Nonprofit · EIN 38-3885237
NEW ROOTS FUND
Tax-exempt · AUBURN, WA 98002
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $610,524 | $582,176 | $28,348 | $1,087,870 | $784,498 | $303,372 |
| December 31, 2023 | 990 | $504,249 | $499,616 | $4,633 | $946,500 | $655,566 | $290,934 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $605,225
- of which government grants
- $548,795
- Program service revenue
- $5,225
- Investment income
- $74
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Salaries, compensation and benefits (total)
- $0
- Professional fundraising fees
- $0
- Accounting fees
- $15,150
- Occupancy
- $26,582
- Travel
- $11,260
- Program services (functional)
- $535,016
- Management and general (functional)
- $36,488
- Fundraising (functional)
- $10,672
Balance sheet and other
- Total assets, start of year
- $946,500
- Total assets, end of year
- $1,087,870
- Total liabilities, end of year
- $784,498
- Net assets, end of year
- $303,372
- Net assets without donor restrictions
- $303,372
- Gross receipts
- $610,524
- Employees
- 0
- Volunteers
- 0
- Year formed
- 2012
- State of legal domicile
- WA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| Greg Hope | ~ Executive Director Officer | 16 | $0 | $90,927 | $24,773 |
| Michael Blumson | ~ Board Chair Trustee or director, Officer | 2 | $0 | $0 | $0 |
| Mahnaz Eshetu | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
| Joann Ware | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
| Antoinette Marasigan | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
| Patty Grossman | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
990 for the year ended December 31, 2023: 6 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| Greg Hope | ~ Executive Director Officer | 15 | $0 | $52,248 | $12,909 |
| Michael Blumson | ~ Board Chair Trustee or director, Officer | 2 | $0 | $0 | $0 |
| Mahnaz Eshetu | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
| Joann Ware | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
| Antoinette Marasigan | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
| Patty Grossman | ~ Governor Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 515 B ST NE, AUBURN, WA 98002-4003
- In care of
- % GREG HOPE
- Principal officer (990 for 2024)
- Greg Hope, 515 B Street NE, Auburn, WA 98002
- Signed the 990
- Michael Blumson, Board Chair
- Phone
- (206) 323-3152
- Website
- http://www.newrootsfund.org/
- Return prepared by
- NWAFM PLLC
Mission
The New Roots Fund helps low-income individuals, citizens and legal immigrants, to achieve economic self-sufficiency through business loans and technical business assistance. The NRF continues to run programs funded by the federal Office of Refugee Resettlement, King County, and Washington State to train refugees in business practices, support the development of business plans, and assist with capitalizing new or existing businesses through Individual Development Accounts (matched savings programs) and loans. The New Roots Fund helps refugees, asylees, and low-income individuals achieve economic self-sufficiency. The Fund accomplishes this by providing business capital and technical assistance. Formed in 2011 and associated with the Diocese of Olympia, NRF is an independent 501(c)3. Our mission is to create viable businesses in low income neighborhoods through a highly capable lending institution providing loans and business technical assistance.
Program accomplishments
- OVERALL PROGRAM. The New Roots Fund (NRF) helps low-income individuals, citizens and legal immigrants, to achieve economic self-sufficiency through business loans and technical business assistance. The NRF continues to run programs funded by the federal Office of Refugee Resettlement, King County, and Washington State to train refugees in business practices, support the development of business plans, and assist with capitalizing new or existing businesses through Individual Development Accounts (matched savings programs) and loans. In 2024, the NRF enrolled 107 clients who received 856 hours of training. Our comprehensive training programs provide clients with essential knowledge and skills to successfully enter and sustain a business. Notably, all 40 loan recipients from this period have launched or expanded their businesses and are consistently meeting their loan repayment schedules. The NRF also assisted eighteen businesses with training and nine with capitalization. The NRF committed $162,500 for FY 2024, for matched savings accounts and fully disbursed by the end of 2024. Over 40 individual savings plans were developed to support micro-enterprise purchases after a savings period of at least six months. In addition, 12 individuals saved for vehicles, while seven saved for educational expenses. All participants successfully completed financial skills training, asset specific training and the purchase of assets.Expenses $535,016 · revenue $5,225
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 38-3885237
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2014
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- International, foreign affairs and national security (Q30)
- Assets (IRS master file)
- $1,087,870
- Income (IRS master file)
- $610,524
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $610,524 | $582,176 | $1,087,870 | XML |
| 990 | December 2023 | $504,249 | $499,616 | $946,500 | XML |
| 990 | December 2022 | $665,587 | $662,622 | $637,552 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990-EZ | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 38-3885237).
Questions about NEW ROOTS FUND
- What is the EIN of NEW ROOTS FUND?
- The employer identification number (EIN) of NEW ROOTS FUND is 38-3885237.
- Is NEW ROOTS FUND tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2014.
- Are donations to NEW ROOTS FUND tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does NEW ROOTS FUND file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of NEW ROOTS FUND due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did NEW ROOTS FUND last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of NEW ROOTS FUND?
- The 990 for the year ended December 31, 2024 names Greg Hope.
- Who are the officers and directors of NEW ROOTS FUND?
- The 990 for the year ended December 31, 2024 lists 6 people; 0 received compensation from the organization.
- How much revenue does NEW ROOTS FUND have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $610,524, expenses of $582,176 and total assets of $1,087,870 at year end.
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All nonprofits in AUBURN · Washington · International, foreign affairs and national security