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 47 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
2016 2015 2014
ASSETS
Cash and Cash Equivalents $15,561,821 $29,227,940 $27,970,438
Restricted Cash 216,046 287,983
Mission related investments:
Loans receivable, net of reserves 97,237,989 78,866,946 82,324,513
Investments, at fair value 73,883,027 64,428,496 62,966,170
Prepaid expenses & other assets 1,240,784 1,079,409 1,700,967
TOTAL ASSETS $187,923,621 $173,818,837 $175,250,071
LIABILITIES AND NET ASSETS
LIABILITIES
Investor notes payable $112,518,335 $107,148,478 $110,706,548
Long term loans payable 6,005,574
Other Liabilities 226,317 398,606 319,447
TOTAL LIABILITIES 118,750,226 107,547,084 111,025,995
NET ASSETS
Unrestricted 68,773,395 66,121,753 63,249,076
Temporarily restricted 300,000 50,000 875,000
Permanently restricted 100,000 100,000 100,000
TOTAL NET ASSETS 69,173,395 66,271,753 64,224,076
TOTAL LIABILITIES AND NET ASSETS $187,923,621 $173,818,837 $175,250,071

Consolidated Statement of Activities & Changes in net Assets

2016 2015 2014
REVENUES
Earned Income 1
Lending interest, fees, other income $5,519,025 $4,647,667 $4,613,736
Investment Income, net (421,099) (1,985,148) 182,566
Gifts and Contributions
Gifts to Donor Advised Funds 20,065,912 14,145,104 13,312,469
Gifts to Collaboratives 53,228 3,061,632 1,828,000
Gifts to RSF 445,370 1,562,263 1,146,826
Total Gifts and Contributions 20,564,510 18,768,998 16,287,295
TOTAL REVENUES 25,662,436 21,431,517 21,083,597
EXPENSES
Program Services
Interest Expense on Investor Funds 617,789 536,074 434,729
Provisions for loan losses 399,848 271,827 300,000
Grants Made to Programs 2 13,236,076 11,402,494 9,942,668
Other Projects and Program Expenses 898,407 207,125 26,008
Personnel costs 3 3,470,315 2,859,937 2,823,243
Total Program Services 18,622,435 15,277,457 13,526,648
Supporting Services
Management and General Expenses 4 4,138,359 4,106,383 3,885,084
TOTAL EXPENSES 22,760,794 19,383,840 17,411,732
CHANGES IN NET ASSETS 2,901,642 2,047,677 3,671,865
NET ASSETS AT BEGINNING OF YEAR 66,271,753 64,224,076 60,552,211
NET ASSETS AT END OF PERIOD $69,173,395 $66,271,753 $64,224,076

 

Notes:

 

1) In addition to revenue shown here, RSF earns fee income from its philanthropic services. These fees do not appear in our GAAP income statement due to our corporate structure (intercompany transactions). RSF earned income from philanthropic services totaled $1.2M in 2016, $1.1M in 2015, and $992k in 2014.

 

2) Over 90% of grants made are client directed, granted out from Donor Advised Funds. The balance is RSF-directed grant deployment.

 

3 & 4) Delta between 2015 to 2016 is due to new auditor recommended a change in the breakout of Personnel costs between program services & management and general. Total personnel expenses across the two categories are $6.0M in 2016, $5.2M in 2015, and $4.7M in 2014.

Audited Financial Statements 2014 – 2016
  • 2016 RSF Consolidated Financial Statement
  • 2015 RSF Consolidated Financial Statement
  • 2014 RSF Consolidated Financial Statement
  • 2016 RSF Social Investment Fund Audited Financial Statement
  • 2015 RSF Social Investment Fund Audited Financial Statement
  • 2014 RSF Social Investment Fund Audited Financial Statement
  • 2016 CAM Consolidated Financial Statement
  • 2015 CAM Consolidated Financial Statement
  • 2014 CAM Consolidated Financial Statement
  • 2016 Form 990
  • 2015 Form 990
  • 2014 Form 990