Civic Intelligence

Rende Progress Capital

990 • Fiscal year 2018 • EIN 82-0689514

Jan 01, 2018 to Dec 31, 2018 • Filed on May 13, 2019

Organization Profilewww.rendeprogresscapital.com
2843 E Grand River Ste 132East Lansing, MI 48823

(616) 558-3276

Siviq Scores

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

Liabilities / Assets

89th percentile

0.44x

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

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Liabilities / Revenue

92nd percentile

0.49x

Higher debt load relative to revenue than 92% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Net Margin

94th percentile

61%

Higher net margin than 94% of similar nonprofits.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Top Officer Pay

90th percentile

$40,929

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 18.6% of source-year revenue.

2018 filings • 501(c)3 • <$500k nonprofits • Source year 2018

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2018

Balance Sheet
Liabilities / Assets89th percentile

Assets

$242,510

No earlier filing loaded for comparison.

Net Assets

$134,633

No earlier filing loaded for comparison.

Liabilities

$107,877

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin94th percentile

Revenue

$220,008

No earlier filing loaded for comparison.

Expenses

$85,385

No earlier filing loaded for comparison.

Net Income

$134,623

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2018: $242,510Liabilities 2018: $107,877Net Assets 2018: $134,6332018Assets 2019: $373,156Liabilities 2019: $221,089Net Assets 2019: $152,0672019Assets 2020: $2,158,777Liabilities 2020: $507,373Net Assets 2020: $1,651,4042020Assets 2022: $3,048,192Liabilities 2022: $527,626Net Assets 2022: $2,520,5662022Assets 2023: $3,381,787Liabilities 2023: $513,867Net Assets 2023: $2,867,9202023Assets 2024: $3,589,522Liabilities 2024: $406,333Net Assets 2024: $3,183,1892024

Highlighted filing

2018

Assets$242,510
Liabilities$107,877
Net Assets$134,633
Open 2018 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$2.0M$1.5M$1.0M$500K$0Revenue 2018: $220,008Expenses 2018: $85,385Net Income 2018: $134,6232018Revenue 2019: $235,253Expenses 2019: $217,814Net Income 2019: $17,4392019Revenue 2020: $1,812,309Expenses 2020: $312,798Net Income 2020: $1,499,5112020Revenue 2022: $1,358,413Expenses 2022: $452,735Net Income 2022: $905,6782022Revenue 2023: $814,275Expenses 2023: $466,921Net Income 2023: $347,3542023Revenue 2024: $638,113Expenses 2024: $463,227Net Income 2024: $174,8862024

Highlighted filing

2018

Revenue$220,008
Expenses$85,385
Net Income$134,623
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 13, 2019
Return Version
2018v3.1
Gross Receipts
$220,008
Mission and Program Overview

Mission

RPC is committed to economic equity by providing socially responsible and affordable lending and serviecs to entrepreneurs who have been excluded from traditional lending due to socio-economic reasons & bias

Provides affordable lending investments and business technical assistance services to excluded entrepreneurs due to inequality bias

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$109,983-
Cash and Non-Interest-Bearing Accounts$10$72,177▲ $72,167
Pledges and Grants Receivable-$50,000-
Other Notes and Loans Receivable, Net-$10,000-
Total Assets$10$242,510▲ $242,500
Other Assets Total-$350-
Liabilities
Unsecured Notes Loans Payable-$100,000-
Accounts Payable and Accrued Expenses-$7,877-
Total Liabilities$0$107,877▲ $107,877
Net Assets / Fund Balance
Temporarily Rstr Net Assets-$110,424-
Unrestricted Net Assets$10$24,209▲ $24,199
Total Net Assets Fund Balance$10$134,633▲ $134,623
Total Liabilities and Net Assets / Fund Balance$10$242,510▲ $242,500
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Eric K FosterBoard Pres Mang DirectorFT$40,929$40,929
Cuong Q HuynhBoard Tres Invst DirectorPT$23,992$23,992

Board Members and Trustees

NameTitle
Bing GoeiBoard Member
Lisa CookBoard Member
Meredith FreemanBoard Member
Robin SelmonBoard Secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$220,000
Program Service Revenue
$0
Investment Income
$8
Other Revenue
$0
All Other Contributions
$220,000
Change in Net Assets
$134,623
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$77,006
Total Fundraising Expense$26,396
Other Expenses$8,379
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$32,246$17,916$21,498$71,660
Payroll Taxes$2,406$1,336$1,604$5,346
Travel$589$393$2,944$3,926
Occupancy$700$350$350$1,400
Fees for Services Legal$1,330--$1,330
Fees for Services Accounting-$845-$845
Fees for Services Other-$672-$672
Interest$181--$181
Other Expenses$25--$25
Total Functional Expenses$37,477$21,512$26,396$85,385
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
No

Governance Explanations

Part VI Line 11B

“990 is reviewed by both the Board President and Board Treasurer prior to”

Part VI Line 11B

“filing. It is made available upon request to all other board members.”

Part VI Line 12C

“All board members are required to complete and sign an annual conflict of”

Part VI Line 12C

“interest form. All forms are reviewed by the Board President.”

Part VI Line 15A or B

“Comparability data was used in 2018 to determine part-time compensation for”

Part VI Line 15A or B

“the Managing Director and Managing Director of Investments positions.”

Part VI Line 19

“Financial statements have been made available to current and potential”

Part VI Line 19

“funders as part of their grant application and/or approval process.”

Filing and Contact Details

Filer

Filer Name
Rende Progress Capital
EIN
82-0689514
In Care Of
% Eric Foster
Phone
6165583276
Address
2843 E Grand River Ste 132, East Lansing, MI 48823

Signing Officer

Name
Eric Foster
Title
Board Pres Managing Director
Phone
6165583276
Signed
2019-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eric K Foster
Formed
2017
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
4
Employees
2

Preparer

Firm
Ivy Accounting Services
Address
3158 Granview Ln, DeWitt, MI 48820
Preparer
Latisha Ivy
Phone
6167303489
Supplemental Narrative

Additional Explanations

Part III Line 4D

“Expenses: $3594.00 including grants of: $0.00 Revenue: $0.00”

Part III Line 4D

“RPC secured additional pilot funding year resources after initial funding”

Part III

“from W.K. Kellogg Foundation.”

Part III Line 4D

“Expenses: $1799.00 including grants of: $0.00 Revenue: $0.00”

Part III Line 4D

“RPC completed recruitment of racially and gender diverse community members”

Part III Line 4D

“for the loan committee during 2nd quarter 2018.”

Raw XML Appendix332 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/Desc0Cultivation of more than 15 potential loan customers through specific self-directed (but not limited to) client cultivation meetings and serving as a judge at business competition events (Startgarden 5x5 business competition, Michigan Good Food Fund Boot Camp/business competition, Minority GVSU Veterans Enterprise Entrepreneur Lab Panel, Michigan Women Forward Business Pitch competition, and Grand Rapids Area Black Business Access to Capital panel). These activities yielded a vetted customer referral of Reliable Medical Transport which was RPC's first loan. Fourteen other potential loan customers are now being engaged by RPC for lending opportunities.
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IRS990/ProgSrvcAccomActy2Grp/Desc0RPC strengthened ties and formalized official partnerships with other non-profit organizations such as the West Michigan Urban League, Northern Initiatives and Grand Rapids Area Black Business and engaged in informal episodic partnerships with StartGarden and the Grand Valley State University Entrepreneur Center to help serve on business competition panels that awarded business fund awards of $5,000 and $10,000 to local businesses and participants in three 2018 Access to Capital and Loan Readiness Panels with over 60 entrepreneurs.
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IRS990/ProgSrvcAccomActy3Grp/Desc0RPC met its start-up goal for making its first small business loan by fourth quarter 2018 through its loan participation with Northern Initiatives to Reliable Medical Transport in the form of joint lending of a $250,000 participation loan to an African-American owned non- medical transportation company in Grand Rapids, MI who transports mobility impaired individuals who have critical but non-emergency needs. RPC loaned $10,000 of the $250,000 to this company.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0990 is reviewed by both the Board President and Board Treasurer prior to
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1filing. It is made available upon request to all other board members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All board members are required to complete and sign an annual conflict of
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3interest form. All forms are reviewed by the Board President.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Expenses: $1799.00 including grants of: $0.00 Revenue: $0.00
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IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt010
IRS990/UnrestrictedNetAssetsGrp/EOYAmt024209
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0100000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02843 E Grand River Ste 132
IRS990/USAddress/CityNm0East Lansing
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd048823
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0www.rendeprogresscapital.com
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ERIC FOSTER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Pres Managing Director
ReturnHeader/BusinessOfficerGrp/PhoneNum06165583276
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Rende Progress Capital
ReturnHeader/Filer/BusinessNameControlTxt0REND
ReturnHeader/Filer/EIN0820689514
ReturnHeader/Filer/InCareOfNm0% Eric Foster
ReturnHeader/Filer/PhoneNum06165583276
ReturnHeader/Filer/USAddress/AddressLine1Txt02843 E Grand River Ste 132
ReturnHeader/Filer/USAddress/CityNm0East Lansing
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MI
ReturnHeader/Filer/USAddress/ZIPCd048823
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0F220749D93D721EC1A4FD081BD0926A7FB265E5F
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0A2155F6A31EA0308DED969A1846E7B9143224C0E
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId040475820191336607104
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02019-05-13
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt068.48.116.83
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0454323776
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Ivy Accounting Services
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03158 Granview Ln
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DeWitt
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd048820
ReturnHeader/PreparerPersonGrp/PhoneNum06167303489
ReturnHeader/PreparerPersonGrp/PreparationDt02019-05-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LATISHA IVY
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02019-05-13T07:22:00-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$242,510
Liabilities
$107,877
Net assets
$134,633
Revenue
$220,008
Expenses
$85,385
Net income
$134,623
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.59$0.41$3.18$0.64$0.46$0.17
2023Detailed filing. Detailed filing data is available for this year.$3.38$0.51$2.87$0.81$0.47$0.35
2022Detailed filing. Detailed filing data is available for this year.$3.05$0.53$2.52$1.36$0.45$0.91
2020Detailed filing. Detailed filing data is available for this year.$2.16$0.51$1.65$1.81$0.31$1.50
2019Detailed filing. Detailed filing data is available for this year.$0.37$0.22$0.15$0.24$0.22$0.02
2018Detailed filing. Detailed filing data is available for this year.$0.24$0.11$0.13$0.22$0.09$0.13