Rende Progress Capital
- Assets
- $3.4m
- Revenue
- $814.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Grand Rapids, MI
- Founding
- 07/2017
- Data as of
- 12/2023
- EIN
- 82-0689514
Organization Overview
Rende Progress Capital is located in Grand Rapids, 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 12/2023, Rende Progress Capital employed 4 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 12/2023, Rende Progress Capital generated $814.3k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 29.9% each year . All expenses for the organization totaled $466.9k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
RPC IS COMMITTED TO ECONOMIC EQUITY BY PROVIDING SOCIALLY RESPONSIBLE AND AFFORDABLE LENDING AND RESPONSIBLE AND AFFORDABLE LENDING AND SERVICES 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
RPCS FIRST OF THE TWO CORE SERVICES OF RACIAL EQUITY-FOCUSED AND ACCESSIBLE SMALL BUSINESS LENDING HAS CONTINUED INTO FY 2023, ENSURING THAT SINCE OUR FOUNDING RPC HAS EXPERIENCED UNINTERRUPTED ANNUAL LOAN DEAL FINANCING OF SMALL BUSINESSES THAT ARE 100% AUTHENTICALLY OWNED BY EXCLUDED ENTREPRENEURS OF COLOR. RPCS Q4 FY 2023 LENDING AND NEW LOAN DEALS CONTRIBUTED TO THE HISTORICAL-TO-Q4 2023 TOTAL FINANCING OUTSTANDING OF MORE THAN $800,000 AND 45 SMALL BUSINESS LOAN DEALS VIA OUR THREE LOAN PRODUCTS. SUCH NEW LOAN DEALS, [INCLUDING ANOTHER KALAMAZOO LOAN DEAL APPROVED IN FY 2023] AND LENDING DEPLOYMENT HAS ALSO LED TO THE CONTINUANCE OF EARLIER THAN ANTICIPATED GROWTH OF LOAN DEALS IN MUSKEGON, OTTAWA AND KALAMAZOO COUNTIES---OUTSIDE OF OUR PRIMARY MARKET OF GRAND RAPIDS/KENT COUNTY. RPC LENDING GUIDED BY PROGRESSIVE BUT DUE DILIGENCE-FOCUSED UNDERWRITING STANDARDS, MISSION-BASED VALUES, RACIAL EQUITY CONSIDERATIONS, AND LOAN APPROVAL PROCESSES THAT
RENDE PROGRESS CAPITALS TWO CORE SERVICES ARE SMALL BUSINESS LENDING FINANCING AND FREE BUSINESS TECHNICAL ASSISTANCE TO EXCLUDED ENTREPRENEURS OF COLOR. NOT LIMITED TO, BUT OUR OTHER FUNCTIONS CONNECTED TO THE TWO CORE AREAS ARE PORTFOLIO MANAGEMENT OF OUR MISSION-BASED LOAN DEALS INTERNALLY AND DIRECTLY WITH CUSTOMERS, LOAN SERVICING AND OTHER FINANCING MANAGEMENT TO ENSURE CUSTOMER BUSINESS GROWTH AND LOAN RISK MITIGATION OF OUR PORTFOLIO. IN BUSINESS TECHNICAL ASSISTANCE [TA], RPCS FREE, ACCESSIBLE, EXPERT-PROVIDED AND CULTURALLY COMPETENT TA HAS HISTORICALLY BEEN PROVIDED TO NEARLY 400 EXCLUDED ENTREPRENEURS OF COLOR DUE TO:1.FY 2023S MORE STRATEGIC AND SELECTIVE TA TO 31 EXCLUDED ENTREPRENEURS OF COLOR VIA SPECIAL SESSIONS TO CURRENT LOAN CUSTOMERS AND NON-CUSTOMERS ON BUSINESS FUNDAMENTAL TOPICS [SUCH AS CREDIT, ACCOUNTING, ACCOUNTING SYSTEMS] AND LOAN NAVIGATION ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Merideth Freeman Board Member | Trustee | 0 | $0 |
Robin Selmon Board Secretary | Trustee | 0 | $0 |
Tasha Blackmon Board Member | Trustee | 0 | $0 |
Bing Goei Board Member | Trustee | 0 | $0 |
Timothy Williams Board Member | Trustee | 0 | $0 |
Dr Lisa Cook Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $780,750 |
| 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 | $780,750 |
| Total Program Service Revenue | $22,522 |
| 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 | $814,275 |
| 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. | $293,324 |
| Compensation of current officers, directors, key employees. | $142,546 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,697 |
| Office expenses | $1,876 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,400 |
| Travel | $9,042 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,212 |
| Interest | $7,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,357 |
| Insurance | $0 |
| All other expenses | $73,266 |
| Total functional expenses | $466,921 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,935,951 |
| 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 | $433,727 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $350 |
| Net Land, buildings, and equipment | $11,759 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,381,787 |
| Accounts payable and accrued expenses | $3,484 |
| 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 | $510,383 |
| Other liabilities | $0 |
| Total liabilities | $513,867 |
| Net assets without donor restrictions | $2,175,569 |
| Net assets with donor restrictions | $692,351 |
| 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 | $3,381,787 |