Liabilities / Assets
98th percentile
Higher debt load relative to assets than 98% of similar nonprofits.
Rain Source Capital Inc
990 • Fiscal year 2014 • EIN 41-1912041
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
1.68x
Liabilities / Revenue
100th percentile
Higher debt load relative to revenue than 100% of similar nonprofits.
Net Margin
1st percentile
Higher net margin than 1% of similar nonprofits.
Top Officer Pay
34th percentile
Higher top officer pay than 34% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
24th percentile
Faster asset growth than 24% of similar nonprofits.
Revenue Growth
1st percentile
Faster revenue growth than 1% of similar nonprofits.
Balance Sheet
Assets
Down$4,406,186
Down $169,328 (-3.7%) from 2013
Net Assets
Down-$3,005,547
Down $221,703 (-8.0%) from 2013
Liabilities
Up$7,411,733
Up $52,375 (+0.7%) from 2013
Revenue And Expenses
Revenue
Down$79,537
Down $628,893 (-89%) from 2013
Expenses
Up$272,600
Up $103,342 (+61%) from 2013
Net Income
Down-$193,063
Down $732,235 (-136%) from 2013
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2013 to Jun 30, 2014
- Signed
- May 12, 2015
- Return Version
- 2013v4.0
- Gross Receipts
- $319,952
Mission and Program Overview
Mission
Rain source capital is a non-profit corporation dedicated to promoting community economic development by building the capacity for equity investment. This is accomplished by making equity investments in companies directly from rain source capital and catalyzing investment through the formation and participation in regional angel investor networks.
To promote community economic development by building the capacity for equity investment.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Investments Program Related | $4,417,891 | $4,239,930 | ▼ $177,961 |
| Accounts Receivable | $42,554 | $57,040 | ▲ $14,486 |
| Other Notes and Loans Receivable, Net | $50,000 | $50,000 | → $0 |
| Savings and Temporary Cash Investments | $10,508 | $23,934 | ▲ $13,426 |
| Pledges and Grants Receivable | $19,468 | $19,469 | ▲ $1 |
| Cash and Non-Interest-Bearing Accounts | $20,093 | $15,813 | ▼ $4,280 |
| Prepaid Expenses and Deferred Charges | $15,000 | $0 | ▼ $15,000 |
| Total Assets | $4,575,514 | $4,406,186 | ▼ $169,328 |
| Liabilities | |||
| Unsecured Notes Loans Payable | $7,283,689 | $7,336,496 | ▲ $52,807 |
| Mortgage Notes Payable Secured by Investment Property | $41,292 | $50,000 | ▲ $8,708 |
| Accounts Payable and Accrued Expenses | $25,669 | $25,237 | ▼ $432 |
| Escrow Account Liability | $8,708 | $0 | ▼ $8,708 |
| Total Liabilities | $7,359,358 | $7,411,733 | ▲ $52,375 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $-2,783,844 | $-3,005,547 | ▼ $221,703 |
| Total Net Assets Fund Balance | $-2,783,844 | $-3,005,547 | ▼ $221,703 |
| Total Liabilities and Net Assets / Fund Balance | $4,575,514 | $4,406,186 | ▼ $169,328 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Investment Program Related Org | $1,130,536 | - | - |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Linda Laitala | Chair |
| Keith Anderson | Director |
| Mark Davis | Director |
| Steven B Mercil | CEO |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $20
- Program Service Revenue
- $79,103
- Investment Income
- $314
- Other Revenue
- $100
- All Other Contributions
- $20
- Change in Net Assets
- $-193,063
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $267,600 |
| Grants and Similar Amounts Paid | $5,000 |
| Professional Fundraising Fees | $0 |
| Salaries, Compensation, and Employee Benefits | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Interest | $122,613 | - | - | $122,613 |
| Fees for Services Management | $81,692 | - | - | $81,692 |
| Fees for Services Legal | - | $43,697 | - | $43,697 |
| Fees for Services Other | $6,528 | - | - | $6,528 |
| Travel | - | $5,663 | - | $5,663 |
| Grants to Domestic Orgs | $5,000 | - | - | $5,000 |
| Office Expenses | - | $3,597 | - | $3,597 |
| Fees for Services Accounting | - | $2,365 | - | $2,365 |
| Other Expenses | - | $25 | - | $25 |
| Total Functional Expenses | $215,833 | $56,767 | $0 | $272,600 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Insider Transactions and Loans
Interested-Person Transactions
| Interested Party | Relationship | Description | Shared Revenue | Amount |
|---|---|---|---|---|
| - | The CEO of Rain Source Capital Is an Officer of Rain Source Management, LLC | Consulting Services | No | $56,692 |
| - | The CEO of Rain Source Capital Is an Officer of Rain Source Management, LLC | Management Services | No | $25,000 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- 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
- No
- Other officer compensation reviewed
- No
- 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
“In april, 2010, the board entered into a management contract with rain source management. This was done to reduce operational expenses and to provide the company with the means to continue its operations. There was no change in mission and rain source management has agreed to continue to operate the company based upon the goals outlined in the management contract.”
Form 990, Part VI, Section B, Line 11
“The form 990 was presented to the board prior to filing.”
Form 990, Part VI, Section B, Line 12C
“The conflict of interest policy covers directors, officers and employees. Each responsible person shall annually complete a disclosure form which shall be submitted to the president. Prior to board action on a contract or transaction involving a conflict of interest, a director who has a conflict of interest and who is in attendance at the meeting shall disclose all facts material to the conflict of interest. Such disclosure shall be reflected in the minutes of the meeting or, at the option of the secretary, in a separate memorandum that is filed with the original minutes of the meeting. A person who has a conflict of interest shall not participate in the board's discussion of the matter except to disclose material facts and to respond to questions. Such person shall not attempt to exert his or her personal influence with respect to the matter, either at or outside the meeting. A person who has a conflict of interest with respect to a contract or transaction that will be voted on at a meeting shall not be counted in determining the presence of a quorum for purposes of the vote. The person having a conflict of interest may not vote on the contract or transaction. Such person's ineligibility to vote shall be reflected in the minutes of the meeting. A contract or transaction involving a conflict of interest may be approved by the board if the material facts as to the contract or transaction and the conflict of interest are fully disclosed or known to the board and the board approves the contract or transaction in good faith by the affirmative vote (without counting the interested director) of a majority of the entire board at a meeting at which there is a quorum present, again without counting the interested director. Responsible persons who are not directors, or who have a conflict of interest with respect to a contract or transaction that is not the subject of board or committee action, shall disclose to the president any conflict of interest that such responsible person has with respect to such contract or transaction. Such disclosure shall be made as soon as the conflict of interest is known to the responsible person. The responsible person shall refrain from any action that may affect the organization's participation in such contract or transaction. The president shall promptly report such conflict of interest to the chair or the chair's designee.”
Form 990, Part VI, Section C, Line 19
“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”
Filing and Contact Details
Filer
- EIN
- 41-1912041
- Phone
- 6516322140
Signing Officer
- Name
- Steven B Mercil
- Title
- President
- Phone
- 6516322140
- Signed
- 2015-05-12
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Steven B Mercil
- Formed
- 1998
- Legal Domicile
- Mn
- Voting Board Members
- 3
- Independent Board Members
- 3
- Employees
- 0
- Volunteers
- 3
Preparer
- Preparer
- Amy Hendley
- Phone
- 6123764500
Supplemental Narrative
Financial Statement Notes
PART IV, LINE 2B:
“Certain non profit entities desired to make investments which promoted the economic development in their communities. They provided loans to rain source capital to assist in establishing local angel investment programs. As required, the proceeds of the loans were used to purchase membership interests in a local angel groups. The covenants of the loans required rain source capital to shall establish a separate accounts for the purpose of tracking the use of funds.”
Raw XML Appendix394 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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|---|---|---|
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| IRS990/AccountsPayableAccrExpnssGrp/EOYAmt | 0 | 25237 |
| IRS990/AccountsReceivableGrp/BOYAmt | 0 | 42554 |
| IRS990/AccountsReceivableGrp/EOYAmt | 0 | 57040 |
| IRS990/ActivitiesConductedPrtshpInd | 0 | 0 |
| IRS990/ActivityOrMissionDesc | 0 | TO PROMOTE COMMUNITY ECONOMIC DEVELOPMENT BY BUILDING THE CAPACITY FOR EQUITY INVESTMENT. |
| IRS990/AllOtherContributionsAmt | 0 | 20 |
| IRS990/AnnualDisclosureCoveredPrsnInd | 0 | 1 |
| IRS990/BooksInCareOfDetail/BusinessName/BusinessNameLine1 | 0 | STEVEN B MERCIL |
| IRS990/BooksInCareOfDetail/PhoneNum | 0 | 6123052076 |
| IRS990/BooksInCareOfDetail/USAddress/AddressLine1 | 0 | PO BOX 2289 |
| IRS990/BooksInCareOfDetail/USAddress/City | 0 | MINNEAPOLIS |
| IRS990/BooksInCareOfDetail/USAddress/State | 0 | MN |
| IRS990/BooksInCareOfDetail/USAddress/ZIPCode | 0 | 55402 |
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| IRS990/BusinessRlnWithOfficerEntInd | 0 | 1 |
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| IRS990/CashNonInterestBearingGrp/EOYAmt | 0 | 15813 |
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| IRS990/CollectionsOfArtInd | 0 | 0 |
| IRS990/CompensationFromOtherSrcsInd | 0 | 0 |
| IRS990/CompensationProcessCEOInd | 0 | 0 |
| IRS990/CompensationProcessOtherInd | 0 | 0 |
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| IRS990/CYGrantsAndSimilarPaidAmt | 0 | 5000 |
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| IRS990/CYOtherRevenueAmt | 0 | 100 |
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| IRS990/CYTotalRevenueAmt | 0 | 79537 |
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| IRS990/DeductibleArtContributionInd | 0 | 0 |
| IRS990/DeductibleNonCashContriInd | 0 | 0 |
| IRS990/DelegationOfMgmtDutiesInd | 0 | 1 |
| IRS990/Desc | 0 | RAIN SOURCE CAPITAL MAKES INVESTMENTS TO ADVANCE STRATEGIC IMPERATIVES THAT RESULT IN TECHNOLOGY-PROFICIENT, HIGH GROWTH BUSINESSES CAPABLE OF CREATING GOOD JOBS. THEY ALSO PROVIDE APPROPRIATE BUSINESS EXPERTISE TO INCREASE THE LIKELIHOOD OF SUCCESS, AND ASSURE SELF-SUFFICIENCY FOR RAIN SOURCE CAPITAL BY PROVIDING A RETURN APPROPRIATE FOR THE RISK IN ORDER TO ASSURE THE FUNDING PERMANENCE AND ALLOW THE GAINS TO BE REINVESTED IN NEW OPPORTUNITIES. INVESTMENT DECISIONS ARE BASED ON DISCIPLINED, PROFESSIONAL AND SOUND BUSINESS EVALUATION IN ORDER TO PROTECT THE MISSION OF RAIN SOURCE CAPITAL.RAIN SOURCE CAPITAL STRIVES TO CORRECT IDENTIFIED BARRIERS TO CAPITAL FORMATION BY BUILDING STRONGER, MORE ACCESSIBLE, REGIONAL AND/OR LOCALLY BASED POOLS OF CAPITAL. THIS WILL LEAD TO A COORDINATED PROCESS TO DISCOVER, EVALUATE, AND MONITOR INVESTMENT OPPORTUNITIES IN A GIVEN GEOGRAPHIC AREA. |
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| IRS990/EngagedInExcessBenefitTransInd | 0 | 0 |
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| IRS990/EscrowAccountLiabilityGrp/EOYAmt | 0 | 0 |
| IRS990/ExpenseAmt | 0 | 215833 |
| IRS990/FamilyOrBusinessRlnInd | 0 | 0 |
| IRS990/FederalGrantAuditRequiredInd | 0 | 0 |
| IRS990/FeesForServicesAccountingGrp/ManagementAndGeneralAmt | 0 | 2365 |
| IRS990/FeesForServicesAccountingGrp/TotalAmt | 0 | 2365 |
| IRS990/FeesForServicesLegalGrp/ManagementAndGeneralAmt | 0 | 43697 |
| IRS990/FeesForServicesLegalGrp/TotalAmt | 0 | 43697 |
| IRS990/FeesForServicesManagementGrp/ProgramServicesAmt | 0 | 81692 |
| IRS990/FeesForServicesManagementGrp/TotalAmt | 0 | 81692 |
| IRS990/FeesForServicesOtherGrp/ProgramServicesAmt | 0 | 6528 |
| IRS990/FeesForServicesOtherGrp/TotalAmt | 0 | 6528 |
| IRS990/ForeignActivitiesInd | 0 | 0 |
| IRS990/ForeignFinancialAccountInd | 0 | 0 |
| IRS990/ForeignOfficeInd | 0 | 0 |
| IRS990/Form8282PropertyDisposedOfInd | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 0 | 5.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 1 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 2 | 1.00 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 3 | 40.00 |
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| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 1 | X |
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| IRS990/Form990PartVIISectionAGrp/OfficerInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 3 | 0 |
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| IRS990/Form990PartVIISectionAGrp/PersonNm | 1 | KEITH ANDERSON |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 2 | MARK DAVIS |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 3 | STEVEN B MERCIL |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 3 | 0 |
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| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | CEO |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 1998 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedInd | 0 | 0 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GainOrLossGrp/SecuritiesAmt | 0 | 285 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 3 |
| IRS990/GrantAmt | 0 | 5000 |
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| IRS990/GrantsToDomesticOrgsGrp/TotalAmt | 0 | 5000 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
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| IRS990/GrossReceiptsAmt | 0 | 319952 |
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| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 29 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
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| IRS990/InvestmentsProgramRelatedGrp/EOYAmt | 0 | 4239930 |
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| IRS990/MethodOfAccountingAccrualInd | 0 | X |
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| IRS990/MissionDesc | 0 | RAIN SOURCE CAPITAL IS A NON-PROFIT CORPORATION DEDICATED TO PROMOTING COMMUNITY ECONOMIC DEVELOPMENT BY BUILDING THE CAPACITY FOR EQUITY INVESTMENT. THIS IS ACCOMPLISHED BY MAKING EQUITY INVESTMENTS IN COMPANIES DIRECTLY FROM RAIN SOURCE CAPITAL AND CATALYZING INVESTMENT THROUGH THE FORMATION AND PARTICIPATION IN REGIONAL ANGEL INVESTOR NETWORKS. |
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| IRS990/MoreThan5000KToOrgInd | 0 | 0 |
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| IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt | 0 | 285 |
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| IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt | 0 | 3597 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 3597 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsSFAS117Ind | 0 | X |
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| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 0 | 1420 |
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| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 708430 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | -193063 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 0 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 0 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 0 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 0 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 1 |
| IRS990/RevenueAmt | 0 | 79417 |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 10508 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 23934 |
| IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/Form990ScheduleAPartIVGrp/ExplanationTxt | 0 | MISCELLANEOUS REVENUE - 2010 AMOUNT: $ 21. BELOW MARKET INTEREST - SATISFACTION OF TEMP RESTRICTED - INSURANCE REFUND - 2010 AMOUNT: $ 521. 2013 AMOUNT: $ 100. ACCRUED INTEREST FORGIVEN - 2012 AMOUNT: $ 630,359. |
| IRS990ScheduleA/Form990ScheduleAPartIVGrp/FormAndLineReferenceDesc | 0 | SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt | 0 | 20 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt | 0 | 25004 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 5 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 7 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 29950 |
| IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt | 0 | 54986 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearAmt | 0 | 29 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt | 0 | 345 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 1939 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 1452 |
| IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt | 0 | 3765 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt | 0 | 79103 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt | 0 | 20936 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt | 0 | 217457 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt | 0 | 166544 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt | 0 | 237459 |
| IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt | 0 | 721499 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt | 0 | 29 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt | 0 | 345 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt | 0 | 1939 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt | 0 | 1452 |
| IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt | 0 | 3765 |
| IRS990ScheduleA/InvestmentIncomeCYPct | 0 | 0.00270 |
| IRS990ScheduleA/InvestmentIncomePYPct | 0 | 0.00190 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearAmt | 0 | 100 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus1YearAmt | 0 | 630359 |
| IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 542 |
| IRS990ScheduleA/OtherIncome509Grp/TotalAmt | 0 | 631001 |
| IRS990ScheduleA/PubliclySupportedOrg509a2Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY509Pct | 0 | 0.55020 |
| IRS990ScheduleA/PublicSupportPY509Pct | 0 | 0.50820 |
| IRS990ScheduleA/PublicSupportTotal509Amt | 0 | 776485 |
| IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt | 0 | 0 |
| IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind | 0 | X |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt | 0 | 79123 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt | 0 | 45940 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt | 0 | 217462 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt | 0 | 166551 |
| IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt | 0 | 267409 |
| IRS990ScheduleA/Total509Grp/TotalAmt | 0 | 776485 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt | 0 | 79252 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt | 0 | 676644 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt | 0 | 219401 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt | 0 | 168545 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt | 0 | 267409 |
| IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt | 0 | 1411251 |
| IRS990/ScheduleBRequiredInd | 0 | 0 |
| IRS990ScheduleD/AgentTrusteeEtcInd | 0 | 0 |
| IRS990ScheduleD/ExplanationProvidedInd | 0 | X |
| IRS990ScheduleD/InclEscrowCustodialAcctLiabInd | 0 | 1 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 0 | 676039 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 1 | 2433355 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt | 2 | 1130536 |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 0 | PARTNERSHIP INVESTMENTS |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 1 | PORTFOLIO INVESTMENTS |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc | 2 | RAIN FUND INVESTMENTS |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 0 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 1 | F |
| IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd | 2 | F |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | CERTAIN NON PROFIT ENTITIES DESIRED TO MAKE INVESTMENTS WHICH PROMOTED THE ECONOMIC DEVELOPMENT IN THEIR COMMUNITIES. THEY PROVIDED LOANS TO RAIN SOURCE CAPITAL TO ASSIST IN ESTABLISHING LOCAL ANGEL INVESTMENT PROGRAMS. AS REQUIRED, THE PROCEEDS OF THE LOANS WERE USED TO PURCHASE MEMBERSHIP INTERESTS IN A LOCAL ANGEL GROUPS. THE COVENANTS OF THE LOANS REQUIRED RAIN SOURCE CAPITAL TO SHALL ESTABLISH A SEPARATE ACCOUNTS FOR THE PURPOSE OF TRACKING THE USE OF FUNDS. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART IV, LINE 2B: |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 0 |
| IRS990ScheduleD/TotalBookValueProgramRltdAmt | 0 | 4239930 |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1 | 0 | RAIN SOURCE MANAGEMENT LLC |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1 | 1 | RAIN SOURCE MANAGEMENT LLC |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt | 0 | THE CEO OF RAIN SOURCE CAPITAL IS AN OFFICER OF RAIN SOURCE MANAGEMENT, LLC |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt | 1 | THE CEO OF RAIN SOURCE CAPITAL IS AN OFFICER OF RAIN SOURCE MANAGEMENT, LLC |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd | 0 | 0 |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd | 1 | 0 |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt | 0 | 25000 |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt | 1 | 56692 |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc | 0 | MANAGEMENT SERVICES |
| IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc | 1 | CONSULTING SERVICES |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | IN APRIL, 2010, THE BOARD ENTERED INTO A MANAGEMENT CONTRACT WITH RAIN SOURCE MANAGEMENT. THIS WAS DONE TO REDUCE OPERATIONAL EXPENSES AND TO PROVIDE THE COMPANY WITH THE MEANS TO CONTINUE ITS OPERATIONS. THERE WAS NO CHANGE IN MISSION AND RAIN SOURCE MANAGEMENT HAS AGREED TO CONTINUE TO OPERATE THE COMPANY BASED UPON THE GOALS OUTLINED IN THE MANAGEMENT CONTRACT. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE FORM 990 WAS PRESENTED TO THE BOARD PRIOR TO FILING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | THE CONFLICT OF INTEREST POLICY COVERS DIRECTORS, OFFICERS AND EMPLOYEES. EACH RESPONSIBLE PERSON SHALL ANNUALLY COMPLETE A DISCLOSURE FORM WHICH SHALL BE SUBMITTED TO THE PRESIDENT. PRIOR TO BOARD ACTION ON A CONTRACT OR TRANSACTION INVOLVING A CONFLICT OF INTEREST, A DIRECTOR WHO HAS A CONFLICT OF INTEREST AND WHO IS IN ATTENDANCE AT THE MEETING SHALL DISCLOSE ALL FACTS MATERIAL TO THE CONFLICT OF INTEREST. SUCH DISCLOSURE SHALL BE REFLECTED IN THE MINUTES OF THE MEETING OR, AT THE OPTION OF THE SECRETARY, IN A SEPARATE MEMORANDUM THAT IS FILED WITH THE ORIGINAL MINUTES OF THE MEETING. A PERSON WHO HAS A CONFLICT OF INTEREST SHALL NOT PARTICIPATE IN THE BOARD'S DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS AND TO RESPOND TO QUESTIONS. SUCH PERSON SHALL NOT ATTEMPT TO EXERT HIS OR HER PERSONAL INFLUENCE WITH RESPECT TO THE MATTER, EITHER AT OR OUTSIDE THE MEETING. A PERSON WHO HAS A CONFLICT OF INTEREST WITH RESPECT TO A CONTRACT OR TRANSACTION THAT WILL BE VOTED ON AT A MEETING SHALL NOT BE COUNTED IN DETERMINING THE PRESENCE OF A QUORUM FOR PURPOSES OF THE VOTE. THE PERSON HAVING A CONFLICT OF INTEREST MAY NOT VOTE ON THE CONTRACT OR TRANSACTION. SUCH PERSON'S INELIGIBILITY TO VOTE SHALL BE REFLECTED IN THE MINUTES OF THE MEETING. A CONTRACT OR TRANSACTION INVOLVING A CONFLICT OF INTEREST MAY BE APPROVED BY THE BOARD IF THE MATERIAL FACTS AS TO THE CONTRACT OR TRANSACTION AND THE CONFLICT OF INTEREST ARE FULLY DISCLOSED OR KNOWN TO THE BOARD AND THE BOARD APPROVES THE CONTRACT OR TRANSACTION IN GOOD FAITH BY THE AFFIRMATIVE VOTE (WITHOUT COUNTING THE INTERESTED DIRECTOR) OF A MAJORITY OF THE ENTIRE BOARD AT A MEETING AT WHICH THERE IS A QUORUM PRESENT, AGAIN WITHOUT COUNTING THE INTERESTED DIRECTOR. RESPONSIBLE PERSONS WHO ARE NOT DIRECTORS, OR WHO HAVE A CONFLICT OF INTEREST WITH RESPECT TO A CONTRACT OR TRANSACTION THAT IS NOT THE SUBJECT OF BOARD OR COMMITTEE ACTION, SHALL DISCLOSE TO THE PRESIDENT ANY CONFLICT OF INTEREST THAT SUCH RESPONSIBLE PERSON HAS WITH RESPECT TO SUCH CONTRACT OR TRANSACTION. SUCH DISCLOSURE SHALL BE MADE AS SOON AS THE CONFLICT OF INTEREST IS KNOWN TO THE RESPONSIBLE PERSON. THE RESPONSIBLE PERSON SHALL REFRAIN FROM ANY ACTION THAT MAY AFFECT THE ORGANIZATION'S PARTICIPATION IN SUCH CONTRACT OR TRANSACTION. THE PRESIDENT SHALL PROMPTLY REPORT SUCH CONFLICT OF INTEREST TO THE CHAIR OR THE CHAIR'S DESIGNEE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION A, LINE 3 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION B, LINE 11 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990/SchoolOperatingInd | 0 | 0 |
| IRS990/SignificantChangeInd | 0 | 0 |
| IRS990/SignificantNewProgramSrvcInd | 0 | 0 |
| IRS990/StatesWhereCopyOfReturnIsFldCd | 0 | MN |
| IRS990/SubjectToProxyTaxInd | 0 | 0 |
| IRS990/TaxablePartyNotificationInd | 0 | 0 |
| IRS990/TaxExemptBondsInd | 0 | 0 |
| IRS990/TempOrPermanentEndowmentsInd | 0 | 0 |
| IRS990/TerminateOperationsInd | 0 | 0 |
| IRS990/TotalAssetsBOYAmt | 0 | 4575514 |
| IRS990/TotalAssetsEOYAmt | 0 | 4406186 |
| IRS990/TotalAssetsGrp/BOYAmt | 0 | 4575514 |
| IRS990/TotalAssetsGrp/EOYAmt | 0 | 4406186 |
| IRS990/TotalCompGreaterThan150KInd | 0 | 0 |
| IRS990/TotalContributionsAmt | 0 | 20 |
| IRS990/TotalEmployeeCnt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/FundraisingAmt | 0 | 0 |
| IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt | 0 | 56767 |
| IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt | 0 | 215833 |
| IRS990/TotalFunctionalExpensesGrp/TotalAmt | 0 | 272600 |
| IRS990/TotalGrossUBIAmt | 0 | 0 |
| IRS990/TotalLiabilitiesBOYAmt | 0 | 7359358 |
| IRS990/TotalLiabilitiesEOYAmt | 0 | 7411733 |
| IRS990/TotalLiabilitiesGrp/BOYAmt | 0 | 7359358 |
| IRS990/TotalLiabilitiesGrp/EOYAmt | 0 | 7411733 |
| IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt | 0 | -2783844 |
| IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt | 0 | -3005547 |
| IRS990/TotalOtherCompensationAmt | 0 | 0 |
| IRS990/TotalProgramServiceExpensesAmt | 0 | 215833 |
| IRS990/TotalProgramServiceRevenueAmt | 0 | 79103 |
| IRS990/TotalReportableCompFromOrgAmt | 0 | 0 |
| IRS990/TotalRevenueGrp/ExclusionAmt | 0 | 100 |
| IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 79417 |
| IRS990/TotalRevenueGrp/TotalRevenueColumnAmt | 0 | 79537 |
| IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt | 0 | 0 |
| IRS990/TotalVolunteersCnt | 0 | 3 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt | 0 | 4575514 |
| IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt | 0 | 4406186 |
| IRS990/TotReportableCompRltdOrgAmt | 0 | 0 |
| IRS990/TravelGrp/ManagementAndGeneralAmt | 0 | 5663 |
| IRS990/TravelGrp/TotalAmt | 0 | 5663 |
| IRS990/TrnsfrExmptNonChrtblRltdOrgInd | 0 | 0 |
| IRS990/TypeOfOrganizationCorpInd | 0 | X |
| IRS990/UnrelatedBusIncmOverLimitInd | 0 | 0 |
| IRS990/UnrestrictedNetAssetsGrp/BOYAmt | 0 | -2783844 |
| IRS990/UnrestrictedNetAssetsGrp/EOYAmt | 0 | -3005547 |
| IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt | 0 | 7283689 |
| IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt | 0 | 7336496 |
| IRS990/UponRequestInd | 0 | X |
| IRS990/USAddress/AddressLine1 | 0 | 1600 UNIVERSITY AVENUE WEST |
| IRS990/USAddress/City | 0 | SAINT PAUL |
| IRS990/USAddress/State | 0 | MN |
| IRS990/USAddress/ZIPCode | 0 | 55104 |
| IRS990/VotingMembersGoverningBodyCnt | 0 | 3 |
| IRS990/VotingMembersIndependentCnt | 0 | 3 |
| IRS990/WebsiteAddressTxt | 0 | WWW.RAINSOURCECAPITAL.COM |
| IRS990/WhistleblowerPolicyInd | 0 | 0 |
| ReturnHeader/BuildTS | 0 | 2016-02-25 16:41:14Z |
| ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd | 0 | 1 |
| ReturnHeader/BusinessOfficerGrp/PersonNm | 0 | STEVEN B MERCIL |
| ReturnHeader/BusinessOfficerGrp/PersonTitleTxt | 0 | PRESIDENT |
| ReturnHeader/BusinessOfficerGrp/PhoneNum | 0 | 6516322140 |
| ReturnHeader/BusinessOfficerGrp/SignatureDt | 0 | 2015-05-12 |
| ReturnHeader/Filer/BusinessName/BusinessNameLine1 | 0 | RAIN SOURCE CAPITAL |
| ReturnHeader/Filer/BusinessNameControlTxt | 0 | RAIN |
| ReturnHeader/Filer/EIN | 0 | 411912041 |
| ReturnHeader/Filer/PhoneNum | 0 | 6516322140 |
| ReturnHeader/Filer/USAddress/AddressLine1 | 0 | 1600 UNIVERSITY AVENUE WEST |
| ReturnHeader/Filer/USAddress/City | 0 | SAINT PAUL |
| ReturnHeader/Filer/USAddress/State | 0 | MN |
| ReturnHeader/Filer/USAddress/ZIPCode | 0 | 55104 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmEIN | 0 | 410746749 |
| ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1 | 0 | CLIFTONLARSONALLEN LLP |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1 | 0 | 220 SOUTH SIXTH STREET SUITE 300 |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City | 0 | MINNEAPOLIS |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State | 0 | MN |
| ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode | 0 | 55402 |
| ReturnHeader/PreparerPersonGrp/PhoneNum | 0 | 6123764500 |
| ReturnHeader/PreparerPersonGrp/PreparerPersonNm | 0 | AMY HENDLEY |
| ReturnHeader/ReturnTs | 0 | 2015-05-14T09:29:45-05:00 |
| ReturnHeader/ReturnTypeCd | 0 | 990 |
| ReturnHeader/TaxPeriodBeginDt | 0 | 2013-07-01 |
| ReturnHeader/TaxPeriodEndDt | 0 | 2014-06-30 |
| ReturnHeader/TaxYr | 0 | 2013 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2014 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $4,406,186
- Liabilities
- $7,411,733
- Net assets
- -$3,005,547
- Revenue
- $79,537
- Expenses
- $272,600
- Net income
- -$193,063