Peoples Solar Energy Fund
- Assets
- $829.8k
- Revenue
- $260.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Florence, MA
- Founding
- Data as of
- 12/2021
- EIN
- 84-3011433
Organization Overview
Peoples Solar Energy Fund is located in Florence, MA. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peoples Solar Energy 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, Peoples Solar Energy Fund generated $260.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (44.0%) each year. All expenses for the organization totaled $257.1k during the year ending 12/2021. 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
PEOPLE'S SOLAR ENERGY FUND, INC. PARTNERS NON-EXTRACTIVE FINANCING WITH COMMUNITY ORGANIZING TO BUILD A SCALABLE SYSTEM OF CONSISTENT FINANCING AND TECHNICAL ASSISTANCE FOR COMMUNITY-LED AND COMMUNITY-OWNED SOLAR PROJECTS. THE EMPHASIS IS ON PROJECTS BENEFITING LOW- OR MODERATE-INCOME COMMUNITIES AND COMMUNITIES OF COLOR, CONTRIBUTING TO WEALTH BUILDING, JOB CREATION, RESILIENCE, AND A MORE DEMOCRATIC ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHNICAL ASSITANCE/TRAINING PSEF IDENTIFIED 50 MW OF EARLY STAGE PROJECTS WITH AN ESTIMATED 3-4 YEARS TO DEPLOY. WE SUPPORTED PEER CONSULTATIONS BETWEEN OUR MEMBERS AND POTENTIAL MEMBERS REGARDING THE DEVELOPMENT OF THEIR COMMUNITY SOLAR PROJECTS. 24 PROJECTS WITH AN AVERAGE OF 20 COMMUNITY LEADERS DIRECTLY INVOLVED PER EARLY STAGE SOLAR PROJECT. WITH SUCH EARLY STAGE PROJECTS, THE NUMBER OF HOUSEHOLDS IMPACTED OR JOBS CREATED WAS CHALLENGING TO ASSESS. FUTURE PROSPECTS ARE ESTIMATED ROUGHLY AT AN AVERAGE POTENTIAL OF 100 HOUSEHOLD SUBSCRIBERS SERVED/PROJECT (2400 HOUSEHOLDS WITH AN AVERAGE OF 2 PEOPLE PER HOUSEHOLD), WITH AND AVERAGE OF 5 JOBS CREATED/PROJECT (120 WORKERS), WITH AN AVERAGE OF .3 NEW ENTERPRISES CREATED/PROJECT AND 5 JOBS/NEW ENTERPRISE (7.2 NEW ENTERPRISES AND 36 WORKERS) FOR AN ESTIMATE OF 480 PEOPLE SERVED THIS PAST YEAR AND 5,436 PEOPLE TO BE IMPACTED BY THESE PROJECTS IN THE NEXT 2 YEARS.
LENDING PSEF DEVELOPED THE FORGIVABLE LOAN PROGRAM TO PAY FOR PRE-DEVELOPMENT COSTS FOR EARLY STAGE SOLAR PROJECTS, CONVENED THE CREDIT ADVISORY COMMITTEE TO REVIEW OUR LOAN APPLICATIONS, AND MADE 1ST TWO LOANS: 1. 200,000 LOAN TO COOPERATIVE ENERGY FUTURES TO SUPPORT THE DEVELOPMENT OF 8 SOLAR PROJECTS IN MN. 2. 20,000 LOAN TO HO'AHU ENERGY COOPERATIVE MOLOKAI IN HI. COOPERATIVE ENERGY FUTURES' 7 PROJECTS WITH 21 COMMUNITY LEADERS ARE DIRECTLY INVOLVED IN THESE EARLY STAGE SOLAR PROJECTS (21 PEOPLE) WITH 1,120-1,250 HOUSEHOLD SUBSCRIBERS SERVED WITH AN AVERAGE OF 2 PEOPLE PER HOUSEHOLD (2,240-2,500 PEOPLE), WITH A 50% MINORITY HIRING REQUIREMENT CREATING 3 NEW JOBS, WITH 3 NEW ENTERPRISES CREATED AND 3 JOBS/NEW ENTERPRISE (3 NEW ENTERPRISES AND 12 WORKERS) FOR AN ESTIMATE OF 21 PEOPLE SERVED AFTER THE PROJECT IS OPERATIONAL AND APPROX 2,250-2,500 PEOPLE TO BE IMPACTED BY THESE PROJECTS IN THE 2 YEARS AFTER OPERATIONS BEGIN. HO'AHU ENERGY COOPERATIVE MOLOKAI'S PROJECT WILL SERVE APPROXIMATELY 1,375 HOMES.
PROJECT FINANCE ANOTHER 10 MW (22M) OF PROJECTS CAME READY FOR FINANCING - AWAITING TAX EQUITY. PSEF HELPED A MEMBER GET A GRANT FROM NYSERDA AND SECURE LENDERS. WE LAID GROUNDWORK FOR A 1M GUARANTEE FROM THE COMMUNITY INVESTMENT GUARANTEE POOL (CIGP).
MEMBERSHIP EXPENSES 24,983 PSEF NOW HAS 20 MEMBERS WITH 1 NEW MEMBER, HO'AHU ENERGY COOPERATIVE IN HAWAII, IN 2021. ?WE HOSTED 5 MEMBERSHIP MEETINGS FOR 20 PSEF MEMBER ORGANIZATIONS WITH 10 PEOPLE AVG IN EACH ORGANIZATION FOR A TOTAL OF 200 PEOPLE. PUBLIC OUTREACH: EXPENSES 20,077 REVENUE 300 ACCOMPLISHMENTS: PSEF HOSTED BI-MONTHLY NETWORK/NCSP/PARTNER MEETINGS WITH MEMBERS AND SUPPORT PEOPLE FROM GOVERNMENT AND INDUSTRY. WE CONSULTED WITH INDIANA NAACP; DOE NCSP, DOE SEIN, NAACP SOLAR EQUITY INITIATIVE, AND MICROSOFT. MANAGER ESTIMATED ABOUT 250 PEOPLE SERVED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lynn Benander Coo/manager | Officer | 40 | $83,117 |
Crystal Huang Clerk | OfficerTrustee | 2 | $0 |
Timothy Denherder-Thomas Board Chair | OfficerTrustee | 2 | $0 |
Gopal Dayaneni Board Chair | OfficerTrustee | 1 | $0 |
Loren White Treasurer | OfficerTrustee | 1 | $0 |
Denise Fairchild Director | Trustee | 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 | $250,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $250,000 |
| Total Program Service Revenue | $10,050 |
| 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 | $260,050 |
| 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 | $153,870 |
| Fees for services: Legal | $52,195 |
| Fees for services: Accounting | $14,682 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,771 |
| Advertising and promotion | $0 |
| Office expenses | $1,423 |
| Information technology | $21,563 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $355 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,636 |
| All other expenses | $0 |
| Total functional expenses | $257,077 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $266,318 |
| Savings and temporary cash investments | $280,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,521 |
| 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 | $8,000 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $270,000 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $829,839 |
| Accounts payable and accrued expenses | $22,564 |
| 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 | $50,000 |
| Other liabilities | $0 |
| Total liabilities | $72,564 |
| Net assets without donor restrictions | $477,275 |
| Net assets with donor restrictions | $280,000 |
| 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 | $829,839 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Peoples Solar Energy Fund has recieved totaling $259,000.
| Awarding Organization | Amount |
|---|---|
Impactassets Inc Bethesda, MD PURPOSE: GENERAL SUPPORT | $250,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $9,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont Electric Cooperative Inc Johnson, VT | $204,848,762 | $87,075,764 |
School And Municipal Energy Cooperative Of Western New York West Seneca, NY | $5,155,004 | $20,423,578 |
Steuben Rural Electric Cooperative Inc Bath, NY | $38,467,203 | $11,402,118 |
Griffiss Utility Services Corporation Rome, NY | $55,633,471 | $10,494,870 |
Otsego Electric Cooperative Inc Hartwick, NY | $49,068,805 | $10,412,060 |
Delaware County Electric Cooperative Inc Delhi, NY | $31,160,673 | $9,563,968 |
Washington Electric Co-Operative Inc East Montpelier, VT | $65,071,467 | $7,723,306 |
Citizens Energy Corp Boston, MA | $91,449,217 | $4,368,479 |
Oneida-Madison Electric Cooperative Inc Bouckville, NY | $7,515,717 | $2,856,346 |
Boston Community Access & Programming Foundation Inc Roxbury, MA | $7,302,849 | $3,314,790 |
Northeast Public Power Association Littleton, MA | $3,141,643 | $2,606,605 |
South Central Connecticut Regional Water Authority Retired Employees New Haven, CT | $9,882,631 | $2,331,920 |