Civic Intelligence

Trufund Financial Services Inc.

990 • Fiscal year 2014 • EIN 59-3814814

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 16, 2015

39 West 37th Street 7th FloorNew York, NY 10018

(212) 204-1328

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

90th percentile

0.93x

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

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

97th percentile

9.28x

Higher debt load relative to revenue than 97% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

8th percentile

-22%

Higher net margin than 8% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

50th percentile

$244,438

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 5.5% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

19th percentile

-2.4%

Faster asset growth than 19% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

7th percentile

-33%

Faster revenue growth than 7% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Assets

Down

$44,613,073

Down $1,096,086 (-2.4%) from 2013

Net Assets

Down

$3,066,664

Down $1,276,698 (-29%) from 2013

Liabilities

Up

$41,546,409

Up $180,612 (+0.4%) from 2013

Revenue

Down

$4,474,640

Down $2,211,884 (-33%) from 2013

Expenses

Down

$5,467,065

Down $5,594,035 (-51%) from 2013

Net Income

Up

-$992,425

Up $3,382,151 (+77%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2010: $58,211,671Liabilities 2010: $39,936,695Net Assets 2010: $18,274,9762010Assets 2011: $65,357,066Liabilities 2011: $52,533,451Net Assets 2011: $12,823,6152011Assets 2012: $51,863,474Liabilities 2012: $43,145,536Net Assets 2012: $8,717,9382012Assets 2013: $45,709,159Liabilities 2013: $41,365,797Net Assets 2013: $4,343,3622013Assets 2014: $44,613,073Liabilities 2014: $41,546,409Net Assets 2014: $3,066,6642014Assets 2015: $12,190,636Liabilities 2015: $5,269,682Net Assets 2015: $6,920,9542015Assets 2016: $8,649,788Liabilities 2016: $5,000,420Net Assets 2016: $3,649,3682016Assets 2017: $13,642,225Liabilities 2017: $8,013,173Net Assets 2017: $5,629,0522017Assets 2018: $14,368,346Liabilities 2018: $9,202,101Net Assets 2018: $5,166,2452018Assets 2019: $14,181,328Liabilities 2019: $8,513,649Net Assets 2019: $5,667,6792019Assets 2022: $48,532,112Liabilities 2022: $29,296,146Net Assets 2022: $19,235,9662022Assets 2023: $51,843,427Liabilities 2023: $32,059,259Net Assets 2023: $19,784,1682023Assets 2024: $50,002,432Liabilities 2024: $31,191,748Net Assets 2024: $18,810,6842024

Highlighted filing

2014

Assets$44,613,073
Liabilities$41,546,409
Net Assets$3,066,664

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$10M$0-$10MExpenses 2010: $9,590,9012010Expenses 2011: $14,007,5972011Expenses 2012: $13,013,3152012Revenue 2013: $6,686,524Expenses 2013: $11,061,100Net Income 2013: -$4,374,5762013Revenue 2014: $4,474,640Expenses 2014: $5,467,065Net Income 2014: -$992,4252014Revenue 2015: $10,663,350Expenses 2015: $5,596,417Net Income 2015: $5,066,9332015Revenue 2016: $1,466,940Expenses 2016: $4,009,969Net Income 2016: -$2,543,0292016Revenue 2017: $4,480,257Expenses 2017: $5,458,253Net Income 2017: -$977,9962017Revenue 2018: $5,035,334Expenses 2018: $6,055,777Net Income 2018: -$1,020,4432018Revenue 2019: $2,317,905Expenses 2019: $5,007,275Net Income 2019: -$2,689,3702019Revenue 2022: $16,024,804Expenses 2022: $9,625,966Net Income 2022: $6,398,8382022Revenue 2023: $12,004,522Expenses 2023: $10,579,239Net Income 2023: $1,425,2832023Revenue 2024: $16,334,961Expenses 2024: $14,592,936Net Income 2024: $1,742,0252024

Highlighted filing

2014

Revenue$4,474,640
Expenses$5,467,065
Net Income-$992,425
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 16, 2015
Return Version
2014v5.0
Gross Receipts
$4,474,640
Mission and Program Overview

Mission

TruFunds mission is to promote and foster economic development in underserved communities and among disadvantaged populations by offering affordable capital and capacity building technical assistance (TA) to small businesses and not-for-profit organizations that have difficulty accessing conventional capital markets. Headquartered in New York City, TruFunds operations also extend to serve the New Jersey, Alabama and Louisiana markets.

To provide financing and technical assistance to small businesses, principally minority and women owned business enterprises, and non-profit organizations. See schedule o.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$27,988,760$24,861,477▼ $3,127,283
Savings and Temporary Cash Investments$15,755,203$17,266,242▲ $1,511,039
Pledges and Grants Receivable$1,648,396$2,034,389▲ $385,993
Accounts Receivable$0$268,818▲ $268,818
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$45,709,159$44,613,073▼ $1,096,086
Other Assets Total$316,800$182,147▼ $134,653
Liabilities
Mortgage Notes Payable Secured by Investment Property$40,473,173$40,429,073▼ $44,100
Accounts Payable and Accrued Expenses$856,091$1,110,048▲ $253,957
Deferred Revenue$29,245$0▼ $29,245
Other Liabilities$7,288$7,288→ $0
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$41,365,797$41,546,409▲ $180,612
Net Assets / Fund Balance
Temporarily Rstr Net Assets$2,800,306$2,914,440▲ $114,134
Unrestricted Net Assets$1,543,056$152,224▼ $1,390,832
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$4,343,362$3,066,664▼ $1,276,698
Total Liabilities and Net Assets / Fund Balance$45,709,159$44,613,073▼ $1,096,086
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James BasonPresidentFT$228,415$16,023$244,438
Edwin HongChief Operations OfficerFT$189,153$9,419$198,572
Andre SuiteSenior Vice PresidentFT$168,862$4,761$173,623
Anne BushChief Credit OfficerFT$149,089$22,709$171,798
Demetric DuckettSVP, Business DevelopmentFT$139,767$4,083$143,850
Janet OzarchukChief Financial OfficerFT$122,358$16,534$138,892
Aisha BensonVP, Managing DirectorFT$126,842$4,220$131,062

Board Members and Trustees

NameTitle
Maurice ColemanChairperson
Rita CarilloVice Chairperson
Charlotte LeeBoard Member
Cheri Morial AusberryBoard Member
Douglas JacksonBoard Member
Hope KnightBoard Member
Catherine Sloss JonesNon-Voting Board Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Arent Fox LLPLegal Fees1717 K Street NW, Washington, DC 20036$479,161
Cohn Reznick LLPReznick GroupAuditing500 East Pratt Street, Baltimore, MD 21202$313,675
Cole Schotz Meisel Forman LeonLegal FeesCOURT PLAZA NORTH 25 MAIN STREET, Hackensack, NJ 07602$250,000
Milbank Tweed Hadley Mccloy LLPLegal Fees1 CHASE MANHATTAN PLAZA, New York, NY 10005$196,410
Solomon MalachesqLegal Fees306 WEST 262ND STREET, Bronx, NY 10471$165,125
Revenue and Support

Revenue Composition

Contributions and Grants
$1,897,515
Program Service Revenue
$2,179,223
Investment Income
$12,199
Other Revenue
$385,703
All Other Contributions
$1,406,000
Change in Net Assets
$-992,425
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,595,368
Other Expenses$1,861,697
Total Fundraising Expense$194,595
Grants and Similar Amounts Paid$10,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,064,572$468,139$31,654$2,564,365
Fees for Services Legal$635,187$488,978-$1,124,165
Interest$1,112,103--$1,112,103
Fees for Services Other$235,070$296,472-$531,542
Current Officers, Directors, Trustees, and Key Employees$352,474$46,245$131,261$529,980
Occupancy$423,826$58,490$24,190$506,506
Other Employee Benefits$439,540$53,993$7,490$501,023
Fees for Services Accounting$13,913$211,725-$225,638
Office Expenses$60,773$162,286-$223,059
Insurance-$80,631-$80,631
Travel$47,749$5,710-$53,459
Grants to Domestic Individuals$10,000--$10,000
Other Expenses$-1,995,406--$-1,995,406
Total Functional Expenses$3,399,801$1,872,669$194,595$5,467,065
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Contract Advances$7,288
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, Line 15 - Salary Structure

TFS reviews available compensation data, including employee compensation surveys and salary levels in relevant job postings by its competitors. TFS also assigns an internal job grade to each job position. Within each job grade, TFS applies an allowable salary range.

Form 990, Part VI, Line 19 - Financial Statements

The organization's Form 990, conflict of interest policy, and governing documents are available upon request at its headquarters.

Filing and Contact Details

Filer

Filer Name
TruFund Financial services Inc
EIN
59-3814814
In Care Of
% Janet Ozarchuk
Phone
2122041328
Address
39 West 37th Street 7th Floor, New York, NY 10018

Signing Officer

Name
Janet Ozarchuk
Title
CFO
Phone
2122041328
Signed
2015-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Bason President
Formed
2005
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
45
Volunteers
7

Preparer

Firm
Kpmg Llp
Address
One Financial Plaza, Hartford, CT 06103-2608
Preparer
Kpmg Llp
Phone
8605223200
Supplemental Narrative

Additional Explanations

Form 990, Part I - Organization Mission

TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES, PRINCIPALLY MINORITY AND WOMEN OWNED BUSINESS ENTERPRISES, AND NON-PROFIT ORGANIZATIONS IN UNDESERVED COMMUNITIES AND AMONG DISADVANTAGED POPULATIONs. Form 990, Part VI, Line 11 - 990 Return The form 990 is prepared by the chief financial officer, the controller, and other related staff, in conjunction with external tax advisory support. It is the policy of the organization to circulate a draft version of the form 990 for review by executive staff, internal legal counsel and the governing board prior to its submission to the IRS.

Form 990, Part IV, Line 7A - Members

According to the Bylaws, TFS has six persons who have the power to elect or appoint one or more members of the governing body. Form 990, Part IV, Line 12C - Conflict of Interest Policy Individual members of the governing board are required to disclose annually interests that could give rise to conflicts. all employees are required to sign the organization's conflict of interest agreement at the time of hiring. the conflict of interest agreement requires each employee to avoid conflicts of interest or the appearance of conflicts of interest. it also requires each employee to disclose in writing any known conflicts of interest to an appropriate supervisor, or in the event of certain key employees, to the governing board.

Form 990, Part XI, Line 9 - Reconciliation of Net Assets

ERF Distribution.........................$ 42,675 RMAP Contribution Reversal...............$ (47,020) Denver Contribution Reversal.............$(279,928) ------------ TOTAL....................................$(284,273)

Financial Statement Notes

Part IV, Line 11F

TRUFUND has applied for and received a determination letter from the internal revenue service (IRS) to be treated as a tax exempt entity pursuant to section 501(c)(3) of the internal revenue code ("IRC") and did not have any unrelated business income for the years ended December 31, 2014 and 2013. Due to its tax-exempt status, TRUFUND is not subject to income taxes. TRUFUND is required to file and does file tax returns with the IRS and other taxing authorities. Income tax returns filed by TRUFUND are subject to examination by the internal revenue service for a period of three years. while no income tax returns are currently being examined by the internal revenue service, tax years since 2011 remain open. Fasb asc 740, income taxes, prescribes a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely than-not recognition threshold at the effective date may be recognized or continue to be recognized upon adoption of this interpretation. asc 740 also provides guidance on accounting for derecognition, interest and penalties, and classification and disclosure of matters related to uncertainty in income taxes.

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IRS990/Desc0A principal component of TruFunds mission is to serve minority and women owned business enterprises and small businesses located within a low- or moderate-income community, as they represent historically economically disadvantaged populations and those traditionally disconnected from mainstream financial institutions. TruFund has also developed a strong track record of working with state and local government agencies to design and implement small business loan programs to help them recover from natural and manmade disasters. TruFund has successfully operated six small business disaster recovery programs following both natural and manmade disasters in New York City and Louisiana. TruFund's wholly-controlled subsidiary Empowerment Reinvestment Fund LLC (ERF) utilizes New Market Tax Credits (NMTCs) to finance large-scale projects in underserved markets that act as catalysts for community development and generate significant community impacts in the form of new or retained jobs, community services or increased economic opportunity. When possible, TruFund combines the availability of the organizations leverage loan program with the use of NMTCs in an effort to maximize support for financially viable, high impact projects, with an emphasis on projects that create opportunity for surrounding small businesses.
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IRS990/Form990PartVIISectionAGrp/PersonNm1Maurice Coleman
IRS990/Form990PartVIISectionAGrp/PersonNm2Rita Carillo
IRS990/Form990PartVIISectionAGrp/PersonNm3Douglas Jackson
IRS990/Form990PartVIISectionAGrp/PersonNm4Cheri Morial Ausberry
IRS990/Form990PartVIISectionAGrp/PersonNm5Charlotte Lee
IRS990/Form990PartVIISectionAGrp/PersonNm6Hope Knight
IRS990/Form990PartVIISectionAGrp/PersonNm7Catherine Sloss Jones
IRS990/Form990PartVIISectionAGrp/PersonNm8Edwin Hong
IRS990/Form990PartVIISectionAGrp/PersonNm9Anne Bush
IRS990/Form990PartVIISectionAGrp/PersonNm10Andre Suite
IRS990/Form990PartVIISectionAGrp/PersonNm11Demetric Duckett
IRS990/Form990PartVIISectionAGrp/PersonNm12Aisha Benson
IRS990/Form990PartVIISectionAGrp/PersonNm13Janet Ozarchuk
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt2Vice Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt3Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt4Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Non-Voting Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Chief Operations Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chief Credit Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt10Senior Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt11SVP, Business Development
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP, Managing Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Chief Financial Officer
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IRS990/MissionDesc0TruFunds mission is to promote and foster economic development in underserved communities and among disadvantaged populations by offering affordable capital and capacity building technical assistance (TA) to small businesses and not-for-profit organizations that have difficulty accessing conventional capital markets. Headquartered in New York City, TruFunds operations also extend to serve the New Jersey, Alabama and Louisiana markets.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.0$31.2$18.8$16.3$14.6$1.74
2023Detailed filing. Detailed filing data is available for this year.$51.8$32.1$19.8$12.0$10.6$1.43
2022Detailed filing. Detailed filing data is available for this year.$48.5$29.3$19.2$16.0$9.63$6.40
2019Detailed filing. Detailed filing data is available for this year.$14.2$8.51$5.67$2.32$5.01$2.69
2018Detailed filing. Detailed filing data is available for this year.$14.4$9.20$5.17$5.04$6.06$1.02
2017Detailed filing. Detailed filing data is available for this year.$13.6$8.01$5.63$4.48$5.46$0.98
2016Detailed filing. Detailed filing data is available for this year.$8.65$5.00$3.65$1.47$4.01$2.54
2015Detailed filing. Detailed filing data is available for this year.$12.2$5.27$6.92$10.7$5.60$5.07
2014Detailed filing. Detailed filing data is available for this year.$44.6$41.5$3.07$4.47$5.47$0.99
2013Summary only. Only limited summary data is available for this year.$45.7$41.4$4.34$6.69$11.1$4.37
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$51.9$43.1$8.72$13.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$65.4$52.5$12.8$14.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.2$39.9$18.3$9.59
Peer Organizations

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