Trufund Financial Services Inc
- Assets
- $14.2m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 36
- Location
- New York, NY
- Founding
- 12/2005
- Data as of
- 12/2019
- EIN
- 59-3814814
Organization Overview
Trufund Financial Services Inc is located in New York, NY. The organization was established in 2005. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2019, Trufund Financial Services Inc employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Trufund Financial Services 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 12/2019, Trufund Financial Services Inc generated $2.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (26.3%) each year. All expenses for the organization totaled $5.0m during the year ending 12/2019. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Trufund Financial Services Inc has awarded 35 individual grants totaling $1,697,114. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES, PRINCIPALLY MINORITY AND WOMEN OWNED BUSINESS ENTERPRISES, AND NON-PROFIT ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS LENDING - A PRINCIPAL COMPONENT OF TRUFUND'S 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. FOR MORE INFORMATION - SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Bason President | Officer | 35 | $251,959 |
Aisha Benson Executive Vice President | Officer | 35 | $204,641 |
Kenneth Harvey Director Of Finance | Officer | 35 | $167,759 |
Michael Vaugh Chief Credit Officer | 35 | $148,571 | |
Brian Gurski VP Strategy And Innovation | 35 | $146,836 | |
Myla Poree Managing Director Louisiana | 35 | $114,691 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kpmg Llp Audit Services | 12/30/19 | $128,175 |
Jones Walker Llp Legal Services | 12/30/19 | $148,764 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,253,658 |
| All other contributions, gifts, grants, and similar amounts not included above | $372,542 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,626,200 |
| Total Program Service Revenue | $565,115 |
| Investment income | $8,222 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $49,260 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,317,905 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $40,790 |
| 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. | $781,203 |
| Compensation of current officers, directors, key employees. | $592,720 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,938,381 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $403,768 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $193,236 |
| Fees for services: Accounting | $159,768 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $214,546 |
| Advertising and promotion | $40,732 |
| Office expenses | $220,661 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $403,542 |
| Travel | $114,105 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,459 |
| Interest | $77,854 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,118 |
| Insurance | $68,222 |
| All other expenses | $0 |
| Total functional expenses | $5,007,275 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,547,963 |
| Pledges and grants receivable | $1,428,085 |
| Accounts receivable, net | $155,606 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,796,427 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $64,555 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $188,692 |
| Total assets | $14,181,328 |
| Accounts payable and accrued expenses | $686,155 |
| 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 | $7,623,332 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $204,162 |
| Total liabilities | $8,513,649 |
| Net assets without donor restrictions | $2,856,769 |
| Net assets with donor restrictions | $2,810,910 |
| 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 | $14,181,328 |
Grants Awarded
Over the last fiscal year, Trufund Financial Services Inc has awarded $40,790 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TICK FLAW RIVER BOAT PURPOSE: DISASTER RECOVERY | $16,082 |
HENDERSON EQUIPMENT PURPOSE: DISASTER RECOVERY | $14,646 |
GRAIN BIN SERVICES INC PURPOSE: DISASTER RECOVERY | $10,062 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Trufund Financial Services Inc has recieved totaling $885,057.
| Awarding Organization | Amount |
|---|---|
Ford Foundation New York, NY PURPOSE: CORE SUPPORT FOR LAFAYETTE SQUARE TO CREATE AN ENABLING ECOSYSTEM FOR 1,000 DIVERSE IMPACT FUND MANAGERS | $600,000 |
The Community Foundation Of Greater Birmingham Birmingham, AL PURPOSE: 2021 SMALL BUSINESS IMPACT GRANT | $185,000 |
Regions Foundation Birmingham, AL PURPOSE: GENERAL SUPPORT | $100,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $57 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |