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Nonprofiteer
← THE CAPITAL GOOD FUND

Form 990 for tax year 2023

Filed by THE CAPITAL GOOD FUND.

Totals

Total revenue
$6,754,848
Total expenses
$6,491,745
Contributions and grants received
$4,971,830
Grants paid
$0
Program service revenue
$1,783,018
Investment income
$0
Other revenue
$0
Total assets, end of year
$23,807,401
Total liabilities, end of year
$21,642,033
Net assets or fund balances, end of year
$2,165,368
Program services expenses (Part IX)
$5,512,976
Management and general expenses
$640,892
Fundraising expenses
$337,877
Program service expenses (Part III)
$5,512,976

Program services were 84.9% 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.

  • 1d · Related organizations

    $1,300,000

  • 1f · All other contributions, gifts and grants

    $3,671,830

  • 2a · Program service revenue: PROGRAM LOAN INTEREST

    total $1,310,861 · related or exempt $1,310,861

  • 2b · Program service revenue: SHARED SERVICES

    total $263,354 · related or exempt $263,354

  • 2c · Program service revenue: TAX CREDITS, REBATES,

    total $208,803 · related or exempt $208,803

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $113,103 · program services $91,614 · management and general $11,310 · fundraising $10,179

  • 7 · Other salaries and wages

    total $2,580,771 · program services $2,090,425 · management and general $258,077 · fundraising $232,269

  • 8 · Pension plan contributions

    total $44,740 · program services $36,239 · management and general $4,474 · fundraising $4,027

  • 9 · Other employee benefits

    total $163,289 · program services $132,264 · management and general $16,329 · fundraising $14,696

  • 10 · Payroll taxes

    total $261,276 · program services $211,633 · management and general $26,128 · fundraising $23,515

  • 11b · Fees: legal

    total $36,499 · management and general $36,499

  • 11c · Fees: accounting

    total $34,430 · program services $27,888 · management and general $3,443 · fundraising $3,099

  • 11g · Fees: other

    total $14,631 · program services $3,301 · management and general $11,118 · fundraising $212

  • 12 · Advertising and promotion

    total $187,351 · program services $64,014 · management and general $118,298 · fundraising $5,039

  • 13 · Office expenses

    total $90,875 · program services $73,609 · management and general $9,088 · fundraising $8,178

  • 14 · Information technology

    total $278,140 · program services $225,293 · management and general $27,814 · fundraising $25,033

  • 17 · Travel

    total $18,883 · program services $1,477 · management and general $17,406

  • 20 · Interest

    total $510,930 · program services $510,930

  • 22 · Depreciation, depletion and amortization

    total $78,130 · program services $63,285 · management and general $7,813 · fundraising $7,032

  • 23 · Insurance

    total $49,562 · program services $40,145 · management and general $4,956 · fundraising $4,461

  • 24a · Other expenses: LOAN SERVICING

    total $944,866 · program services $944,866

  • 24b · Other expenses: LOAN LOSS RESERVE

    total $910,007 · program services $910,007

  • 24c · Other expenses: PROFESSIONAL DEVELOPMEN

    total $76,926 · program services $6,976 · management and general $69,950

  • 24d · Other expenses: CREDIT REPORTS

    total $39,052 · program services $39,052

  • 24e · All other expenses

    total $58,284 · program services $39,958 · management and general $18,189 · fundraising $137

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,517,815 · end of year $1,154,007

  • 2 · Savings and temporary cash investments

    end of year $963,068

  • 3 · Pledges and grants receivable

    beginning of year $154,424 · end of year $23,910

  • 4 · Accounts receivable

    beginning of year $137,754 · end of year $515,006

  • 7 · Other notes and loans receivable

    beginning of year $11,848,995 · end of year $20,147,312

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,663 · end of year $39,778

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

    $1,105,666

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

    $182,991

  • 10c · Land, buildings and equipment, net

    beginning of year $522,052 · end of year $922,675

  • 15 · Other assets

    beginning of year $41,620 · end of year $41,645

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,538,261 · end of year $636,354

  • 19 · Deferred revenue

    beginning of year $1,870,730 · end of year $2,983,695

  • 22 · Loans and payables to officers and key people

    beginning of year $201,009 · end of year $223,949

  • 23 · Secured mortgages and notes payable

    beginning of year $875,000

  • 24 · Unsecured notes and loans payable

    beginning of year $10,860,058 · end of year $17,798,035

  • 27 · Net assets without donor restrictions

    beginning of year $1,454,608 · end of year $1,191,367

  • 28 · Net assets with donor restrictions

    beginning of year $447,657 · end of year $974,001

Mission and programs · 2023

Mission

TO CREATE PATHWAYS OUT OF POVERTY AND ADVANCE A GREEN ECONOMY THROUGH INCLUSIVE FINANCIAL SERVICES.

Activities or mission (Part I)

THE CAPITAL GOOD FUND IS A U.S. TREASURY CERTIFIED COMMUNITY DEVELOPMENT FOUNDATION THAT TARGETS ROOT CAUSES OF POVERTY AND ENVIRONMENTAL INJUSTICE THROUGH INNOVATIVE PERSONAL LOANS AND FINANCIAL COACHING. ITS MISSION IS TO CREATE PATHWAYS OUT OF POVERTY AND ADVANCE A GREEN ECONOMY THROUGH INCLUSIVE FINANCIAL SERVICES.

  • WE ARE A NONPROFIT, CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT BELIEVES IN EQUITABLE FINANCING FOR ALL. WE CURRENTLY OFFER FINANCING IN RHODE ISLAND, FLORIDA, MASSACHUSETTS, ILLINOIS, DELAWARE, TEXAS, COLORADO, NEW JERSEY, CONNECTICUT, GEORGIA AND PENNSYLVANIA. IN 2023, WE SET RECORDS FOR LOAN VOLUME, REVENUE, EARNED INCOME, TOTAL ASSETS, AND MORE. THIS INCLUDES OVER 2,600 LOANS FOR $12.5 MILLION; 91 FAMILIES RECEIVING FINANCIAL COACHING; TOTAL ASSETS OF $23 MILLION; OVER 40% SELF-SUFFICIENCY ON A CASH FLOW BASIS; AND REVENUE OF $6.75 MILLION. WE LEVERAGED THIS FINANCIAL AND OPERATIONAL STRENGTH TO REACH OVER 7,410 INDIVIDUALS AND BUILT A BASE FOR EXPONENTIAL GROWTH IN 2024 AND BEYOND.

    Expenses $5,117,450 · Revenue $1,783,018

  • IN 2023, CAPITAL GOOD FUND GRADUATED OVER 91 FAMILIES FROM OUR NATIONALLY RECOGNIZED, ONE-ON-ONE FINANCIAL AND HEALTH COACHING PROGRAM, COVERING TOPICS LIKE BUDGETING, BANKING, SAVINGS, DEBT, AND HEALTHY EATING ON A BUDGET.

    Expenses $395,526

As filed on the 2023 return.

Listed in Part VII

  • Arthur S Gabinet

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Betsy Harris

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dara Duguay

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elina Magaly Santana Esq

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Libby Kimzey

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Nisha Floyd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rahul Gupta

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Andrew Posner

    FOUNDER & CEO

    Total calculated
    $113,101
    From this org
    $109,807
    From related orgs
    $0
    Other
    $3,294
    Hours/week
    40 + 1 related

  • Aisha Bussey

    CHIEF BUSINESS OFFICER

    Total calculated
    $132,806
    From this org
    $128,938
    From related orgs
    $0
    Other
    $3,868
    Hours/week
    40

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.

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.

  • SOCIAL CAPITAL FUND

    501(C)(3) · SUPPORT THE CAPITAL GOOD FUND'S GROWING SMALL-DOLLAR PERSONAL LOAN PORTFOLIO · RI · controlled entity

    Directly controlled by THE CAPITAL GOOD FUND

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • GEORGIA BRIGHT SOLAR LLC

    TO SUPPORT AND FURTHER THE CHARITABLE ACTIVITIES OF CAPITAL GOOD FUND · GA · income $3,320 · assets $1,128,794

    Directly controlled by THE CAPITAL GOOD FUND

  • GREEN NEW DEAL FUND 1 LLC

    TO SUPPORT AND FURTHER THE CHARITABLE ACTIVITIES OF CAPITAL GOOD FUND · RI · income $15,887 · assets $558,826

    Directly controlled by THE CAPITAL GOOD FUND

  • AMERICA BRIGHT SOLAR LLC

    TO SUPPORT AND FURTHER THE CHARITABLE ACTIVITIES OF CAPITAL GOOD FUND · RI · income $0 · assets $0

    Directly controlled by THE CAPITAL GOOD FUND

Provenance

Return type
form_990
Tax year
2023
Filed
24 September 2024
IRS schema version
2023v5.1
Source object
202442719349300829

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