Overview
What is New Roots Fund?
The New Roots Fund is a nonprofit organization, established in 2011 and affiliated with the Diocese of Olympia, dedicated to empowering refugees, asylees, and low-income individuals in achieving economic self-sufficiency. They accomplish this mission by offering business capital and technical assistance. In 2022, the Fund opened 52 new Individual Development Loan Accounts, ranging from $300 to $30,000, primarily supporting women entrepreneurs. Their loan activity leads to approximately 50 annual job creations and significantly boosts entrepreneurs' annual net income. The Fund boasts a high success rate of 95% and enjoys a minimal loss rate due to the majority of its loans being repaid or in good standing. To foster business success, the New Roots Fund provides business trainings before issuing loans, delivering 600 hours of pre-loan classroom training annually. They also prioritize serving Afghan and Ukrainian communities, observing increased interest in using loans to start businesses. Their services have also aided in the creation of over 350 jobs, with more than 84% of supported businesses having family incomes below 30% of the AMI index. Since its inception, the New Roots Fund has disbursed over $1,000,000 in microloans, impacting the Seattle-King County area's economy and promoting self-determination among its clients.
Official website here: www.newrootsfund.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76%, Three-Star out of Four Stars
New Roots Fund has received a 76% rating from Charity Navigator, which indicates a solid level of accountability and financial health. This score is derived entirely from their performance in the Accountability & Finance beacon, showcasing their focus on responsible management of resources. The charity has demonstrated strong governance practices, with a fully independent board and no signs of material diversion of assets.
The organization excels in various governance aspects, having scores of 100% for majority independent board members and clear conflict of interest, whistleblower, and document retention policies. Their program expense ratio is also impressive at 90.84%, reflecting a commitment to allocating resources effectively towards their mission. These factors contribute positively to their overall financial transparency and accountability.
However, a potential area for improvement is the liabilities to assets ratio, which sits at 56.27%. While this figure is within a reasonable range, it suggests that the organization may have a higher level of liabilities in relation to its assets, which could warrant further scrutiny. Overall, New Roots Fund demonstrates strong practices in governance and program expenses, although attention to their financial ratios may be beneficial for future stability.
This AI summary has been generated from information found on Charity Navigator.
Is New Roots Fund legitimate?
New Roots Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Roots 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.newrootsfund.org/
What is the mission statement of New Roots Fund?
The New Roots Fund's mission is centered around assisting refugees, asylees, and low-income individuals in attaining economic self-sufficiency. They accomplish this by offering business capital and technical assistance. Established in 2011 and affiliated with the Diocese of Olympia, the New Roots Fund operates as an independent 501(c)3 organization. Their mission is to establish sustainable businesses in underprivileged communities through a reliable lending institution that provides loans and business guidance. The fund strives to even the playing field for its clients, who often face distinct challenges. Committed to inclusivity, the New Roots Fund delivers its services to individuals regardless of their ethnicity, religion, sexual orientation, or national origin.
Official website here: www.newrootsfund.org/
Who is the CEO of New Roots Fund?
Greg Hope is the ~ Executive Director of New Roots Fund.
Official website here: www.newrootsfund.org/
What is the revenue of New Roots Fund?
New Roots Fund's revenue in 2022 was $665,587.
Official website here: www.newrootsfund.org/
Who are the executives of New Roots Fund and what are their salaries?
There 10 volunteers at New Roots Fund.
Here are 6 key members and their salaries:
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- Related: $79,195
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Official website here: www.newrootsfund.org/
Where can I find the form 990 for New Roots Fund?
New Roots Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newrootsfund.org/
Learn more at the official website: www.newrootsfund.org/
Mission Statement of New Roots Fund
The New Roots Fund, an independent 501(c)3 organization established in 2011 and linked with the Diocese of Olympia, is dedicated to aiding refugees, asylum seekers, and low-income individuals in their quest for economic self-sufficiency. The organization achieves this mission by providing essential business capital and technical assistance. At its core, the New Roots Fund aims to establish thriving businesses within low-income communities, levelling the playing field for its clients who often face unique obstacles. The organization is unwavering in its commitment to serving all individuals, regardless of their ethnicity, religion, sexual orientation, or national origin.
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Impact
July, 2024
New Roots Fund's impact can be seen in the tangible outcomes of its programs. Through providing business capital and technical assistance to refugees, asylees, and low-income individuals, the Fund has enabled the opening of businesses that have created around 50 jobs per year. These businesses have also led to an increase of $8,000 in annual net income for the entrepreneurs involved.
Additionally, New Roots Fund's approach has shown a high success rate, with about 95% of the entrepreneurs supported by the Fund achieving success. This success is further highlighted by the low loss rate on loans, with over 97% of loans being repaid or in good standing. Furthermore, the Fund's outreach efforts have connected them more closely with communities such as Afghan and Ukrainian refugees, with Afghan entrepreneurs increasingly open to taking loans to start businesses and new business models emerging in the Ukrainian community.
Overall, the New Roots Fund's commitment to microenterprise has resulted in over $1,000,000 in loans disbursed, hundreds trained in best business practices, and more than 350 jobs created within the businesses that have borrowed. This demonstrates the Fund's positive impact on the economy of the community and region, reaching an underserved population and empowering individuals to achieve economic self-sufficiency.
This information is meant to be a general summary of New Roots 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 2022.
- Investment Income: $30
- Program Service Revenue: $4,485
- Gross Receipts: $665,587
Assets and Liabilities:
- Total Assets: $637,552
- Total Liabilities: $358,812
- Net Assets: $278,740
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Organization Details
Founding Year
2012
Phone
(206) 323-3152Principal Officer
Greg Hope
Main Address
515 B Street NE, Auburn, WA, 98002
Website
www.newrootsfund.org/NTEE Category
Code: Q30 - International
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