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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 the 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
Dollars in thousands
2017 2016 2015
ASSETS
Cash and Cash Equivalents $33,613  $15,562 $29,228
Restricted Cash 216,046
Mission related investments:
Loans receivable, net of reserves 105,459 97,238 78,867
Investments, at fair value 68,020 73,883 66,633
Prepaid expenses & other assets 2,516 1,241 1,079
TOTAL ASSETS $209,607 $187,924 $176,023
LIABILITIES AND NET ASSETS
LIABILITIES
Investor notes payable $120,521 $112,518 $107,148
Long term loans payable 6,002 6,006
Other Liabilities 489 226 399
TOTAL LIABILITIES 127,012 118,750 107,547
NET ASSETS
Unrestricted 82,595 68,773 66,122
Temporarily restricted 50 300 50
Permanently restricted 100 100 100
TOTAL NET ASSETS 82,595 69,173 66,272
TOTAL LIABILITIES AND NET ASSETS $209,607 $187,924 $173,819

Consolidated Statement of Activities & Changes in Net Assets

Dollars in thousands
2017 2016 2015
REVENUES
Earned Income 1
Lending interest, fees, other income $5,955 $5,519 $4,648
Investment Income, net 288 (421) (1,985)
Gifts and Contributions
Gifts to Donor Advised Funds 20,066 14,145
Gifts to Collaboratives 536 3,061
Gifts to RSF 445 1,562
Total Gifts and Contributions 34,495 20,565 18,769
Program Revenue 255
TOTAL REVENUES 40,993 25,662 21,432
EXPENSES
Program Services
Interest Expense on Investor Funds 1,036 618 536
Provisions for loan losses 65 400 272
Grants Made to Programs 2 18,435 13,236 11,402
Other Projects and Program Expenses 642 898 207
Personnel costs 3 5,329 3,470 2,860
Total Program Services 25,507 18,622 15,277
Supporting Services
Management and General Expenses 4 2,166 4,138 4,106
TOTAL EXPENSES 27,672 22,761 19,384
CHANGES IN NET ASSETS 13,320 2,902 2,048
NET ASSETS AT BEGINNING OF YEAR 69,173 66,272 64,224
NET ASSETS AT END OF PERIOD $82,494 $69,173 $66,272
Audited Financial Statements 2015 – 2017
  • 2017 RSF Consolidated Financial Statement
  • 2016 RSF Consolidated Financial Statement
  • 2015 RSF Consolidated Financial Statement
  • 2017 RSF Social Investment Fund Audited Financial Statement
  • 2016 RSF Social Investment Fund Audited Financial Statement
  • 2015 RSF Social Investment Fund Audited Financial Statement
  • 2016 CAM Consolidated Financial Statement
  • 2015 CAM Consolidated Financial Statement
  • 2017 Form 990
  • 2016 Form 990
  • 2015 Form 990