Trufund Financial Services Inc in New York, New York (NY)

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Trufund Financial Services Inc
Employer Identification Number (EIN)593814814
Name of OrganizationTrufund Financial Services Inc
In Care of NameEdwin Hong
Address1440 Broadway Rm 23, New York, NY 10018-2326
SubsectionCharitable Organization
Ruling Date12/2005
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$45,709,159
Amount of Income$6,686,524
Form 990 Revenue Amount$6,686,524
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2013: $6,686,524
This organization: 

 $6,686,524
Other organizations performing similar types of work: 

 $135,279

Assets in 2013: $45,709,159
This organization: 

 $45,709,159
Other organizations performing similar types of work: 

 $114,906

Expenses in 2012: $13,013,315
This organization: 

 $13,013,315
Other organizations performing similar types of work: 

 $121,073

Income to expenses ratio in 2012: 0.5
Trufund Financial Services Inc: 

 0.5
Other organizations performing similar types of work: 

 1.4

Expenses allocated to program services in 2007: 89.7%
This organization: 

 89.7%
Other organizations performing similar types of work: 

 62.9%

Number of employees in 2012: 57
This organization: 

 57
Other organizations performing similar types of work: 

 1

Employees paid over $100,000 in 2012: 22.8%
Trufund Financial Services Inc: 

 22.8%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2012: 50.1%
Trufund Financial Services Inc: 

 50.1%
Other organizations performing similar types of work: 

 8.8%

Financial snapshot ($)

Revenue for 2012

Functional expenses for 2012

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$8,907,638
Contributions, Gifts, Grants and Other Similar Amounts$4,463,716
Program Service Revenue$4,412,287
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$13,305
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$18,330
Statement of Functional Expenses (for 2012)
Total functional expenses$13,013,315
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$3,329,856
Payroll taxes$0
Professional fundraising services$0
Other$9,683,459
Balance Sheet (for 2012)
Total assets$51,863,474
Total liabilities$43,145,536
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$42,162,091
Unsecured notes and loans payable to unrelated third parties$0
Other$983,445
Total net assets or fund balances$8,717,938
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2012)
2008 - 2012 Total
Total Support$37,416,073
Gifts, grants, contributions, and membership fees received$36,684,471
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$731,602
Gross receipts from related activities, etc.$10,642,552
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20062007
Total revenue$3,121,278$23,064,710
Contributions, gifts, grants, and similar amounts received$1,780,632$17,645,797
Contributions to donor advised funds$0$0
Direct public support$492,000$765,350
Indirect public support$961,608$0
Government contributions (grants)$327,024$16,880,447
Program service revenue including government fees and contracts$271,428$3,469,121
Membership dues and assessments$0$0
Interest on savings and temporary cash investments$0$185,609
Dividends and interest from securities$1,241,065$708,111
Net rental income or (loss)$0$0
Gross rents$0$0
Less: rental expenses$0$0
Other investment income$0$856,784
Gain or (loss) from sales of assets other than inventory$-171,847$-53,620
Gross amount from sales of assets other than inventory$15,369,431$7,602,675
Less: cost or other basis and sales expenses$15,541,278$7,656,295
Net income or (loss) from special events and activities$0$0
Gross revenue$0$0
Less: direct expenses other than fundraising expenses$0$0
Gross profit or (loss) from sales of inventory$0$0
Gross sales of inventory, less returns and allowances$0$0
Less: cost of goods sold$0$0
Other revenue$0$252,908
Total expenses$5,443,746$19,700,511
Program services$5,072,829$17,663,797
Management and general$370,917$897,807
Fundraising$0$0
Payments to affiliates$0$1,138,907
Net assets or fund balances at end of year$14,686,194$17,469,354
Excess or (deficit) for the year$-2,322,468$3,364,199
Net assets or fund balances at beginning of year$0$14,686,194
Other changes in net assets or fund balances$17,008,662$-581,039
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$18,561,604$17,663,797$897,807$0
Grants paid from donor advised funds$0
Other grants and allocations$11,177,771
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$259,641$0$259,641$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$1,838,490$1,588,079$250,411$0
Pension plan contributions not included above$169,623$127,218$42,405$0
Employee benefits not included above$123,193$95,502$27,691$0
Payroll taxes$151,161$113,371$37,790$0
Professional fundraising fees$0$0$0$0
Accounting fees$123,992$35,832$88,160$0
Legal fees$72,007$72,007$0$0
Supplies$78,463$42,903$35,560$0
Telephone$22,956$22,956$0$0
Postage and shipping$75,121$19,116$56,005$0
Occupancy$174,390$174,390$0$0
Equipment rental and maintenance$12,707$12,707$0$0
Printing and publications$36,503$36,503$0$0
Travel$242,265$242,265$0$0
Conferences, conventions, and meetings$15,515$15,515$0$0
Interest$1,291,514$1,291,514$0$0
Depreciation, depletion, etc.$3,664$0$3,664$0
Other expenses not covered above$2,692,628$2,596,148$96,480$0
Balance Sheets
20062007
Total assets$41,860,822$55,033,372
Cash - non-interest-bearing$84,439$0
Savings and temporary cash investments$2,541,125$6,817,136
Accounts receivable less allowance for doubtful accounts$1,225,479$0
Pledges receivable less allowance for doubtful accounts$0$0
Grants receivable$14,705$2,081,478
Receivables from current and former officers, directors, trustees, and key employees$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$14,707,385$24,187,559
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$0$0
Investments - publicly-traded securities$14,540,657$15,820,963
Investments - other securities$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0
Investments - other$0$0
Land, buildings, and equipment less accumulated depreciation$0$32,972
Other assets, including program-related investments$8,747,032$6,093,264
Total liabilities$27,174,628$37,564,018
Accounts payable and accrued expenses$169$3,619,722
Grants payable$0$0
Deferred revenue$0$0
Loans from officers, directors, trustees, and key employees$0$0
Tax-exempt bond liabilities$0$0
Mortgages and other notes payable$24,800,000$33,944,296
Other liabilities$2,374,459$0
Total liabilities and net assets/fund balances$41,860,822$55,033,372
Total net assets or fund balances$14,686,194$17,469,354
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20062007
Total revenue$3,121,278$23,064,710
Total revenue, gains, and other support per audited financial statements$3,109,528$23,124,376
Other expenses$-11,750$59,666
Net unrealized gains on investments$-11,750$59,666
Donated services and use of facilities$0$0
Recoveries of prior year grants$0$0
Other$0$0
Other revenue$0$0
Investment expenses$0$0
Other$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20062007
Total expenses$5,443,746$19,700,511
Total expenses and losses per audited financial statements$5,443,746$19,700,511
Other revenue$0$0
Donated services and use of facilities$0$0
Prior year adjustments$0$0
Losses$0$0
Other$0$0
Other expenses$0$0
Investment expenses$0$0
Other$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
35$259,641$25,500$0
1$0$0$589
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings11
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?Yes
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?Yes
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200625
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$1,093,008$4,325,905
Program service revenue
Program service revenue 1000000$000$0$3,469,121
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$185,609$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$708,111$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$856,784
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$-53,620$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$252,908$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
134148223100%$2,375,039$424,828
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$145,725$14,472$0
$105,195$10,519$0
$104,725$10,372$0
$99,833$7,308$0
$92,519$6,814$0
Total number of other employees paid over $50,00011
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$93,655
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?Yes
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
20052006
Total$0$3,121,278
Gifts, grants, and contributions received$0$1,780,632
Membership fees received$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$271,428
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$1,069,218
Net income from unrelated business activities not included above$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0
Other income$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Number of organizations performing similar types of work
Alaska23
Alabama64
Arkansas29
Arizona41
California299
Colorado47
Connecticut39
District of Columbia35
Delaware8
Florida134
Georgia71
Hawaii27
Iowa63
Idaho15
Illinois108
Indiana79
Kansas46
Kentucky50
Louisiana73
Massachusetts46
Maryland54
Maine37
Michigan101
Minnesota55
Missouri99
Mississippi38
Montana36
North Carolina125
North Dakota13
Nebraska37
New Hampshire25
New Jersey61
New Mexico41
Nevada16
New York213
Ohio149
Oklahoma39
Oregon51
Pennsylvania173
Rhode Island6
South Carolina63
South Dakota34
Tennessee56
Texas168
Utah17
Virginia62
Vermont16
Washington47
Wisconsin61
West Virginia39
Wyoming14
International10
Total3,253

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