The Capital Good Fund
- Assets
- $13.0m
- Revenue
- $6.2m
- Investments
- $0.0
- Employees
- 59
- Location
- Providence, RI
- Founding
- 11/2009
- Data as of
- 12/2021
- EIN
- 80-0348382
Organization Overview
The Capital Good Fund is located in Providence, RI. The organization was established in 2009. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Capital Good Fund employed 59 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Capital Good 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, Capital Good Fund generated $6.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 47.1% each year . All expenses for the organization totaled $5.4m during the year ending 12/2021. While expenses have increased by 36.6% 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 CAPITAL GOOD FUND IS A MICRO-FINANCE ORGANIZATION THAT TARGETS ROOT CAUSES OF POVERTY AND ENVIRONMENTAL INJUSTICE THROUGH INNOVATIVE MICRO-LOANS AND PERSONAL FINANCIAL COACHING. ITS MISSION IS TO CREATE PATHWAYS OUT OF POVERTY AND ADVANCE A GREEN ECONOMY THOUGH INCLUSIVE FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021 WE SET RECORDS FOR LOAN VOLUME, REVENUE, TOTAL ASSETS, CLIENTS SERVED, AND MORE. THIS INCLUDES OVER 2,500 LOANS FOR $5.4 MILLION (UP FROM 1,600 LOANS FOR $3.3 MILLION IN 2020); TOTAL ASSETS OF JUST UNDER $13 MILLION; AND TOTAL REVENUE OF $6.2 MILLION. WE LEVERAGED THIS FINANCIAL AND OPERATIONAL STRENGTH TO CHANGE THE LIVES OF NEARLY 2,700 FAMILIES AND BUILD A BASE FOR EXPONENTIAL GROWTH IN 2022 AND BEYOND.WE EXPANDED INTO A NEW STATE, COLORADO, AND CONTINUED TO EXPAND WITHIN OUR EXISTING MARKETS OF RHODE ISLAND, MASSACHUSETTS, DELAWARE, ILLINOIS, FLORIDA, AND TEXAS. WE PURCHASED A BUILDING AT 333 SMITH STREET IN PROVIDENCE THAT SERVES AS OUR NATIONAL HEADQUARTERS; AND INSTALLED ONE OF THE STATE'S FIRST HIGH-SPEED, PUBLICLY AVAILABLE ELECTRIC VEHICLE CHARGING STATIONS IN THE PARKING LOT. IN ILLINOIS, WE LED A SUCCESSFUL LEGISLATIVE EFFORT TO CAP THE INTEREST RATE ON ALL LOANS AT 36%, SAVING FAMILIES $50 MILLION PER YEAR IN INTEREST AND FEES!AS WE LOOK AHEAD, WE ARE EXCITED ABOUT THE POSSIBILITIES FOR FULFILLING OUR MISSION. IN EARLY 2022 WE EXPANDED INTO TWO MORE STATES, CONNECTICUT AND NEW JERSEY, SET MORE RECORDS FOR MONTHLY LOAN VOLUME, INSTALLED SOLAR PANELS ON OUR OFFICE ROOF, BEGAN TO SCALE OUR RESIDENTIAL SOLAR LOAN PROGRAM, AND BECAME THE NATIONAL PREFERRED LOAN PARTNER TO THE AMERICAN IMMIGRATION LAWYERS ASSOCIATION. IN OTHER WORDS, AS HAPPY AS WE ARE ABOUT OUR ACCOMPLISHMENTS IN 2021, THE BEST IS CLEARLY YET TO COME.
IN 2021, GOOD FUND GRADUATED 125 FAMILIES FROM OUR NATIONALLY RECOGNIZED, ONE-ON-ONE FINANCIAL AND HEALTH COACHING PROGRAM. AS PART OF OUR RESPONSE TO THE PANDEMIC, IN 2020 WE LAUNCHED A CRASH FINANCIAL COACHING PROGRAM THAT CONDENSES OUR 12-MONTH PROGRAM TO THREE MONTHS FOR THOSE AFFECTED BY COVID-19. WE ALSO LAUNCHED A FINANCIAL COACHING CRISIS HOTLINE WITH EXTENDED HOURS TO AID CALLERS WITH URGENT FINANCIAL NEEDS SEEKING IMMEDIATE RESOURCES. WE CONTINUED TO OFFER BOTH OF THESE PROGRAMS, WHILE DEEPENING OUR PARTNERSHIPS WITH COMMUNITY ORGANIZATIONS AND OTHERS ACROSS OUR FOOTPRINT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Posner Founder & CEO | OfficerTrustee | 40 | $95,000 |
Libby Kimzey Co-Chair | OfficerTrustee | 1 | $0 |
Arthur S Gabinet Secretary | OfficerTrustee | 1 | $0 |
Aaron J Fossett Treasurer Beginning December 2021 | OfficerTrustee | 1 | $0 |
Betsy Harris Co-Chair | Officer | 1 | $0 |
Isabella Ortiz Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Social Capital Fund Loan Servicing | 12/30/21 | $538,255 |
Turnkey Lendor Inc Software Developer | 12/30/21 | $140,500 |
Atx Advisory Software Consulting And Project Manageme | 12/30/21 | $238,156 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $390,000 |
| Government grants | $732,401 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,146,135 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,268,536 |
| Total Program Service Revenue | $941,415 |
| 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 | $6,219,609 |
| 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. | $95,000 |
| Compensation of current officers, directors, key employees. | $9,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,407,304 |
| Pension plan accruals and contributions | $45,381 |
| Other employee benefits | $124,530 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $56,703 |
| Fees for services: Accounting | $27,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $84,740 |
| Advertising and promotion | $269,716 |
| Office expenses | $44,267 |
| Information technology | $330,743 |
| Royalties | $0 |
| Occupancy | $62,252 |
| Travel | $7,182 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $250,649 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,412 |
| Insurance | $27,684 |
| All other expenses | $32,926 |
| Total functional expenses | $5,420,186 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,275,332 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $11,496 |
| Accounts receivable, net | $196,106 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,844,284 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $57,239 |
| Net Land, buildings, and equipment | $557,336 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,127 |
| Total assets | $12,958,920 |
| Accounts payable and accrued expenses | $358,070 |
| Grants payable | $0 |
| Deferred revenue | $1,088,902 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $197,654 |
| Secured mortgages and notes payable | $4,328,737 |
| Unsecured mortgages and notes payable | $5,327,779 |
| Other liabilities | $0 |
| Total liabilities | $11,301,142 |
| Net assets without donor restrictions | $494,744 |
| Net assets with donor restrictions | $1,163,034 |
| 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 | $12,958,920 |
Grants Recieved
Over the last fiscal year, we have identified 18 grants that The Capital Good Fund has recieved totaling $1,253,786.
| Awarding Organization | Amount |
|---|---|
Winston-Salem Foundation Winstonsalem, NC PURPOSE: 1 GRANT(S) FOR VARYING PURPOSES | $375,000 |
Greater Houston Community Foundation Houston, TX PURPOSE: PUBLIC BENEFIT | $250,000 |
Denver Foundation Denver, CO PURPOSE: AFFORDABLE IMMIGRATION LEGAL SERVICES IN COLORADO | $250,000 |
United Way Of Greater Houston Houston, TX PURPOSE: Families and neighborhoods | $75,000 |
United Way Of Rhode Island Inc Providence, RI PURPOSE: DESIGNATED DONATION/GRANT | $75,000 |
Moneygram Foundation Inc Dallas, TX PURPOSE: THIS GRANT WILL FUND THIS ORGANIZATION'S CRISIS RELIEF LOAN FUND. | $60,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Veterans Inc Worcester, MA | $18,236,837 | $18,440,204 |
Community Action Agency Of New Haven Inc New Haven, CT | $523,093 | $14,060,753 |
Community Action Partnership Of Providence Providence, RI | $2,565,528 | $11,658,735 |
Codman Square Neighborhood Development Corporation Dorchester, MA | $49,534,179 | $9,221,133 |
Blackstone Valley Community Action Program Inc Pawtucket, RI | $2,776,542 | $8,877,966 |
Urban Edge Housing Corp Roxbury, MA | $48,065,772 | $13,249,471 |
Jamaica Plain Neighborhood Development Corporation Jamaica Plain, MA | $42,347,137 | $8,553,419 |
Hamden Economic Developmente Corporation Hamden, CT | $3,370,551 | $167,824 |
Opportunity Communities Llc Chelsea, MA | $1,253,175 | $6,991,638 |
Just A Start Inc Cambridge, MA | $43,187,600 | $7,410,722 |
The Capital Good Fund Providence, RI | $12,958,920 | $6,219,609 |
E B C D C Inc East Boston, MA | $58,217,013 | $4,262,747 |