Overview
What is The Genesis Fund?
The Genesis Fund is a nonprofit organization situated in Brunswick, Maine. Its primary mission is to empower underserved communities in Maine, New Hampshire, and Vermont by fostering housing opportunities, economic growth, and social well-being. In the fiscal year 2023, the organization closed 28 loans worth over $15 million, contributing to the creation or preservation of 658 housing units. Besides housing, The Genesis Fund supports small businesses through coworking and virtual programs, helping 250 entrepreneurs. Additionally, it offers primary healthcare and outreach services to 8,414 individuals, and supports 370 people with developmental and behavioral health challenges. The Genesis Fund also provides professional guidance to 55 projects, contributing to the development of affordable housing and community facilities. With 9 employees, The Genesis Fund's lending activities have positively impacted various aspects of these communities' lives, including housing, healthcare, entrepreneurship, and social services.
Official website here: www.genesisfund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Genesis Fund has received a two-star rating from Charity Navigator, indicating that there are areas needing improvement within the organization. Its overall score stands at 71%, with a notable program expense ratio of nearly 92%, suggesting that a large portion of its budget is directed towards its programs. The organization demonstrates strong governance with 100% independent board members and several robust policies, such as conflict of interest and whistleblower protections.
Despite these strengths in governance and program expense management, the fund's accountability and finance score of 70 indicates potential concerns in financial health, specifically reflected in its liabilities to assets ratio of 72.09%, which raises questions about its fiscal sustainability. However, the organization has shown commitment to equity practices, achieving an 81 out of 100 score in this area, which suggests a dedication to inclusivity and diversity within its programs.
Overall, while The Genesis Fund showcases several commendable practices and scores well in program spending and governance, its financial health remains a critical area for attention. Enhancements in this aspect could significantly improve its overall rating and impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is The Genesis Fund legitimate?
The Genesis Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Genesis Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $598,320
Professional Fundraising Fees: $0
Other Salaries and Wages: $382,979
For more financial information, click here
Official website here: www.genesisfund.org
What is the mission statement of The Genesis Fund?
The Genesis Fund's mission is centered around uniting resources to generate housing and economic and social prospects for underserved individuals and communities across Maine, New Hampshire, and Vermont. Through their activities, they aim to create and preserve housing units, offer primary healthcare and outreach services, support small businesses, and preserve access to community outpatient services for individuals with developmental and behavioral health challenges. In addition, The Genesis Fund provides professional guidance to projects, helping to develop affordable housing and community facilities.
Official website here: www.genesisfund.org
Who is the CEO of The Genesis Fund?
Elizabeth Fleming-Ives is the Secretary of The Genesis Fund.
Official website here: www.genesisfund.org
What is the revenue of The Genesis Fund?
The Genesis Fund's revenue in 2023 was $5,492,811.
Official website here: www.genesisfund.org
Who are the executives of The Genesis Fund and what are their salaries?
The average compensation at The Genesis Fund during 2023 was $109,033. There are 9 employees and 13 volunteers at The Genesis Fund.
Here are 15 key members and their salaries:
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- Compensation: $102,963
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- Other: $15,247
- Compensation: $124,532
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- Other: $16,267
Official website here: www.genesisfund.org
Where can I find the form 990 for The Genesis Fund?
The Genesis Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.genesisfund.org
Learn more at the official website: www.genesisfund.org
Mission Statement of The Genesis Fund
The Genesis Fund, a nonprofit organization, is committed to uniting resources to establish housing and foster economic and social prospects for underprivileged individuals and communities across Maine, New Hampshire, and Vermont. Its mission is to create a significant impact by providing access to housing and other opportunities that can uplift and empower these underserved communities.
In the fiscal year 2023, The Genesis Fund successfully closed 28 loans, totaling over $15 million, thereby increasing its outstanding loan portfolio to $36 million. This lending activity resulted in the creation or preservation of 658 units of housing, offering a safe and secure living space for many individuals. Furthermore, The Genesis Fund's lending initiatives provided primary healthcare and outreach services to 8,414 individuals, addressing their health needs. The organization also supported 250 small businesses through various programs, providing a platform for entrepreneurship and economic growth. Additionally, The Genesis Fund played a crucial role in preserving community outreach and outpatient services for 370 individuals with developmental and behavioral health challenges, ensuring they continued to receive essential support.
In summary, The Genesis Fund's mission is to bring together resources to create housing and other economic and social opportunities for underserved communities. By providing loans, healthcare services, business support, and guidance, this nonprofit organization aims to empower and uplift those who are often overlooked, thereby contributing to a more inclusive and equitable society.
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Impact
July, 2024
The Genesis Fund's impact can be seen in the tangible outcomes it has achieved in providing housing and other economic and social opportunities for underserved individuals and communities in Maine, New Hampshire, and Vermont. In FY23 alone, The Genesis Fund closed 28 loans totaling over $15 million, leading to the creation or preservation of 658 housing units. Additionally, their lending efforts supported primary healthcare and outreach services for 8,414 individuals, assisted 250 small businesses through various programs, and ensured access to community outreach and services for 370 people with developmental and behavioral health challenges. Moreover, The Genesis Fund's provision of professional guidance to 55 projects resulted in the development of affordable housing and community facilities, further contributing to the overall well-being of the communities it serves.
This information is meant to be a general summary of The Genesis Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $105,715
- Program Service Revenue: $1,816,136
- Gross Receipts: $5,492,811
Assets and Liabilities:
- Total Assets: $46,225,096
- Total Liabilities: $33,331,652
- Net Assets: $12,893,444
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Loan Interest
Revenue
$1,618,988
Loan Fees
Revenue
$167,173
Technical Assistance
Revenue
$29,975
Organization Details
Founding Year
1991
Phone
(207) 844-2035Principal Officer
Elizabeth Fleming-Ives
Main Address
22 Lincoln Street, Brunswick, ME, 04011
Website
www.genesisfund.orgNTEE Category
Code: X20J - Religion related
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