Microcredit Foundation Inc
- Assets
- $379.6k
- Revenue
- $3.4k
- Investments
- $52.3k
- Employees
- 0
- Location
- Minnetonka, MN
- Founding
- 11/2004
- Data as of
- 12/2022
- EIN
- 75-3146348
Organization Overview
Microcredit Foundation Inc is located in Minnetonka, MN. The organization was established in 2004. According to its NTEE Classification (Q32) the organization is classified as: International Economic Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Microcredit Foundation 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, Microcredit Foundation Inc generated $3.4k in total revenue. All expenses for the organization totaled $2.4k during the year ending 12/2022.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SCHEDULE OTHE FOUNDATION WORKS TO ALLEVIATE POVERTY BY FUNDING MICROFINANCE INSTITUTIONS, EDUCATION PROGRAMS AND BUSINESS DEVELOPMENT SERVICES FOR IMPOVERISHED PEOPLE OUTSIDE OF THE UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OMICROCREDIT FOUNDATION, INC. IS THE PRIMARY OWNER OF JAMICRO HOLDINGS, LTD (INCORPORATED IN ST. LUCIA), WHICH IS THE SOLE OWNER OF MICRO CREDIT LIMITED (INCORPORATED IN JAMAICA). MICRO CREDIT LIMITED HAS MULTIPLE LOCATIONS IN JAMAICA THAT EXTEND MICRO-LOANS TO PROVIDE WORKING CAPITAL TO PEOPLE WHO OWN SMALL BUSINESSES IN IMPOVERISHED AREAS. MICRO-LOANS HELP ALLEVIATE POVERTY BY HELPING POOR PEOPLE INCREASE THEIR INCOME, BUILD VIABLE BUSINESSES, AND REDUCE THEIR VULNERABILITY TO UNFORESEEN CIRCUMSTANCES SUCH AS ILLNESS, WEATHER OR THEFT. THE FOUNDATION ALLEVIATES POVERTY PRIMARILY BY ESTABLISHING, SUPPORTING AND FINANCING MICROFINANCE INSTITUTION PARTNERS (MICRO CREDIT LIMITED), WHICH IN TURN PROVIDE MICRO-LOANS, EDUCATION AND OTHER RELATED SERVICES TO SELF-EMPLOYED PERSONS IN IMPOVERISHED AREAS OUTSIDE OF THE UNITED STATES. THE OPERATIONS OF MICRO CREDIT LIMTED WERE SOLD IN 2017. MICRO CREDIT LIMTED HAS CONTINUED TO WIND UP ITS AFFAIRS IN 2021 WITH A PLAN TO LIQUIDATE UPON EVENTUAL RECEIPT OF OUTSTANDING TAX REFUNDS FROM THE JAMAICAN GOVERNMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael G Rauenhorst V President/secretary | 0.5 | $0 | |
Asad Mahmood Director | 0.1 | $0 | |
Stephen J Mccarthy Director | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $3,364 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $3,364 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $1,196 |
| Total operating and administrative expenses | $2,446 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $2,446 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $327,285 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $379,552 |
| Accounts payable and accrued expenses | $2 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $181,000 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $181,002 |
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Microcredit Foundation Inc Minnetonka, MN | $379,552 | $3,364 |