Overview
What is Rcap Solutions Financial Services Inc?
Rcap Solutions Financial Services Inc is a nonprofit organization situated in Worcester, Massachusetts, with a mission to provide financial aid. They specialize in offering loans to individuals, families, disabled families, and small businesses for home repair. Additionally, they strive to promote community development by improving the social and economic conditions of underserved communities and fostering self-sufficiency among them. This is achieved through various means, including providing educational programs, financial and technical assistance, and loans and grants for housing, environmental protection, human services, and community development projects, such as sewer and water projects.
Official website here: www.rcapsolutions.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75%, Three-Star out of Four Star Rating
Rcap Solutions Financial Services Inc has received a 75% rating from Charity Navigator, indicating a solid performance in terms of Accountability & Finance. The score reflects strong governance practices, with 88% of its board members being independent and no material diversion of assets reported. Additionally, the organization adheres to several policies such as conflict of interest and document retention, contributing positively to its accountability.
However, the organization has a notable gap in its whistleblower policy, which is currently missing and has affected its score in that area. Furthermore, while the program expense ratio is healthy at 76.03%, the liabilities to assets ratio stands at 94.61%, suggesting potential financial concerns that could impact the organization's sustainability in the long term.
Overall, Rcap Solutions Financial Services Inc demonstrates strengths in governance and responsible financial management, but the absence of a whistleblower policy and high liabilities may warrant closer scrutiny for potential donors.
This AI summary has been generated from information found on Charity Navigator.
Is Rcap Solutions Financial Services Inc legitimate?
Rcap Solutions Financial Services Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rcap Solutions Financial Services Inc 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.rcapsolutions.org
What is the mission statement of Rcap Solutions Financial Services Inc?
Rcap Solutions Financial Services Inc's mission is centered around promoting community development. The organization aims to enhance the social and economic conditions of underserved individuals and distressed communities. This is achieved by providing educational programs, services, financial assistance, and technical support, including loans and grants for various sectors such as housing, environment, human services, and community development projects like sewer and water projects. The primary objective is to improve the quality of life for low-income families and communities. Additionally, Rcap Solutions offers loans to individuals, families, and small businesses for home repairs and to support disabled families.
Official website here: www.rcapsolutions.org
Who is the CEO of Rcap Solutions Financial Services Inc?
Brian Scales is the CEO of Rcap Solutions Financial Services Inc The CEO's salary of Rcap Solutions Financial Services Inc is $0 and their total compensation is $211,958.
Official website here: www.rcapsolutions.org
What is the revenue of Rcap Solutions Financial Services Inc?
Rcap Solutions Financial Services Inc's revenue in 2023 was $215,148.
Official website here: www.rcapsolutions.org
Who are the executives of Rcap Solutions Financial Services Inc and what are their salaries?
Here are 9 key members and their salaries (Rcap Solutions Financial Services Inc's CEO's salary is $0 and their total compensation is $211,958):
- Compensation: $0
- Related: $199,051
- Other: $12,907
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.rcapsolutions.org
Where can I find the form 990 for Rcap Solutions Financial Services Inc?
Rcap Solutions Financial Services Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.rcapsolutions.org
Learn more at the official website: www.rcapsolutions.org
Mission Statement of Rcap Solutions Financial Services Inc
Rcap Solutions Financial Services Inc is committed to promoting community development and improving the social and economic conditions of underserved individuals and distressed communities. Their mission is to foster self-sufficiency among these groups by providing educational programs, services, financial assistance, and technical support. This includes offering loans and grants for housing, environmental protection, human services, and community development projects such as sewer and water projects.
Beyond these broader objectives, Rcap Solutions Financial Services Inc specifically focuses on providing loans to individuals, families, and small businesses in need. This could be for home repairs or to support disabled families. By offering these loans, the organization aims to improve the quality of life for low-income families and communities. In essence, Rcap Solutions Financial Services Inc is dedicated to empowering vulnerable groups and helping them build a better future for themselves.
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Impact
October, 2024
Rcap Solutions Financial Services Inc plays a critical role in enhancing community development by addressing the social and economic challenges faced by underserved individuals and distressed communities. By providing loans and grants, the organization directly supports low-income families in home repair and assists disabled families and small businesses, fostering self-sufficiency and improving overall quality of life.
Their focus on educational programs and financial assistance not only aids in immediate needs but also empowers individuals with the skills and resources necessary for long-term stability. Through initiatives such as improving housing conditions and developing projects for essential services like sewer and water systems, Rcap Solutions actively contributes to healthier, more resilient communities in Worcester, MA, and beyond. The impact of their work is evident in the enhanced economic conditions and the promotion of self-reliance among those they serve.
This information is meant to be a general summary of Rcap Solutions Financial Services Inc. 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: $251
- Program Service Revenue: $179,097
- Gross Receipts: $215,148
Assets and Liabilities:
- Total Assets: $13,741,762
- Total Liabilities: $13,026,239
- Net Assets: $715,523
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADMINISTRATION REVENUE
Revenue
$179,097
Organization Details
Founding Year
2006
Principal Officer
Brian Scales
Website
www.rcapsolutions.orgNTEE Category
Code: P00 - Human services
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