Rising Tide Community Loan Fund
- Assets
- $5.9m
- Revenue
- $8.8m
- Investments
- $0.0
- Employees
- 4
- Location
- Bethlehem, PA
- Founding
- 12/2002
- Data as of
- 06/2022
- EIN
- 23-3079170
Organization Overview
Rising Tide Community Loan Fund is located in Bethlehem, PA. The organization was established in 2002. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Rising Tide Community Loan Fund employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rising Tide Community Loan 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 06/2022, Rising Tide Community Loan Fund generated $8.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 51.2% each year . All expenses for the organization totaled $8.2m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, Rising Tide Community Loan Fund has awarded 211 individual grants totaling $7,535,299. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES LOANS TO SMALL OR START-UP BUSINESS VENTURES, THAT MAY NOT QUALIFY TO BANK STANDARDS THEREBY IMPROVING ECONOMICALLY DEPRESSED COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES LOANS TO SMALL OR START-UP BUSINESS VENTURES, THAT MAY NOT QUALIFY TO BANK STANDARDS, TO IMPROVE THE SOCIAL WELFARE OF ECONOMICALLY DEPRESSED OR BLIGHTED NEIGHBORHOODS OF THE COMMUNITY. DONOR/INVESTORS HAVE LOANED FUNDS FOR USE IN PROGRAM LENDING AT NO OR BELOW MARKET INTEREST.MADE 19 LOANS TO 17 DIFFERENT BUSINESSES: OF THESE, EIGHT WERE MADE TO WOMAN-OWNED BUSINESSES, EIGHT WERE MADE TO MINORITY-OWNED BUSINESSES AND TWELVE WERE TO BUSINESSES OWNED BY LOW-TO-MODERATE INCOME INDIVIDUALS AND/OR LOCATED IN LOW-TO-MODERATE INCOME CENSUS TRACTS. DISBURSED JUST UNDER $800,000, BRINGING THE TOTAL DISBURSED BY THE RISING TIDE TO-DATE TO JUST OVER $10 MILLION. BUSINESSES THAT RECEIVED LOANS IN 2021-2022 WERE FOUR TRUCKING COMPANIES, TWO HOME IMPROVEMENT COMPANIES, TWO RETAIL STORES, TWO BREWERIES, TWO AUTO REPAIR SHOPS, AN OUTDORR ADVENTURE COMPANY, A BAKERY, A PRINTING COMPANY, A PIZZA SHOP AND A CHILDCARE CENTER.
ADMINISTERED LEHIGH AND NORTHAMPTON COUNTIES' COVID-19 HOSPITALITY INDUSTRY RECOVERY PROGRAM. IN TOTAL, PROVIDED GRANTS IN EXCESS OF $7.5 MILLION, TO MORE THAN 210 BUSINESSES THROUGHOUT THE TWO COUNTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Otis Mcneil President | OfficerTrustee | 2 | $0 |
Sally Handlon Vice-President | OfficerTrustee | 2 | $0 |
Chris Jones Secretary | OfficerTrustee | 2 | $0 |
Kim Edwards Treasurer | OfficerTrustee | 2 | $0 |
Pat Corpora Board Member | Trustee | 2 | $0 |
David Hammer Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,561,698 |
| All other contributions, gifts, grants, and similar amounts not included above | $68,555 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,630,253 |
| Total Program Service Revenue | $178,437 |
| Investment income | $2,437 |
| 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 | $8,811,127 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,535,299 |
| 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 | $198,386 |
| Pension plan accruals and contributions | $10,288 |
| Other employee benefits | $69,616 |
| Payroll taxes | $23,150 |
| Fees for services: Management | $209,015 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,637 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $29,681 |
| Office expenses | $1,346 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $605 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $122 |
| Interest | $38,636 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,494 |
| Insurance | $797 |
| All other expenses | $16,956 |
| Total functional expenses | $8,165,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,086,021 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,250 |
| Accounts receivable, net | $0 |
| 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 | $53,000 |
| Net Land, buildings, and equipment | $19,741 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,780,901 |
| Total assets | $5,943,913 |
| Accounts payable and accrued expenses | $26,092 |
| Grants payable | $0 |
| Deferred revenue | $232,941 |
| 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 | $3,316,108 |
| Other liabilities | $15,986 |
| Total liabilities | $3,591,127 |
| Net assets without donor restrictions | $2,053,978 |
| Net assets with donor restrictions | $298,808 |
| 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 | $5,943,913 |
Grants Awarded
Over the last fiscal year, Rising Tide Community Loan Fund has awarded $7,535,299 in support to 211 organizations.
| Grant Recipient | Amount |
|---|---|
AP GANGEWERE INC PURPOSE: REIMBURSE ELIGIBLE BUSINESSES FOR REVENUE LOSSES EXPERIENCED DUE TO THE COVID-19 GLOBAL PANDEMIC. | $35,000 |
SHIV FOODS INC PURPOSE: REIMBURSE ELIGIBLE BUSINESSES FOR REVENUE LOSSES EXPERIENCED DUE TO THE COVID-19 GLOBAL PANDEMIC. | $35,000 |
PALACE CENTER LLC PURPOSE: REIMBURSE ELIGIBLE BUSINESSES FOR REVENUE LOSSES EXPERIENCED DUE TO THE COVID-19 GLOBAL PANDEMIC. | $35,000 |
BON APPETIT CAF LLC PURPOSE: REIMBURSE ELIGIBLE BUSINESSES FOR REVENUE LOSSES EXPERIENCED DUE TO THE COVID-19 GLOBAL PANDEMIC. | $35,000 |
ASMI & OM LLC PURPOSE: REIMBURSE ELIGIBLE BUSINESSES FOR REVENUE LOSSES EXPERIENCED DUE TO THE COVID-19 GLOBAL PANDEMIC. | $35,000 |
CASTANEDA INC PURPOSE: REIMBURSE ELIGIBLE BUSINESSES FOR REVENUE LOSSES EXPERIENCED DUE TO THE COVID-19 GLOBAL PANDEMIC. | $35,000 |