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Nonprofiteer
← RISING TIDE COMMUNITY LOAN FUND

Form 990 for tax year 2023

Filed by RISING TIDE COMMUNITY LOAN FUND.

Totals

Total revenue
$652,946
Total expenses
$1,028,854
Contributions and grants received
$317,408
Grants paid
$2,722
Program service revenue
$236,025
Investment income
$99,513
Other revenue
$0
Total assets, end of year
$6,222,255
Total liabilities, end of year
$4,101,977
Net assets or fund balances, end of year
$2,120,278
Program services expenses (Part IX)
$889,463
Management and general expenses
$92,256
Fundraising expenses
$47,135
Program service expenses (Part III)
$889,463

Program services were 86.5% 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)

    $235,468

  • 1f · All other contributions, gifts and grants

    $81,940

  • 2a · Program service revenue: PROGRAM LOAN INTEREST

    total $222,887 · related or exempt $222,887

  • 2b · Program service revenue: PROGRAM FEES

    total $13,138 · related or exempt $13,138

  • 3 · Investment income

    total $99,513 · excluded $99,513

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,722 · program services $2,722

  • 7 · Other salaries and wages

    total $198,229 · program services $198,229

  • 8 · Pension plan contributions

    total $8,895 · program services $8,895

  • 9 · Other employee benefits

    total $63,169 · program services $63,169

  • 10 · Payroll taxes

    total $19,559 · program services $19,559

  • 11a · Fees: management

    total $356,191 · program services $224,050 · management and general $85,006 · fundraising $47,135

  • 11b · Fees: legal

    total $7,963 · program services $2,036 · management and general $5,927

  • 11c · Fees: accounting

    total $1,323 · management and general $1,323

  • 11g · Fees: other

    total $1,780 · program services $1,780

  • 12 · Advertising and promotion

    total $2,783 · program services $2,783

  • 13 · Office expenses

    total $1,711 · program services $1,711

  • 14 · Information technology

    total $1,748 · program services $1,748

  • 17 · Travel

    total $1,996 · program services $1,996

  • 19 · Conferences, conventions and meetings

    total $598 · program services $598

  • 20 · Interest

    total $47,174 · program services $47,174

  • 22 · Depreciation, depletion and amortization

    total $6,832 · program services $6,832

  • 23 · Insurance

    total $890 · program services $890

  • 24a · Other expenses: CREDIT LOSS EXPENSE

    total $282,641 · program services $282,641

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $15,510 · program services $15,510

  • 24c · Other expenses: MISCELLANEOUS

    total $7,140 · program services $7,140

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,921,624 · end of year $1,162,027

  • 2 · Savings and temporary cash investments

    end of year $2,466,298

  • 3 · Pledges and grants receivable

    end of year $587

  • 7 · Other notes and loans receivable

    beginning of year $2,803,280 · end of year $2,486,416

  • 9 · Prepaid expenses and deferred charges

    beginning of year $50,000

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

    $34,264

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

    $29,356

  • 10c · Land, buildings and equipment, net

    beginning of year $11,740 · end of year $4,908

  • 15 · Other assets

    beginning of year $15,490 · end of year $102,019

  • 17 · Accounts payable and accrued expenses

    beginning of year $32,834 · end of year $20,254

  • 19 · Deferred revenue

    beginning of year $234,682 · end of year $299,801

  • 24 · Unsecured notes and loans payable

    beginning of year $4,028,988 · end of year $3,740,736

  • 25 · Other liabilities

    beginning of year $9,444 · end of year $41,186

  • 27 · Net assets without donor restrictions

    beginning of year $2,135,942 · end of year $1,760,034

  • 28 · Net assets with donor restrictions

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

Mission and programs · 2023

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.MADE LOANS TO 14 DIFFERENT BUSINESSES: OF THESE 8 WERE MADE TO WOMAN-OWNED BUSINESSES, 7 WERE MADE TO MINORITY-OWNED BUSINESSES AND 10 WERE TO BUSINESSES OWNED BY LOW-TO MODERATE-INCOME INDIVIDUALS AND/OR LOCATED IN LOW-TO MODERATE-INCOME CENSUS TRACTS. BUSINESSES THAT RECEIVED LOANS IN 2023-2024 WERE 3 PERSONAL CARE SALONS, A MANUFACTURER OF HORSE PRODUCTS, A BREWERY, A CLEANING BUSINESS, A COFFEE ROASTER, AN EVENT PLANNER, AN AUTO DETAILER, A CHILDCARE CENTER, A RESTAURANT, A PAVING COMPANY, AN ART RETAIL STORE AND AN INSURANCE BROKER. DISBURSED MORE THAN $625,000, BRINGING THE TOTAL DISBURSED BY THE RISING TIDE TO DATE TO JUST OVER $12.75 MILLION. PROVIDED FREE OF COST MARKETING SERVICES TO 47 BUSINESSES. SERVICES PROVIDED INCLUDED, BUT WERE NOT LIMITED TO, WEB DESIGN, LOGO DESIGN, SOCIAL MEDIA ASSISTANCE, AND THE CREATION OF MARKETING MATERIALS.

    Expenses $889,463 · Grants $2,722 · Revenue $236,025

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DAWN GODSHALL

    EXECUTIVE DIRECTOR

    Total calculated
    $206,392
    From this org
    $0
    From related orgs
    $175,881
    Other
    $30,511
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $175,881 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,592 related
    Nontaxable benefits
    $0 + $17,919 related
    Filer's total
    $0 + $206,392 related

  • CHRIS HUDOCK

    ASSOCIATE EXECUTIVE DIRECTOR

    Total calculated
    $121,485
    From this org
    $0
    From related orgs
    $89,466
    Other
    $32,019
    Hours/week
    50

  • STEPHEN BROOME

    DEPUTY EXECUTIVE DIRECTOR-FINANCE

    Total calculated
    $73,198
    From this org
    $0
    From related orgs
    $73,198
    Other
    $0
    Hours/week
    1 + 39 related

  • OTIS MCNEIL

    PRESIDENT (THRU 12/23)

    Total calculated
    $0
    Hours/week
    2

  • SALLY HANDLON

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • TODD WATKINS

    VICE-PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • DAVID HAMMER

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • CHRIS JONES

    SECRETARY (THRU 12/23)

    Total calculated
    $0
    Hours/week
    2

  • ELIZABETH ORTIZ

    SECRETARY

    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

  • DANIEL DIAZ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • KIM EDWARDS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • RUSSELL FLETCHER JR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • COLLEEN KRCELICH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JOSH LAMPE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • GINA MASSOTO

    BOARD MEMBER (THRU 2/24)

    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

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
2023
Filed
10 February 2025
IRS schema version
2023v6.0
Source object
202500459349301215

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