Rende Progress Capital

“Line 11b: The board chairman and board treasurer review and approves the form 990 prepared by the auditor prior to signing the elctronic authorization form. It is made available upon requests to all other board members.”

“Line 12c: Procedures for conflict include 1) annual review of the conflict of interest policy forms by each member. All forms are reviewed by both the Chair and Treasurer; 2) Member must inform the chair prior to a board meeting dealing with any matter for a vote that they have a conflict; 3) The member cannot engage in discussions with any board members regarding their opinion in the matter; and 4) A member with a conflict in any contract or transaction cannot vote or be in the room during the matters action. Line 12c: Procedures include an annual review of policy forms for each member.”

“Line 15a: Compensation of Directors: Directors as such shall not receive any salaries for their services, but by resolution of the Board of Directors a fixed sum and expenses of attendance may be allowed for attendance at each regular or special meeting of the Board of Directors. 2021 comparibility data was used to determine full-time compensation for the director and general manager.”

“Line 15b: Compensation of Directors: Directors as such shall not receive any salaries for their services, but by resolution of the Board of Directors a fixed sum and expenses of attendance may be allowed for attendance at each regular or special meeting of the Board of Directors. 2021 comparibility data was used to determine full-time compensation for the director and general manager. Line 15: Board resolution required for determining compensation.”

“Line 18: Upon request”

“Line 19: Financial statements are made available to current and potential funders when requested as part of their required submission or grant application process. Line 19: Financial statements are made available to current and potential funders when requested as part of their required submission or grant application process.”

“The organization is amending Part X, lines 24 and 27, and Part XI, line 8, to correct previously overstated liabilities. The correction was necessary due to changes in the terms of the Memorandum of Understanding (MOU) that were identified during the audit process. The corrected figures now accurately reflect the organizations audited financial statements.”

“Bad Debt 43,061 Bank Fees 160 Board Expenses 612 Contract Services 956 Credit Bureau 731 Incentive Grant 6,600 Professional Fees 29,226”

“FY 2024 TA to RPC loan customers focused on strengthening their business fundamentals in order to grow their business and reduce the probability of having problem loans with us. TA to select non-customers focused on their participation in our pre-loan readiness incubator to prepare them in readiness in the process of loan applications and potentially becoming RPC loan customers. Specifically, within lending services, RPC provided the following: Lending: The first output was our lending to eight new loan deals in FY 2024---including achieving an unexpected but appreciative milestone of those new loan deals including Line 4a continued.. They were a West Michigan Asian-American owned restaurant and a West Michigan African-American owned dance studio. Such lending in FY 2024 led to: 32 active loans of a historical near fifty loan customers which as mentioned, led to our first milestone of $1 million plus in overall small business lending. For many current and new loan customers, such RPC loan customers reported impacts ranging from a Kalamazoo business receiving a six-figure loan which contributed to them being one of four loan customers reporting expansion in revenue between 10% to 20% or more to two RPC loan clients reporting in expansion in total paid hours to employees. Line 4b. Race/Ethnicity: 61.11% African-American; 5.5% Hispanic/Latinx; 5.5% Native American; 2% White and remainder as N/A or Other. Customers receiving FY 2024 TA included a business in the beauty and professional services industry who received required TA in Operating Software and Bookkeeping due to a loan modification - resulting in the prevention of default and damage to its credit; A business in the creative arts area who recieved multiple TA sessions in Financials, Lending Navigation, Bookkeeping; and a media/technology business who received TA sessions in a new Pre Loan Discovery - Leading to loan approval of working capital to expand its location via renovation and launch of a new business product. Line 4a continued.. RPC achieved and fulfilled other outcomes based on our various 66 social/financial impact measurements such as: Continued fulfillment of RPC goal of First time capital access from Excluded Entrepreneurs of Color denied by conventional banks and Access to Affordable Capital: of financed businesses owned by African-Americans, Latinos, Asian-Americans, Native-Americans and individuals of immigrant status To that end, 70% of our new FY 2024 customers never received a loan from any financial institution. Also, RPC ended FY 2024 with our loan customer demographics of Gender 67% male and 33% female and Line 4c continued.. End of Q1: 60-Day Delinquencies: *6% slightly under our desired 6.6% threshold and 90-Day Delinquencies: *3.1% under our 4% desired threshold. End of Q2: *0% charge-off loans; 60-Day Delinquencies: *3.22% slightly under our desired 6.6% threshold; 90-Day Delinquencies: *3.22% under our 4% desired threshold. End of Q3 to Current: *30-Day Delinquencies: *0% under our desired 10% threshold and 90-Day Delinquencies: *3.4% under our 4% desired threshold.”

“Line 9: Rounding”