2024-05-09T02:26:26-05:00 2023-06-30 221478099 COHNREZNICK LLP 350 GRANITE STREET SUITE 1200 BRAINTREE MA 02184 990 2022-07-01 205660521 RCAP SOLUTIONS FINANCIAL SERVICES INC RCAP 8004881969 191 MAY STREET WORCESTER MA 01602 BRIAN SCALES PRESIDENT & CEO 8004881969 2024-05-08 1 BRIAN SCALES 999009999 1 JOLANTA TUCK CPA P01340068 7813803520 2024-05-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRIAN SCALES 191 MAY STREET WORCESTER MA 01602 215148 0 X WWW.RCAPSOLUTIONS.ORG X 2006 MA PROVIDE LOANS FOR INDIVIDUALS AND FAMILIES FOR HOME REPAIR AND FOR HELPING DISABLED FAMILIES. 9 8 0 0 0 0 20500 32000 126211 179097 141 251 3200 3800 150052 215148 0 0 0 0 0 0 0 0 0 122534 129303 122534 129303 27518 85845 13741762 14891250 13026239 14089882 715523 801368 X TO PROMOTE COMMUNITY DEVELOPMENT BY IMPROVING THE SOCIAL AND ECONOMIC CONDITIONS OF UNDER-SERVED PERSONS AND DISTRESSED COMMUNITIES AND TO DEVELOP AND FOSTER SELF-SUFFICIENCY AMONG SUCH PERSONS AND COMMUNITIES. TO IMPROVE THE QUALITY OF LIFE FOR LOW-INCOME FAMILIES AND COMMUNITIES BY PROVIDING AND DEVELOPING EDUCATIONAL PROGRAMS, SERVICES, FINANCIAL AND TECHNICAL ASSISTANCE INCLUDING LOANS AND GRANTS FOR HOUSING, PROTECTION OF THE ENVIRONMENT, HUMAN SERVICES AND COMMUNITY DEVELOPMENT INCLUDING SEWER AND WATER PROJECTS. 0 0 103585 182897 TO PROVIDE LOANS FOR INDIVIDUALS AND FAMILIES FOR HOME REPAIR AND FOR HELPING DISABLED FAMILIES AND SMALL BUSINESSES. 103585 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 25 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 MA X BRIAN SCALES 9786306647 191 MAY STREET WORCESTER MA 01602 BRIAN SCALES PRESIDENT & CEO/CLERK 6.00 42.50 X X 0 199051 12907 LAURA MCGEE CHAIR 1.00 6.00 X X 0 0 0 TRACEY WEEDEN VICE CHAIR 1.00 5.00 X X 0 0 0 KEN REID TREASURER 1.00 5.00 X X 0 0 0 CARL H ALLEN DIRECTOR 1.00 5.00 X 0 0 0 SUSAN BACHMAN DIRECTOR 1.00 5.00 X 0 0 0 JULIE CAROLL DIRECTOR 1.00 5.00 X 0 0 0 TIM GRINHAM DIRECTOR 1.00 5.00 X 0 0 0 HENRY NOEL JR DIRECTOR 1.00 5.00 X 0 0 0 0 199051 12907 0 0 1 0 CRAIG LAMICA 87 CLARK STREET SOUTHBRIDGE MA 01550 CONSTRUCTION 109520 1 32000 32000 ADMINISTRATION REVENUE 522291 179097 179097 179097 251 251 3800 3800 3800 215148 182897 0 251 X 19406 19406 82624 82624 545 545 3810 3662 148 21968 15804 6164 313 313 637 637 129303 103585 25718 0 6843 7394 2580172 3032390 3000 16000 11151747 11835466 13741762 14891250 90932 94653 12935307 13995229 13026239 14089882 X 715523 801368 715523 801368 13741762 14891250 85845 0 X 0 1 X 1 0 X X X 1 RCAP SOLUTIONS INC 042454675 7 0 103585 0 1 103585 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 PART IV, SECTION A, LINE 1: RCAP SOLUTIONS FINANCIAL SERVICES, INC. WAS CREATED TO PROVIDE FINANCIAL SERVICES THAT SPECIFICALLY COMPLEMENT THE ACTIVITIES OF AND BE CONSISTENT WITH THE OBJECTIVES OF RCAP SOLUTIONS, INC. THE ORGANIZATION HAS A HISTORIC AND CONTINUING RELATIONSHIP WITH RCAP SOLUTIONS, INC. THE TWO ORGANIZATIONS SHARE THE SAME BOARD OF DIRECTORS AND ARE INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF RCAP SOLUTIONS, INC. AND SUBSIDIARIES. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 CONTRACTS AND GRANTS REFUNDABLE 13932805 DUE TO RELATED PARTY 62424 13995229 X PART X, LINE 2: MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COMPANY AND HAS CONCLUDED THAT, AS OF JUNE 30, 2023, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURES IN THE CONSOLIDATED FINANCIAL STATEMENTS. GENERALLY, THE COMPANY'S INFORMATION/TAX RETURNS REMAIN OPEN FOR POSSIBLE FEDERAL INCOME TAX EXAMINATION FOR THREE YEARS AFTER THE FILING DATE. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE ("IRS"), TAX YEARS SINCE 2019 REMAIN OPEN. 0 0 0 0 0 0 0 0 0 BRIAN SCALES PRESIDENT & CEO/CLERK 0 192032 0 0 0 7019 0 11756 0 1151 0 211958 0 0 PART I, LINE 3 ANY INDIVIDUALS THAT RECEIVED COMPENSATION ON SCHEDULE J, PART II WERE COMPENSATED BY A RELATED ORGANIZATION DURING CALENDAR YEAR 2022. THE RELATED ORGANIZATION USED THE FOLLOWING METHODS TO ESTABLISH COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - FORM 990 OF OTHER ORGANIZATIONS - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990, PART VI, SECTION A, LINE 3 RCAP SOLUTIONS, INC. PROVIDES MANAGEMENT SERVICES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE PRESIDENT AND CEO. ONCE FINAL APPROVAL HAS BEEN OBTAINED, THE FORM 990 IS SUBMITTED TO THE BOARD OF DIRECTORS WEBSITE, REVIEWED BY THE COMPENSATION COMMITTEE, AND VOTED ON FOR APPROVAL. FILING IS COMPLETED BY RCAP SOLUTIONS' AUDITING FIRM (COHNREZNICK LLP). FORM 990, PART VI, SECTION B, LINE 12C RCAP SOLUTIONS FINANCIAL SERVICES, INC. FALLS UNDER THE RCAP SOLUTIONS, INC. UMBRELLA. RCAP SOLUTIONS INC CONDUCTS POLICY AND PROCEDURE TRAINING TO ALL EMPLOYEES AND STAFF ON AN ANNUAL BASIS. AS PART OF THE TRAINING THE RCAP SOLUTIONS CONFLICT OF INTEREST POLICY IS COVERED. ADDITIONALLY, ALL NEW EMPLOYEES UNDERGO A THOROUGH NEW EMPLOYEE ORIENTATION PROGRAM. AS PART OF THE ORIENTATION TRAINING THE RCAP SOLUTIONS CONFLICT OF INTEREST POLICY IS COVERED AS WELL AS THE REQUIREMENT FOR NEW EMPLOYEES TO COMPLETE AND SIGN THE RCAP SOLUTIONS CONFLICT OF INTEREST QUESTIONNAIRE. THIS TRAINING, COMPLIANCE AND MONITORING IS UNDER THE AUTHORITY OF THE RCAP SOLUTIONS' HUMAN RESOURCE DEPARTMENT. IN ADDITION, THE BOARD OF DIRECTORS CONDUCTS A REVIEW OF COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ANNUALLY EACH SEPTEMBER. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS HAS A COMPENSATION COMMITTEE WHICH REVIEWS AN ANNUAL STUDY PREPARED BY AN INDEPENDENT EXECUTIVE COMPENSATION CONSULTANT. THE CEO'S TOTAL COMPENSATION IS VOTED ON AND APPROVED BY THE CEO COMPENSATION COMMITTEE AND THEN BY THE FULL BOARD OF DIRECTORS ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST OR BY INSPECTION AT THE WORCESTER OFFICE. REQUESTS SHOULD BE DIRECTED TO THE PRESIDENT OF THE BOARD OF DIRECTORS. FORM 990, PART IX, LINE 11G MANAGEMENT SERVICES: PROGRAM SERVICE EXPENSES 82,624. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 82,624. 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