Skip to content
Nonprofiteer
← RISING TIDE COMMUNITY LOAN FUND

Form 990 for tax year 2022

Filed by RISING TIDE COMMUNITY LOAN FUND.

Totals

Total revenue
$955,580
Total expenses
$812,180
Contributions and grants received
$727,692
Grants paid
$1,409
Program service revenue
$200,213
Investment income
$27,675
Other revenue
$0
Total assets, end of year
$6,802,134
Total liabilities, end of year
$4,305,948
Net assets or fund balances, end of year
$2,496,186
Program services expenses (Part IX)
$691,783
Management and general expenses
$85,108
Fundraising expenses
$35,289
Program service expenses (Part III)
$691,783

Program services were 85.2% 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)

    $692,539

  • 1f · All other contributions, gifts and grants

    $35,153

  • 2a · Program service revenue: PROGRAM LOAN INTEREST

    total $177,583 · related or exempt $177,583

  • 2b · Program service revenue: PROGRAM FEES

    total $22,630 · related or exempt $22,630

  • 3 · Investment income

    total $27,675 · excluded $27,675

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,409 · program services $1,409

  • 7 · Other salaries and wages

    total $218,313 · program services $218,313

  • 8 · Pension plan contributions

    total $8,255 · program services $8,255

  • 9 · Other employee benefits

    total $56,857 · program services $56,857

  • 10 · Payroll taxes

    total $19,647 · program services $19,647

  • 11a · Fees: management

    total $265,248 · program services $152,101 · management and general $77,858 · fundraising $35,289

  • 11b · Fees: legal

    total $126 · program services $126

  • 11c · Fees: accounting

    total $7,250 · management and general $7,250

  • 11g · Fees: other

    total $2,005 · program services $2,005

  • 12 · Advertising and promotion

    total $352 · program services $352

  • 13 · Office expenses

    total $5,434 · program services $5,434

  • 14 · Information technology

    total $1,431 · program services $1,431

  • 17 · Travel

    total $1,250 · program services $1,250

  • 19 · Conferences, conventions and meetings

    total $214 · program services $214

  • 20 · Interest

    total $37,365 · program services $37,365

  • 22 · Depreciation, depletion and amortization

    total $8,001 · program services $8,001

  • 23 · Insurance

    total $607 · program services $607

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $117,256 · program services $117,256

  • 24b · Other expenses: PROGRAM EXPENSE

    total $34,965 · program services $34,965

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $19,131 · program services $19,131

  • 24d · Other expenses: MISCELLANEOUS

    total $7,064 · program services $7,064

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,086,021 · end of year $3,921,624

  • 3 · Pledges and grants receivable

    beginning of year $4,250

  • 9 · Prepaid expenses and deferred charges

    beginning of year $53,000 · end of year $50,000

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

    $34,264

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

    $22,524

  • 10c · Land, buildings and equipment, net

    beginning of year $19,741 · end of year $11,740

  • 15 · Other assets

    beginning of year $1,780,901 · end of year $2,818,770

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,092 · end of year $32,834

  • 19 · Deferred revenue

    beginning of year $232,941 · end of year $234,682

  • 24 · Unsecured notes and loans payable

    beginning of year $3,316,108 · end of year $4,028,988

  • 25 · Other liabilities

    beginning of year $15,986 · end of year $9,444

  • 27 · Net assets without donor restrictions

    beginning of year $2,053,978 · end of year $2,135,942

  • 28 · Net assets with donor restrictions

    beginning of year $298,808 · end of year $360,244

Mission and programs · 2022

Mission

THE ORGANIZATION PROVIDES LOANS TO SMALL OR START-UP BUSINESS VENTURES, THAT MAY NOT QUALIFY TO BANK STANDARDS THEREBY IMPROVING ECONOMICALLY DEPRESSED COMMUNITIES.

  • THE ORGANIZATION PROVIDES LOANS TO SMALL OR START-UP BUSINESS VENTURES, THAT MAY NOT QUALIFY TO BANK STANDARDS, TO IMPROVE THE SOCIAL WELFARE OF ECONOMICALLY DEPRESSED OR BLIGHTED NEIGHBORHOODS OF THE COMMUNITY. DONOR/INVESTORS HAVE LOANED FUNDS FOR USE IN PROGRAM LENDING AT NO OR BELOW MARKET INTEREST.DURING OUR FISCAL YEAR ENDING JUNE 30, 2023, WE MADE 25 LOANS TO 24 DIFFERENT BUSINESSES: OF THESE 15 WERE MADE TO WOMAN-OWNED BUSINESSES, 22 WERE MADE TO MINORITY-OWNED BUSINESSES AND 23 WERE TO BUSINESSES OWNED BY LOW-TO MODERATE-INCOME INDIVIDUALS AND/OR LOCATED IN LOW-TO MODERATEINCOME CENSUS TRACTS. DISBURSED MORE THAN $1,800,000, BRINGING THE TOTAL DISBURSED BY THE RISING TIDE TO DATE TO JUST OVER $12 MILLION. BUSINESSES THAT RECEIVED LOANS IN 2022-2023 WERE FOUR TRUCKING COMPANIES, TWO BOARD GAMING BUSINESSES, TWO RESTAURANTS, A RETAIL STORE, A BREWERY, A BAKERY, A PRINTING COMPANY, A CHILDCARE CENTER, A MEDIA COMPANY, AN EVENTS CENTER, A FLOWER SHOP, A CAF, A FITNESS CENTER, A PAVING COMPANY, A NOTARY, A GROCERY STORE, A CATERING BUSINESS, A RAMEN SUPPLY COMPANY AND A BEAUTY SALON. PART OF THE PROGRAM INCLUDED FREE OF COST MARKETING SERVICES TO MORE THAN 60 BUSINESSES. SERVICES PROVIDED INCLUDED, BUT WERE NOT LIMITED TO, WEB DESIGN, LOGO DESIGN, SOCIAL MEDIA ASSISTANCE, AND THE CREATION OF MARKETING MATERIALS.

    Expenses $691,783 · Grants $1,409 · Revenue $200,213

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

Listed in Part VII

  • Dawn Godshall

    EXECUTIVE DIRECTOR

    Total calculated
    $182,345
    From this org
    $0
    From related orgs
    $168,561
    Other
    $13,784
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $168,561 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,408 related
    Nontaxable benefits
    $0 + $1,376 related
    Filer's total
    $0 + $182,345 related

  • Chris Hudock

    ASSOCIATE EXECUTIVE DIR OF

    Total calculated
    $94,001
    From this org
    $0
    From related orgs
    $85,868
    Other
    $8,133
    Hours/week
    50

  • Byron Aragon

    DEPUTY EXECUTIVE DIRECTOR FOR FINANCE

    Total calculated
    $53,343
    From this org
    $0
    From related orgs
    $53,104
    Other
    $239
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $53,104 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $239 related
    Filer's total
    $0 + $53,343 related

  • Stephen Broome

    DEPUTY EXECUTIVE DIRECTOR FOR FINANCE

    Total calculated
    $0
    Hours/week
    1 + 39 related

  • Otis McNeil

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Sally Handlon

    VICE-PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Chris Jones

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • David Hammer

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Wayne Barz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Pat Corpora

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Gina Massoto

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Colleen Krcelich

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Elizabeth Ortiz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Lauren Tarola

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Marek Tomanek

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Todd Watkins

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Russell Fletcher Jr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

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

None.

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

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.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
22 April 2024
IRS schema version
2022v5.0
Source object
202421219349300017

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.