Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1996.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
81 cents of each dollar spent went to programs.
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
7 people listed on the 990; $756K paid to officers and key staff.
Grady Vanderhoofven’s $603K as President & CEO is at the 98th percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 6 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Grady Vanderhoofven | $602,840 | $565,384 | $398,772 | $338,825 | $356,034 | $261,185 |
| Chris Miller | $306,751 | $264,143 | $198,925 | $160,333 | $178,099 | $189,651 |
| Keith Hickey | $220,564 | — | — | — | — | — |
| Dennis Corley | $203,937 | — | $157,924 | $135,565 | $142,495 | $135,522 |
| Dennis Corley Director of Small | — | $174,802 | — | — | — | — |
| Kevin McDonnell | $132,920 | — | — | — | — | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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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 15aYes
Programs and updates
Provides capital and advice to help businesses succeed.
Questions for Three Roots Capital
Your first name shows with your question. Three Roots Capital answers here, for everyone.
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Loan and Investment Programs
Three roots capital makes loans and investments to qualified companies and projects in underserved and distressed areas of east tennessee and broader southern and central appalachia. In addition to satisfying underwriting requirements, companies and projects must provide a measurable positive community impact or outcome.
Business Coaching
Three roots capital provides business coaching to client companies and community partners through technical assistance, mentorship, coaching, and other engagement activities.
Capital Services
Three roots capital provides professional services to impact-focused and community development focused private equity and venture capital funds. This activiity includes administration, business development, compliance, due diligence, portfolio management, and reporting.
By the numbers
The FY2023 990, line by line.
Download 990
| Line | Start FY23 | End FY23 |
|---|---|---|
| Cash and savingsLn 1–2 | $2.3M | $1.6M |
| InvestmentsLn 11–13 | $411K | $450K |
| Land, buildings, equipmentLn 10c | $0 | $0 |
| Total assetsLn 16 | $128.7M | $176.3M |
| LiabilitiesLn 26 | $123.7M | $169.7M |
| Net assetsLn 32 | $5.0M | $6.6M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Other salaries and wagesLn 7 | $798K | $582K | $215K | |
| Pension plan contributionsLn 8 | $31K | $22K | $8K | |
| Other employee benefitsLn 9 | $181K | $132K | $49K | |
| Payroll taxesLn 10 | $60K | $44K | $16K | |
| Other fees for servicesLn 11g | $33K | $24K | $9K | |
| Advertising and promotionLn 12 | $44K | $32K | $12K | |
| Office expensesLn 13 | $45K | $33K | $12K | |
| Information technologyLn 14 | $47K | $34K | $13K | |
| OccupancyLn 16 | $101K | $74K | $27K | |
| TravelLn 17 | $17K | $12K | $4K | |
| Depreciation, depletion and amortizationLn 22 | $2 | $1 | $1 | |
| InsuranceLn 23 | $94K | $69K | $25K | |
| Other expenses (24a–d)Ln 24 | $705K | $680K | $25K | |
| All other expensesLn 24e | $72 | $53 | $19 | |
| Total functional expensesLn 25 | $2.2M | $1.7M | $417K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $9.4M | $4.9M | $4.5M | $13.9M | 990 PDF |
| FY2024 | $6.8M | $3.9M | $2.9M | $9.5M | 990 PDF |
| FY2023 Viewing | $3.8M | $2.2M | $1.6M | $6.6M | 990 PDF |
| FY2022 | $3.5M | $1.7M | $1.7M | $5.0M | 990 PDF |
| FY2021 | $3.1M | $1.4M | $1.7M | $3.2M | 990 PDF |
| FY2020 | $1.9M | $1.2M | $618K | $1.5M | 990 PDF |
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Schedules filed Part IV
See the full FY2023 990 (6 parts)
Part I · Summary $3,754,391 revenue, 12 lines filed
Part VI · Governance 4 of 5 board members independent, 1 to look at
Part VIII · Statement of revenue $3,754,391 across 7 lines filed
Part IX · Statement of functional expenses $2,155,921 across 14 lines filed
Part X · Balance sheet $176,294,267 assets, 15 lines filed
Part XI · Reconciliation of net assets $6,550,018 net assets at year end
Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File
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