2024-08-27T13:35:31-04:00 2023-12-31 300529688 Accutrak Consulting and Acctng Svcs 46958 N Gratiot Ave Ste 100 Chesterfield Twp MI 48051 990 2023-01-01 820689514 Rende Progress Capital REND 818 Butterworth SW Grand Rapids MI 49504 Eric K Foster Chair and Direc 6165583276 2024-08-23 true true Shaniece A Bennett CPA P01430261 5868406494 X 2023 2024-08-08 14:25:15Z Eric K Foster 814275 false X www.rendeprogresscapital.com X CDFI 2017 MI RPC is committed to economic equity by providing socially responsible and affordable lending and responsible and affordable lending and services to entrepreneurs who have been excluded from traditional lending due to socio-economic reasons & bias. 9 7 4 0 0 1345250 780750 16492 22522 0 -3327 11003 1358415 814275 2250 0 0 322681 293324 0 59806 127804 173597 452735 466921 905680 347354 3048192 3381787 527626 513867 2520566 2867920 X RPC is committed to economic equity by providing socially responsible and affordable lending and responsible and affordable lending and services to entrepreneurs who have been excluded from traditional lending due to socio-economic reasons & bias. false false 210351 22522 RPCs first of the two core services of racial equity-focused and accessible small business lending has continued into FY 2023, ensuring that since our founding RPC has experienced uninterrupted annual loan deal financing of small businesses that are 100% authentically owned by Excluded Entrepreneurs of Color. RPCs Q4 FY 2023 lending and new loan deals contributed to the historical-to-Q4 2023 Total Financing Outstanding of more than $800,000 and 45 small business loan deals via our three loan products. Such new loan deals, [including another Kalamazoo loan deal approved in FY 2023] and lending deployment has also led to the continuance of earlier than anticipated growth of loan deals in Muskegon, Ottawa and Kalamazoo counties---outside of our primary market of Grand Rapids/Kent County. RPC lending guided by progressive but due diligence-focused underwriting standards, mission-based values, racial equity considerations, and loan approval processes that Rende Progress Capitals two core services are small business lending financing and free business technical assistance to Excluded Entrepreneurs of Color. Not limited to, but our other functions connected to the two core areas are portfolio management of our mission-based loan deals internally and directly with customers, loan servicing and other financing management to ensure customer business growth and loan risk mitigation of our portfolio. In business technical assistance [TA], RPCs free, accessible, expert-provided and culturally competent TA has historically been provided to nearly 400 Excluded Entrepreneurs of Color due to:1.FY 2023s more strategic and selective TA to 31 Excluded Entrepreneurs of Color via special sessions to current loan customers and non-customers on business fundamental topics [such as credit, accounting, accounting systems] and loan navigation assistance. 210351 true true false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 28249 0 4 true false false false false false false false false false false X 9 7 false false false false false false false true true false false true true true true true true true true false X Eric K Foster 6165583276 818 Butterworth SW Grand Rapids MI 49504 X Merideth Freeman Board Member 0.00 0.00 X 0 0 0 Robin Selmon Board Secretary 0.00 0.00 X 0 0 0 Tasha Blackmon Board Member 0.00 0.00 X 0 0 0 Bing Goei Board Member 0.00 0.00 X 0 0 0 Timothy Williams Board Member 0.00 0.00 X 0 0 0 Dr Lisa Cook Board Member 0.00 0.00 X 0 0 0 Beverly Meek Board Member 0.00 0.00 X 0 0 0 Eric K Foster Chair and Director 40.00 0.00 X X 0 0 0 Cuong Q Huynh Board Treasurer & General Man 40.00 0.00 X X 0 0 0 0 0 0 0 false false false 780750 780750 Program Revenue 522291 22522 22522 22522 Other Income 561499 11003 11003 11003 814275 33525 0 0 X 293324 107348 142546 43430 11697 4125 7572 1876 1029 847 14400 10800 3600 9042 5597 3445 13212 12574 638 7075 7075 3357 3357 Dues & Subscriptions 32069 23832 8237 License & Certificates 20 20 Loan Expense 639 639 Professional Development 6944 4644 2300 73266 32688 24202 16376 466921 210351 196764 59806 2574913 2935951 462988 433727 350 350 22961 11202 9942 11759 -1 3048192 3381787 30251 3484 497375 510383 527626 513867 X 2191859 2175569 328707 692351 2520566 2867920 3048192 3381787 X 347354 0 X false true X true false X 227606 1799606 324000 1345250 803272 4499734 227606 1799606 324000 1345250 803272 4499734 727893 3771841 227606 1799606 324000 1345250 803272 4499734 2617 2021 3329 11003 18970 9018438 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 22961 11202 11759 11759 Miscellaneous Revenue Form 990 governing body review Part VI line 11 Line 11b:The board chairman and board treasurer review and approves the form 990 prepared by the auditor prior to signing the elctronic authorization form. It is made available upon requests to all other board members. Conflict of interest policy compliance Part VI line 12c Line 12c:Procedures for conflict include 1) annual review of the conflict of interest policy forms by each member. All forms are reviewed by both the Chair and Treasurer; 2) Member must inform the chair prior to a board meeting dealing with any matter for a vote that they have a conflict; 3) The member cannot engage in discussions with any board members regarding their opinion in the matter; and 4) A member with a conflict in any contract or transaction cannot vote or be in the room during the matters action. Line 12c:Procedures include an annual review of policy forms for each member. CEO executive director top management comp Part VI line 15a Line 15a:Compensation of Directors: Directors as such shall not receive any salaries for their services, but by resolution of the Board of Directors a fixed sum and expenses of attendance may be allowed for attendance at each regular or special meeting of the Board of Directors. 2021 comparibility data was used to determine full-time compensation for the director and general manager. Other officer or key employee compensation Part VI line 15b Line 15b:Compensation of Directors: Directors as such shall not receive any salaries for their services, but by resolution of the Board of Directors a fixed sum and expenses of attendance may be allowed for attendance at each regular or special meeting of the Board of Directors. 2021 comparibility data was used to determine full-time compensation for the director and general manager. Line 15:Board resolution required for determining compensation. Form 990 availability to public Part VI line 18 Line 18:Upon request Governing documents etc available to public Part VI line 19 Line 19:Financial statements are made available to current and potential funders when requested as part of their required submission or grant application process. Line 19:Financial statements are made available to current and potential funders when requested as part of their required submission or grant application process. List of other expenses Part IX line 24e Bad Debt 22,142Bank Fees 33Incentive Grant 8,000Profesional Fees 2,513 Part III response or note to any other line in Part III Line 4a:2.The FY 2023 Pre-Loan Readiness Program serving cohort groups of 25 diverse business owners participating in their six-week incubators to strengthen their knowledge and CDFI loan application readiness.Our strategic shift in providing FY 2023 TA services coordinated by RPC, co-delivered with some funder and non-funder partners and contractual service providers has led to the following impacts:1.Impacts to RPC Customers: Mitigation of some customers achieving problem loan status that could potentially lead to loan default. For instance, one customer receiving TA in accounting systems and fiscal management during their 60 Day delinquency period led to the outcome of preventing an end-of-year 120 Day delinquency and being approved for a loan modification to allow the Line 4a continued.customer more flexibility in addressing past payments.2.Impacts to non-RPC Customers: Per feedback and surveying, all non-customers within the FY 2023 of 31 businesses served with TA experienced improved knowledge of debt capital, knowledge of a CDFI loan process, new knowledge of the RPC loan process and readiness for CDFI loans. While not a required or expected pre-loan readiness cohort outcome, one of the cohort participants applied for a RPC loan and was approved before the close of Q4 FY 2023. Line 4b.include loan officer, management and loan committee have contributed to a sampling of FY 2023 impacts:For FY 2023, 70% of RPCs new loan customers never received a loan from any entity before.With the new approved loan customers, overall, RPC loan clients have created at least thirty new jobs and retained over 150 jobs.Continuance or increase in average customer reporting that annually shows six customers reporting 10% to 20% revenue growth during their RPC loan term---including two customers reporting such growth before the end of FY 2023. Part XI response or note to any line in Part XI Line 9:Rounding