Financials

2013 Financials

Social Investment Fund Quarterly Digest
2013 Q1 SIF Digest

2012 Financials

Social Investment Fund Quarterly Digest

The first Social Investment Fund (SIF) Quarterly Digest is available for Q3 2012. The intention of the digest is to communicate key financial indicators and borrower highlights to our SIF clients and the greater community.

2012 Q4 SIF Digest

2012 Q3 SIF Digest

2011 Financials

Highlights

2011 was a challenging but strong year for RSF. Overall, we experienced positive financial results as our total assets increased by 14.6% to $134.7 million and our net income, or change in net assets, increased 7.5% to $5.0 million.

Providing financing to social enterprises is at the heart of our work and in 2011 our loan portfolio increased 2.1% while our investor funds increased a record 17.5% to $75.4 million. We are very appreciative of the support from our investor clients as these funds allow RSF to make loans to mission-aligned organizations.

Our major challenges in 2011 were $2.8 million in loan write-offs on two loans originated in 2007. Our reserve fund strategy ensures that we have sufficient balances at all times to support our capital structure, allow for growth, and to cover any loan losses. Our capital ratio (reserve funds / loan portfolio balance funds) fell to 9.1%, which is below our minimum goal of 10%. We had anticipated that we would need to use our reserve funds and thus launched a fundraising program to replenish them. This has been successful, resulting in $2 million in gifts and $2 million in guarantees received during Q1-2012. Our capital ratio is currently 11.6%

RSF Social Finance

Consolidated Statement of Activities & Changes in Net Assets
Revenue, gains and other support	2011	2010
Interest Income from Borrowers:	4,215,891	4,704,737
Fee Income:	553,629	752,391
Investment Income, net:	3,524,401	2,077,507
Gifts to Operations	591,847	399,748
Gifts to Reserves	3,365,914	1,302,156
Gifts to Programs	6,854,815	10,593,495
Total revenue:	$19,106,497	$19,830,034

Expenses
Program Services
Personnel:	3,499,801	2,970,257
Loan Loss Provision, net:	2,851,591	(895,000)
Interest Expense – SIF Investors:	919,826	959,928
Grants made from Programs	4,989,079	10,850,620
Other Program Service Expense	539,945	263,628
Total Program Service Expense	12,800,242	14,149,433

Supporting Services:	1,345,289	1,690,502
Total expenses:	$14,145,531	$15,215,124

Change in net assets	4,960,966	4,614,910
Net assets at beginning of year	52,146,163	47,531,253
Net assets at end of year	$57,107,129	$52,146,163

Consolidated Statement of Financial Position
Assets
Cash and cash equivalents	9,538,278	2,541,216
Restricted cash equivalents	664,000	723,000
Loans receivable – borrower funds, net	70,421,764	68,963,817
Investments, at fair value	52,381,111	45,039,363
Prepaid expenses and other assets	1,671,132	280,911
Furniture and equipment, net	40,843	41,753
Total assets:	$134,717,128	$117,590,060

Liabilities
Notes payable – investor funds	75,358,320	64,124,552
Note payable – other	1,973,599	1,020,647
Other liabilities	278,080	298,698
Total liabilities:	$77,609,999	$65,443,897

Net assets
Reserve Funds	6,424,716	9,806,152
Philanthropic Services Funds	51,124,373	42,888,100
Mark to Mark on Swap Contracts	(441,960)	(548,089)
Total net assets	$57,107,129	$52,146,163

Total liabilities and net assets	$134,717,128	$117,590,060

Audited Financial Statements 2009 – 2011

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

2011

2010

2009

RSF Social Investment Fund, Inc.

2011

2010

2009

RSF Capital Management, Inc.

2011

2010

2009