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Rende Progress Capital

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 820689514 ✦ Grand rapids, MI ✦ Designated as a 501(c)(3)

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Overview

What is Rende Progress Capital?

Rende Progress Capital (RPC) is a Michigan-based nonprofit organization situated in Grand Rapids, specifically at 818 Butterworth SW, 49504. Their primary mission is to promote economic equity by offering socially responsible and affordable lending and services to entrepreneurs who have historically been excluded from traditional financial institutions due to socio-economic reasons and bias. In pursuit of this mission, RPC provides business technical assistance sessions, tailoring their programs based on direct feedback from Excluded Entrepreneurs of Color. These sessions take the form of individual consultations and group workshops, with a total of 201 entrepreneurs benefiting from RPC's services in FY 2022. To enhance community awareness and engagement, RPC actively participates in local Entrepreneurial Service Organization meetings, sends direct email announcements, and utilizes new social media platforms. This extensive outreach helps ensure that RPC's services and programs are accessible and relevant to their target audience. With a dedicated workforce of 5 employees, RPC strives to make a tangible impact on the economic opportunities and growth of Excluded Entrepreneurs of Color, contributing to a more equitable and inclusive business landscape.


Official website here: www.rendeprogresscapital.com

What are the reviews and ratings of this charity?

Charity Navigator Rating: One-Star out of Four Stars (56%)

Rende Progress Capital has received a One-Star rating from Charity Navigator, indicating a below-average performance in accountability and finance. The organization has strengths in governance practices with a fully independent board and effective audit oversight. Notably, it has established conflict of interest and whistleblower policies, which demonstrate a commitment to transparency and ethical operations.

However, the nonprofit faces significant challenges, particularly in its financial management. The program expense ratio is low at 37.39%, suggesting that a smaller portion of its budget is directed toward its programs compared to administrative costs. Additionally, the missing tax form on its website raises concerns about transparency and public accessibility to important financial information.

Overall, while Rende Progress Capital has some strong governance elements, its financial practices and program investment levels may be areas for improvement to ensure greater accountability and mission effectiveness.


This AI summary has been generated from information found on Charity Navigator.

Is Rende Progress Capital legitimate?

Rende Progress Capital is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rende Progress Capital 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: $322,681
Professional Fundraising Fees: $0
Other Salaries and Wages: $0

For more financial information, click here


Official website here: www.rendeprogresscapital.com

What is the mission statement of Rende Progress Capital?

Rende Progress Capital, in its mission, strives for economic equity by offering socially responsible and affordable lending and services to entrepreneurs who have been disadvantaged in traditional lending due to socio-economic reasons and bias. The organization believes in providing equal opportunities and aims to foster a fair and inclusive business environment. Through their activities, they offer business technical assistance, develop services and products based on feedback from excluded entrepreneurs, and provide a platform for these entrepreneurs to access necessary resources and loans. In the fiscal year 2022, Rende Progress Capital served 201 Excluded Entrepreneurs of Color through individual and group sessions, demonstrating their commitment to this cause.


Official website here: www.rendeprogresscapital.com

Who is the CEO of Rende Progress Capital?

Eric K Foster is the Chair And Director of Rende Progress Capital.


Official website here: www.rendeprogresscapital.com

What is the revenue of Rende Progress Capital?

Rende Progress Capital's revenue in 2022 was $1,358,413.


Official website here: www.rendeprogresscapital.com

Who are the executives of Rende Progress Capital and what are their salaries?

The average compensation at Rende Progress Capital during 2022 was $64,536. There are 5 employees at Rende Progress Capital.


Here are 9 key members and their salaries:


Eric K Foster (Chair And Director)
  • Compensation: $85,000
  • Related: $0
  • Other: $0
Cuong Q Huynh (Board Treasurer & General Man)
  • Compensation: $70,000
  • Related: $0
  • Other: $0
Merideth Freeman (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Bing Goei (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Tasha Blackmon (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Robin Selmon (Board Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
Dr Lisa Cook (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Beverly Meek (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0
Timothy Williams (Board Member)
  • Compensation: $0
  • Related: $0
  • Other: $0


Official website here: www.rendeprogresscapital.com

Where can I find the form 990 for Rende Progress Capital?

Rende Progress Capital's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.rendeprogresscapital.com

Learn more at the official website: www.rendeprogresscapital.com

Mission Statement of Rende Progress Capital

Rende Progress Capital, as a nonprofit organization, is dedicated to promoting economic equality by offering socially responsible and affordable lending and services to entrepreneurs who have been historically excluded from traditional financing due to socio-economic factors and bias. The organization's primary mission is to bridge this gap, providing essential financial support and resources to individuals who may have been overlooked by traditional lending institutions. By doing so, Rende Progress Capital aims to foster a more equitable economic landscape, ensuring that everyone has the opportunity to thrive and grow their businesses. The organization's commitment to socially responsible lending and services is not just a slogan but a driving force behind every decision and interaction they have with their clients.

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Impact




July, 2024

Rende Progress Capital's impact can be seen through its commitment to economic equity by providing socially responsible and affordable lending and services to entrepreneurs who have been excluded from traditional lending due to socio-economic reasons and bias. In FY 2022, Rende Progress Capital conducted business technical assistance activities directly with Excluded Entrepreneurs of Color, leading to successful programming. This included serving 201 individuals through individual and group sessions, with 40 of them being RPC customers. The organization's efforts in developing services and products based on the input of Excluded Entrepreneurs, along with community awareness initiatives, have contributed to advancing economic equity and inclusion in Grand Rapids, Michigan.




This information is meant to be a general summary of Rende Progress Capital. 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.

Revenue
$1,358,413 (2022)
2018201920202022$0$500k$1M$1.5M$2M
Expenses
$452,735 (2022)
2018201920202022$0$150k$300k$450k$600k
Efficiency
20182019202020220%20%40%76%

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Program Service Revenue: $16,492
  • Gross Receipts: $1,358,413

Assets and Liabilities:

  • Total Assets: $3,048,192
  • Total Liabilities: $527,626
  • Net Assets: $2,520,566

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

Program Revenue

Revenue

$16,492

Organization Details

Founding Year

2017

Principal Officer

Eric K Foster

Main Address

818 Butterworth SW, Grand Rapids, MI, 49504

NTEE Category

Code: T20 - Philanthropy

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