Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $5,093,626

• 1f · All other contributions, gifts and grants

  $2,907,064

• 2a · Program service revenue: PROGRAM AND PROCESSING FEES

  total $1,763,510 · related or exempt $1,763,510

• 2b · Program service revenue: LOAN INTEREST INCOME

  total $1,293,980 · related or exempt $1,293,980

• 3 · Investment income

  total $454,588 · excluded $454,588

• 11a · Other revenue: LOAN RECOVERIES

  total $462,481 · related or exempt $462,481

• 11b · Other revenue: MISCELLANEOUS REVENUE

  total $29,273 · related or exempt $29,273

• 11e · Other revenue, total

  $491,754

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $729,572 · program services $79,515 · management and general $650,057

• 7 · Other salaries and wages

  total $4,958,142 · program services $3,653,551 · management and general $948,269 · fundraising $356,322

• 9 · Other employee benefits

  total $1,007,237 · program services $793,561 · management and general $136,814 · fundraising $76,862

• 11b · Fees: legal

  total $339,713 · program services $224,508 · management and general $115,205

• 11c · Fees: accounting

  total $383,754 · program services $187,779 · management and general $195,975

• 11g · Fees: other

  total $713,147 · program services $469,510 · management and general $243,637

• 12 · Advertising and promotion

  total $83,970 · program services $79,276 · management and general $4,604 · fundraising $90

• 13 · Office expenses

  total $377,187 · program services $47,213 · management and general $329,974

• 16 · Occupancy

  total $402,654 · program services $46,320 · management and general $355,218 · fundraising $1,116

• 17 · Travel

  total $184,021 · program services $152,102 · management and general $27,615 · fundraising $4,304

• 19 · Conferences, conventions and meetings

  total $112,675 · program services $70,061 · management and general $41,691 · fundraising $923

• 20 · Interest

  total $363,985 · program services $353,394 · management and general $10,591

• 22 · Depreciation, depletion and amortization

  total $40,634 · management and general $40,634

• 23 · Insurance

  total $88,265 · management and general $88,265

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $1,973,609 · program services $1,973,609

• 24b · Other expenses: RECRUITMENT EXPENSES

  total $73,249 · program services $33,205 · management and general $38,777 · fundraising $1,267

• 24c · Other expenses: DUES AND SUBSCRIPTIONS

  total $42,331 · program services $22,066 · management and general $16,952 · fundraising $3,313

• 24d · Other expenses: ALLOCATED INDIRECT EXPE

  total -$1,410,926 · program services -$1,410,926

• 24e · All other expenses

  total $116,020 · program services $97,740 · management and general $18,280

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $19,399,003 · end of year $14,690,812

• 3 · Pledges and grants receivable

  beginning of year $6,465,007 · end of year $4,016,108

• 4 · Accounts receivable

  beginning of year $264,695 · end of year $324,673

• 7 · Other notes and loans receivable

  beginning of year $19,840,982 · end of year $29,791,729

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

  $323,141

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

  $286,801

• 10c · Land, buildings and equipment, net

  beginning of year $76,973 · end of year $36,340

• 12 · Investments: other securities

  beginning of year $903,938 · end of year $759,618

• 15 · Other assets

  beginning of year $1,581,514 · end of year $2,224,147

• 17 · Accounts payable and accrued expenses

  beginning of year $1,639,411 · end of year $1,208,200

• 19 · Deferred revenue

  beginning of year $4,332,532 · end of year $4,572,753

• 21 · Escrow or custodial account liability

  beginning of year $714,203 · end of year $691,307

• 22 · Loans and payables to officers and key people

  beginning of year $21,466,043 · end of year $24,888,134

• 25 · Other liabilities

  beginning of year $1,143,957 · end of year $698,865

• 27 · Net assets without donor restrictions

  beginning of year $12,654,487 · end of year $12,144,535

• 28 · Net assets with donor restrictions

  beginning of year $6,581,479 · end of year $7,639,633

The filer's explanations (Part III)

PART I, LINE 7

THE BONUSES REPORTED ON SCHEDULE J, PART II (B)(II) ARE NON-FIXED AND APPROVED BY THE BOARD.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• EMPOWERMENT REINVESTMENT FUND LLC

  RELATED · FINANCING · NY · 99% owned · share of income $60,517 · share of assets $2,802,085 · general or managing partner

Related corporations and trusts

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

• ERF HOLDINGS LLC

  C · FINANCING · NY · 100% owned · share of income $225 · share of assets $55,258