHMENTS.FINANCE: ROOT CAPITAL TYPICALLY PROVIDES LOANS AND LINES OF CREDIT RANGING FROM $50,000 TO $4 MILLION TO SMALL AND GROWING BUSINESSES, THAT SOURCE FROM SMALL-HOLDER FARMERS, WITH A FOCUSES ON THOSE BUSINESSES NOT REACHED BY COMMERCIAL LENDERS.MOST ROOT CAPITAL LOANS CAN BE CATEGORIZED AS FOLLOWS:1) LINES OF CREDIT, WITH TENORS OF ONE TO THREE YEARS AND ARE USED FOR WORKING CAPITAL TO FINANCE THE COST OF PURCHASING AND PROCESSING RAW MATERIAL SOURCED FROM SMALLHOLDER FARMERS.2) TERM LOANS, GRANTED FROM TIME TO TIME, WITH MAXIMUM TENORS OF SEVEN YEARS ARE PROVIDED IN CONNECTION WITH THE WORKING CAPITAL FINANCING TO FINANCE CERTAIN FIXED ASSET PURCHASES AND INVESTMENTS, INCLUDING EQUIPMENT, INFRASTRUCTURE IMPROVEMENTS, AND AGRICULTURAL INPUTS. ROOT CAPITAL ASSESSES PROSPECTIVE CLIENTS AND EVALUATES THEM ON A SERIES OF FINANCIAL, SOCIAL, AND ENVIRONMENTAL CRITERIA. SOCIAL CRITERIA INCLUDE PRICES PAID TO SUPPLIERS, EMPLOYEE WAGES, AND WORKING CONDITIONS, AND COMPANY SUPPORT FOR SOCIAL PROGRAMS SUCH AS TRAINING AND MEDICAL CARE. ENVIRONMENTAL CRITERIA INCLUDE SOIL AND WATER MANAGEMENT, THE IMPACT OF THE BUSINESS ON THE SURROUNDING COMMUNITY, AND STANDARDS FOR PRODUCT HANDLING AND PROCESSING.ROOT CAPITAL'S LENDING SUPPORTS SUSTAINABLE ENVIRONMENTAL PRACTICES THAT PROTECT RURAL ECOSYSTEMS. CROPS PROCESSED AND MARKETED BY ROOT CAPITAL CLIENTS PRIMARILY IN INDUSTRIES INCLUDING COFFEE, COCOA, AND CERTAIN TREE NUTS.

    Expenses $9,741,361 · Revenue $10,474,079

  • ADVISE: ROOT CAPITAL'S ADVISORY SERVICES PROGRAM PROVIDES TARGETED TRAINING TO CURRENT AND PROSPECTIVE CLIENTS IN TOPICS SUCH AS FINANCIAL MANAGEMENT, GOVERNANCE, AGRONOMIC CAPACITY, DIGITAL BUSINESS INTELLIGENCE, CLIMATE RESILIENCE, GENDER EQUITY, AND MORE. ROOT CAPITAL'S FINANCIAL ADVISORY SERVICES ARE DESIGNED TO PREPARE BUSINESSES WITH GROWTH POTENTIAL TO QUALIFY FOR CREDIT, TO SHEPHERD MORE PROSPECTIVE CLIENTS INTO OUR PORTFOLIO, AND TO MITIGATE THE RISK OF LENDING TO THESE BUSINESSES.ROOT CAPITAL'S ADVISORY SERVICES PROGRAM PROVIDES FINANCIAL TRAINING TO CLIENTS PRIOR TO RECEIVING A LOAN AND DURING THE LIFE OF THE LOAN AS NEEDED.THOUGH FINANCIAL MANAGEMENT TRAINING IS THE CORE OFFERING OF THE ORGANIZATION'S ADVISORY PROGRAM, ROOT CAPITAL ALSO PROVIDES COMPLEMENTARY NON-FINANCIAL ADVISORY SERVICES TO HELP BUSINESSES OVERCOME DIFFERENT CHALLENGES AND POSITION THEM FOR GREATER IMPACT.

    Expenses $6,301,299 · Grants $724,623

  • CATALYZE: ROOT CAPITAL SEEKS TO CATALYZE A THRIVING FINANCIAL MARKET TO SUPPORT HISTORICALLY UNDERSERVED RURAL SMALL AND GROWING BUSINESSES. THE PROGRAM'S STRATEGY IS TO:1. INNOVATE - CONDUCT R&D, STUDY IMPACT AT THE HOUSEHOLD AND BUSINESS LEVELS, AND LOOK FOR WAYS TO INCREASE IMPACT.2. ACCELERATE - SHARE LEARNING FROM WORK WITH LIKE-MINDED PEERS TO BUILD COMMON STANDARDS AND PRACTICES NECESSARY FOR THE INDUSTRY TO THRIVE AND SCALE.THROUGH INDUSTRY ASSOCIATIONS ROOT CAPITAL PLAYS A LEADERSHIP ROLE IN BUILDING THE ENABLING ENVIRONMENT FOR RURAL SMALL AND GROWING BUSINESS FINANCE.AS A NON-PROFIT COMMITTED TO ALLEVIATING RURAL POVERTY, ROOT CAPITAL SEEKS TO MAXIMIZE THE POSITIVE SOCIAL AND ENVIRONMENTAL IMPACT OF OUR WORK. ECONOMIC, COMMUNITY, AND ENVIRONMENTAL SUSTAINABILITY ARE ALL PART OF OUR CORE VALUES.ECONOMIC SUSTAINABILITY - ROOT CAPITAL CLIENTS LINK SMALL-SCALE FARMERS TO MARKETS THAT CAN OFFER HIGHER AND MORE STABLE PRICES THAN THEY HAVE HISTORICALLY RECEIVED. ROOT CAPITAL CLIENTS ALSO GENERATE EMPLOYMENT INCLUDING MANAGERS, ACCOUNTANTS, AGRICULTURAL EXTENSION STAFF, DRIVERS, AND WORKERS AT PROCESSING PLANTS.COMMUNITY SUSTAINABILITY - FARMER ASSOCIATIONS ENCOURAGE PARTICIPATORY DECISION-MAKING AND ARE A SOURCE OF COMMUNITY OWNERSHIP AND PRIDE, MAKING TRADITIONAL AGRICULTURAL ACTIVITIES MORE VIABLE. SOCIAL IMPACT INCLUDES STABILIZING INCOMES IN RURAL COMMUNITIES AND CREATING NEW ECONOMIC OPPORTUNITIES FOR WOMEN, INDIGENOUS PEOPLES AND OTHER MARGINALIZED GROUPS.

    Expenses $745,504

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

Listed in Part VII

  • Ana Zacapa

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jack Taylor

    VICE CHAIR (THROUGH MARCH 2022)

    Total calculated
    $0
    Hours/week
    1

  • Eugene Weil

    BOARD MEMBER (THROUGH MARCH 2022)

    Total calculated
    $0
    Hours/week
    1

  • Grant Gund

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jan-Maarten Mulder

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mary Barton Dock

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Cd Glin

    BOARD MEMBER (THROUGH MARCH 2022)

    Total calculated
    $0
    Hours/week
    1

  • Lindsay Bolger

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Marissa Wesely

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ken Bartels

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mario Fernandez

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Salah Goss

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Macani Toungara

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sophie Romana

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott Amero

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Hans Muzoora

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William Foote

    CEO & FOUNDER

    Total calculated
    $324,677
    From this org
    $309,652
    From related orgs
    $0
    Other
    $15,025
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $309,652
    Bonus
    $0
    Other
    $0
    Deferred
    $12,200
    Nontaxable benefits
    $2,825
    Filer's total
    $324,677

  • Bryan Woliner

    CFO & TREASURER

    Total calculated
    $257,253
    From this org
    $225,908
    From related orgs
    $0
    Other
    $31,345
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,908
    Bonus
    $5,000
    Other
    $0
    Deferred
    $9,336
    Nontaxable benefits
    $22,009
    Filer's total
    $257,253

  • Marli Porth

    CHIEF OF STAFF/CLERK

    Total calculated
    $153,727
    From this org
    $126,091
    From related orgs
    $0
    Other
    $27,636
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,091
    Bonus
    $5,000
    Other
    $0
    Deferred
    $5,284
    Nontaxable benefits
    $22,352
    Filer's total
    $153,727

  • Frances Reid

    COO & PRESIDENT

    Total calculated
    $297,927
    From this org
    $278,219
    From related orgs
    $0
    Other
    $19,708
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $273,219
    Bonus
    $5,000
    Other
    $0
    Deferred
    $11,163
    Nontaxable benefits
    $8,545
    Filer's total
    $297,927

  • Scott McDonald

    CHIEF EXTERNAL AFFAIRS OFFICER

    Total calculated
    $208,198
    From this org
    $199,335
    From related orgs
    $0
    Other
    $8,863
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,335
    Bonus
    $5,000
    Other
    $0
    Deferred
    $3,000
    Nontaxable benefits
    $5,863
    Filer's total
    $208,198

  • Darcy Salinger

    CHIEF CREDIT OFFICER

    Total calculated
    $226,748
    From this org
    $218,027
    From related orgs
    $0
    Other
    $8,721
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,027
    Bonus
    $5,000
    Other
    $0
    Deferred
    $8,721
    Nontaxable benefits
    $0
    Filer's total
    $226,748

  • Jean Forrester

    CONTROLLER & VP INVESTOR RELATIONS

    Total calculated
    $228,642
    From this org
    $200,424
    From related orgs
    $0
    Other
    $28,218
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,424
    Bonus
    $5,000
    Other
    $0
    Deferred
    $8,402
    Nontaxable benefits
    $19,816
    Filer's total
    $228,642

  • Benjamin Witkop

    SR. DIR., GLOBAL LENDING/INNOVATION

    Total calculated
    $164,934
    From this org
    $155,893
    From related orgs
    $0
    Other
    $9,041
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,893
    Bonus
    $5,000
    Other
    $0
    Deferred
    $6,243
    Nontaxable benefits
    $2,798
    Filer's total
    $164,934

  • Angela Prosek

    SR. DIR., INST. PHILATHROPY/PARTNERSHIPS

    Total calculated
    $188,853
    From this org
    $159,561
    From related orgs
    $0
    Other
    $29,292
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,561
    Bonus
    $5,000
    Other
    $0
    Deferred
    $5,485
    Nontaxable benefits
    $23,807
    Filer's total
    $188,853

  • Gina Trieste

    CHIEF PEOPLE OFFICER

    Total calculated
    $187,422
    From this org
    $158,963
    From related orgs
    $0
    Other
    $28,459
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,963
    Bonus
    $5,000
    Other
    $0
    Deferred
    $6,451
    Nontaxable benefits
    $22,008
    Filer's total
    $187,422

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 committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
ANY NON-FIXED BONUS PAYMENTS ARE APPROVED BY THE PRESIDENT AND COO. THE CEO'S BONUS IS APPROVED BY THE BOARD OF DIRECTORS.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • ROOT CAPITAL MEXICO AC

    PROGRAM SUPPORT · MX · controlled entity

    Directly controlled by ROOT CAPITAL INC

  • ASOCIACION ACCDER

    PROGRAM SUPPORT · PE · controlled entity

    Directly controlled by ROOT CAPITAL INC

Provenance

Return type
form_990
Tax year
2022
Filed
30 October 2023
IRS schema version
2022v5.0
Source object
202313059349301321

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.