Grameen America Inc
- Assets
- $237.1m
- Revenue
- $50.2m
- Investments
- $0.0
- Employees
- 242
- Location
- Jackson Heights, NY
- Founding
- 09/2008
- Data as of
- 12/2021
- EIN
- 20-8497991
Organization Overview
Grameen America Inc is located in Jackson Heights, NY. The organization was established in 2008. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Grameen America Inc employed 242 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grameen America Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Grameen America Inc generated $50.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $20.6m during the year ending 12/2021. While expenses have increased by 5.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN. (SEE SCHEDULE O)
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN BUILD SMALL BUSINESSES TO CREATE BETTER LIVES FOR THEMSELVES AND THEIR FAMILIES. WE OFFER MICROLOANS, TRAINING AND SUPPORT TO TRANSFORM COMMUNITIES AND FIGHT POVERTY IN THE UNITED STATES. GRAMEEN AMERICA HAD A REPAYMENT RATE OF 99.77% DURING 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Gough Senior Vice President & CFO | Officer | 37.5 | $351,038 |
Diana Sacchi Chief Human Resources Officer | 40 | $240,401 | |
Mindee Barham Vice President Of Development | 40 | $214,922 | |
Alethia Mendez Division President | 40 | $205,718 | |
Miriam Benitez Nieves Sec. & VP Of Legal (as Of 03/21) | Officer | 40 | $194,969 |
Marcus Berkowitz Vp, Technology & Innovation | 40 | $189,282 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Invar Technologies Inc It Services | 12/30/21 | $688,927 |
Boston Consulting Group Consulting | 12/30/21 | $150,000 |
Grant Thornton Llp Accounting Services | 12/30/21 | $126,958 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,826,265 |
| All other contributions, gifts, grants, and similar amounts not included above | $23,960,725 |
| Noncash contributions included in lines 1a–1f | $20,968 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $27,786,990 |
| Total Program Service Revenue | $22,038,724 |
| Investment income | $85,759 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,660 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,248,348 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $380,600 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $864,209 |
| Compensation of current officers, directors, key employees. | $81,514 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,082,054 |
| Pension plan accruals and contributions | $135,112 |
| Other employee benefits | $1,271,340 |
| Payroll taxes | $812,443 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $67,568 |
| Fees for services: Accounting | $169,177 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $676,457 |
| Advertising and promotion | $14,195 |
| Office expenses | $584,901 |
| Information technology | $1,026,903 |
| Royalties | $0 |
| Occupancy | $825,358 |
| Travel | $68,847 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,668,672 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,473 |
| Insurance | $130,515 |
| All other expenses | $81,615 |
| Total functional expenses | $20,634,401 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,370,490 |
| Savings and temporary cash investments | $34,442,934 |
| Pledges and grants receivable | $14,479,693 |
| Accounts receivable, net | $42,156 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,732,802 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $142,613,655 |
| Intangible assets | $0 |
| Other assets | $445,822 |
| Total assets | $237,127,552 |
| Accounts payable and accrued expenses | $1,940,013 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $103,530,321 |
| Other liabilities | $0 |
| Total liabilities | $105,470,334 |
| Net assets without donor restrictions | $103,008,533 |
| Net assets with donor restrictions | $28,648,685 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $237,127,552 |
Grants Awarded
Over the last fiscal year, Grameen America Inc has awarded $380,600 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Jackson Heights, NY PURPOSE: PROGRAM SUPPORT | $230,600 |
Jersey City, NJ PURPOSE: PROGRAM SUPPORT | $150,000 |
Grants Recieved
Over the last fiscal year, we have identified 18 grants that Grameen America Inc has recieved totaling $7,377,121.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $3,534,000 |
Dalio Family Fund Inc Westport, CT PURPOSE: RESTRICTED TO PROVIDE OPERATING SUPPORT FOR CT EXPANSION PLANS | $1,650,000 |
East West Bank Foundation Pasadena, CA PURPOSE: PROGRAM SUPPORT | $500,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $306,087 |
Seedlings Foundation Branford, CT PURPOSE: HUMANITARIAN/EDUCATIONAL/COMMUNITY | $300,000 |
Tarsadia Foundation Newport Beach, CA PURPOSE: PROGRAM SUPPORT | $250,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |