Social Investment Fund Quarterly Digest
RSF’s financial results were very strong for 2012, an indication of the beneficial impact we are having through the movement of money. The stories of our investors, donors, borrowers and grantees demonstrate that impact. We see financial performance as an equal measure.
Our key financial accomplishments for 2012 include:
- a 12.5% increase in total assets to $151.6 million
- $19.5 million in revenue
- $3.6 million net income
- a strong capital ratio of 10.28%
These accomplishments are something of a contrast to the state of the macroeconomy. Our growth is a sign of our participation in an emerging economy that is sensitive to social and environmental needs. Our most significant challenge was to deploy the additional investor funds received in 2012 to social enterprises aligned with our deep values and risk profile. We are addressing this situation directly by increasing our business development activity and resources for finding borrowers and retaining existing ones.
Our Philanthropic Services program works with 200 clients, has $53.1 million in assets, received $12.3 million in gifts, made $8.4 million in grants, and manages a mission driven investment portfolio of $40 million. Our Lending program works with 81 clients and has $75.9 million in assets with a $2.6 million loan loss reserve available in case of any non performing loans. The resultant loan loss coverage ratio is a conservative 3.42%. Since 1984, RSF has made $275 million in loans and incurred a write-off ration of only a 2.06 %.
As leasers in the field of social finance, we have innovated new ways of managing risk to support our borrowers that include interested party guarantees and partnering with other charitable organizations or community banks in direct financing. All of these innovations come with the need for continual learning about the deeper qualities of money and how they can work together to support initiative.
One lending team goal for 2012 was for all financing to be catalytic, while our investment programs center on engagement and are community based. Our philanthropic services goal was to research and implement innovative approaches to grant making and donor engagement such as Shared Gifting and the pilot Local Initiative Fund.
RSF Social Finance
|Consolidated Statement of Activities & Changes in Net Assets|
|Revenue, gains and other support||2012||2011|
|Net interest and investment income:|
|Interest income – borrower funds||4,470,002||4,215,891|
|Interest income, net||(29,887)||3,524,401|
|Grants and contributions||14,408,526||10,812,576|
|Grants made from programs||8,355,419||4,989,079|
|Interest expense – investor funds and other||937,827||919,826|
|Loan loss provision (recovery), net||700,000||2,851,591|
|Other project and program expenses||226,478||539,945|
|Total Program Service Expense||14,176,689||12,800,242|
|Change in net assets||3,562,163||4,960,966|
|Net assets at beginning of year||57,107,129||52,146,163|
|Net assets at end of year||$60,669,292||$57,107,129|
|Consolidated Statement of Financial Position|
|Cash and cash equivalents||22,844,795||9,538,278|
|Restricted cash equivalents||664,000||664,000|
|Loans receivable – borrower funds, net||75,948,407||70,421,764|
|Investments, at fair value||50,840,365||52,381,111|
|Prepaid expenses and other assets||1,179,384||1,671,132|
|Furniture and equipment, net||94,408||40,843|
|Notes payable – investor funds||89,664,637||75,358,320|
|Note payable – other||0||1,973,599|
|Philanthropic services funds||53,109,519||51,124,373|
|Mark to mark on swap contracts||(295,626)||(441,960)|
|Total net assets||$60,669,292||$57,107,129|
|Total liabilities & net assets||$151,571,359||$134,717,128|
2012 Social Investment Fund Quarterly Digests2012 Q3 SIF Digest
Audited Financial Statements 2010 – 2012
RSF Social Finance–Corporate Structure
RSF Social Finance [Rudolf Steiner Foundation, Inc.] is a New York State, not-for-profit corporation, and is federally tax-exempt under IRS Section 501(c)(3) of US tax code. RSF Social Finance is also parent corporation for several supporting organizations and wholly-owned subsidiaries. These additions to the corporate structure have been added in order to enable for-profit as well as non-profit financial activities all of which further RSF Social Finance’s charitable purposes. What follows are the audited financial statements: Report for RSF Social Finance; RSF Social Investment Fund, Inc. [SIF], a tax-exempt, non-profit supporting entity registered to accept investment notes in 44 states in the US and to make loans to non-profit mission-aligned organizations; and, RSF Capital Management, Inc. [CMI], a registered C-corporation and certified B-corporation which makes loans to for-profit mission-aligned social enterprises and manages the Mezzanine Fund.
RSF Social Finance Consolidated
RSF Social Investment Fund, Inc.
RSF Capital Management, Inc.
For more historical data please contact Gary Schick, Chief Financial Officer at 415.561.6176
- Printed from http://rsfsocialfinance.org/about/financials/