Nonprofit · EIN 82-0689514
RENDE PROGRESS CAPITAL
Tax-exempt · GRAND RAPIDS, MI 49504
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $554,143 | $488,450 | $65,693 | $3,425,437 | $154,413 | $3,271,024 |
| December 31, 2024 | 990 (amended) | $638,113 | $463,227 | $174,886 | $3,589,522 | $406,333 | $3,183,189 |
| December 31, 2023 | 990 | $814,275 | $466,921 | $347,354 | $3,381,787 | $513,867 | $2,867,920 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $507,500
- of which government grants
- $507,500
- Program service revenue
- $33,954
- Investment income
- $0
- Other revenue
- $12,689
Expenses
- Grants and similar amounts paid
- $0
- Other salaries and wages
- $258,350
- Salaries, compensation and benefits (total)
- $313,534
- Professional fundraising fees
- $0
- Occupancy
- $16,603
- Travel
- $6,089
- Depreciation
- $3,655
- Program services (functional)
- $220,567
- Management and general (functional)
- $204,978
- Fundraising (functional)
- $62,905
Balance sheet and other
- Total assets, start of year
- $3,589,522
- Total assets, end of year
- $3,425,437
- Total liabilities, end of year
- $154,413
- Net assets, end of year
- $3,271,024
- Land, buildings and equipment
- $7,599
- Net assets without donor restrictions
- $3,191,149
- Net assets with donor restrictions
- $79,875
- Gross receipts
- $554,143
- Employees
- 4
- Year formed
- 2017
- State of legal domicile
- MI
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, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Eric K Foster | Chair and Director Trustee or director, Officer, Highest-paid employee | 40 | $0 |
| Cuong Q Huynh | Board Treasurer & General Manager Trustee or director, Officer | 40 | $0 |
| Timothy Williams | Board Member Trustee or director | 0 | $0 |
| Robin Selmon | Board Secretary Trustee or director | 0 | $0 |
| Merideth Freeman | Board Member Trustee or director | 0 | $0 |
| Tasha Blackmon | Board Member Trustee or director | 0 | $0 |
| Stacie Behler | Board Member Trustee or director | 0 | $0 |
| Minnie Morey | Board Member Trustee or director | 0 | $0 |
| Marcus Jackson | Board Member Trustee or director | 0 | $0 |
990 for the year ended December 31, 2024: 11 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Eric K Foster | Chair and Director Trustee or director, Officer, Highest-paid employee | 40 | $87,683 |
| Cuong Q Huynh | Board Treasurer & General Manager Trustee or director, Officer | 40 | $71,907 |
| Dr Lisa Cook | Board Member Trustee or director | 0 | $0 |
| Beverly Meek | Board Member Trustee or director | 0 | $0 |
| Timothy Williams | Board Member Trustee or director | 0 | $0 |
| Robin Selmon | Board Secretary Trustee or director | 0 | $0 |
| Merideth Freeman | Board Member Trustee or director | 0 | $0 |
| Bing Goei | Board Member Trustee or director | 0 | $0 |
| Tasha Blackmon | Board Member Trustee or director | 0 | $0 |
| Stacie Behler | Board Member Trustee or director | 0 | $0 |
| Minnie Morey | Board Member Trustee or director | 0 | $0 |
990 for the year ended December 31, 2023: 9 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Merideth Freeman | Board Member Trustee or director | 0 | $0 |
| Robin Selmon | Board Secretary Trustee or director | 0 | $0 |
| Tasha Blackmon | Board Member Trustee or director | 0 | $0 |
| Bing Goei | Board Member Trustee or director | 0 | $0 |
| Timothy Williams | Board Member Trustee or director | 0 | $0 |
| Dr Lisa Cook | Board Member Trustee or director | 0 | $0 |
| Beverly Meek | Board Member Trustee or director | 0 | $0 |
| Eric K Foster | Chair and Director Trustee or director, Officer | 40 | $0 |
| Cuong Q Huynh | Board Treasurer & General Man Trustee or director, Officer | 40 | $0 |
Address and contacts
- Address (IRS master file)
- 818 BUTTERWORTH ST SW, GRAND RAPIDS, MI 49504-6254
- In care of
- % ERIC FOSTER
- Mailing address (990-N for 2017)
- 2843 E GRAND RIVER AVE STE 132, EAST LANSING MI 488234989
- Principal officer (990 for 2025)
- Eric K Foster, 818 Butterworth SW, Grand Rapids, MI 49504
- Principal officer (990-N for 2017)
- Eric K Foster, 2843 E GRAND RIVER AVE STE 132, East Lansing MI 488234989
- Signed the 990
- ERIC FOSTER, Chair and Director
- Phone
- (616) 558-3276
- Website
- www.rendeprogresscapital.com
- Return prepared by
- Accutrak Consulting and Acctng Svcs
Mission
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.
Program accomplishments
- For FY 2025, Rende Progress Capital RPC continued uninterrupted delivery of our two core services of 1 small business micro lending and 2 free business Technical Assistance TA to diverse entrepreneurs in our primary market of Kent County, Kalamazoo, Muskegon, and Holland. A FY 2025 Q2 loan deal to a Southeast Michigan adult home care business marked the extension of RPC lending in a fifth county, Wayne County. The aforementioned FY 2025 core services, standard operations portfolio management and loan servicing with customers, launch of our pilot Early Stage Loan and new focus on lending to more high-growth businesses contributed to five additional loan deals including continuing our trend of individual six-figure loans to a high-growth communications and event planning business and an early-stage high-quality day care business. As a non-profit CDFI small business lender with a mission of social impact, FY 2025 also was a continuation of our distinctive from traditional finance institutions as we used credit enhancements to reduce borrower payment obligations, mitigate first-time new borrower closing fees and develop incentives to assist approved borrowers with collateral constraints. FY 2025 TA marked our growth in the second essential RPC service of business technical assistance TA with the hiring of a new strategic focused position of Manager for Business Engagement and Cultivation. This position coordinated free business fundamental consultation to 1 RPC loan customers to grow their business and reduce the probability of having problem loans with us and 2 TA to select non-customers focused on their participation in our pre-loan readiness incubator to prepare them in readiness in the process of loan applications and potentially becoming RPC loan customers. The main TA program for FY 2025 was the inaugural Q3 Pre-Loan Readiness Cohort of six specially selected non-RPC customer businesses to learn about readiness for business lending---which contributed to cash awards for all participants and one participant applying for a RPC loan, which was approved.Expenses $220,567
- FY 2025 business technical assistance TA produced outputs of serving 41 businesses via 76 engagements in four TA Service Areas of 1 individual technical assistance, 2 loan navigation, 3 post-loan counseling, and 4 cohort-based loan readiness programming. In addition, these outputs included providing free TA to 32 entrepreneurs (84.2%) through one-on-one technical assistance and loan navigation; 6 entrepreneurs (15.8%) through a structured Pre-Loan Readiness Cohort; 26 women-owned businesses (68.4%); 28 entrepreneurs of color (73.7%) served, and 10 non-Hispanic white entrepreneurs (26.3%) served. 59% of entrepreneurs served by TA were businesses from Grand Rapids/Kent County 18% Detroit; 8.1% from Muskegon; 10% Kalamazoo and other Lansing The impacts of our FY 2025 TA were of 1 Pipeline Conversion of 12 non-customer businesses successfully establishing loan application accounts; 2 Application Completion--- 7 businesses completed the full application process under RPC guidance; 3Capital Facilitated as three businesses non-customer recipients of TA moved from inquiry to full funding, resulting in $180,000 in capital deployed. TA to non-customers had a correlation between RPCs strategic TA and portfolio health, evidenced by our FY 2025 year-end loan performance of 0% Debt Charge Offs; 0% Debt Write Offs; Remaining at 6% for 60 Day Delinquencies and 3.3% 30 Day Delinquencies.
- An essential activity with notable program, funding, technology/systems, time and labor obligations is loan portfolio management. These are functions of daily, weekly, and monthly high-touch activities with loan customers in managing problem loans and delinquencies. As a result of our loan portfolio management and our rigorous weekly loan portfolio monitoring, staff engagement with customers of financial wellness check-in and loan servicing to minimize problem loans or moving to collections, RPC End-of-Year portfolio performance as of December 31, 2025 was: 0% New Charge-Offs/Loan Defaults; 0% New Write-Offs; Ending at 0% 30-Day Delinquencies (well under our 10% desired threshold) and; 2.9% for 60-Day Delinquencies (under our 6% desired threshold).
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 | 990 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
- 82-0689514
- 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
- 2017
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Philanthropy, voluntarism and grantmaking foundations (T20)
- Assets (IRS master file)
- $3,425,437
- Income (IRS master file)
- $554,143
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $554,143 | $488,450 | $3,425,437 | XML |
| 990 | December 2024 | $638,113 | $463,227 | $3,589,522 | IRS |
| 990 | December 2023 | $814,275 | $466,921 | $3,381,787 | XML |
| 990 | December 2022 | $1,358,413 | $452,735 | $3,048,192 | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990-N for 2017 Officer: Eric K Foster | December 31, 2017 | ≤ $50,000 receipts | – | – | e-Postcard |
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 82-0689514).
Questions about RENDE PROGRESS CAPITAL
- What is the EIN of RENDE PROGRESS CAPITAL?
- The employer identification number (EIN) of RENDE PROGRESS CAPITAL is 82-0689514.
- Is RENDE PROGRESS CAPITAL tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2017.
- Are donations to RENDE PROGRESS CAPITAL tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does RENDE PROGRESS CAPITAL 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 RENDE PROGRESS CAPITAL due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did RENDE PROGRESS CAPITAL last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of RENDE PROGRESS CAPITAL?
- The 990 for the year ended December 31, 2025 names Eric K Foster.
- Who are the officers and directors of RENDE PROGRESS CAPITAL?
- The 990 for the year ended December 31, 2025 lists 9 people; 0 received compensation from the organization.
- How much revenue does RENDE PROGRESS CAPITAL have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $554,143, expenses of $488,450 and total assets of $3,425,437 at year end.
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