Civic Intelligence

Rende Progress Capital

990 • Fiscal year 2019 • EIN 82-0689514

Jan 01, 2019 to Dec 31, 2019 • Filed on Apr 29, 2020

2843 E Grand River Ste 132East Lansing, MI 48823

(616) 558-3276

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$373,156

Up $130,646 (+54%) from 2018

Net Assets

Up

$152,067

Up $17,434 (+13%) from 2018

Liabilities

Up

$221,089

Up $113,212 (+105%) from 2018

Revenue And Expenses

Revenue

Up

$235,253

Up $15,245 (+6.9%) from 2018

Expenses

Up

$217,814

Up $132,429 (+155%) from 2018

Net Income

Down

$17,439

Down $117,184 (-87%) from 2018

Historical Trend

Balance Sheet Trend

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

2019

Assets$373,156
Liabilities$221,089
Net Assets$152,067

Operations Trend

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

2019

Revenue$235,253
Expenses$217,814
Net Income$17,439
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Apr 29, 2020
Return Version
2019v5.0
Gross Receipts
$235,253
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

RPC provides affordable small business loans and business technical assistance services to excluded entrepreneurs due to inequality bias

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$109,983$264,572▲ $154,589
Other Notes and Loans Receivable, Net$10,000$79,019▲ $69,019
Pledges and Grants Receivable$50,000--
Cash and Non-Interest-Bearing Accounts$72,177$21,943▼ $50,234
Land, Buildings, and Equipment, Net-$7,272-
Total Assets$242,510$373,156▲ $130,646
Other Assets Total$350$350→ $0
Liabilities
Unsecured Notes Loans Payable$100,000$220,000▲ $120,000
Deferred Revenue-$572-
Accounts Payable and Accrued Expenses$7,877$517▼ $7,360
Total Liabilities$107,877$221,089▲ $113,212
Net Assets / Fund Balance
Net Assets With Donor Restrictions$110,424$112,612▲ $2,188
Net Assets Without Donor Restrictions$24,209$39,455▲ $15,246
Total Net Assets Fund Balance$134,633$152,067▲ $17,434
Total Liabilities and Net Assets / Fund Balance$242,510$373,156▲ $130,646

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$4,559$698$5,257
Other Land Buildings$2,713$1,193$3,906
Other Assets Org$350--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Eric K FosterBoard Pres Mang DirectorFT$54,403$54,403
Cuong Q HuynhBoard Tres Gen MangPT$34,702$34,702

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
$227,606
Program Service Revenue
$7,075
Investment Income
$572
Other Revenue
$0
All Other Contributions
$167,606
Change in Net Assets
$17,439
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$192,482
Total Fundraising Expense$80,532
Other Expenses$25,332
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$88,978$17,795$71,183$177,956
Payroll Taxes$7,263$1,453$5,810$14,526
Occupancy$2,625$788$1,838$5,251
Fees for Services Other-$3,688-$3,688
Fees for Services Accounting-$3,070-$3,070
Office Expenses$2,206$384$155$2,745
Interest$2,340--$2,340
Travel$412$206$1,443$2,061
Depreciation Depletion-$1,891-$1,891
Conferences and Meetings$790$429$103$1,322
Fees for Services Legal$850--$850
Advertising-$558-$558
Other Expenses$260--$260
Information Technology-$254-$254
Total Functional Expenses$106,766$30,516$80,532$217,814
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 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
No

Governance Explanations

Part VI Line 11B

The 990 is reviewed by both the Board Chairman and Board Treasurer prior

Part VI Line 11B

to 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 both the Chair and Treasurer.

Part VI Line 15A or B

2018 comparability data was used to determine part-time compensation for

Part VI Line 15A or B

the Managing Director and General Manager positions.

Part VI Line 19

Financial statements are made available to current and potential funders

Part VI Line 19

as a part of their required grant submission or grant application process.

Part VI Line 12C

Additional information regarding conflict of interest policy: Upon review

Part VI Line 12C

of the annual conflict of interest forms, the following conflict of

Part VI Line 12C

interest was determined: Board Member Bing Goei owns the Goei Center and

Part VI Line 12C

RPC is a tenant of the Goei Center. Procedures for this member and any

Part VI Line 12C

future conflicts include: (1) Member must again inform the Chair prior to a

Part VI Line 12C

board meeting dealing with any matter for a vote that they have a conflict;

Part VI Line 12C

(2) The member cannot engage in discussion with any board members regarding

Part VI Line 12C

their opinion in the matter and cannot hear or participate in the board's

Part VI Line 12C

discussion on the matter; and (3) A member with a conflict in any contract

Part VI Line 12C

or transaction cannot vote or be in the room during the matter's action.

Part VI Line 15B

Additional information regarding management compensation: Comparability

Part VI Line 15B

data was used in 2018 to determine part-time compensation for both the

Part VI Line 15B

Managing Director and General Manager. For 2019, these positions were held

Part VI Line 15B

by the same two individuals. There were no changes to their compensation

Part VI Line 15B

from 2018 to 2019.

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
Chair Managing Director
Phone
6165583276
Signed
2020-04-29
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
4

Preparer

Firm
Ivy Accounting Services
Address
PO Box 225, DeWitt, MI 48820
Preparer
Latisha Ivy
Phone
6167303489
Supplemental Narrative

Additional Explanations

Part III Line 4D

Expenses: $3056.00 including grants of: $0.00 Revenue: $0.00

Part III Line 4D

Loan monitoring and maintenance

Part III Line 4D

Expenses: $2706.00 including grants of: $0.00 Revenue: $0.00

Part III Line 4D

Business development

Part III Line 4D

Expenses: $1085.00 including grants of: $0.00 Revenue: $0.00

Part III Line 4D

One-on-one business mentoring

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The 990 is reviewed by both the Board Chairman and Board Treasurer prior
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1to filing. 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 both the Chair and Treasurer.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt42018 comparability data was used to determine part-time compensation for
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5the Managing Director and General Manager positions.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Financial statements are made available to current and potential funders
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7as a part of their required grant submission or grant application process.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Expenses: $3056.00 including grants of: $0.00 Revenue: $0.00
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9Loan monitoring and maintenance
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10Expenses: $2706.00 including grants of: $0.00 Revenue: $0.00
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Business development
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12Expenses: $1085.00 including grants of: $0.00 Revenue: $0.00
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13One-on-one business mentoring
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt14Additional information regarding conflict of interest policy: Upon review
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt15of the annual conflict of interest forms, the following conflict of
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt16interest was determined: Board Member Bing Goei owns the Goei Center and
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt17RPC is a tenant of the Goei Center. Procedures for this member and any
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt18future conflicts include: (1) Member must again inform the Chair prior to a
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt19board meeting dealing with any matter for a vote that they have a conflict;
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt20(2) The member cannot engage in discussion with any board members regarding
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt21their opinion in the matter and cannot hear or participate in the board's
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt22discussion on the matter; and (3) A member with a conflict in any contract
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt23or transaction cannot vote or be in the room during the matter's action.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt24Additional information regarding management compensation: Comparability
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt25data was used in 2018 to determine part-time compensation for both the
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt26Managing Director and General Manager. For 2019, these positions were held
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt27by the same two individuals. There were no changes to their compensation
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt28from 2018 to 2019.
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