Overview
What is Trufund Financial Services Inc?
Trufund Financial Services Inc is a New York-based financial organization situated at 39 West 37th Street, 7th Floor, with a mission to support small businesses and non-profit entities within low-income communities. Historically disadvantaged populations, including minority and women-owned business enterprises, are their primary focus, as they often face challenges in accessing financial services from mainstream institutions. Trufund's activities involve providing financing and technical assistance to these organizations. Their mission aims to foster economic development and uplift underprivileged communities. The company employs a team of 55 individuals dedicated to this purpose.
Official website here: www.trufund.org
What are the reviews and ratings of this charity?
Charity Navigator rating: 79%, Three-Star out of Four Star rating.
TruFund Financial Services Inc has received a Three-Star rating from Charity Navigator, indicating a solid performance in terms of accountability and finance. The organization scored exceptionally well in areas such as board independence, with 100% of its board members being independent, along with a well-structured audit and oversight committee. These factors contribute positively to its overall accountability.
However, while the organization demonstrates strong governance practices, its financial ratios reveal some areas for improvement. The program expense ratio sits at 63.12%, which suggests that a lower proportion of their expenditures goes directly toward programs compared to administrative costs. Additionally, the liabilities to assets ratio of 60.36% raises some concerns about its financial sustainability in the long term.
In terms of leadership compensation, the salaries of key personnel are significant, with the CEO earning $365,554. This may raise questions among donors regarding the allocation of resources. Overall, while TruFund Financial Services Inc shows good governance and transparency, stakeholders may want to consider the financial ratios and personnel compensation when assessing the organization's efficiency and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Trufund Financial Services Inc legitimate?
Trufund Financial Services Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Trufund 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: $882,011
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,245,177
For more financial information, click here
Official website here: www.trufund.org
What is the mission statement of Trufund Financial Services Inc?
Trufund Financial Services Inc's mission is focused on promoting economic development in underprivileged communities and among disadvantaged populations. They achieve this by offering financing and technical assistance to small businesses and non-profit organizations. A significant portion of their work involves supporting minority and women-owned businesses and enterprises located within low-income or moderately income communities. Historically, these groups have faced economic disadvantages and limited access to financial institutions. For further information on their mission and initiatives, refer to Schedule O.
Official website here: www.trufund.org
Who is the CEO of Trufund Financial Services Inc?
James Bason is the President - Chief Executive Officer of Trufund Financial Services Inc. The CEO's salary of Trufund Financial Services Inc is $365,554 and their total compensation is $366,266.
Official website here: www.trufund.org
What is the revenue of Trufund Financial Services Inc?
Trufund Financial Services Inc's revenue in 2022 was $16,024,804.
Official website here: www.trufund.org
Who are the executives of Trufund Financial Services Inc and what are their salaries?
The average compensation at Trufund Financial Services Inc during 2022 was $93,222. There are 55 employees and 12 volunteers at Trufund Financial Services Inc.
Here are 20 key members and their salaries (Trufund Financial Services Inc's CEO's salary is $365,554 and their total compensation is $366,266):
- Compensation: $0
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- Compensation: $365,554
- Related: $0
- Other: $712
- Compensation: $169,737
- Related: $0
- Other: $5,225
- Compensation: $197,775
- Related: $0
- Other: $2,241
- Compensation: $182,712
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- Other: $27,487
- Compensation: $174,342
- Related: $0
- Other: $7,500
- Compensation: $168,390
- Related: $0
- Other: $6,413
- Compensation: $151,142
- Related: $0
- Other: $10,508
- Compensation: $151,236
- Related: $0
- Other: $10,177
Official website here: www.trufund.org
Where can I find the form 990 for Trufund Financial Services Inc?
Trufund Financial Services Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.trufund.org
Learn more at the official website: www.trufund.org
Mission Statement of Trufund Financial Services Inc
Trufund Financial Services Inc, a financial institution, is dedicated to promoting economic development in underserved communities and among disadvantaged populations. Their mission is twofold: providing financing and technical assistance to small businesses and non-profit organizations.
Capitalizing on its expertise, Trufund Financial Services Inc focuses on serving minority and women-owned business enterprises and small businesses situated in low-income or moderate-income communities. Historically, these groups have been economically disadvantaged and disconnected from the mainstream financial sector. By extending financial services to these communities, Trufund Financial Services Inc aims to bridge this gap and foster economic growth.
In pursuit of their mission, Trufund Financial Services Inc prioritizes the needs of underrepresented groups. Their commitment to serving these populations extends beyond just lending; they also offer technical assistance to help businesses thrive. This comprehensive approach allows Trufund Financial Services Inc to make a significant impact in the lives of entrepreneurs and communities that might otherwise face obstacles in accessing essential financial resources.
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Impact
October, 2024
Trufund Financial Services Inc plays a crucial role in promoting economic development within underserved communities, focusing particularly on minority and women-owned businesses. By providing financing and technical assistance, Trufund helps bridge the economic gap for small businesses and nonprofit organizations located in low- or moderate-income areas.
This initiative targets historically economically disadvantaged populations that often lack access to traditional financial institutions. By offering tailored support, Trufund empowers these businesses to grow and thrive, fostering job creation and community improvement. Ultimately, Trufund's efforts enhance economic stability and sustainability, contributing to overall community vitality.
This information is meant to be a general summary of Trufund 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 2022.
- Investment Income: $130,667
- Program Service Revenue: $1,965,354
- Gross Receipts: $16,024,804
Assets and Liabilities:
- Total Assets: $48,532,112
- Total Liabilities: $29,296,146
- Net Assets: $19,235,966
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM AND PROCESSING FEES
Revenue
$992,906
LOAN INTEREST INCOME
Revenue
$972,448
Organization Details
Founding Year
2005
Phone
(212) 204-1328Principal Officer
James Bason
Main Address
39 WEST 37TH STREET 7TH FLOOR, NEW YORK, NY, 10018
Website
www.trufund.orgNTEE Category
Code: S30 - Community improvement
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