GROW AMERICA FUND INC

EIN: 133641265 501(c)(3) Community Improvement

NEW YORK, NY

Total Revenue
$3,921,676
Total Expenses
$3,460,919
Total Assets
$46,573,067
Net Assets
$19,785,017
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Financial Trends

Organization Details

Formation Year
1971
Legal Domicile
DE
Principal Officer
DANIEL MARSH III
Phone
2126821106
Tax Period
2023-01-01 to 2023-12-31

GROW AMERICA FUND INC, founded in 1971, is a community nonprofit in the Community Improvement sector that reported $3.9M in total revenue in fiscal year 2023. Expenses of $3.5M left a modest 12% surplus.

Mission

THE GROW AMERICA FUND, INC. ("GAF") HAS A PRIMARY MISSION TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW-INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN THOSE DISADVANTAGED COMMUNITIES, AND/OR CREATE JOBS FOR LOW-INCOME UNEMPLOYED AND UNDER-EMPLOYED INDIVIDUALS. GAF, A LICENSED U.S. SBA SMALL BUSINESS LENDING COMPANY, AND U.S. DEPARTMENT OF THE TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDES ACCESS TO CAPITAL FOR BUSINESS EXPANSION STRUCTURED WITH LONGER AMORTIZATION TERMS AND LOWER INTEREST RATES. THESE LENDING TERMS SERVE TO DECREASE DEBT SERVICE COSTS AND IMPROVE THE BORROWER'S OPERATING CASH FLOW, GIVING BUSINESSES A FINANCIAL ADVANTAGE THAT HELPS STRENGTHEN BOTH THE ECONOMIC BASE OF THE BUSINESS, AND THE COMMUNITY.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $890,000
Program Service Revenue $2,443,795
Investment Income $0
Other Revenue $587,881
TOTAL REVENUE $3,921,676

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,872,170
Fundraising Expenses $0
Program Expenses $2,639,696
Other Expenses $1,588,749
TOTAL EXPENSES $3,460,919

Year-over-Year Comparison

2023 2022 Change
Revenue $3,921,676 $3,801,712 +0.0%
Expenses $3,460,919 $4,293,994 -0.2%
Net Income $460,757 $-492,282 -1.9%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Governance

Voting Members
8
Independent Members
1
Employees
N/A
Volunteers
1

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$1,616,479
Total Directors
8
$2,769,689
Key Employees
2
$648,872
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ADAM ENNIS TREASURER 3.00
Officer Director
$0 $87,486 $385,626
CHARLEY DEPEW BOARD MEMBER 1.00
Director
$0 $65,048 $313,001
DANIEL MARSH III CHAIRMAN 2.75
Officer Director
$0 $163,290 $682,734
DAVID TREVISANI BOARD MEMBER/INTERIM PRESI 8.50
Officer Director
$0 $103,509 $352,812
KEVIN GREMSE BOARD MEMBER 1.00
Director
$0 $104,024 $373,664
PATRICIA THOMSON BOARD MEMBER 0.25
Director
$0 $0 $0
RAQUEL FAVELA BOARD MEMBER 1.00
Director
$0 $53,205 $325,199
STEPHANIE DUGAN BOARD MEMBER 1.00
Director
$0 $89,349 $336,653
JENNIE VERTREES SECRETARY 7.50
Officer
$0 $84,444 $195,307
ANN FINNEGAN MANAGING DIRECTOR OF LENDING 20.00
Key Emp
$0 $109,425 $340,361
DANIEL CHOI CFO 15.00
Key Emp
$0 $83,166 $308,511
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $3,921,676 $3,460,919 $46,573,067 $460,757
2022 $3,801,712 $4,293,994 $53,966,443 $-492,282
2021 $12,181,976 $4,876,587 $143,748,091 $7,305,389
2020 $4,973,286 $4,437,805 $138,000,715 $535,481
2019 $3,721,122 $5,684,767 $47,711,988 $-1,963,645
2018 $5,283,699 $4,935,684 $59,780,108 $348,015
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