RSF Social Finance 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 supporting organizations. What follows are the audited financial statements: Report for RSF Social Finance and RSF Social Investment Fund, Inc. (SIF), a tax-exempt, non-profit supporting entity registered to accept investment notes in 49 states in the U.S., and to make loans to non-profit mission-aligned organizations.
Dollars in thousands |
2022 | 2021 | |
|---|---|---|---|
| ASSETS | |||
| Cash and Cash Equivalents | 47,263 | 54,154 | |
| Mission related investments: | |||
| Loans receivable, net of allowance | 89,385 | 88,709 | |
| Investments | 83,360 | 96,322 | |
| Prepaid expenses & other assets | 1,070 | 1,026 | |
| TOTAL ASSETS | 221,078 | 240,211 | |
| LIABILITIES AND NET ASSETS | |||
| LIABILITIES | |||
| Accounts payable and accrued expenses | 2,441 | 4,007 | |
| Investor notes payable | 118,297 | 125,261 | |
| Other notes payable | 8,000 | 3,982 | |
| TOTAL LIABILITIES | 128,738 | 137,268 | |
| NET ASSETS | |||
| Net assets without donor restrictions | 102,635 | 102,630 | |
| Net assets with donor restrictions | 284 | 309 | |
| TOTAL NET ASSETS | 92,340 | 102,943 | |
| TOTAL LIABILITIES AND NET ASSETS | 221,078 | 240,211 | |
Consolidated Statement of Activities & Changes in Net Assets |
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Dollars in thousands |
2022 | 2021 | |
| REVENUES, GAINS AND OTHER SUPPORT | |||
| Management and other fee income | 793 | 2,068 | |
| Interest and investment income, net | 2,315 | 6,156 | |
| Gifts and Contributions | 34,849 | 45,808 | |
| Program Revenue | 14 | 166 | |
| TOTAL REVENUES, GAINS AND OTHER SUPPORT | 37,970 | 54,198 | |
| EXPENSES | |||
| PROGRAM SERVICES | |||
| Interest expense on investor funds | 498 | 975 | |
| Loan loss (Recovery) provision | (162) | 386 | |
| Grants made to programs | 37,048 | 41,535 | |
| Other projects and program expenses | 1,445 | 1,640 | |
| Personnel costs | 3,259 | 3,328 | |
| TOTAL PROGRAM SERVICES | 42,089 | 47,865 | |
| SUPPORTING SERVICES | |||
| Management and general | 6,484 | 6,602 | |
| TOTAL EXPENSES | 48,573 | 54,467 | |
| CHANGES IN NET ASSETS | (10,603) | (269) | |
| NET ASSETS AT BEGINNING OF YEAR | 102,943 | 103,212 | |
| NET ASSETS AT END OF YEAR | 92,340 | 102,943 | |