Financials

2013 Financials

Social Investment Fund Quarterly Digest

2013 Q4 SIF Digest

2013 Q3 SIF Digest

2013 Q2 SIF Digest

2013 Q1 SIF Digest

 

2012 Financials

Highlights

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.

Programs

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
Fee Income: 601,752 553,629
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
Total revenue:   $19,450,393 $19,106,497
Expenses
Program Services
   Grants made from programs 8,355,419 4,989,079
   Personnel 3,956,965 3,499,801
   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
Supporting services: 1,711,541 1,345,289
Total expenses: $15,888,230 $14,145,531
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
Assets
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
Total assets: $151,571,359 $134,717,128
Liabilities
Notes payable – investor funds 89,664,637 75,358,320
Note payable – other 0 1,973,599
Other liabilities 1,237,430 278,080
Total liabilities: $90,902,067 $77,609,999
Net assets
Reserve funds 7,855,399 6,424,716
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 Digests

2012 Q4 SIF Digest
2012 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

2012

2011

2010

RSF Social Investment Fund, Inc.

2013

2012

2011

2010

RSF Capital Management, Inc.

2012

2011

2010

Tax Returns

2011 Form 990

2010 Form 990

2009 Form 990

 

For more historical data please contact Gary Schick, Chief Financial Officer at 415.561.6176

  • Printed from http://rsfsocialfinance.org/about/financials/