Microcredit Foundation Inc
- Assets
- $378.6k
- Revenue
- $32.0
- Investments
- $0.0
- Employees
- 0
- Location
- Minnetonka, MN
- Founding
- 11/2004
- Data as of
- 12/2021
- EIN
- 75-3146348
Organization Overview
Microcredit Foundation Inc is located in Minnetonka, MN. The organization was established in 2004. According to its NTEE Classification (Q32) the organization is classified as: International Economic Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Microcredit Foundation 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, Microcredit Foundation Inc generated $32.0 in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.0% each year . All expenses for the organization totaled $4.1k during the year ending 12/2021. While expenses have increased by 1.3% 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
SCHEDULE OTHE FOUNDATION WORKS TO ALLEVIATE POVERTY BY FUNDING MICROFINANCE INSTITUTIONS, EDUCATION PROGRAMS AND BUSINESS DEVELOPMENT SERVICES FOR IMPOVERISHED PEOPLE OUTSIDE OF THE UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OMICROCREDIT FOUNDATION, INC. IS THE PRIMARY OWNER OF JAMICRO HOLDINGS, LTD (INCORPORATED IN ST. LUCIA), WHICH IS THE SOLE OWNER OF MICRO CREDIT LIMITED (INCORPORATED IN JAMAICA). MICRO CREDIT LIMITED HAS MULTIPLE LOCATIONS IN JAMAICA THAT EXTEND MICRO-LOANS TO PROVIDE WORKING CAPITAL TO PEOPLE WHO OWN SMALL BUSINESSES IN IMPOVERISHED AREAS. MICRO-LOANS HELP ALLEVIATE POVERTY BY HELPING POOR PEOPLE INCREASE THEIR INCOME, BUILD VIABLE BUSINESSES, AND REDUCE THEIR VULNERABILITY TO UNFORESEEN CIRCUMSTANCES SUCH AS ILLNESS, WEATHER OR THEFT. THE FOUNDATION ALLEVIATES POVERTY PRIMARILY BY ESTABLISHING, SUPPORTING AND FINANCING MICROFINANCE INSTITUTION PARTNERS (MICRO CREDIT LIMITED), WHICH IN TURN PROVIDE MICRO-LOANS, EDUCATION AND OTHER RELATED SERVICES TO SELF-EMPLOYED PERSONS IN IMPOVERISHED AREAS OUTSIDE OF THE UNITED STATES. THE OPERATIONS OF MICRO CREDIT LIMTED WERE SOLD IN 2017. MICRO CREDIT LIMTED HAS CONTINUED TO WIND UP ITS AFFAIRS IN 2021 WITH A PLAN TO LIQUIDATE UPON EVENTUAL RECEIPT OF OUTSTANDING TAX REFUNDS FROM THE JAMAICAN GOVERNMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael G Rauenhorst V President/secretary | Officer | 0.5 | $0 |
Asad Mahmood Director | Trustee | 0.1 | $0 |
Stephen J Mccarthy Director | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $32 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $886 |
| All other expenses | $0 |
| Total functional expenses | $4,102 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $326,367 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $52,267 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $378,634 |
| Accounts payable and accrued expenses | $2 |
| 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 | $181,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $181,002 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $197,632 |
| Total liabilities and net assets/fund balances | $378,634 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Microcredit Foundation Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Calvert Impact Capital Inc Bethesda, MD PURPOSE: GENERAL OPERATING SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Junior Achievement Usa St Paul, MN | $19,332,308 | $5,393,334 |
Junior Achievement Of Wisconsin Inc Milwaukee, WI | $25,670,610 | $3,770,604 |
Junior Achievement Of Central Iowa Inc Des Moines, IA | $3,628,464 | $1,407,118 |
Junior Achievement Of South Dakota Sioux Falls, SD | $2,346,273 | $1,147,709 |
Ten Thousand Village Iowa City Iowa City, IA | $212,664 | $387,465 |
We International Inc Madison, WI | $73,452 | $263,240 |
Farms International Inc Knife River, MN | $102,008 | $204,951 |
All Seasons Community Services Kenyon, MN | $640,403 | $188,925 |
Circle Of Empowerment Inc Grafton, WI | $86,752 | $0 |
Et-Cetera Shoppe Inc Freeman, SD | $152,368 | $0 |
Akala Family Foundation Cologne, MN | $38,221 | $0 |
Rural Haiti Development Inc Decorah, IA | $155,394 | $0 |