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.
|Cash and Cash Equivalents||$15,561,821||$29,227,940||$27,970,438|
|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|
|LIABILITIES AND NET ASSETS|
|Investor notes payable||$112,518,335||$107,148,478||$110,706,548|
|Long term loans payable||6,005,574||–||–|
|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
|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|
|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|
|Management and General Expenses 4||4,138,359||4,106,383||3,885,084|
|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|
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.