TRUFUND FINANCIAL SERVICES INC Charity Report

Public IRS 990 nonprofit record

TRUFUND FINANCIAL SERVICES INC

EIN 59-3814814 · Economic Development (S30)

What they do

TRUFUNDS (TFS) MISSION is to PROMOTE and FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES and AMONG DISADVANTAGED POPULATIONS. for MORE INFORMATION, SEE SCHEDULE O.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $73.20 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders27 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

65.43%of revenue went to mission work73.2% of expenses · Program services

5.77%of revenue went to fundraising6.5% of expenses

$89.34spent for every $100 of revenueRevenue covered expenses this year.

18.14%of revenue went to management and office costs20.3% of expenses

$3.43in assets for every $1 spent this yearSome assets cannot be spent right away.

73.0%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $414,353 for JAMES BASON (PRESIDENT - CHIEF EXECUTIVE OFFICER). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$16,334,961

Mission workProgram services$10,687,25965.43% of revenue73.2% of expenses

ManagementOffice and general costs$2,963,87918.14% of revenue20.3% of expenses

FundraisingAsking for donations$941,7985.77% of revenue6.5% of expenses

Revenue left after expensesReported annual surplus$1,742,02510.66% of revenueShown in gray on the chart

Total expenses$14,592,93689.34% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 73.2% mission · 20.3% management · 6.5% fundraisingTotal expenses: 89.34% of revenue

2023Expense mix: 65.0% mission · 30.8% management · 4.2% fundraisingTotal expenses: 88.13% of revenue

2022Expense mix: 60.4% mission · 35.4% management · 4.1% fundraisingTotal expenses: 60.07% of revenue

2019Expense mix: 61.4% mission · 36.6% management · 1.9% fundraisingTotal expenses: 216.03% of revenue

2018Expense mix: 68.8% mission · 29.9% management · 1.3% fundraisingTotal expenses: 120.27% of revenue

2017Expense mix: 81.1% mission · 17.4% management · 1.5% fundraisingTotal expenses: 121.83% of revenue

2016Expense mix: 77.9% mission · 19.1% management · 3.0% fundraisingTotal expenses: 273.36% of revenue

Money in and money out

Revenue$16,334,961

Expenses$14,592,936

Annual surplus $1,742,025 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$10,687,259 · 73.2% of expenses

Management and office costs$2,963,879 · 20.3% of expenses

Fundraising$941,798 · 6.5% of expenses

See all reported dollar amounts

Revenue$16,334,961

Expenses$14,592,936

Assets$50,002,432

Income$16,334,961

Contributions$11,928,056

Mission work (program services)$10,687,259

Fundraising$941,798

Grants given$1,697,114

Average grant$48,489

Management and general$2,963,879

Accounting fees$473,816

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

JAMES BASONPRESIDENT - CHIEF EXECUTIVE OFFICER · 35 hrs/week $414,353Base $413,686 · Other $667

DOMONICA L EDWARDSSENIOR VICE PRESIDENT · 35 hrs/week $222,260Base $220,310 · Other $1,950

MICHAEL VAUGHSVP - CHIEF CREDIT OFFICER · 35 hrs/week $218,948Base $216,998 · Other $1,950

SETH MANOFFSVP - DIR OF STRUCT LENDING & INVST · 35 hrs/week $213,850Base $203,342 · Other $10,508

AKIMIE CARTER EVANSSVP - MANAGING DIRECTOR NATL MARKET · 35 hrs/week $208,809Base $198,301 · Other $10,508

MATHEW SHAPIROSVP DIRECTOR OF RESOURCE DEVELOPMENT · 35 hrs/week $207,391Base $199,864 · Other $7,527

ROBERT BENITEZSVP - NATIONAL DIRECTOR OF LENDING · 35 hrs/week $204,566Base $198,243 · Other $6,323

KENNETH HARVEYSVP - INTERIM CFO - THROUGH NOV 2024 · 35 hrs/week $158,417Base $158,205 · Other $212

CHARLES FOSTERSVP- CFO - LEFT MAY 2024 · 35 hrs/week $101,833Base $96,455 · Other $5,378

STEPHANIE KABORE TURQUINSVP - CFO - JOINED NOV 2024 · 35 hrs/week $21,901Base $21,819 · Other $82

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (27)

JAMES BASONPRESIDENT - CHIEF EXECUTIVE OFFICER

DOMONICA L EDWARDSSENIOR VICE PRESIDENT

MICHAEL VAUGHSVP - CHIEF CREDIT OFFICER

SETH MANOFFSVP - DIR OF STRUCT LENDING & INVST

AKIMIE CARTER EVANSSVP - MANAGING DIRECTOR NATL MARKET

MATHEW SHAPIROSVP DIRECTOR OF RESOURCE DEVELOPMENT

ROBERT BENITEZSVP - NATIONAL DIRECTOR OF LENDING

KENNETH HARVEYSVP - INTERIM CFO - THROUGH NOV 2024

CHARLES FOSTERSVP- CFO - LEFT MAY 2024

STEPHANIE KABORE TURQUINSVP - CFO - JOINED NOV 2024

JONNEL DORRISBOARD MEMBER - JOINED SEPT 2024

WORLEY BARKERBOARD MEMBER

WENDI BOYENSECRETARY - JOINED JUNE 2024

TERRENCE CLARKCHAIRPERSON

RONALD TOROKBOARD MEMBER

MONICA BURCHBOARD MEMBER - JOINED DEC 2024

MARC THOMPSON JRTREASURER

KIMBERLY HARDYBOARD MEMBER

HEIDI HAMILTONBOARD MEMBER

GEORGE BUCHANAN IIIBOARD MEMBER

DR ADRIAN FRANCOBOARD MEMBER - LEFT FEBRUARY 2024

CHERI MORIAL AUSBERRYBOARD MEMBER

CHARLOTTE LEECHAIRPERSON - LEFT JULY 2024

CELAYNE HILLSECRETARY - LEFT JULY 2024

CARRA WALLACEBOARD MEMBER

CARMEN MANOYANBOARD MEMBER - LEFT JULY 2024

B SETH BRYANTBOARD MEMBER - JOINED SEPT 2024

About this charity

Recognized since: January 2005
Location: 39 WEST 37TH STREET 7TH FLOOR, NEW YORK, NY 10018
County: New York
In care of: STEPHANIE KABORE TURQUIN
Primary officer: STEPHANIE KABORE TURQUIN, SVP - CHIEF FINANCIAL OFFICER

How to reach them

WebsiteVisit the charity’s website EmailGeorgia@trufund.org Phone(212) 204-1328

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: KPMG LLP
NTEE classification: Economic Development (S30)
IRS tax category: Economic Development
Grant-giving organization: Yes