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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
2018 2017 2016
ASSETS
Cash and Cash Equivalents $27,867  $30,430 $13,385
Restricted Cash
Mission related investments:
Loans receivable, net of reserves 132,980 105,459 97,238
Investments, at fair value 63,060 70,351 76,060
Prepaid expenses & other assets 2,007 2,516 1,241
TOTAL ASSETS $225,914 $208,756 $187,924
LIABILITIES AND NET ASSETS
LIABILITIES
Investor notes payable $129,265 $119,771 $112,518
Long term loans payable 8,105 6,002 6,006
Other Liabilities 906 489 226
TOTAL LIABILITIES 138,276 126,262 118,750
NET ASSETS
Unrestricted 87,488 82,344 68,773
Temporarily restricted 150 150 400
Permanently restricted 100 100
TOTAL NET ASSETS 87,638 82,494 69,173
TOTAL LIABILITIES AND NET ASSETS $225,914 $208,756 $187,924

Consolidated Statement of Activities & Changes in Net Assets

Dollars in thousands
2018 2017 2016
REVENUES
Earned Income 1
Lending interest, fees, other income $7,780 $5,955 $5,519
Investment Income, net 1,101 288 (421)
Gifts and Contributions
Total Gifts and Contributions 29,361 34,495 20,565
Program Revenue 231 255
TOTAL REVENUES 38,493 40,993 25,662
EXPENSES
Program Services
Interest Expense on Investor Funds 1,411 1,036 618
Provisions for loan losses 1,016 65 400
Grants Made to Programs 2 17,014 18,435 13,236
Other Projects and Program Expenses 2,423 642 898
Personnel costs 3 3,044 5,329 3,470
Total Program Services 24,908 25,507 18,622
Supporting Services
Management and General Expenses 2,3 8,421 2,166 4,138
TOTAL EXPENSES 33,329 22,672 22,761
CHANGES IN NET ASSETS 5,144 13,320 2,902
NET ASSETS AT BEGINNING OF YEAR 82,494 69,173 66,272
NET ASSETS AT END OF PERIOD $87,638 $82,494 $69,173
Audited Financial Statements 2015 – 2018
  • 2018 RSF Consolidated Financial Statement
  • 2017 RSF Consolidated Financial Statement
  • 2016 RSF Consolidated Financial Statement
  • 2018 RSF Social Investment Fund Audited Financial Statement
  • 2017 RSF Social Investment Fund Audited Financial Statement
  • 2016 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