Rising Tide Capital Inc
- Assets
- $14.7m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 42
- Location
- Jersey City, NJ
- Founding
- 06/2005
- Data as of
- 12/2022
- EIN
- 11-3720098
Organization Overview
Rising Tide Capital Inc is located in Jersey City, NJ. The organization was established in 2005. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Rising Tide Capital Inc employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rising Tide Capital 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 12/2022, Rising Tide Capital Inc generated $8.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $6.4m during the year ending 12/2022. While expenses have increased by 11.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TRANSFORMING LIVES AND COMMUNITIES THROUGH ENTREPRENEURSHIP. WE ASSIST ENTREPRENEURS IN ECONOMICALLY MARGINALIZED COMMUNITIES TO BUILD LASTING BUSINESSES. OUR VISION IS TO BUILD INCLUSIVE COMMUNITIES OF RESILIENT ENTREPRENEURS CATALYZING A THRIVING AND SUSTAINABLE ECONOMY FOR ALL. THROUGH OUR SIGNATURE PROGRAMS, THE COMMUNITY BUSINESS ACADEMY (CBA), BUSINESS ACCELERATION SERVICES (BAS), AND CREDIT TO CAPITAL (C2C), WE PROVIDE HOLISTIC TECHNICAL ASSISTANCE, ACCESS TO CAPITAL THROUGH PARTNERS AND BUSINESS MANAGEMENT EDUCATION AND COACHING. CBA IS A COLLEGE-ACCREDITED COURSE PROVIDING BASIC SKILLS NEEDED TO MANAGE AND STRENGTHEN A BUSINESS. CLASSES ARE OFFERED IN ENGLISH AND SPANISH, TAILORED TO MEET VARIED IDENTITIES AND EDUCATIONAL LEVELS. AS PART OF BAS, OUR SUBJECT MATTER EXPERTS PREPARE ENTREPRENEURS FOR GROWTH. OUR C2C PROGRAM PROVIDES ACCESS TO FINANCING FROM VETTED CDFIS. WITH A NETWORK OF PARTNERS, RTC LICENSES ITS PROVEN MODEL TO SCALE IMPACT IN MORE COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
RISING TIDE CAPITAL PROVIDED INTENSIVE BUSINESS DEVELOPMENT SERVICES TO 968 ENTREPRENEURS DURING 2022. 337 PEOPLE GRADUATED FROM OUR COMMUNITY BUSINESS ACADEMY, 430 PEOPLE RECEIVED ADVANCED TECHNICAL SUPPORT AND COACHING THROUGH OUR BUSINESS ACCELERATION SERVICES PROGRAM, AND 213 PEOPLE RECEIVED CREDIT COUNSELING, LOAN PACKAGING, AND ACCESS TO CAPITAL SERVICES THROUGH OUR CREDIT TO CAPITAL PROGRAM. DURING 2022 THESE EFFORTS RESULTED IN 28 NEW BUSINESS STARTS, 356 BUSINESS STRENGTHENED/STABILIZED, 177 BUSINESS EXPANDED, AND THE CREATION OF 187 NEW JOBS (92 F.T.E.). WITHIN TWO YEARS OF GRADUATING THE COMMUNITY BUSINESS ACADEMY, OUR ENTREPRENEURS EXPERIENCE AN AVERAGE 75% INCREASE IN BUSINESS REVENUE AND 56% INCREASE IN HOUSEHOLD INCOME. OUR NATIONAL PROGRAM PARTNERSHIPS (NPP) PROGRAM, WHICH LICENSES THE RISING TIDE MODEL TO PARTNER ORGANIZATIONS IN COMMUNITIES NATIONWIDE TO ACCELERATE THEIR DEVELOPMENT AND IMPACT AS LOCAL ENTREPRENEURSHIP SUPPORT HUBS, SUPPORTED 12 PARTNER ORGANIZATIONS IN 2022, INCLUDING THE TRAINING AND LAUNCH OF PARTNERS IN THREE NEW STATES. OUR PARTNER ORGANIZATIONS SERVED A TOTAL OF 750 ENTREPRENEURS IN 2022, BRINGING THE TOTAL NUMBER OF ENTREPRENEURS SERVED BY THE RISING TIDE MODEL IN 2022 TO 1,718.
RISING TIDE CAPITAL PROVIDED INTENSIVE BUSINESS DEVELOPMENT SERVICES TO 968 ENTREPRENEURS DURING 2022. 337 PEOPLE GRADUATED FROM OUR COMMUNITY BUSINESS ACADEMY, 430 PEOPLE RECEIVED ADVANCED TECHNICAL SUPPORT AND COACHING THROUGH OUR BUSINESS ACCELERATION SERVICES PROGRAM, AND 213 PEOPLE RECEIVED CREDIT COUNSELING, LOAN PACKAGING, AND ACCESS TO CAPITAL SERVICES THROUGH OUR CREDIT TO CAPITAL PROGRAM. DURING 2022 THESE EFFORTS RESULTED IN 28 NEW BUSINESS STARTS, 356 BUSINESS STRENGTHENED/STABILIZED, 177 BUSINESS EXPANDED, AND THE CREATION OF 187 NEW JOBS (92 F.T.E.). WITHIN TWO YEARS OF GRADUATING THE COMMUNITY BUSINESS ACADEMY, OUR ENTREPRENEURS EXPERIENCE AN AVERAGE 75% INCREASE IN BUSINESS REVENUE AND 56% INCREASE IN HOUSEHOLD INCOME. OUR NATIONAL PROGRAM PARTNERSHIPS (NPP) PROGRAM, WHICH LICENSES THE RISING TIDE MODEL TO PARTNER ORGANIZATIONS IN COMMUNITIES NATIONWIDE TO ACCELERATE THEIR DEVELOPMENT AND IMPACT AS LOCAL ENTREPRENEURSHIP SUPPORT HUBS, SUPPORTED 12 PARTNER ORGANIZATIONS IN 2022, INCLUDING THE TRAINING AND LAUNCH OF PARTNERS IN THREE NEW STATES. OUR PARTNER ORGANIZATIONS SERVED A TOTAL OF 750 ENTREPRENEURS IN 2022, BRINGING THE TOTAL NUMBER OF ENTREPRENEURS SERVED BY THE RISING TIDE MODEL IN 2022 TO 1,718.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Forrester Chairman | OfficerTrustee | 2 | $0 |
Maurice Kuykendoll Treasurer | OfficerTrustee | 2 | $0 |
Alfa Demmellash Chief Executive Officer | OfficerTrustee | 40 | $250,000 |
Anand Devendran Committee Chair | OfficerTrustee | 2 | $0 |
Matthew Barnes Board Member | Trustee | 2 | $0 |
Alejandro Ros Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Consilience Llc Consulting | 12/30/22 | $190,300 |
Yoh | 12/30/22 | $125,520 |
Lift Inc | 12/30/22 | $123,500 |
Liria Partners Llc | 12/30/22 | $119,220 |
Consilience Llc Consulting | 12/30/22 | $190,300 |
Lift Inc | 12/30/22 | $123,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $264,293 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,037,634 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,301,927 |
| Total Program Service Revenue | $550,483 |
| Investment income | $19,431 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $240,741 |
| 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 | $8,164,515 |
| 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. | $947,038 |
| Compensation of current officers, directors, key employees. | $85,234 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,195,925 |
| Pension plan accruals and contributions | $80,432 |
| Other employee benefits | $254,569 |
| Payroll taxes | $273,004 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,452 |
| Fees for services: Accounting | $23,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,512,977 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $11,162 |
| Royalties | $0 |
| Occupancy | $200,802 |
| Travel | $56,038 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,800 |
| Interest | $115,047 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $138,442 |
| Insurance | $17,803 |
| All other expenses | $83,435 |
| Total functional expenses | $6,423,165 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,021,495 |
| Savings and temporary cash investments | $3,938,613 |
| Pledges and grants receivable | $3,778,017 |
| Accounts receivable, net | $382,493 |
| 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 | $53,173 |
| Net Land, buildings, and equipment | $4,515,369 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,239 |
| Total assets | $14,713,399 |
| Accounts payable and accrued expenses | $429,578 |
| Grants payable | $0 |
| Deferred revenue | $493,539 |
| 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 | $3,052,316 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,975,433 |
| Net assets without donor restrictions | $5,721,516 |
| Net assets with donor restrictions | $5,016,450 |
| 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 | $14,713,399 |