Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 2017.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
48 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
11 people listed on the 990; $160K paid to officers and key staff.
Eric K Foster’s $88K as Chair and Director is at the 78th percentile of top reported officer pay among 1265 $100K–1M philanthropy & grantmaking 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 · 2 named individuals · Part VII
| Name | FY2024 | FY2022 | FY2020 |
|---|---|---|---|
| Eric K Foster | $87,683 | $85,000 | $71,125 |
| Cuong Q Huynh | $71,907 | $70,000 | $53,625 |
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
Empowering excluded entrepreneurs with affordable loans and services for economic equity.
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Loan Portfolio Management
A third activity, which is related to our first core activity of lending, is loan portfolio management. RPC has committed growing time and resources to our staff, operations and to loan customers in this area.
Rende Progress Capital RPC has continued in its mission and impact in providing two core services in FY 2024 of 1 small business lending and 2 free business Technical Assistance TA to diverse entrepreneurs in our primary market of Kent County as well as expansion of services in Kalamazoo, Muskegon, and Holland.
Technical Assistance
FY 2024 TA, upon the hiring of our Manager for Business Engagement and Cultivation, continued our new TA strategy to focus our TA more on pre-loan readiness to select non-customers while providing TA to customers.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2024 990, line by line.
Download 990
| Line | Start FY24 | End FY24 |
|---|---|---|
| Cash and savingsLn 1–2 | $2.9M | $3.0M |
| Land, buildings, equipmentLn 10c | $12K | $11K |
| Total assetsLn 16 | $3.4M | $3.6M |
| LiabilitiesLn 26 | $514K | $547K |
| Net assetsLn 32 | $2.9M | $3.0M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $160K | $59K | $80K | $21K |
| Other salaries and wagesLn 7 | $161K | $82K | $58K | $21K |
| Advertising and promotionLn 12 | $3K | $278 | $3K | |
| Office expensesLn 13 | $1K | $271 | $453 | $345 |
| OccupancyLn 16 | $15K | $11K | $4K | |
| TravelLn 17 | $7K | $3K | $4K | |
| Conferences, conventions and meetingsLn 19 | $2K | $2K | $585 | |
| InterestLn 20 | $6K | $6K | ||
| Depreciation, depletion and amortizationLn 22 | $4K | $4K | ||
| InsuranceLn 23 | $2K | $2K | ||
| Other expenses (24a–d)Ln 24 | $21K | $11K | $10K | |
| All other expensesLn 24e | $81K | $51K | $21K | $10K |
| Total functional expensesLn 25 | $463K | $225K | $187K | $52K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $554K | $488K | $66K | $3.3M | 990 PDF |
| FY2024 Viewing | $638K | $463K | $175K | $3.0M | 990 PDF |
| FY2023 | $814K | $467K | $347K | $2.9M | 990 PDF |
| FY2022 | $1.4M | $453K | $906K | $2.5M | 990 PDF |
| FY2021 | Not on file | ||||
| FY2020 | $1.8M | $313K | $1.5M | $1.7M | 990 PDF |
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Schedules filed Part IV
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $638,113 across 7 lines filed
Part IX · Statement of functional expenses $463,227 across 12 lines filed
Part X · Balance sheet $3,589,522 assets, 11 lines filed
Part XI · Reconciliation of net assets $3,042,806 net assets at year end
Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File
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