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Rcap Solutions Financial Services INC FY2021 filing

Tax-deductible

Worcester, MA501(c)(3)Since 2006EIN 20-5660521Revenue $144K in FY2021

On file with the IRSrcapsolutions.org191 May St, 01602-4353 · Worcester, MATax-exempt since Sep 2009Supporting organization — 509(a)(3)

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To promote community development by improving the social and economic conditions of under-served persons and distressed communities and to develop and foster self-sufficiency among such persons and communities. To improve the quality of life for low-income families and communities by providing and developing educational programs, Services, Financial and technical assistance including loans and grants for housing, protection of the environment, human Services and community development including sewer and water projects.

501(c)(3) charity; gifts are tax-deductible.
76¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $51K a year · 25% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
76%
of spending
Looks good: 76% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
232 mo
of spending, in cash
Looks good: 231.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$12.4M
95% of total assets
Concern: liabilities are 95% of assets; over 80%.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$144K
-18% vs prior year
Spent
$143K
To programs
76%
Net assets
$688K
By yearFY2020–FY2025
Revenue
$144K
FY2021▼ -18%
Tap a bar for its year
Revenue by fiscal year
FY2020$176K
FY2021$144K
FY2022$150K
FY2023$215K
FY2024$242K
FY2025$308K
Expenses
$143K
FY2021▼ -14%
Tap a bar for its year
Expenses by fiscal year
FY2020$166K
FY2021$143K
FY2022$123K
FY2023$129K
FY2024$171K
FY2025$199K
Net assets
$688K
FY2021+0.2%
Tap a bar for its year
Net assets by fiscal year
FY2020$687K
FY2021$688K
FY2022$716K
FY2023$801K
FY2024$872K
FY2025$981K

From the FY2021 Form 990 (year ending June 2021) · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 2009.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

76 cents of each dollar spent went to programs.

Program services 76% · $108K Management & general 24% · $34K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Karen a Koller
President & CEO/Clerk
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Ken Reid
Treasurer
$0Pt VII · Sec A
Carl H Allen
Director
$0Pt VII · Sec A
Karen Slack
Director
$0Pt VII · Sec A
Scott Arnold
Director
$0Pt VII · Sec A
Matt Wally
Director
$0Pt VII · Sec A
See Rcap Solutions Financial Services INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers loans for home repairs and assistance to disabled families.

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Provided by the organization

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1 program · $108K · in their own filed words · FY2020
01

To provide loans for individuals and families for home repair and for helping disabled families and small businesses.

$108Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$144K
Ln 12
Fees for servicesLn 2g$122K
Gifts and grantsLn 1h$19K
Other incomeLn 4–11$3K
Money outPt IX
$143K
Ln 25
Programscol B$108K
Managementcol C$34K
Owns and owesPt X
$688K
net assets · Ln 32
Cash and savingsLn 1–2$2.8M
Total assetsLn 16$13.1M
LiabilitiesLn 26$12.4M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$19K
Government grantsLn 1e$19K
Fees for servicesLn 2g$122K
Investment incomeLn 3$144
Other incomeLn 4–11$3K
Total revenueLn 12$144K
Assets in detailPt X, end of year
CashLn 1$6K
SavingsLn 2$2.8M
Cash and savings togetherLn 1–2$2.8M
Total assetsLn 16$13.1M
LiabilitiesLn 26$12.4M
Net assetsLn 32$688K
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$1.8M$2.8M
Total assetsLn 16$11.7M$13.1M
LiabilitiesLn 26$11.0M$12.4M
Net assetsLn 32$687K$688K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$19K$19K
Other fees for servicesLn 11g$87K$79K$7K
Office expensesLn 13$3K$3K
OccupancyLn 16$30K$23K$8K
TravelLn 17$2K$2K
InterestLn 20$1K$1K
InsuranceLn 23$868$868
Total functional expensesLn 25$143K$108K$34K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $308K$199K$109K$981K 990 PDF
FY2024 $242K$171K$71K$872K 990 PDF
FY2023 $215K$129K$86K$801K 990 PDF
FY2022 $150K$123K$28K$716K 990 PDF
FY2021 Viewing $144K$143K$1K$688K 990 PDF
FY2020 $176K$166K$10K$687K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $143,939 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $22,000$19,000
I-9 Program service revenuePrior year $149,242$121,795
I-10 Investment incomePrior year $363$144
I-11 Other revenuePrior year $4,877$3,000
I-12 Total revenuePrior year $176,482$143,939
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $166,482$142,810
I-18 Total expensesPrior year $166,482$142,810
I-19 Revenue less expensesPrior year $10,000$1,129
Part VI · Governance 10 of 10 board members independent, 2 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $143,939 across 5 lines filed
Lines not itemized here account for $3,000 of total revenue; see the IRS return.
VIII-1e Government grants$19,000
VIII-1h Total contributions, gifts and grants$19,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $121,795$121,795
VIII-3 Investment incomeExcluded from tax $144$144
VIII-12 Total revenueRelated to mission $124,795 · Unrelated business $0 · Excluded from tax $144$143,939
Part IX · Statement of functional expenses $142,810 across 7 lines filed
IX-11a Management feesManagement $19,406$19,406
IX-11g Other fees for servicesPrograms $79,201 · Management $7,381$86,582
IX-13 Office expensesPrograms $2,572$2,572
IX-16 OccupancyPrograms $22,704 · Management $7,630$30,334
IX-17 TravelPrograms $1,691$1,691
IX-20 InterestPrograms $1,357$1,357
IX-23 InsurancePrograms $868$868
IX-25 Total functional expensesPrograms $108,393 · Management $34,417 · Fundraising $0$142,810
Part X · Balance sheet $13,066,355 assets, 10 lines filed
Asset lines not itemized here account for $10,297,938; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $10,272$6,287
X-2 Savings and temporary cash investmentsStart of year $1,790,326$2,753,080
X-3 Pledges and grants receivableStart of year $9,800$9,050
X-16 Total assetsStart of year $11,671,609$13,066,355
X-17 Accounts payable and accrued expensesStart of year $86,884$88,527
X-25 Other liabilitiesStart of year $10,762,174$12,160,693
X-26 Total liabilitiesStart of year $10,984,733$12,378,350
X-27 Net assets without donor restrictionsStart of year $686,876$688,005
X-32 Total net assets or fund balancesStart of year $686,876$688,005
X-33 Total liabilities and net assetsStart of year $11,671,609$13,066,355
Part XI · Reconciliation of net assets $688,005 net assets at year end
XI-1 Total revenue$143,939
XI-2 Total expenses$142,810
XI-3 Revenue less expenses$1,129
XI-4 Net assets at start of year$686,876
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$688,005

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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