Nonprofit · EIN 59-3814814
TRUFUND FINANCIAL SERVICES INC
Tax-exempt · NEW YORK, NY 10016
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $16,334,961 | $14,592,936 | $1,742,025 | $50,002,432 | $31,191,748 | $18,810,684 |
| December 31, 2023 | 990 | $12,004,522 | $10,579,239 | $1,425,283 | $51,843,427 | $32,059,259 | $19,784,168 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $11,928,056
- of which government grants
- $2,572,482
- Program service revenue
- $3,799,532
- Investment income
- $391,734
- Other revenue
- $215,639
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $910,354
- Other salaries and wages
- $4,904,119
- Salaries, compensation and benefits (total)
- $7,447,130
- Professional fundraising fees
- $0
- Legal fees
- $403,222
- Accounting fees
- $473,816
- Occupancy
- $373,782
- Travel
- $199,628
- Depreciation
- $16,428
- Program services (functional)
- $10,687,259
- Management and general (functional)
- $2,963,879
- Fundraising (functional)
- $941,798
Balance sheet and other
- Total assets, start of year
- $51,843,427
- Total assets, end of year
- $50,002,432
- Total liabilities, end of year
- $31,191,748
- Net assets, end of year
- $18,810,684
- Land, buildings and equipment
- $19,913
- Net assets without donor restrictions
- $10,893,809
- Net assets with donor restrictions
- $7,916,875
- Gross receipts
- $16,334,961
- Employees
- 64
- Volunteers
- 13
- Year formed
- 2005
- State of legal domicile
- NY
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 | Other / benefits |
|---|---|---|---|---|
| JAMES BASON | PRESIDENT - CHIEF EXECUTIVE OFFICER Officer | 35 | $413,686 | $667 |
| DOMONICA L EDWARDS | SENIOR VICE PRESIDENT Highest-paid employee | 35 | $220,310 | $1,950 |
| MICHAEL VAUGH | SVP - CHIEF CREDIT OFFICER Highest-paid employee | 35 | $216,998 | $1,950 |
| SETH MANOFF | SVP - DIR OF STRUCT LENDING & INVST Officer | 35 | $203,342 | $10,508 |
| AKIMIE CARTER EVANS | SVP - MANAGING DIRECTOR NAT'L MARKET Highest-paid employee | 35 | $198,301 | $10,508 |
| MATHEW SHAPIRO | SVP DIRECTOR OF RESOURCE DEVELOPMENT Highest-paid employee | 35 | $199,864 | $7,527 |
| ROBERT BENITEZ | SVP - NATIONAL DIRECTOR OF LENDING Highest-paid employee | 35 | $198,243 | $6,323 |
| KENNETH HARVEY | SVP - INTERIM CFO - THROUGH NOV 2024 Officer | 35 | $158,205 | $212 |
| CHARLES FOSTER | SVP- CFO - LEFT MAY 2024 Officer | 35 | $96,455 | $5,378 |
| STEPHANIE KABORE TURQUIN | SVP - CFO - JOINED NOV 2024 Officer | 35 | $21,819 | $82 |
| KIMBERLY HARDY | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| WORLEY BARKER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| HEIDI HAMILTON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CHERI MORIAL AUSBERRY | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CARRA WALLACE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
12 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| RONALD TOROK | BOARD MEMBER Trustee or director | 1 | $0 |
| GEORGE BUCHANAN III | BOARD MEMBER Trustee or director | 1 | $0 |
| MONICA BURCH | BOARD MEMBER - JOINED DEC 2024 Trustee or director | 1 | $0 |
| B SETH BRYANT | BOARD MEMBER - JOINED SEPT 2024 Trustee or director | 1 | $0 |
| JONNEL DORRIS | BOARD MEMBER - JOINED SEPT 2024 Trustee or director | 1 | $0 |
| DR ADRIAN FRANCO | BOARD MEMBER - LEFT FEBRUARY 2024 Trustee or director | 1 | $0 |
| CARMEN MANOYAN | BOARD MEMBER - LEFT JULY 2024 Trustee or director | 1 | $0 |
| TERRENCE CLARK | CHAIRPERSON Trustee or director, Officer | 1 | $0 |
| CHARLOTTE LEE | CHAIRPERSON - LEFT JULY 2024 Trustee or director, Officer | 1 | $0 |
| WENDI BOYEN | SECRETARY - JOINED JUNE 2024 Trustee or director, Officer | 1 | $0 |
| CELAYNE HILL | SECRETARY - LEFT JULY 2024 Trustee or director, Officer | 1 | $0 |
| MARC THOMPSON JR | TREASURER Trustee or director, Officer | 1 | $0 |
990 for the year ended December 31, 2023: 22 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JAMES BASON | PRESIDENT - CHIEF EXECUTIVE OFFICER Officer | 35 | $389,084 | $23,280 |
| KENNETH HARVEY | SVP - DIRECTOR OF FINANCE Key employee | 35 | $222,741 | $2,265 |
| MICHAEL VAUGH | SVP - CHIEF CREDIT OFFICER Highest-paid employee | 35 | $200,318 | $18,750 |
| AKIMIE CARTER EVANS | SVP - MANAGING DIRECTOR NAT'L MARKET Highest-paid employee | 35 | $187,413 | $10,508 |
| MATHEW SHAPIRO | SVP DIRECTOR OF RESOURCE DEVELOPMENT Highest-paid employee | 35 | $187,646 | $7,527 |
| ROBERT BENITEZ | SVP - NATIONAL DIRECTOR OF LENDING Highest-paid employee | 35 | $184,485 | $7,536 |
| BRIAN GURSKI | SVP - DIR OF STRATEGY & INNOVATION Highest-paid employee | 35 | $180,101 | $9,327 |
| DOMONICA L EDWARDS | SENIOR VICE PRESIDENT Officer | 35 | $186,183 | $0 |
| CHARLOTTE LEE | CHAIRPERSON Trustee or director, Officer | 1 | $0 | $0 |
| DOUGLAS JACKSON | BOARD MEMBER - RETIRED JUNE 2023 Trustee or director | 1 | $0 | $0 |
| CHERI MORIAL AUSBERRY | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CELAYNE HILL | SECRETARY Trustee or director | 1 | $0 | $0 |
| CARRA WALLACE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RONALD TOROK | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| TERRENCE CLARK | VICE-CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| DR ADRIAN FRANCO | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MARC THOMPSON JR | TREASURER Trustee or director | 1 | $0 | $0 |
| HEIDI HAMILTON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CARMEN MANOYAN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| WORLEY BARKER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| KIMBERLY HARDY | BOARD MEMBER - JOINED SEPTEMBER 2023 Trustee or director | 1 | $0 | $0 |
| GEORGE BUCHANAN III | BOARD MEMBER - JOINED DECEMBER 2023 Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 9 E 40TH ST FL 9, NEW YORK, NY 10016-0402
- In care of
- % KENNETH HARVEY
- Principal officer (990 for 2024)
- JAMES BASON, 39 WEST 37TH STREET 7TH FLOOR, NEW YORK, NY 10018
- Signed the 990
- STEPHANIE KABORE TURQUIN, SVP - CHIEF FINANCIAL OFFICER
- Phone
- (212) 204-1328
- Website
- WWW.TRUFUND.ORG
- Return prepared by
- KPMG LLP
Mission
TRUFUND'S (TFS) MISSION IS TO PROMOTE AND FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES AND AMONG DISADVANTAGED POPULATIONS. FOR MORE INFORMATION, SEE SCHEDULE O.
Program accomplishments
- SMALL BUSINESS LENDING - A PRINCIPAL COMPONENT OF TRUFUND'S MISSION IS TO SERVE MINORITY AND WOMEN OWNED BUSINESS ENTERPRISES AND SMALL BUSINESSES LOCATED WITHIN A LOW-OR MODERATE-INCOME COMMUNITY, AS THEY REPRESENT HISTORICALLY ECONOMICALLY DISADVANTAGED POPULATIONS AND THOSE TRADITIONALLY DISCONNECTED FROM MAINSTREAM FINANCIAL INSTITUTIONS. FOR MORE INFORMATION - SEE SCHEDULE O.Expenses $10,687,259 · revenue $4,015,171
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
- 59-3814814
- 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
- 2005
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $50,002,432
- Income (IRS master file)
- $16,334,961
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $16,334,961 | $14,592,936 | $50,002,432 | IRS |
| 990 | December 2023 | $12,004,522 | $10,579,239 | $51,843,427 | XML |
| 990 | December 2022 | $16,024,804 | $9,625,966 | $48,532,112 | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | 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 59-3814814).
Questions about TRUFUND FINANCIAL SERVICES INC
- What is the EIN of TRUFUND FINANCIAL SERVICES INC?
- The employer identification number (EIN) of TRUFUND FINANCIAL SERVICES INC is 59-3814814.
- Is TRUFUND FINANCIAL SERVICES INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2005.
- Are donations to TRUFUND FINANCIAL SERVICES INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does TRUFUND FINANCIAL SERVICES INC 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 TRUFUND FINANCIAL SERVICES INC 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 TRUFUND FINANCIAL SERVICES INC 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 TRUFUND FINANCIAL SERVICES INC?
- The 990 for the year ended December 31, 2024 names JAMES BASON.
- Who are the officers and directors of TRUFUND FINANCIAL SERVICES INC?
- The 990 for the year ended December 31, 2024 lists 27 people; 10 received compensation from the organization, the highest $413,686 (JAMES BASON, PRESIDENT - CHIEF EXECUTIVE OFFICER).
- How much revenue does TRUFUND FINANCIAL SERVICES INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $16,334,961, expenses of $14,592,936 and total assets of $50,002,432 at year end.
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