2025-12-12T11:09:04-06:00 2025-02-28 453085083 DAMIANO BURK & NUTTALL PC 6 BLACKSTONE VALLEY PL STE 109 LINCOLN RI 02865 990 2024-03-01 050386411 PROVIDENCE REVOLVING FUND PROV 4012722760 372 WEST FOUNTAIN STREET PROVIDENCE RI 02903 CARRIE ZASLOW EXECUTIVE DIRECTOR 4012722760 2025-12-02 1 1 JASON NUTTALL P00157872 4013332880 2025-12-02 2024 2025-03-06 01:10:19Z CARRIE ZASLOW 372 WEST FOUNTAIN STREET PROVIDENCE RI 02903 4835553 0 X WWW.REVOLVINGFUND.ORG X 1980 RI TO PRESERVE THE ARCHITECTURAL HERITAGE OF PROVIDENCE AND STIMULATE COMMUNITY REVITALIZATION. 15 15 0 0 0 0 2435165 3773320 652312 957417 44341 55660 47575 49156 3179393 4835553 0 0 0 0 582059 893123 0 0 0 551427 802576 1133486 1695699 2045907 3139854 16723902 22149359 9316541 11602144 7407361 10547215 X TO PRESERVE THE ARCHITECTURAL HERITAGE OF PROVIDENCE AND STIMULATE COMMUNITY REVITALIZATION THROUGH ADVOCACY, LENDING AND DEVELOPMENT IN HISTORIC AREAS. 0 0 1553764 1006573 NEIGHBORHOOD LOAN PROGRAM - THE NEIGHBORHOOD LOAN FUND IS COMPRISED OF RESTRICTED FUNDS FROM SUCH CONTRIBUTORS AS THE RHODE ISLAND HISTORICAL PRESERVATION AND COMMISSION, CITY HOME FUNDING, THE UNITARIAN UNIVERSALIST ASSOCIATION, AND PRF ASSETS. THE FUND PROVIDES FINANCING TO HOMEOWNERS WITH HOMES THAT ARE OVER 50 YEARS OLD TO REPAIR THEIR PROPERTIES. THE PROGRAM OFFERS LOANS UP TO $50,000 FOR EXTERIOR REPAIR/RENOVATION/PRESERVATION. LOANS ARE AVAILABLE FOR BOTH OWNER OCCUPIED AND RENTAL PROPERTIES. OUR LOANS ARE DESIGNED TO MEET THE FINANCIAL CAPACITY OF THE BORROWER WITH FLEXIBLE TERMS. TWELVE NEW LOANS TO OWNER-OCCUPIED RESIDENTIAL HOMES WERE CLOSED FOR HOUSE RESTORATIONS IN PROVIDENCE, TOTALING $562,573 OF INVESTMENT. OPPORTUNITY INVESTMENT FUND:PRF LAUNCHED THE OPPORTUNITY INVESTMENT FUND IN 2019 TO ATTRACT AND POOL PRIVATE AND PUBLIC CAPITAL FOR AFFORDABLE HOMEOWNERSHIP AND RENTAL HOUSING PROJECTS UNDERTAKEN BY INDIVIDUAL OWNERS, NON-PROFIT CDCS, AND LARGER FOR-PROFIT DEVELOPERS. QUALIFIED PROJECTS MAY INCLUDE BUT ARE NOT LIMITED TO NEW CONSTRUCTION OR REHAB OF MULTIFAMILY PROJECTS WITH OR WITHOUT LOW-INCOME HOUSING TAX CREDITS (LIHTC); INFILL HOUSING, REDEVELOPMENT, OR OTHER CDC-SPONSORED PROJECTS THAT ARE RESPONSIVE TO NEIGHBORHOOD NEEDS. OUR LENDING GOALS FOR THIS PROGRAM ARE TO STIMULATE PROPERTY REDEVELOPMENT IN UNDERINVESTED NEIGHBORHOODS, TO FACILITATE OPPORTUNITIES FOR LMI HOUSEHOLDS TO LIVE IN AREAS OF HIGH OPPORTUNITY AND TO INCENTIVIZE FORPROFIT DEVELOPERS TO PARTICIPATE IN FILLING THE NEED FOR AFFORDABLE UNITS, ESPECIALLY FOR THOSE SERVING HOUSEHOLDS BETWEEN 60%-140% OF AMI. PROVIDENCE MICRO-BUSINESS LOAN PROGRAM:PRF STAFF WORKS CLOSELY WITH RESIDENTS AND BUSINESS OWNERS AND CONTINUED TO DO SO DURING THE STAY AT HOME ORDERS. AS THE GOVERNOR ANNOUNCED PLANS FOR REOPENING AND RELEASED GUIDELINES, WE HEARD THAT MANY OF THE BUSINESSES ESPECIALLY MINORITY AND WOMEN OWNED BUSINESSES ARE CONCERNED ABOUT BEING ABLE TO REOPEN. THESE CORRIDORS ARE THE HEARTS OF THEIR NEIGHBORHOODS. THEY ARE WHERE PEOPLE SHOP, WHERE THEY WORK AND WHERE THEY MEET THEIR NEIGHBORS. PROVIDENCE REVOLVING FUND HAS CAPITALIZED A REVOLVING LOAN FUND TO PROVIDE SMALL LOANS TO MICRO-BUSINESSES LOCATED ON OR NEAR COMMERCIAL CORRIDORS IN PROVIDENCE. THIRTY PERCENT (30%) OF THE FUND WILL SET ASIDE FOR WOMEN/MINORITY OWNED BUSINESSES. IT PROVIDES LOANS OF $500-$5,000 TO BUSINESSES WITH 10 OR FEWER FTES, EARNINGS OF $250,000 OR LESS. ALL BORROWERS ARE REQUIRED TO PARTICIPATE IN A ONE-ON-ONE SMALL BUSINESS COACHING SESSION. A TOTAL OF 18 LOANS WERE MADE FOR $165,000; 85% WERE MINORITY AND WOMEN OWNED BUSINESSES. 1553764 1 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 RI X CARRIE ZASLOW 4012722760 372 WEST FOUNTAIN STREET PROVIDENCE RI 02903 X MARY VALES PRESIDENT 1.00 X X 0 0 0 DOREEN CONLON VICE PRESIDENT 1.00 X X 0 0 0 BRET JEDELE SECRETARY 1.00 X X 0 0 0 DORIS DE LOS SANTOS BOARD MEMBER 1.00 X 0 0 0 ROSA PASTOR BOARD MEMBER 1.00 X 0 0 0 DWAYNE KEYS BOARD MEMBER 1.00 X 0 0 0 KYLE MACDONALD BOARD MEMBER 1.00 X 0 0 0 MIGUEL QUEZADA BOARD MEMBER 1.00 X 0 0 0 KYLE BENNETT BOARD MEMBER 1.00 X 0 0 0 TINA REGAN BOARD MEMBER 1.00 X 0 0 0 JACK RYAN BOARD MEMBER 1.00 X 0 0 0 ROCHELLE LEE BOARD MEMBER 1.00 X 0 0 0 MARISA ANGELL BROWN BOARD MEMBER 1.00 X 0 0 0 0 0 0 0 0 0 0 0 3773320 3773320 LOAN INTEREST INCOME 531390 721293 721293 FEE FOR SERVICES 531390 236124 236124 957417 55660 55660 RENTAL INCOME 531390 49156 49156 49156 4835553 1006573 0 55660 790608 766890 23718 34155 33130 1025 68360 66309 2051 30933 21653 9280 47746 47746 62597 43829 18768 34923 24446 10477 7584 7584 3570 3570 251616 251616 29868 23894 5974 21986 15390 6596 GRANT EXPENDITURES 158973 158973 CONSULTING AND TRAINING 86875 86875 MISC PROGRAM EXPENSES 42910 42910 DUES AND SUBSCRIPTIONS 11119 11119 11876 10265 1611 1695699 1553764 141935 0 2000017 4189906 1973056 100010 99801 595617 181616 105655 11299655 15876627 343506 439337 8744 39826 1128447 394066 749507 734381 68000 68000 16723902 22149359 115526 53192 2083 8768247 11083244 430685 465708 9316541 11602144 X 1596838 3266778 5810523 7280437 7407361 10547215 16723902 22149359 3139854 0 X X 0 1 X 1 0 X 467157 2022701 376815 2435165 3773320 9075158 247638 342436 515253 699887 1006573 2811787 714795 2365137 892068 3135052 4779893 11886945 0 0 0 11886945 14423 6756 8698 44341 55660 129878 14423 6756 8698 44341 55660 129878 729218 2371893 900766 3179393 4835553 12016823 0.98920 0.98540 0.01080 0.01460 X X 1 1 210915 210915 848006 848006 67326 391866 -324540 2200 2200 0 734381 SECURITY DEPOSITS 3000 INTEREST PAYABLE 68958 ESCROW LIABILITY 393750 465708 X 4835553 0 4835553 0 4835553 1695699 0 1695699 0 1695699 PART II, LINE 9: THE REVOLVING FUND HOLDS CONSERVATION EASEMENTS ON 43 PROPERTIES. THE ORGANIZATION DOES NOT ACCEPT DONATED EASEMENTS NOR DOES IT PURCHASE EASEMENTS AS PART OF ITS PROGRAM ACTIVITIES. THERE IS NO VALUE ASSIGNED TO THE ORGANIZATION'S CONSERVATION EASEMENTS, AND NO FINANCIAL TRANSACTIONS ARISE FROM THE EASEMENTS. THEREFORE, THE EASEMENTS ARE NOT REFLECTED IN THE STATEMENT OF ACTIVITIES OR THE STATEMENT OF FINANCIAL POSITION. PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM INCOME TAXES AS A PUBLIC CHARITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT BELIEVES THAT THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH THEIR TAX-EXEMPT STATUS AT BOTH THE STATE AND FEDERAL LEVEL. THE ORGANIZATION ANNUALLY FILES IRS FORM 990 - RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, REPORTING VARIOUS INFORMATION THAT THE IRS USES TO MONITOR ACTIVITES OF TAX-EXEMPT ENTITIES. THE ORGANIZATION'S TAX RETURNS GENERALLY REMAIN OPEN FOR EXAMINATION FOR THREE YEARS FROM THE DATE FILED WITH EACH TAXING JURISDICATION, TAX YEARS PRIOR TO FEBRUARY 28, 2022 ARE CLOSED FROM EXAMINATION. 0 PART I, LINE 2: THE ORGANIZATION MAINTAINS A FILE ON EACH GRANTEE WHICH CONTAINS THE ORIGINAL GRANT APPLICATION AND DOCUMENTATION OF THE GRANT AWARD MEETING AT WHICH THE GRANT WAS APPROVED, AS WELL AS CORRESPONDENCE BETWEEN THE GRANTEE AND THE ORGANIZATION REGARDING THE USE OF GRANT FUNDS INCLUDING CONFIRMATION THAT THE FUNDS WERE USED AS INTENDED AND THE RESULTS. MIGUEL QUEZADA BOARD MEMBER FUNDS TO RESTORE PRIMARY RESIDENCE X 40000 0 1 1 BRENT RUNYON BOARD MEMBER FUNDS TO RESTORE PRIMARY RESIDENCE X 30000 0 1 1 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION PROVIDES A DRAFT COPY OF THE FORM 990 TO THE MANAGEMENT WHO REVIEWS IT IN DETAIL WITH THE ASSISTANCE OF THE EXTERNAL AUDITORS. THE COMMITTEE THEN PROVIDES A COPY TO THE BOARD FOR DISCUSSION AND APPROVAL AT THE NEXT BOARD MEETING. ONLY AFTER APPROVAL BY THE BOARD IS THE FORM 990 FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS PROVIDED TO ALL OFFICERS, DIRECTORS AND KEY EMPLOYEES. THESE PEOPLE ARE ASKED TO REVIEW THE POLICY AND SIGN A STATEMENT INDICATING THAT THEY UNDERSTAND THE POLICY AND HAVE REPORTED ALL POTENTIAL CONFLICTS DURING THE PAST YEAR EVALUATED BY THE BOARD TO DETERMINE IF A CONFLICT ACTUALLY EXISTS. IN THOSE INSTANCES WHERE THE POTENTIAL TRANSACTION IS A CONFLICT, THE BOARD EXAMINES THE TRANSACTION AND A VOTE IS TAKEN (WITH THOSE RECUSING THEMSELVES) AS TO WHETHER THE ORGANIZATION WILL ENTER INTO THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY THE BOARD CONDUCTS A PERFORMANCE REVIEW AND EVALUATION OF THE EXECUTIVE DIRECTOR. THE REVIEW ALSO ESTABLISHES THE INDIVIDUAL'S COMPENSATION FOR THE FOLLOWING YEAR. THIS PROCESS INVOLVES THE EVALUATION OF THE INDIVIDUAL AND A REVIEW OF COMPENSATION OF COMPARABLE POSITIONS OBTAINED FROM THE FORM 990 OF SIMILAR ORGANIZATIONS. THE BOARD'S DELIBERATION AND DECISION IS NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE IT GOVERNING DOCUMENTS, POLICIES OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS IT DOES NOT BELIEVE A BUSINESS PURPOSE WOULD BE SERVED. THE ORGANIZATION BELIEVES THAT SUFFICIENT INFORMATION ABOUT PROGRAMS AND FINANCIAL CONDITION IS AVAILABLE IN THE FORM 990 AND WILL ADDRESS ANY SPECIFIC QUESTIONS UPON REQUEST. PART XII, LINE 2C NO CHANGE FROM PRIOR YEAR PRF DEVELOPMENT COMPANY LLC 372 WEST FOUNTAIN STREET PROVIDENCE RI 02903 264752372 TO REHABILITATE AND REDEVELOP HISTORIC PROPERTIES RI PROVIDENCE REVOLVING FUND