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Nonprofiteer
← GROW AMERICA FUND INC

Form 990 for tax year 2024

Filed by GROW AMERICA FUND INC.

Totals

Total revenue
$3,546,199
Total expenses
$4,099,148
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,528,519
Investment income
$0
Other revenue
$17,680
Total assets, end of year
$45,228,755
Total liabilities, end of year
$25,996,687
Net assets or fund balances, end of year
$19,232,068
Program services expenses (Part IX)
$3,314,274
Management and general expenses
$784,874
Fundraising expenses
$0
Program service expenses (Part III)
$3,314,274

Program services were 80.9% 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.

  • 2a · Program service revenue: INTEREST INCOME

    total $2,089,454 · related or exempt $2,089,454

  • 2b · Program service revenue: PREMIUM ON SALE OF LOA

    total $952,544 · related or exempt $952,544

  • 2c · Program service revenue: LOAN SERVICE FEES

    total $411,019 · related or exempt $411,019

  • 2d · Program service revenue: FEE INCOME

    total $75,502 · related or exempt $75,502

  • 11a · Other revenue: LATE FEES

    total $6,230 · related or exempt $6,230

  • 11d · All other revenue

    total $11,450 · related or exempt $11,450

  • 11e · Other revenue, total

    $17,680

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,443,228 · program services $1,152,698 · management and general $290,530

  • 8 · Pension plan contributions

    total $75,907 · program services $62,196 · management and general $13,711

  • 9 · Other employee benefits

    total $372,836 · program services $305,490 · management and general $67,346

  • 10 · Payroll taxes

    total $105,257 · program services $84,068 · management and general $21,189

  • 11b · Fees: legal

    total $165,297 · program services $165,297

  • 11c · Fees: accounting

    total $239,365 · management and general $239,365

  • 11g · Fees: other

    total $367,323 · program services $367,323

  • 13 · Office expenses

    total $1,661 · program services $1,229 · management and general $432

  • 16 · Occupancy

    total $4,700 · program services $3,477 · management and general $1,223

  • 17 · Travel

    total $165,753 · program services $142,169 · management and general $23,584

  • 20 · Interest

    total $519,650 · program services $519,650

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $296,628 · program services $296,628

  • 24b · Other expenses: EQUIPMENT LEASES AND MA

    total $213,180 · program services $106,590 · management and general $106,590

  • 24c · Other expenses: SBA EXAMINATION FEE

    total $70,743 · program services $70,743

  • 24d · Other expenses: AMORTIZATION OF LOAN OR

    total $23,665 · program services $23,665

  • 24e · All other expenses

    total $33,955 · program services $13,051 · management and general $20,904

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $17,660,859 · end of year $7,416,079

  • 9 · Prepaid expenses and deferred charges

    beginning of year $113,547 · end of year $19,504

  • 13 · Investments: program-related

    beginning of year $25,842,024 · end of year $35,553,622

  • 14 · Intangible assets

    beginning of year $275,596 · end of year $294,500

  • 15 · Other assets

    beginning of year $2,681,041 · end of year $1,945,050

  • 17 · Accounts payable and accrued expenses

    beginning of year $650,014 · end of year $814,255

  • 23 · Secured mortgages and notes payable

    beginning of year $10,670,098 · end of year $10,573,324

  • 25 · Other liabilities

    beginning of year $15,467,938 · end of year $14,609,108

  • 27 · Net assets without donor restrictions

    beginning of year $11,906,362 · end of year $11,874,417

  • 28 · Net assets with donor restrictions

    beginning of year $7,878,655 · end of year $7,357,651

Mission and programs · 2024

Mission

THE GROW AMERICA FUND, INC. ("GAF") HAS A PRIMARY MISSION TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW-INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN THOSE DISADVANTAGED (CONT. ON SCHEDULE O) COMMUNITIES, AND/OR CREATE JOBS FOR LOW-INCOME UNEMPLOYED AND UNDER-EMPLOYED INDIVIDUALS. GAF, A LICENSED U.S. SBA SMALL BUSINESS LENDING COMPANY, AND U.S. DEPARTMENT OF THE TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDES ACCESS TO CAPITAL FOR BUSINESS EXPANSION STRUCTURED WITH LONGER AMORTIZATION TERMS AND LOWER INTEREST RATES. THESE LENDING TERMS SERVE TO DECREASE DEBT SERVICE COSTS AND IMPROVE THE BORROWER'S OPERATING CASH FLOW, GIVING BUSINESSES A FINANCIAL ADVANTAGE THAT HELPS STRENGTHEN BOTH THE ECONOMIC BASE OF THE BUSINESS, AND THE COMMUNITY.

Activities or mission (Part I)

SEE SCHEDULE O

  • GAF PROVIDES LONGER TERM, LOWER INTEREST RATE SMALL BUSINESS LOANS THAT ENABLE SMALL BUSINESSES TO CREATE JOBS, STIMULATE INVESTMENT, AND EXPAND THE ENTREPRENEURIAL AND SMALL BUSINESS BASE IN LOW-INCOME COMMUNITIES. (CONT. ON SCHEDULE O)

    Expenses $3,314,274 · Revenue $3,546,199

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Adam Ennis

    TREASURER

    Total calculated
    $444,236
    From this org
    $0
    From related orgs
    $351,274
    Other
    $92,962
    Hours/week
    3 + 47 related

    Schedule J breakdown matched by us

    Base
    $0 + $286,274 related
    Bonus
    $0 + $65,000 related
    Other
    $0
    Deferred
    $0 + $39,024 related
    Nontaxable benefits
    $0 + $53,938 related
    Filer's total
    $0 + $444,236 related

  • Charley Depew

    BOARD MEMBER

    Total calculated
    $294,068
    From this org
    $0
    From related orgs
    $255,296
    Other
    $38,772
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $220,296 related
    Bonus
    $0 + $35,000 related
    Other
    $0
    Deferred
    $0 + $19,979 related
    Nontaxable benefits
    $0 + $18,793 related
    Filer's total
    $0 + $294,068 related

  • Daniel Marsh III

    CHAIRMAN

    Total calculated
    $605,052
    From this org
    $0
    From related orgs
    $531,397
    Other
    $73,655
    Hours/week
    2.75 + 52.25 related

    Schedule J breakdown matched by us

    Base
    $0 + $431,397 related
    Bonus
    $0 + $100,000 related
    Other
    $0
    Deferred
    $0 + $54,928 related
    Nontaxable benefits
    $0 + $18,727 related
    Filer's total
    $0 + $605,052 related

  • David Trevisani

    BOARD MEMBER/INTERIM PRESI

    Total calculated
    $409,255
    From this org
    $0
    From related orgs
    $284,339
    Other
    $124,916
    Hours/week
    8.5 + 41.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $244,339 related
    Bonus
    $0 + $40,000 related
    Other
    $0
    Deferred
    $0 + $76,453 related
    Nontaxable benefits
    $0 + $48,463 related
    Filer's total
    $0 + $409,255 related

  • Dawayne Sims

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • Earl Richarson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • Kevin Gremse

    BOARD MEMBER

    Total calculated
    $375,233
    From this org
    $0
    From related orgs
    $274,418
    Other
    $100,815
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $260,418 related
    Bonus
    $0 + $14,000 related
    Other
    $0
    Deferred
    $0 + $47,098 related
    Nontaxable benefits
    $0 + $53,717 related
    Filer's total
    $0 + $375,233 related

  • Patricia Thomson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.25

  • Raquel Favela

    BOARD MEMBER

    Total calculated
    $332,730
    From this org
    $0
    From related orgs
    $293,881
    Other
    $38,849
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,881 related
    Bonus
    $0 + $50,000 related
    Other
    $0
    Deferred
    $0 + $15,902 related
    Nontaxable benefits
    $0 + $22,947 related
    Filer's total
    $0 + $332,730 related

  • Stephanie Dugan

    BOARD MEMBER

    Total calculated
    $341,816
    From this org
    $0
    From related orgs
    $250,665
    Other
    $91,151
    Hours/week
    1 + 49 related

    Schedule J breakdown matched by us

    Base
    $0 + $225,665 related
    Bonus
    $0 + $25,000 related
    Other
    $0
    Deferred
    $0 + $48,660 related
    Nontaxable benefits
    $0 + $42,491 related
    Filer's total
    $0 + $341,816 related

  • Daniel Choi

    CFO AND VICE PRESIDENT

    Total calculated
    $332,089
    From this org
    $0
    From related orgs
    $271,108
    Other
    $60,981
    Hours/week
    12.5 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $231,108 related
    Bonus
    $0 + $40,000 related
    Other
    $0
    Deferred
    $0 + $10,941 related
    Nontaxable benefits
    $0 + $50,040 related
    Filer's total
    $0 + $332,089 related

  • Jennifer Vertrees

    SECRETARY

    Total calculated
    $201,814
    From this org
    $0
    From related orgs
    $114,248
    Other
    $87,566
    Hours/week
    7.5 + 42.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $108,248 related
    Bonus
    $0 + $6,000 related
    Other
    $0
    Deferred
    $0 + $37,589 related
    Nontaxable benefits
    $0 + $49,977 related
    Filer's total
    $0 + $201,814 related

  • Ann Finnegan

    MANAGING DIRECTOR OF LENDI

    Total calculated
    $344,150
    From this org
    $0
    From related orgs
    $248,434
    Other
    $95,716
    Hours/week
    20 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,434 related
    Bonus
    $0 + $22,000 related
    Other
    $0
    Deferred
    $0 + $39,876 related
    Nontaxable benefits
    $0 + $55,840 related
    Filer's total
    $0 + $344,150 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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)

PART I, LINE 3
ALL COMPENSATION IS DETERMINED BY A RELATED ORGANIZATION USING THE FOLLOWING: THE BOARD OF DIRECTORS OF NDC HAS A STANDING COMPENSATION REVIEW COMMITTEE, THE MEMBERS OF WHICH ARE ALL INDEPENDENT DIRECTORS. THE COMMITTEE ENGAGES A THIRD PARTY INDEPENDENT CONSULTANT TO REVIEW THE COMPENSATION OF THE PRESIDENT EVERY TWO YEARS. THE COMMITTEE REVIEWS AND DISCUSSES THE FINDINGS AT A SPECIAL SESSION WITH ALL BOARD MEMBERS PRESENT EXCEPT THE PRESIDENT.
PART I, LINE 4B:
THE FOLLOWING INDIVIDUALS PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, NO CONTRIBUTIONS WERE MADE DURING THE YEAR. - DANIEL MARSH III

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.

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.

  • MAIN STREET PROPERTIES NEW YORK LLC

    REAL ESTATE HOLDING COMPANY · NY · income $0 · assets $0

    Directly controlled by GROW AMERICA FUND INC

  • MAIN STREET PROPERTIES CONNECTICUT LLC

    REAL ESTATE HOLDING COMPANY · NY · income $0 · assets $0

    Directly controlled by GROW AMERICA FUND INC

Related partnerships

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

  • NDC CORPORATE EQUITY FUND III

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND IV

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND V

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND VI

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND VII

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND VIII

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND IX

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND X

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XI

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XII

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XIII

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XV

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XVII LP

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XVIII LP

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XIX

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XX LP

    LOW INCOME HOUSING · NY

  • NDC CORPORATE EQUITY FUND XI LP

    LOW INCOME HOUSING · NY

Related corporations and trusts

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

  • COMMUNITY DEVELOPMENT GROUP HOLT

    C · HOUSING · NY

  • COMMUNITY DEVELOPMENT GROUP ILLINOIS INC

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT GROUP KENTUCKY INC

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT GROUP RENEWABLE ENERGY

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT GROUP WALLA WALLA INC

    C · ECONOMIC DEVELOPMENT · NY

  • COMMUNITY DEVELOPMENT INVESTOR BROOKLYN

    C · ECONOMIC DEVELOPMENT · NY

  • HOUSING DEVELOPMENT GROUP III

    C · HOUSING · NY

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202523159349301122

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