Rende Progress Capital
- Assets
- $2.2m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 6
- Location
- East Lansing, MI
- Founding
- 07/2017
- Data as of
- 12/2020
- EIN
- 82-0689514
Organization Overview
Rende Progress Capital is located in East Lansing, MI. The organization was established in 2017. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2020, Rende Progress Capital employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rende Progress Capital 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 12/2020, Rende Progress Capital generated $1.8m in total revenue. All expenses for the organization totaled $312.8k during the year ending 12/2020. While expenses have increased by 54.2% per year over the past 3 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
RPC IS COMMITTED TO ECONOMIC EQUITY BY PROVIDING SOCIALLY RESPONSIBLE AND AFFORDABLE LENDING AND SERVIECS TO ENTREPRENEURS WHO HAVE BEEN EXCLUDED FROM TRADITIONAL LENDING DUE TO SOCIO-ECONOMIC REASONS & BIAS
Describe the Organization's Program Activity:
Part 3 - Line 4a
RPC PROVIDED $389,003 IN SMALL BUSINESS LOANS TO 19 MINORITY-OWNED BUSINESSES. RPC APPLIED ITS FINANCING APPROVAL THROUGH RACIAL EQUITY LOAN CRITERIA WHICH PROVIDED ADDITIONAL INCENTIVES THAT MADE THE BORROWERS 1ST TIME LOANS MORE ACCESSIBLE AND AFFORDABLE THAN THAT OF TRADITIONAL BANKS WHO REJECTED THEM DUE TO RACIAL BIAS. THIS MET RPCS PERFORMANCE GOAL OF COMPLETING 6 TO 10 LOANS BEFORE Q4 AND ITS SOCIAL/FINANCIAL MEASUREMENTS OF PROVIDING 1ST TIME CAPITAL TO 100% OWNED MINORITY BUSINESSES; PROVIDING LOANS TO ENTREPRENEURS HEADING HOUSEHOLDS WITH AT LEAST 1 CHILD 0-16 YEARS OLD; AND OTHER MEASUREMENTS TO FULFILL ITS MISSION OF PROVIDING LOANS TO BUSINESSES OF COLOR FACING BARRIERS TO BANK CAPITAL DUE TO DOCUMENTED RACIAL BIAS.
RPC PROVIDED MONTHLY TECHNICAL ASSISTANCE SESSIONS. DUE TO COVID-19 BARRIERS, SOME SESSIONS WERE CANCELLED AND OTHER TA SESSIONS PLANNED FOR 2020 WERE TRANSITIONED FROM IN-PERSON SESSIONS TO THE MAJORITY BEING OFFERED VIA AN ONLINE FORMAT OR ONE-ON-ONE SESSIONS. 72 PARTICIPANTS ATTENDED THE TA SESSION ON TOPICS INCLUDING BUSINESS FUNDAMENTALS AND INSURANCE FOR SMALL BUSINESS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric K Foster Chair And Director | OfficerTrustee | 40 | $71,125 |
Cuong Q Huynh Board Tres & General Manager | OfficerTrustee | 40 | $53,625 |
Dr Lisa Cook Board Member | Trustee | 0 | $0 |
Robin Selmon Board Secretary | Trustee | 0 | $0 |
Merideth Freeman Board Member | Trustee | 0 | $0 |
Timothy Williams ESQ Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $80,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,719,606 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,799,606 |
| Total Program Service Revenue | $10,087 |
| 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 | $1,812,309 |
| 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. | $225,888 |
| Compensation of current officers, directors, key employees. | $225,888 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $17,295 |
| Fees for services: Management | $2,500 |
| Fees for services: Legal | $1,490 |
| Fees for services: Accounting | $9,685 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $4,100 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,462 |
| Advertising and promotion | $900 |
| Office expenses | $2,246 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,800 |
| Travel | $1,945 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,239 |
| Interest | $4,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,679 |
| All other expenses | $4,051 |
| Total functional expenses | $312,798 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,789,583 |
| Savings and temporary cash investments | $0 |
| 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 | $361,383 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,811 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,158,777 |
| Accounts payable and accrued expenses | $19,658 |
| Grants payable | $0 |
| Deferred revenue | $340 |
| 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 | $487,375 |
| Other liabilities | $0 |
| Total liabilities | $507,373 |
| Net assets without donor restrictions | $1,346,404 |
| Net assets with donor restrictions | $305,000 |
| 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 | $2,158,777 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Rende Progress Capital has recieved totaling $336,250.
| Awarding Organization | Amount |
|---|---|
Grand Rapids Community Foundation Grand Rapids, MI PURPOSE: RACE4PROGRESS 2.0 FUND | $331,250 |
Dte Energy Foundation Detroit, MI PURPOSE: ECONOMIC PROGRESS | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
George Gund Foundation Cleveland, OH | $524,945,754 | $120,923,136 |
Lumina Foundation For Education Inc Indianapolis, IN | $0 | $124,727,424 |
The Robert D And Patricia E Kern Family Foundation Inc Waukesha, WI | $717,991,169 | $43,480,423 |
The Meijer Foundation Grand Rapids, MI | $118,103,895 | $43,970,388 |
Nationwide Foundation Columbus, OH | $86,187,581 | $42,470,606 |
Ford Motor Co Fund Dearborn, MI | $173,752,828 | $51,364,996 |
Farmer Family Foundation Cincinnati, OH | $165,004,074 | $63,392,827 |
American Electric Power Foundation Columbus, OH | $61,577,266 | $10,199,855 |
Anthem Foundation Inc Indianapolis, IN | $153,394,091 | $25,472,782 |
U S Bancorp Foundation Milwaukee, WI | $68,350,907 | $6,892,078 |
Dean & Barbara White Family Foundation Inc Merrillville, IN | $792,865,434 | $81,802,743 |
Wilson Sheehan Foundation Springfield, OH | $57,339,515 | $15,119,930 |