The Capital Good Fund

Organization Overview

The Capital Good Fund is located in Providence, RI. The organization was established in 2009. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Capital Good Fund employed 59 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Capital Good Fund 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, Capital Good Fund generated $6.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 47.1% each year . All expenses for the organization totaled $5.4m during the year ending 12/2021. While expenses have increased by 36.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE CAPITAL GOOD FUND IS A MICRO-FINANCE ORGANIZATION THAT TARGETS ROOT CAUSES OF POVERTY AND ENVIRONMENTAL INJUSTICE THROUGH INNOVATIVE MICRO-LOANS AND PERSONAL FINANCIAL COACHING. ITS MISSION IS TO CREATE PATHWAYS OUT OF POVERTY AND ADVANCE A GREEN ECONOMY THOUGH INCLUSIVE FINANCIAL SERVICES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

IN 2021 WE SET RECORDS FOR LOAN VOLUME, REVENUE, TOTAL ASSETS, CLIENTS SERVED, AND MORE. THIS INCLUDES OVER 2,500 LOANS FOR $5.4 MILLION (UP FROM 1,600 LOANS FOR $3.3 MILLION IN 2020); TOTAL ASSETS OF JUST UNDER $13 MILLION; AND TOTAL REVENUE OF $6.2 MILLION. WE LEVERAGED THIS FINANCIAL AND OPERATIONAL STRENGTH TO CHANGE THE LIVES OF NEARLY 2,700 FAMILIES AND BUILD A BASE FOR EXPONENTIAL GROWTH IN 2022 AND BEYOND.WE EXPANDED INTO A NEW STATE, COLORADO, AND CONTINUED TO EXPAND WITHIN OUR EXISTING MARKETS OF RHODE ISLAND, MASSACHUSETTS, DELAWARE, ILLINOIS, FLORIDA, AND TEXAS. WE PURCHASED A BUILDING AT 333 SMITH STREET IN PROVIDENCE THAT SERVES AS OUR NATIONAL HEADQUARTERS; AND INSTALLED ONE OF THE STATE'S FIRST HIGH-SPEED, PUBLICLY AVAILABLE ELECTRIC VEHICLE CHARGING STATIONS IN THE PARKING LOT. IN ILLINOIS, WE LED A SUCCESSFUL LEGISLATIVE EFFORT TO CAP THE INTEREST RATE ON ALL LOANS AT 36%, SAVING FAMILIES $50 MILLION PER YEAR IN INTEREST AND FEES!AS WE LOOK AHEAD, WE ARE EXCITED ABOUT THE POSSIBILITIES FOR FULFILLING OUR MISSION. IN EARLY 2022 WE EXPANDED INTO TWO MORE STATES, CONNECTICUT AND NEW JERSEY, SET MORE RECORDS FOR MONTHLY LOAN VOLUME, INSTALLED SOLAR PANELS ON OUR OFFICE ROOF, BEGAN TO SCALE OUR RESIDENTIAL SOLAR LOAN PROGRAM, AND BECAME THE NATIONAL PREFERRED LOAN PARTNER TO THE AMERICAN IMMIGRATION LAWYERS ASSOCIATION. IN OTHER WORDS, AS HAPPY AS WE ARE ABOUT OUR ACCOMPLISHMENTS IN 2021, THE BEST IS CLEARLY YET TO COME.


IN 2021, GOOD FUND GRADUATED 125 FAMILIES FROM OUR NATIONALLY RECOGNIZED, ONE-ON-ONE FINANCIAL AND HEALTH COACHING PROGRAM. AS PART OF OUR RESPONSE TO THE PANDEMIC, IN 2020 WE LAUNCHED A CRASH FINANCIAL COACHING PROGRAM THAT CONDENSES OUR 12-MONTH PROGRAM TO THREE MONTHS FOR THOSE AFFECTED BY COVID-19. WE ALSO LAUNCHED A FINANCIAL COACHING CRISIS HOTLINE WITH EXTENDED HOURS TO AID CALLERS WITH URGENT FINANCIAL NEEDS SEEKING IMMEDIATE RESOURCES. WE CONTINUED TO OFFER BOTH OF THESE PROGRAMS, WHILE DEEPENING OUR PARTNERSHIPS WITH COMMUNITY ORGANIZATIONS AND OTHERS ACROSS OUR FOOTPRINT.


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Board, Officers & Key Employees

Name (title)Compensation
Andrew Posner
Founder & CEO
$95,000
Aaron J Fossett
Treasurer Beginning December 2021
$0
Libby Kimzey
Co-Chair
$0
Arthur S Gabinet
Secretary
$0
Betsy Harris
Co-Chair
$0
Holly Bullard
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Social Capital Fund
Loan Servicing
$538,255
Atx Advisory
Software Consulting And Project Manageme
$238,156
Turnkey Lendor Inc
Software Developer
$140,500
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$390,000
Government grants $732,401
All other contributions, gifts, grants, and similar amounts not included above$4,146,135
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$5,268,536
Total Program Service Revenue$941,415
Investment income $0
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 $6,219,609

Grants Recieved

Over the last fiscal year, we have identified 18 grants that The Capital Good Fund has recieved totaling $1,253,786.

Awarding OrganizationAmount
Winston-Salem Foundation

Winstonsalem, NC

PURPOSE: 1 GRANT(S) FOR VARYING PURPOSES

$375,000
Greater Houston Community Foundation

Houston, TX

PURPOSE: PUBLIC BENEFIT

$250,000
Denver Foundation

Denver, CO

PURPOSE: AFFORDABLE IMMIGRATION LEGAL SERVICES IN COLORADO

$250,000
United Way Of Greater Houston

Houston, TX

PURPOSE: Families and neighborhoods

$75,000
United Way Of Rhode Island Inc

Providence, RI

PURPOSE: DESIGNATED DONATION/GRANT

$75,000
Moneygram Foundation Inc

Dallas, TX

PURPOSE: THIS GRANT WILL FUND THIS ORGANIZATION'S CRISIS RELIEF LOAN FUND.

$60,000
View Grant Recipient Profile

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