The Capital Good Fund
- Assets
- $23.8m
- Revenue
- $6.8m
- Investments
- $0.0
- Employees
- 56
- Location
- Providence, RI
- Founding
- 11/2009
- Data as of
- 12/2023
- 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 12/2023, Capital Good Fund employed 56 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 12/2023, Capital Good Fund generated $6.8m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 36.2% each year . All expenses for the organization totaled $6.5m during the year ending 12/2023. While expenses have increased by 30.1% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CAPITAL GOOD FUND IS A U.S. TREASURY CERTIFIED COMMUNITY DEVELOPMENT FOUNDATION THAT TARGETS ROOT CAUSES OF POVERTY AND ENVIRONMENTAL INJUSTICE THROUGH INNOVATIVE PERSONAL LOANS AND FINANCIAL COACHING. ITS MISSION IS TO CREATE PATHWAYS OUT OF POVERTY AND ADVANCE A GREEN ECONOMY THROUGH INCLUSIVE FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE ARE A NONPROFIT, CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT BELIEVES IN EQUITABLE FINANCING FOR ALL. WE CURRENTLY OFFER FINANCING IN RHODE ISLAND, FLORIDA, MASSACHUSETTS, ILLINOIS, DELAWARE, TEXAS, COLORADO, NEW JERSEY, CONNECTICUT, GEORGIA AND PENNSYLVANIA. IN 2023, WE SET RECORDS FOR LOAN VOLUME, REVENUE, EARNED INCOME, TOTAL ASSETS, AND MORE. THIS INCLUDES OVER 2,600 LOANS FOR $12.5 MILLION; 91 FAMILIES RECEIVING FINANCIAL COACHING; TOTAL ASSETS OF $23 MILLION; OVER 40% SELF-SUFFICIENCY ON A CASH FLOW BASIS; AND REVENUE OF $6.75 MILLION. WE LEVERAGED THIS FINANCIAL AND OPERATIONAL STRENGTH TO REACH OVER 7,410 INDIVIDUALS AND BUILT A BASE FOR EXPONENTIAL GROWTH IN 2024 AND BEYOND.
IN 2023, CAPITAL GOOD FUND GRADUATED OVER 91 FAMILIES FROM OUR NATIONALLY RECOGNIZED, ONE-ON-ONE FINANCIAL AND HEALTH COACHING PROGRAM, COVERING TOPICS LIKE BUDGETING, BANKING, SAVINGS, DEBT, AND HEALTHY EATING ON A BUDGET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Arthur S Gabinet Secretary | OfficerTrustee | 1 | $0 |
Betsy Harris Co-Chair | OfficerTrustee | 1 | $0 |
Dara Duguay Director | Trustee | 1 | $0 |
Elina Magaly Santana ESQ Director | Trustee | 1 | $0 |
Libby Kimzey Co-Chair | OfficerTrustee | 1 | $0 |
Nisha Floyd Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Social Capital Fund Loan Servicing | 12/30/22 | $560,200 |
Atx Advisory Software Development & Caliper Services | 12/30/22 | $111,251 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,300,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,671,830 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,971,830 |
| Total Program Service Revenue | $1,783,018 |
| 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 | $6,754,848 |
| 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. | $113,103 |
| Compensation of current officers, directors, key employees. | $11,310 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,580,771 |
| Pension plan accruals and contributions | $44,740 |
| Other employee benefits | $163,289 |
| Payroll taxes | $261,276 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,499 |
| Fees for services: Accounting | $34,430 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,631 |
| Advertising and promotion | $187,351 |
| Office expenses | $90,875 |
| Information technology | $278,140 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $18,883 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $510,930 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $78,130 |
| Insurance | $49,562 |
| All other expenses | $58,284 |
| Total functional expenses | $6,491,745 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,154,007 |
| Savings and temporary cash investments | $963,068 |
| Pledges and grants receivable | $23,910 |
| Accounts receivable, net | $515,006 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $20,147,312 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $39,778 |
| Net Land, buildings, and equipment | $922,675 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $41,645 |
| Total assets | $23,807,401 |
| Accounts payable and accrued expenses | $636,354 |
| Grants payable | $0 |
| Deferred revenue | $2,983,695 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $223,949 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $17,798,035 |
| Other liabilities | $0 |
| Total liabilities | $21,642,033 |
| Net assets without donor restrictions | $1,191,367 |
| Net assets with donor restrictions | $974,001 |
| 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 | $23,807,401 |