Rising Tide Community Loan Fund
- Assets
- $12.9m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 7
- Location
- Bethlehem, PA
- Founding
- 12/2002
- Data as of
- 06/2021
- 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 06/2021, Rising Tide Community Loan Fund employed 7 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 06/2021, Rising Tide Community Loan Fund generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.3% each year . All expenses for the organization totaled $807.5k during the year ending 06/2021. While expenses have increased by 20.4% per year over the past 7 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
2021
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. SEE SCHEDULE O FOR ADDITIONAL INFORMATION. 249 MILLION: AS A MEMBER OF THE PA CDFI NETWORK, DELIVERED, ALONG WITH 16 OTHER COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS, THIS COVID-19 EMERGENCY GRANT FUNDING TO SMALL BUSINESSES ACROSS THE COMMONWEALTH. MADE 13 LOANS: OF THESE TEN WERE MADE TO WOMAN-OWNED BUSINESSES, SIX WERE MADE TO MINORITY-OWNED BUSINESSES AND SIX WERE TO BUSINESSES OWNED BY LOW- TO MODERATE-INCOME INDIVIDUALS AND/OR LOCATED IN LOW-TO MODERATE-INCOME CENSUS TRACTS. DISBURSED MORE THAN 500,000, BRINGING THE TOTAL DISBURSED BY THE RISING TIDE TO DATE TO JUST OVER 9.5 MILLION. BUSINESSES THAT RECEIVED LOANS IN 2020-2021 WERE TWO TRUCKING COMPANIES, A GROCERY STORE, A COFFEE SHOP, A PIANO SCHOOL, A SPORTING GOODS STORE, A BED AND BREAKFAST, A TRANSPORTATION COMPANY, A FURNITURE STORE, A LEGAL SERVICE, A NAIL SALON AND A GIFT SHOP. SECURED AND PROVIDED JUST UNDER 161,000 OF DEBT RELIEF TO BUSINESSES IN OUR LOAN PORTFOLIO. THE RISING TIDE COMMUNITY LOAN FUND IS A SEPARATELY INCORPORATED SUBSIDIARY OF THE COMMUNITY ACTION COMMITTEE OF THE LEHIGH VALLEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Colleen Krcelich President | OfficerTrustee | 2 | $0 |
Otis Mcneil Vice Preside | OfficerTrustee | 2 | $0 |
Kim Edwards Treasurer | OfficerTrustee | 2 | $0 |
Chris Jones Secretary | OfficerTrustee | 2 | $0 |
Dawn Godshall Executive Di | Officer | 40 | $0 |
Pat Corpora Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,269,479 |
| Investment income | $527 |
| 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 | $1,491,680 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $239,914 |
| Pension plan accruals and contributions | $5,289 |
| Other employee benefits | $84,975 |
| Payroll taxes | $25,645 |
| Fees for services: Management | $249,579 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,244 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,258 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $624 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14 |
| Interest | $38,194 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,282 |
| Insurance | $728 |
| All other expenses | $0 |
| Total functional expenses | $807,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,657,564 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $793 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,249,196 |
| Total assets | $12,913,298 |
| Accounts payable and accrued expenses | $33,200 |
| Grants payable | $0 |
| Deferred revenue | $7,712,097 |
| 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 | $2,485,000 |
| Other liabilities | $52,711 |
| Total liabilities | $10,283,008 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $2,630,290 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rising Tide Community Loan Fund has recieved totaling $38.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $38 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Center City Development Corporation Cincinnati, OH | $365,563,062 | $43,403,938 |
Gateway Economic Development Corporation Of Greater Cleveland Cleveland, OH | $401,423,840 | $30,122,951 |
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Capitol South Community Urban Redevelopment Corporation Columbus, OH | $40,052,734 | $27,422,003 |
Anne Arundel Economic Development Corporation Annapolis, MD | $15,670,028 | $30,337,180 |
City Of Baltimore Development Corporation Baltimore, MD | $22,115,045 | $13,864,142 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |