Civic Intelligence

New Roots Fund

EIN 38-3885237 • 501(c)3 • Auburn, WA

Profile

The New Roots Fund helps low-income individuals, citizens and legal immigrants, to achieve economic self-sufficiency through business loans and technical business assistance. The NRF continues to run programs funded by the federal Office of Refugee Resettlement, King County, and Washington State to train refugees in business practices, support the development of business plans, and assist with capitalizing new or existing businesses through Individual Development Accounts (matched savings programs) and loans. The New Roots Fund helps refugees, asylees, and low-income individuals achieve economic self-sufficiency. The Fund accomplishes this by providing business capital and technical assistance. Formed in 2011 and associated with the Diocese of Olympia, NRF is an independent 501(c)3. Our mission is to create viable businesses in low income neighborhoods through a highly capable lending institution providing loans and business technical assistance.

515 B Street NEAuburn, WA 98002

www.newrootsfund.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

89th percentile

0.72x

Higher debt load relative to assets than 89% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

90th percentile

1.28x

Higher debt load relative to revenue than 90% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

50th percentile

4.6%

Higher net margin than 50% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

73rd percentile

$115,700

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 19.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

74th percentile

15%

Faster asset growth than 74% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

68th percentile

21%

Faster revenue growth than 68% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets89th percentile

Assets

Up

$1,087,870

Up $141,370 (+15%) from 2023

Liabilities

Up

$784,498

Up $128,932 (+20%) from 2023

Net Assets

Up

$303,372

Up $12,438 (+4.3%) from 2023

Operations
Liabilities / Revenue90th percentileNet Margin50th percentile

Revenue

Up

$610,524

Up $106,275 (+21%) from 2023

Expenses

Up

$582,176

Up $82,560 (+17%) from 2023

Net Income

Up

$28,348

Up $23,715 (+512%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth74th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5M$1.0M$500K$0Assets 2013: $29,880Liabilities 2013: $18,6732013Assets 2014: $104,404Liabilities 2014: $59,083Net Assets 2014: $45,3212014Assets 2015: $181,724Liabilities 2015: $22,662Net Assets 2015: $159,0622015Assets 2016: $331,363Liabilities 2016: $100,000Net Assets 2016: $231,3632016Assets 2017: $385,855Liabilities 2017: $159,155Net Assets 2017: $226,7002017Assets 2018: $483,722Liabilities 2018: $211,896Net Assets 2018: $271,8262018Assets 2019: $604,229Liabilities 2019: $305,178Net Assets 2019: $299,0512019Assets 2020: $1,082,837Liabilities 2020: $798,317Net Assets 2020: $284,5202020Assets 2021: $521,524Liabilities 2021: $197,026Net Assets 2021: $324,4982021Assets 2022: $637,552Liabilities 2022: $358,812Net Assets 2022: $278,7402022Assets 2023: $946,500Liabilities 2023: $655,566Net Assets 2023: $290,9342023Assets 2024: $1,087,870Liabilities 2024: $784,498Net Assets 2024: $303,3722024

Highlighted filing

2024

Assets$1,087,870
Liabilities$784,498
Net Assets$303,372
Open 2024 Filing

Operations Trend

Revenue Growth68th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2013: $27,072Expenses 2013: $24,474Net Income 2013: $2,5982013Revenue 2014: $96,068Expenses 2014: $61,954Net Income 2014: $34,1142014Revenue 2015: $134,799Expenses 2015: $39,716Net Income 2015: $95,0832015Revenue 2016: $136,740Expenses 2016: $64,439Net Income 2016: $72,3012016Revenue 2017: $169,667Expenses 2017: $174,330Net Income 2017: -$4,6632017Revenue 2018: $377,176Expenses 2018: $332,050Net Income 2018: $45,1262018Revenue 2019: $460,744Expenses 2019: $433,519Net Income 2019: $27,2252019Revenue 2020: $460,019Expenses 2020: $474,550Net Income 2020: -$14,5312020Revenue 2021: $572,396Expenses 2021: $551,305Net Income 2021: $21,0912021Revenue 2022: $665,587Expenses 2022: $662,622Net Income 2022: $2,9652022Revenue 2023: $504,249Expenses 2023: $499,616Net Income 2023: $4,6332023Revenue 2024: $610,524Expenses 2024: $582,176Net Income 2024: $28,3482024

Highlighted filing

2024

Revenue$610,524
Expenses$582,176
Net Income$28,348
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,087,870
Liabilities
$784,498
Net assets
$303,372
Revenue
$610,524
Expenses
$582,176
Net income
$28,348
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.09$0.78$0.30$0.61$0.58$0.03
2023Detailed filing. Detailed filing data is available for this year.$0.95$0.66$0.29$0.50$0.50$0.00
2022Detailed filing. Detailed filing data is available for this year.$0.64$0.36$0.28$0.67$0.66$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.52$0.20$0.32$0.57$0.55$0.02
2020Detailed filing. Detailed filing data is available for this year.$1.08$0.80$0.28$0.46$0.47$0.01
2019Detailed filing. Detailed filing data is available for this year.$0.60$0.31$0.30$0.46$0.43$0.03
2018Detailed filing. Detailed filing data is available for this year.$0.48$0.21$0.27$0.38$0.33$0.05
2017Detailed filing. Detailed filing data is available for this year.$0.39$0.16$0.23$0.17$0.17$0.00
2016Detailed filing. Detailed filing data is available for this year.$0.33$0.10$0.23$0.14$0.06$0.07
2015Detailed filing. Detailed filing data is available for this year.$0.18$0.02$0.16$0.13$0.04$0.10
2014Detailed filing. Detailed filing data is available for this year.$0.10$0.06$0.05$0.10$0.06$0.03
2013Summary only. Only limited summary data is available for this year.$0.03$0.02$0.03$0.02$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.0
Gross Receipts
$610,524
Mission and Program Overview

Mission

The New Roots Fund, formed in 2011, is associated with the Diocese of Olympia, a local-affiliate for the Episcopal Migration Ministries which is a contractor with the Department of State for refugee resettlement. New Roots, although associated with the Diocese, has a separate 501c3 non-profit tax status. The New Roots Fund mission is to provide business technical assistance and business capital to refugees and immigrants.

The New Roots Fund helps low-income individuals, citizens and legal immigrants, to achieve economic self-sufficiency through business loans and technical business assistance.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$605,016$793,873▲ $188,857
Pledges and Grants Receivable$194,404$194,852▲ $448
Savings and Temporary Cash Investments$34,208$52,279▲ $18,071
Other Notes and Loans Receivable, Net$112,872$46,866▼ $66,006
Investments Other Securities$0--
Investments Program Related$0--
Investments in Publicly Traded Securities$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0--
Inventories for Sale or Use$0--
Loans From Officers Directors$0--
Prepaid Expenses and Deferred Charges$0--
Total Assets$946,500$1,087,870▲ $141,370
Other Assets Total$0--
Liabilities
Accounts Payable and Accrued Expenses$535,097$522,673▼ $12,424
Other Liabilities$120,469$156,500▲ $36,031
Unsecured Notes Loans Payable$0$105,325▲ $105,325
Grants Payable$0--
Mortgage Notes Payable Secured by Investment Property$0--
Deferred Revenue$0--
Escrow Account Liability$0--
Tax Exempt Bond Liabilities$0--
Total Liabilities$655,566$784,498▲ $128,932
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$290,934$303,372▲ $12,438
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$290,934$303,372▲ $12,438
Total Liabilities and Net Assets / Fund Balance$946,500$1,087,870▲ $141,370

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$7,914$7,914
Buildings$0$0$0
Other Land Buildings$0$0$0
Land$0-$0
Leasehold Improvements$0$0$0
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleFull / Part TimeOtherTotal
Greg Hope~ Executive DirectorPT$115,700$115,700

Board Members and Trustees

NameTitle
Michael Blumson~ Board Chair
Antoinette Marasigan~ Governor
Joann Ware~ Governor
Mahnaz Eshetu~ Governor
Patty Grossman~ Governor

Highest Paid Contractors

ContractorServicesLocationCompensation
Diocese of OlympiaManagement and related, including payroll, facilities, and bill payment1551 10th Avenue East, Seattle, WA 98102$385,847
Revenue and Support

Revenue Composition

Contributions and Grants
$605,225
Program Service Revenue
$5,225
Investment Income
$74
Other Revenue
$0
All Other Contributions
$56,430
Change in Net Assets
$28,348
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$582,176
Total Fundraising Expense$10,672
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$443,328$18,864$9,433$471,625
Occupancy$24,987$1,063$532$26,582
Office Expenses$23,405$739$493$24,637
Fees for Services Accounting-$15,150-$15,150
Travel$10,753$304$203$11,260
Fees for Services Other$9,172--$9,172
Interest$7,572$0$0$7,572
Conferences and Meetings$393$11$7$411
Other Expenses$0$351$0$351
All Other Expenses$199$6$4$209
Total Functional Expenses$535,016$36,488$10,672$582,176
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0--
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
ORR Funds held for refugees$156,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The Organization contracts with the Diocese for management services. The Diocese provides an Executive Director, bill payment and payroll services, and office space. The Organization then reimburses the Diocese for these costs.”

Form 990, Part VI, Section B, Line 11B

“This form is provided to board members for review before filing.”

Form 990, Part VI, Section B, Line 15

“The Executive Director compensation is determined by the New Roots Fund Board approving budgets and negotiating resources in a management agreement with the Diocese of Olympia.”

Form 990, Part VI, Section C, Line 19

“Governing documents are published on the website for the Secretary of State. Conflict of interest policy and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
New Roots Fund
EIN
38-3885237
Phone
2063233152
Address
515 B Street NE, Auburn, WA 98002

Signing Officer

Name
Michael Blumson
Title
Board Chair
Phone
2063233152
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Greg Hope
Formed
2012
Legal Domicile
Wa
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Nwafm Pllc
Address
PO Box 77033, Seattle, WA 98177-0033
Preparer
David Schor
Phone
2067898484
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2B

“Note at November 13, 2025. The New Roots Fund (NRF) undergoes annual audits for assurance in financial reporting. As of this 2024 Form 990 filing NRF's 2023 audit is nearing completion and the 2024 audit will commence soon. Audits to prior and current periods completed after an annual Form 990 filing may result in changes to an Organization's financial position at a prior year-end. Such changes may be summarized on a subsequent year Form 990 with an entry at Part XI Reconciliation of Net Assets, prior period adjustments line.”

Form 990, Part XII, Line 3B

“The Organization is conducting federally required audits. As of this year's Form 990 deadline the annual audit was in the planning stage.”

Raw XML AppendixShowing 400 of 507 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0OVERALL PROGRAM. The New Roots Fund (NRF) helps low-income individuals, citizens and legal immigrants, to achieve economic self-sufficiency through business loans and technical business assistance. The NRF continues to run programs funded by the federal Office of Refugee Resettlement, King County, and Washington State to train refugees in business practices, support the development of business plans, and assist with capitalizing new or existing businesses through Individual Development Accounts (matched savings programs) and loans. In 2024, the NRF enrolled 107 clients who received 856 hours of training. Our comprehensive training programs provide clients with essential knowledge and skills to successfully enter and sustain a business. Notably, all 40 loan recipients from this period have launched or expanded their businesses and are consistently meeting their loan repayment schedules. The NRF also assisted eighteen businesses with training and nine with capitalization. The NRF committed $162,500 for FY 2024, for matched savings accounts and fully disbursed by the end of 2024. Over 40 individual savings plans were developed to support micro-enterprise purchases after a savings period of at least six months. In addition, 12 individuals saved for vehicles, while seven saved for educational expenses. All participants successfully completed financial skills training, asset specific training and the purchase of assets.
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IRS990/Form990PartVIISectionAGrp/TitleTxt2~ Governor
IRS990/Form990PartVIISectionAGrp/TitleTxt3~ Governor
IRS990/Form990PartVIISectionAGrp/TitleTxt4~ Governor
IRS990/Form990PartVIISectionAGrp/TitleTxt5~ Governor
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IRS990/MissionDesc0The New Roots Fund helps low-income individuals, citizens and legal immigrants, to achieve economic self-sufficiency through business loans and technical business assistance. The NRF continues to run programs funded by the federal Office of Refugee Resettlement, King County, and Washington State to train refugees in business practices, support the development of business plans, and assist with capitalizing new or existing businesses through Individual Development Accounts (matched savings programs) and loans. The New Roots Fund helps refugees, asylees, and low-income individuals achieve economic self-sufficiency. The Fund accomplishes this by providing business capital and technical assistance. Formed in 2011 and associated with the Diocese of Olympia, NRF is an independent 501(c)3. Our mission is to create viable businesses in low income neighborhoods through a highly capable lending institution providing loans and business technical assistance.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ORR Funds held for refugees
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Organization contracts with the Diocese for management services. The Diocese provides an Executive Director, bill payment and payroll services, and office space. The Organization then reimburses the Diocese for these costs.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1This form is provided to board members for review before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Executive Director compensation is determined by the New Roots Fund Board approving budgets and negotiating resources in a management agreement with the Diocese of Olympia.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Governing documents are published on the website for the Secretary of State. Conflict of interest policy and financial statements are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Note at November 13, 2025. The New Roots Fund (NRF) undergoes annual audits for assurance in financial reporting. As of this 2024 Form 990 filing NRF's 2023 audit is nearing completion and the 2024 audit will commence soon. Audits to prior and current periods completed after an annual Form 990 filing may result in changes to an Organization's financial position at a prior year-end. Such changes may be summarized on a subsequent year Form 990 with an entry at Part XI Reconciliation of Net Assets, prior period adjustments line.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The Organization is conducting federally required audits. As of this year's Form 990 deadline the annual audit was in the planning stage.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part XII, Line 2b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 3b
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Diocese of Olympia
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Episcopal Diocese, church, and community activities
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