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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 U.S. 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 U.S., and to make loans to non-profit mission-aligned organizations; and, RSF Capital Management, PBC (CMI), a registered C-corporation and certified B-corporation that makes loans to for-profit mission-aligned social enterprises and manages the Mezzanine Fund.

Consolidated Statement of Financial Position
2015 2014 2013
Assets
Cash and Cash Equivalents 28,938,052 27,970,438 28,163,515
Restricted Cash 216,046 287,983 366,752
Loans Receivable – Borrower Funds, net 78,866,946 82,324,513 71,906,582
Investments, at fair value 66,215,423 62,966,170 61,411,635
Prepaid Expenses and other Current Assets 1,079,409 1,700,967 1,494,080
Total Assets $175,315,876 $175,250,071 $163,342,564
Liabilities and Net Assets
Liabilities
Notes Payable – Investor Funds 107,148,478 110,706,548 101,806,773
Other Liabilities   398,606 319,447 111,580
Total Liabilities $107,547,084 $111,025,995 $101,918,353
Net Assets
Unrestricted 67,618,792 63,249,076 37,921,212
Temporarily Restricted 50,000 875,000 23,402,999
Permanently Restricted 100,000 100,000 100,000
Total Net Assets $67,768,792 $64,224,076 $61,424,211
Total Liabilities and Net Assets $175,315,876 $175,250,071 $163,342,564

Consolidated Statement of Activities & Changes in net Assets

2015 2014 2013
Revenue, Gains, and Other Support
Fee Income   431,647 538,045 1,104,884
Net Interest and Investment Income:
Interest Income – Borrower Funds 4,216,020 4,075,691 3,927,022
Investment Income, net   120,620 182,566 2,918,771
Gifts and Contributions 18,160,268 16,287,295 10,707,268
Total Revenue, Gains and Other Support   22,928,555 $21,083,597 $18,657,945
Expenses
Program Services
Grants made from Programs 11,402,494 9,942,668 10,363,489
Personnel Costs 2,859,937 2,823,243 4,427,898
Interest Expense – Investor Funds and Other 536,074 434,729 677,988
Loan Loss Provision, net 271,827 300,000 541,889
Other Projects and Program Expenses 207,124 26,008 485,486
Supporting Services:
Management and General 4,106,383 3,885,084 1,146,644
Total Expenses 19,383,839 $17,411,732 $17,643,394
Changes in Net Assets 3,544,716 3,671,865 1,014,551
Net Assets at the Beginning of the Year 64,224,076 60,552,211 60,409,660
Net Assets at the End of the Year $67,768,792 $64,224,076 $61,424,211
*2015 financials are unaudited
Audited Financial Statements 2010 – 2014
  • 2014 RSF Consolidated Financial Statement
  • 2013 RSF Consolidated Financial Statement
  • 2012 RSF Consolidated Financial Statement
  • 2013 RSF Capital Management Consolidated Financials
  • 2012 RSF Capital Management Consolidated Financials
  • 2011 RSF Capital Management Consolidated Financials
  • 2015 RSF SIF Audited Financials
  • 2014 RSF SIF Consolidated Financials
  • 2013 RSF SIF Consolidated Financials
  • 2012 RSF SIF Consolidated Financials
  • 2014 Form 990
  • 2013 Form 990
  • 2012 Form 990
  • 2011 Form 990