Totals
- Total revenue
- $79,102,825
- Total expenses
- $36,403,375
- Contributions and grants received
- $64,478,252
- Grants paid
- $1,784,668
- Program service revenue
- $8,954,646
- Investment income
- $5,575,592
- Other revenue
- $94,335
- Total assets, end of year
- $194,299,108
- Total liabilities, end of year
- $21,662,201
- Net assets or fund balances, end of year
- $172,636,907
- Program services expenses (Part IX)
- $29,566,137
- Management and general expenses
- $6,512,143
- Fundraising expenses
- $325,095
- Program service expenses (Part III)
- $29,566,137
Program services were 81.2% 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)
$9,341,929
-
1f · All other contributions, gifts and grants
$55,136,323
-
2a · Program service revenue: PROGRAM FEES
total $8,954,646 · related or exempt $8,954,646
-
3 · Investment income
total $6,620,026 · excluded $6,620,026
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0
-
7a · Gross sales of assets other than inventory
securities $18,464,116
-
7b · Less cost or other basis and sales expenses
securities $19,508,550
-
7c · Gain or loss
securities -$1,044,434
-
7d · Net gain or loss
total -$1,044,434 · excluded -$1,044,434
-
8a · Fundraising events: gross income
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: OTHER INCOME
total $94,335 · related or exempt $94,335
-
11e · Other revenue, total
$94,335
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $1,684,053 · program services $1,684,053
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $100,615 · program services $100,615
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $2,730,980 · program services $2,245,529 · management and general $447,936 · fundraising $37,515
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $15,987,057 · program services $14,152,293 · management and general $1,598,028 · fundraising $236,736
-
8 · Pension plan contributions
total $389,019 · management and general $389,019
-
9 · Other employee benefits
total $1,853,454 · program services $36,376 · management and general $1,817,078
-
10 · Payroll taxes
total $1,157,754 · management and general $1,157,754
-
11a · Fees: management
total $119,447 · program services $119,447
-
11b · Fees: legal
total $139,571 · program services $107,040 · management and general $32,531
-
11c · Fees: accounting
total $170,730 · program services $148,435 · management and general $22,295
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $2,589,253 · program services $2,439,084 · management and general $143,769 · fundraising $6,400
-
12 · Advertising and promotion
total $176,818 · program services $142,794 · management and general $30,735 · fundraising $3,289
-
13 · Office expenses
total $492,076 · program services $386,727 · management and general $101,825 · fundraising $3,524
-
14 · Information technology
total $798,068 · program services $556,830 · management and general $233,706 · fundraising $7,532
-
15 · Royalties
total $0
-
16 · Occupancy
total $1,266,232 · program services $859,135 · management and general $394,387 · fundraising $12,710
-
17 · Travel
total $387,268 · program services $346,615 · management and general $38,590 · fundraising $2,063
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $396,403 · program services $396,403
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $882,638 · program services $813,232 · management and general $67,239 · fundraising $2,167
-
23 · Insurance
total $151,349 · program services $116,915 · management and general $33,359 · fundraising $1,075
-
24a · Other expenses: ALLOWANCE FOR LOAN RECEIVABLE
total $3,483,522 · program services $3,483,522
-
24b · Other expenses: LIVING STIPEND
total $827,862 · program services $827,862
-
24c · Other expenses: PROGRAM EVAULATOR (MDRC)
total $562,050 · program services $562,050
-
24d · Other expenses: MISCELLANEOUS
total $32,188 · program services $32,188
-
24e · All other expenses
total $24,968 · program services $8,992 · management and general $3,892 · fundraising $12,084
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $8,771,935 · end of year $4,433,067
-
2 · Savings and temporary cash investments
beginning of year $34,813,610 · end of year $35,123,079
-
3 · Pledges and grants receivable
beginning of year $11,638,986 · end of year $14,779,629
-
4 · Accounts receivable
beginning of year $1,960,715 · end of year $2,301,151
-
5 · Loans and receivables from officers and key people
beginning of year $2,526,178 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $14,484,850 · end of year $27,012,985
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $695,071 · end of year $1,023,435
-
10a · Land, buildings and equipment: cost or other basis
$1,343,494
-
10b · Land, buildings and equipment: accumulated depreciation
$758,294
-
10c · Land, buildings and equipment, net
beginning of year $565,813 · end of year $585,200
-
11 · Investments: publicly traded securities
beginning of year $66,535,300 · end of year $91,118,757
-
12 · Investments: other securities
beginning of year $0 · end of year $0
-
13 · Investments: program-related
beginning of year $9,207,861 · end of year $9,790,599
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $7,009,006 · end of year $8,131,206
-
17 · Accounts payable and accrued expenses
beginning of year $3,919,558 · end of year $4,589,287
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $1,898,499 · end of year $3,517,574
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $7,483,478 · end of year $7,892,037
-
25 · Other liabilities
beginning of year $7,700,037 · end of year $5,663,303
-
27 · Net assets without donor restrictions
beginning of year $65,844,849 · end of year $96,635,727
-
28 · Net assets with donor restrictions
beginning of year $71,362,904 · end of year $76,001,180
Mission and programs · 2024
Mission
SOCIAL FINANCE BUILDS INNOVATIVE PARTNERSHIPS AND INVESTMENTS THAT REALIGN SYSTEMS TO MEASURABLY IMPROVE LIVES.
-
SEE SCHEDULE O
Expenses $18,631,542 · Grants $1,383,864 · Revenue $701,115
-
SEE SCHEDULE O
Expenses $8,411,556 · Grants $225,804 · Revenue $7,027,899
-
SEE SCHEDULE O
Expenses $2,523,039 · Grants $175,000
-
OTHER PROGRAM SERVICES
Revenue $1,319,967
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Tracy Palandjian
CEO & Co-Founder
- Total calculated
- $826,471
- From this org
- $789,674
- From related orgs
- $0
- Other
- $36,797
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $475,000
- Bonus
- $38,000
- Other
- $276,674
- Deferred
- $10,350
- Nontaxable benefits
- $26,447
- Filer's total
- $826,471
-
Kirstin HillKIRSTIN HILL
President & COO
- Total calculated
- $411,049
- From this org
- $383,937
- From related orgs
- $0
- Other
- $27,112
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $375,000
- Bonus
- $8,217
- Other
- $720
- Deferred
- $7,538
- Nontaxable benefits
- $19,574
- Filer's total
- $411,049
-
John Woods
CHIEF FINANCIAL OFFICER
- Total calculated
- $334,374
- From this org
- $302,680
- From related orgs
- $0
- Other
- $31,694
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $281,320
- Bonus
- $20,640
- Other
- $720
- Deferred
- $7,418
- Nontaxable benefits
- $24,276
- Filer's total
- $334,374
-
Jacob Segal
MANAGING DIRECTOR, Impact Adv.
- Total calculated
- $324,715
- From this org
- $297,535
- From related orgs
- $0
- Other
- $27,180
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $279,000
- Bonus
- $17,815
- Other
- $720
- Deferred
- $8,370
- Nontaxable benefits
- $18,810
- Filer's total
- $324,715
-
Karen Lynn AndersonKAREN LYNN ANDERSON
MANAGING DIR, SFI
- Total calculated
- $317,521
- From this org
- $291,355
- From related orgs
- $0
- Other
- $26,166
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $285,000
- Bonus
- $5,635
- Other
- $720
- Deferred
- $6,056
- Nontaxable benefits
- $20,110
- Filer's total
- $317,521
-
Navjeet K Bal
General Counsel(until 12/6/24)
- Total calculated
- $275,332
- From this org
- $249,491
- From related orgs
- $0
- Other
- $25,841
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $236,331
- Bonus
- $12,500
- Other
- $660
- Deferred
- $6,875
- Nontaxable benefits
- $18,966
- Filer's total
- $275,332
-
Stephen Gaetano Vicinelli
VP, Impact Investments
- Total calculated
- $274,157
- From this org
- $237,195
- From related orgs
- $0
- Other
- $36,962
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $222,500
- Bonus
- $13,975
- Other
- $720
- Deferred
- $6,675
- Nontaxable benefits
- $30,287
- Filer's total
- $274,157
-
Andrew C Chen
VP, Impact Investments
- Total calculated
- $265,495
- From this org
- $238,720
- From related orgs
- $0
- Other
- $26,775
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $217,500
- Bonus
- $20,500
- Other
- $720
- Deferred
- $6,525
- Nontaxable benefits
- $20,250
- Filer's total
- $265,495
-
Catherine Dun Rappaport
VP, Impact Investments
- Total calculated
- $264,363
- From this org
- $234,695
- From related orgs
- $0
- Other
- $29,668
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $220,000
- Bonus
- $13,975
- Other
- $720
- Deferred
- $6,600
- Nontaxable benefits
- $23,068
- Filer's total
- $264,363
-
Jonathan S Edwards
VP, Impact Investments
- Total calculated
- $261,194
- From this org
- $235,720
- From related orgs
- $0
- Other
- $25,474
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $215,000
- Bonus
- $20,000
- Other
- $720
- Deferred
- $6,450
- Nontaxable benefits
- $19,024
- Filer's total
- $261,194
-
Justin Bakule
VP, Impact Investments
- Total calculated
- $254,781
- From this org
- $234,695
- From related orgs
- $0
- Other
- $20,086
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $220,000
- Bonus
- $13,975
- Other
- $720
- Deferred
- $6,600
- Nontaxable benefits
- $13,486
- Filer's total
- $254,781
-
Leslie Cornell
GEN. COUNS. & CHIEF COMP.
- Total calculated
- $241,518
- From this org
- $218,762
- From related orgs
- $0
- Other
- $22,756
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $198,542
- Bonus
- $19,500
- Other
- $720
- Deferred
- $5,956
- Nontaxable benefits
- $16,800
- Filer's total
- $241,518
-
Alexa Rachlin
Director
- Total calculated
- $0
- Hours/week
- 2
-
Bracebridge H Young JrBRACEBRIDGE H YOUNG JR
Director
- Total calculated
- $0
- Hours/week
- 2
-
Doug Henderson
Treasurer
- Total calculated
- $0
- Hours/week
- 2
-
Dr Lauren SmithDR LAUREN SMITH
Director
- Total calculated
- $0
- Hours/week
- 2
-
Edward L ShapiroEDWARD L SHAPIRO
Director
- Total calculated
- $0
- Hours/week
- 2
-
Governor Deval PatrickGOVERNOR DEVAL PATRICK
Director
- Total calculated
- $0
- Hours/week
- 2
-
Ian Simmons
Director
- Total calculated
- $0
- Hours/week
- 2
-
Karen Dynan
Director
- Total calculated
- $0
- Hours/week
- 2
-
Laura Lauder
Director
- Total calculated
- $0
- Hours/week
- 2
-
Laurene Sperling
Director
- Total calculated
- $0
- Hours/week
- 2
-
Elizabeth LempresELIZABETH LEMPRES
Director
- Total calculated
- $0
- Hours/week
- 2
-
Nancy Zimmerman
Clerk
- Total calculated
- $0
- Hours/week
- 2
-
Pamela Dippel ChoneyPAMELA DIPPEL CHONEY
Chair
- Total calculated
- $0
- Hours/week
- 2
-
Sandra A UrieSANDRA A URIE
DIRECTOR
- 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
- 3 · Form 990 of other organizations
- 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)
- SCHEDULE J, PART II, LINE 1, COLUMNN (iii) OTHER REPORTABLE COMPENSATION:
- "OTHER REPORTABLE COMPENSATION" FOR TRACY PALANDJIAN: IN SEPTEMBER 2024, SOCIAL FINANCE, INC. ENTERED INTO A DEFERRED COMPENSATION PLAN WITH MS. PALANDJIAN, AFTER FOURTEEN YEARS OF SERVICE, TO PROVIDE INCENTIVES FOR LONG-TERM RETENTION, PROVIDED THAT MS. PALANDJIAN IS EMPLOYED BY SFI AND IN GOOD STANDING EACH YEAR.
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
-
$692,486
PAVE SIB Project Outcomes Payments
-
$417,600
Google AI Startup Grant project
-
$32,691
Google AI Startup Grant project
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.
-
SOCIAL FINANCE CAREER IMPACT BOND GENERA
SUPPORT · DE · income $310,766 · assets $1,214,683
Directly controlled by SFI INC
-
UP FUND GP LLC
ASSISTANCE · DE · income $0 · assets $395,964
Directly controlled by SFI INC
-
SF ADVISORS LLC
MANAGEMENT CO · DE · income $881,486 · assets -$189,049
Directly controlled by SFI INC
-
UP FUND INVESTMENTS LLC
FEEDER FUND · DE · income $76,530 · assets $6,186,492
Directly controlled by SFI INC
-
SOCIAL FINANCE CAREER IMPACT BOND
SUPPORT · DE · income $0 · assets $0
Directly controlled by SFI INC
-
DREAMERS GRADUATE EDUCATION FINANCING TR
education · DE · income $899,493 · assets $15,280,056
Directly controlled by SFI INC
-
PAY IT FORWARD NJ LLC
EDUCATION · DE · income $7,500,000 · assets $15,893,638
Directly controlled by SFI INC
-
COLORADO PAY IT FORWARD FUND LLC
HEALTHCARE · DE · income $0 · assets $1,813,578
Directly controlled by SFI INC
-
PAY IT FORWARD NY LLC
ECONOMIC MOBI · DE · income $0 · assets $1,499,994
Directly controlled by SFI INC
-
CAREER CERTIFICATE FUND TRUST
ECONOMIC MOBI · DE · income $228,171 · assets $15,643,920
Directly controlled by SFI INC
-
SFIFF INVESTMENTS LLC
FEEDER FUND · DE · income $57,659 · assets $8,353,911
Directly controlled by SFI INC
-
SOCIAL FINANCE IMPACT-FIRST GP
EQUITY INTERE · DE · income $0 · assets $955,053
Directly controlled by SFI INC
-
HAWAII PAY IT FORWARD FUND LLC
EDUCATION · DE · income $8,489 · assets $500,004
Directly controlled by SFI INC
-
ADVANCING CAREER TRUST FUND LLC
EDUCATION · DE · income $143,763 · assets $5,865,907
Directly controlled by SFI INC
-
RENEW FUND REINVESTING IN NURSING EDUCA
EDUCATION · DE · income $84,852 · assets $5,260,136
Directly controlled by SFI INC
-
SF ADVISORS II LLC
MANAGEMENT CO · DE · income $542,969 · assets $0
Directly controlled by SFI INC
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
UP FUND LP
N/A · CAPITAL PURCHASES · DE
Directly controlled by NA
-
SOCIAL FINANCE IMPACT-FIRST FUND LP
N/A · INVESTMENTS · DE
Directly controlled by NA
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 17 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202533219349321553
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