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Nonprofiteer
← GENESIS FUND

Form 990 for tax year 2023

Filed by GENESIS FUND.

Totals

Total revenue
$4,780,412
Total expenses
$2,908,668
Contributions and grants received
$2,128,563
Grants paid
$0
Program service revenue
$2,199,890
Investment income
$442,748
Other revenue
$9,211
Total assets, end of year
$53,555,012
Total liabilities, end of year
$38,755,132
Net assets or fund balances, end of year
$14,799,880
Program services expenses (Part IX)
$2,609,801
Management and general expenses
$206,895
Fundraising expenses
$91,972
Program service expenses (Part III)
$2,609,801

Program services were 89.7% 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)

    $1,799,817

  • 1f · All other contributions, gifts and grants

    $328,746

  • 2a · Program service revenue: Loan Interest

    total $2,008,404 · related or exempt $2,008,404

  • 2b · Program service revenue: Loan Fees

    total $163,352 · related or exempt $163,352

  • 2c · Program service revenue: Technical Assistance

    total $28,134 · related or exempt $28,134

  • 3 · Investment income

    total $442,748 · excluded $442,748

  • 6a · Gross rents

    real property $7,200

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $7,200

  • 6d · Net rental income or loss

    total $7,200 · excluded $7,200

  • 11a · Other revenue: Miscellaneous Income

    total $2,011 · related or exempt $2,011

  • 11e · Other revenue, total

    $2,011

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $463,703 · program services $393,307 · management and general $58,681 · fundraising $11,715

  • 7 · Other salaries and wages

    total $741,646 · program services $628,442 · management and general $94,589 · fundraising $18,615

  • 8 · Pension plan contributions

    total $25,895 · program services $22,074 · management and general $3,145 · fundraising $676

  • 9 · Other employee benefits

    total $78,512 · program services $66,928 · management and general $9,535 · fundraising $2,049

  • 10 · Payroll taxes

    total $81,062 · program services $68,657 · management and general $10,409 · fundraising $1,996

  • 11b · Fees: legal

    total $29,987 · program services $27,900 · management and general $1,769 · fundraising $318

  • 11c · Fees: accounting

    total $49,301 · program services $45,869 · management and general $2,910 · fundraising $522

  • 11g · Fees: other

    total $96,373 · program services $89,666 · management and general $5,686 · fundraising $1,021

  • 12 · Advertising and promotion

    total $79,202 · program services $28,987 · management and general $1,000 · fundraising $49,215

  • 13 · Office expenses

    total $37,029 · program services $30,879 · management and general $3,868 · fundraising $2,282

  • 14 · Information technology

    total $45,792 · program services $41,526 · management and general $3,692 · fundraising $574

  • 16 · Occupancy

    total $34,350 · program services $29,378 · management and general $4,142 · fundraising $830

  • 17 · Travel

    total $22,646 · program services $21,485 · management and general $908 · fundraising $253

  • 19 · Conferences, conventions and meetings

    total $13,476 · program services $12,298 · management and general $470 · fundraising $708

  • 20 · Interest

    total $805,448 · program services $805,448

  • 22 · Depreciation, depletion and amortization

    total $23,688 · program services $20,141 · management and general $2,947 · fundraising $600

  • 23 · Insurance

    total $24,508 · program services $21,342 · management and general $2,671 · fundraising $495

  • 24a · Other expenses: Loan loss provision

    total $158,711 · program services $158,711

  • 24b · Other expenses: Grant expense

    total $81,488 · program services $81,488

  • 24c · Other expenses: Dues and publications

    total $8,875 · program services $8,299 · management and general $473 · fundraising $103

  • 24d · Other expenses: Loan servicing expense

    total $6,976 · program services $6,976

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,730,151 · end of year $9,836,650

  • 3 · Pledges and grants receivable

    beginning of year $1,075,359 · end of year $25,627

  • 4 · Accounts receivable

    beginning of year $48,779 · end of year $69,078

  • 5 · Loans and receivables from officers and key people

    beginning of year $178,429 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $34,454,768 · end of year $42,810,175

  • 9 · Prepaid expenses and deferred charges

    beginning of year $15,660 · end of year $50,277

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

    $730,534

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

    $226,282

  • 10c · Land, buildings and equipment, net

    beginning of year $527,941 · end of year $504,252

  • 15 · Other assets

    beginning of year $194,009 · end of year $258,953

  • 17 · Accounts payable and accrued expenses

    beginning of year $487,735 · end of year $611,251

  • 19 · Deferred revenue

    beginning of year $36,272 · end of year $33,680

  • 22 · Loans and payables to officers and key people

    beginning of year $33,067 · end of year $11,093

  • 24 · Unsecured notes and loans payable

    beginning of year $28,274,578 · end of year $31,099,108

  • 25 · Other liabilities

    beginning of year $4,500,000 · end of year $7,000,000

  • 27 · Net assets without donor restrictions

    beginning of year $10,630,182 · end of year $12,511,634

  • 28 · Net assets with donor restrictions

    beginning of year $2,263,262 · end of year $2,288,246

Mission and programs · 2023

Mission

The mission of The Genesis Fund is to bring together resources to create housing and other economic and social opportunities for underserved people and communities throughout Maine, New Hampshire, and Vermont.

  • In FY24, the Genesis Fund closed 31 loans for over $13 million, increasing the outstanding loan portfolio to $44 million. Through this lending, 619 units of housing were created or preserved. In addition, the Genesis Fund's lending reached over 35,000 additional people through support of community facilities such as healthcare clinics, food pantries, childcare centers, support of entrepreneurs, and other community service hubs. The Genesis Fund also provided over 3,200 hours of professional guidance to dozens of projects in FY24, helping to create affordable housing and community facilities by sharing professional knowledge to develop these projects.

    Expenses $2,609,801 · Revenue $2,201,901

As filed on the 2023 return.

Listed in Part VII

  • Rebecca Hatfield

    President

    Total calculated
    $0
    Hours/week
    0.5

  • Julie Wagoner

    Vice President

    Total calculated
    $0
    Hours/week
    0.5

  • Janice de Lima

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Laurie Miller

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5

  • Beth Hayward

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Shima Kabirigi

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Jeff Mosley

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Betty Robinson

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Robyn Wardell

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Tom Whelan

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Elizabeth Fleming-Ives

    Executive Director

    Total calculated
    $240,044
    From this org
    $208,295
    From related orgs
    $0
    Other
    $31,749
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,045
    Bonus
    $26,250
    Other
    $0
    Deferred
    $10,784
    Nontaxable benefits
    $20,965
    Filer's total
    $240,044

  • Jennifer Rottmann

    Deputy Director & CFO

    Total calculated
    $203,550
    From this org
    $179,981
    From related orgs
    $0
    Other
    $23,569
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,842
    Bonus
    $23,139
    Other
    $0
    Deferred
    $9,324
    Nontaxable benefits
    $14,245
    Filer's total
    $203,550

  • Erica Quin-Easter

    Director of Lending

    Total calculated
    $148,812
    From this org
    $129,542
    From related orgs
    $0
    Other
    $19,270
    Hours/week
    40

  • John Egan

    Senior Program Officer

    Total calculated
    $122,407
    From this org
    $106,261
    From related orgs
    $0
    Other
    $16,146
    Hours/week
    40

  • Elyse Tipton

    Communications Director

    Total calculated
    $113,086
    From this org
    $100,987
    From related orgs
    $0
    Other
    $12,099
    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. 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 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
Supervisors may recommend bonuses based on increased job responsibilites and performance. The Board reserves the option of giving the Executive Director a yearly bonus based on a performance review indicating outstanding performance.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
26 July 2024
IRS schema version
2023v5.1
Source object
202402089349300900

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