2024-10-24T07:34:55-05:00 2023-12-31 991856619 GRANT THORNTON ADVISORS LLC 757 THIRD AVENUE 9TH FLOOR NEW YORK NY 100172013 990 2023-01-01 208497991 GRAMEEN AMERICA INC GRAM 7187040424 82-11 37TH AVENUE 607 JACKSON HEIGHTS NY 11372 LUCAS RAMIREZ CFO 7187040424 2024-10-24 1 0 SCOTT THOMPSETT P00741490 2125990100 2023 2024-10-15 13:58:12Z ANDREA JUNG 82-11 37TH AVENUE 607 JACKSON HEIGHTS NY 11372 93437785 0 X WWW.GRAMEENAMERICA.ORG X 2007 MA GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN. (SEE SCHEDULE O) 15 14 376 14 0 0 15675525 41864274 29834476 40382850 242751 660219 644091 477065 46396843 83384408 2130000 680000 0 0 16335454 20171646 0 0 885854 9825366 12091387 28290820 32943033 18106023 50441375 278769129 374435374 128932655 174138759 149836474 200296615 X SEE SCHEDULE O. 0 0 30824505 680000 40382850 GRAMEEN AMERICA IS DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN BUILD SMALL BUSINESSES TO CREATE BETTER LIVES FOR THEMSELVES AND THEIR FAMILIES. WE OFFER MICROLOANS, TRAINING AND SUPPORT TO TRANSFORM COMMUNITIES AND FIGHT POVERTY IN THE UNITED STATES. IN JUNE 2023, A RELATED ORGANIZATION GRAMEEN PRIMACARE, INC. WAS DISSOLVED, AND THE OPERATIONS WERE TAKEN ON BY GRAMEEN AMERICA, INC. THE OPERATIONS TAKEN ON INCLUDED HEALTH PROMOTION SERVICES TO GRAMEEN AMERICA MEMBERS. 30824505 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 70 0 1 376 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA FL IL MD MA MI NJ NY PA SC TN GA X X JOEL SHTEIR CPA 7187040359 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 ANDREA JUNG PRESIDENT & CEO 37.50 2.50 X X 628494 0 20915 PROFESSOR MUHAMMAD YUNUS CO-CHAIR 5.00 0.00 X X 0 0 8413 JOHN F MEGRUE CO-CHAIR 0.50 0.00 X X 0 0 0 MICHAEL D GRANOFF DIRECTOR 0.50 0.00 X 0 0 0 VIDAR J JORGENSEN DIRECTOR 0.50 0.00 X 0 0 0 KAREN PRITZKER DIRECTOR 0.50 0.10 X 0 0 0 MAHMOUD MAMDANI DIRECTOR 0.50 0.00 X 0 0 0 BENJAMIN FARKAS DIRECTOR 0.50 0.00 X 0 0 0 ABDUL HAI KHAN DIRECTOR (THRU 03/2023) 0.50 0.00 X 0 0 0 ROBERT ANNIBALE DIRECTOR 0.50 0.00 X 0 0 0 NANDITA BAKHSHI DIRECTOR 0.50 0.00 X 0 0 0 LORI DICKERSON FOUCHE DIRECTOR 0.50 0.00 X 0 0 0 JENNIFER R JACKSON DIRECTOR 0.50 0.00 X 0 0 0 MARIA C ALONSO DIRECTOR (AS OF 06/2023) 0.50 0.00 X 0 0 0 TASMINA RAHMAN DIRECTOR (AS OF 06/2023) 0.50 0.00 X 0 0 0 ADRIANA P TORRES DIRECTOR (AS OF 06/2023) 0.50 0.00 X 0 0 0 MIRIAM BENITEZ NIEVES SEC. & VP OF LEGAL 40.00 0.00 X 214550 0 18061 DAVID GOUGH EXEC VP & CFO (THRU 03/2023) 39.00 1.00 X 94760 0 4789 LUCAS RAMIREZ CFO (AS OF 03/2023) 39.00 1.00 X 316109 0 4280 RAJITHA SWAMINATHAN VP, PROGRAM STRATEGY & MEMBER SVCS 40.00 0.00 X 208737 0 21277 JILL MONUM VP, DEVELOPMENT & MARKETING 40.00 0.00 X 223686 0 5801 DIANA SACCHI CHIEF HUMAN RESOURCES OFFICER 40.00 0.00 X 276013 0 21336 PATRICIA CHOI CHIEF TECHNOLOGY OFFICER 40.00 0.00 X 277430 0 17782 HABIB CHOWDHURY VP, NATIONAL OPERATIONS 40.00 0.00 X 222986 0 39933 ALETHIA MENDEZ DIVISION PRESIDENT 40.00 0.00 X 241908 0 16876 MARCUS BERKOWITZ CHIEF PRODUCT & INNOVATION OFFICER 40.00 0.00 X 217483 0 25638 2922156 0 205101 26 0 1 0 INVAR TECHNOLOGIES INC 110 DUANE STREET APT 1C NEW YORK NY 10007 IT SERVICES 1190243 ENDAVA INC 125 OLD BROAD STREET LONDON UK EC2N 1AR IT SERVICES 1090260 BOSTON CONSULTING GROUP 1075 PEACHTREE ST NE 3800 ATLANTA GA 30309 STRATEGIC CONSULTING 375000 GRANT THORNTON LLP 445 BROAD HOLLOW ROAD SUITE 300 MELVILLE NY 11747 ACCOUNTING SERVICES 133308 4 71070 6065578 35727626 10043301 41864274 INTEREST ON MICROLOANS 520000 40382850 40382850 40382850 1486996 1486996 9226600 10053377 -826777 -826777 -826777 PARTICIPATION INCOME 900099 308217 308217 REIMBURSED EXPENSES 900099 116942 116942 MANAGEMENT FEE 900099 30000 30000 21906 21906 477065 83384408 40382850 0 1137284 680000 680000 1759871 1335329 141668 282874 15637330 14797537 459927 379866 210817 188786 13553 8478 1164470 1116314 18131 30025 1399158 1308464 39583 51111 143265 143265 232973 232973 1405778 1216873 96765 92140 102676 89251 9952 3473 853706 822557 22428 8721 1659970 1580467 79503 842109 837509 4200 400 497137 444134 25269 27734 3714152 3713086 1066 121234 121234 148644 126347 22297 BAD DEBT EXPENSE 1791949 1791949 EQUIP. RENTAL & MAINT. 112926 105171 7485 270 STAFF DEVELOPMENT 81403 69193 12193 17 FILING FEES 51186 51186 332279 285853 45681 745 32943033 30824505 1232674 885854 33669407 40162619 31622846 56480021 7125461 5068334 20406 20979 1750222 1645673 1819850 121234 386508 1698616 203233715 267578522 960564 1780610 278769129 374435374 3121662 4505426 125810993 169633333 128932655 174138759 X 124559229 171631244 25277245 28665371 149836474 200296615 278769129 374435374 50441375 18766 0 X 0 1 X 1 1 1 X 28206183 43135716 27786990 15675525 41864274 156668688 28206183 43135716 27786990 15675525 41864274 156668688 53694299 102974389 245113 354164 85759 246976 1486996 2419008 269005 548966 335215 644091 477065 2274342 161362038 118881659 0.63820 0.72860 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: REBATES/REWARDS - 2019 AMOUNT: $ 171,844. 2020 AMOUNT: $ 147,366. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 0. REIMBURSEMENT OF EXPENSES - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 94,982. 2021 AMOUNT: $ 50,498. 2022 AMOUNT: $ 128,500. 2023 AMOUNT: $ 116,942. PARTICIPATION INCOME - 2019 AMOUNT: $ 70,634. 2020 AMOUNT: $ 252,386. 2021 AMOUNT: $ 145,064. 2022 AMOUNT: $ 443,991. 2023 AMOUNT: $ 308,217. MANAGEMENT FEE - 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 60,000. 2022 AMOUNT: $ 60,000. 2023 AMOUNT: $ 30,000. MISCELLANEOUS INCOME - 2019 AMOUNT: $ 26,527. 2020 AMOUNT: $ 54,232. 2021 AMOUNT: $ 79,653. 2022 AMOUNT: $ 11,600. 2023 AMOUNT: $ 21,906. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1819850 121234 1698616 1698616 PROGRAM LOANS, NET OF ALLOWANCE 266578522 C INVESTMENT IN GASBF II 1000000 C 267578522 X 84551809 18766 1148635 1167401 83384408 0 83384408 34091668 1148635 1148635 32943033 0 32943033 PART X, LINE 2: THE ORGANIZATION FOLLOWS GUIDANCE THAT CLARIFIES ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS IF THE POSITION IS MORE-LIKELY-THAN-NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE ORGANIZATION HAS PROCESSES IN PLACE TO ENSURE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED BUSINESS INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE ORGANIZATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. IN ADDITION, THE ORGANIZATION HAS NOT RECORDED A PROVISION FOR INCOME TAXES AS IT HAS NO MATERIAL TAX LIABILITY FROM UNRELATED BUSINESS INCOME ACTIVITIES. 1 GRAMEEN PRIMACARE INC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 463181224 501(C)(3) 530000 0 PROGRAM SUPPORT RISING TIDE CAPITAL INC 311 MARTIN LUTHER KING DRIVE JERSEY CITY NJ 07305 113720098 501(C)(3) 150000 0 PROGRAM SUPPORT 2 0 PART I, LINE 2: IN CALENDAR YEAR 2023, GRAMEEN AMERICA MADE GRANTS TO A RELATED PARTY, GRAMEEN PRIMACARE, INC. TO SUPPORT ITS OPERATIONAL ACTIVITIES. BOTH ORGANIZATIONS SHARE AN OVERLAPPING BOARD OF DIRECTORS WHO GOVERN AND OVERSEE EACH ORGANIZATION'S DAILY ACTIVITIES AND ENSURE THAT GRANTED FUNDS ARE USED TO FURTHER THEIR STATED EXEMPT MISSION. DUE TO THE NATURE OF THIS RELATIONSHIP WITH GRAMEEN PRIMACARE, GRAMEEN AMERICA HAS DETAILED KNOWLEDGE OF HOW GRANT FUNDS ARE EXPENDED. OTHER GRANTS WERE MADE TO ANOTHER 501(C)(3) ORGANIZATION, WHICH GRAMEEN AMERICA ENTERED INTO A RELATIONSHIP WITH FOR THE PURPOSE OF FULFILLING A SHARED MISSION RELATED ACTIVITY, ALLOWING GRAMEEN AMERICA TO VERIFY FUNDS WERE SPENT ON PURPOSES SPECIFIED IN THE GRANT AGREEMENT. X 1 1 X X X 0 0 0 0 0 0 0 1 0 ANDREA JUNG PRESIDENT & CEO 496250 0 130000 0 2244 0 9423 0 11492 0 649409 0 0 0 LUCAS RAMIREZ CFO (AS OF 03/2023) 262412 0 53500 0 197 0 3681 0 599 0 320389 0 0 0 DIANA SACCHI CHIEF HUMAN RESOURCES OFFICER 231475 0 43350 0 1188 0 7138 0 14198 0 297349 0 0 0 PATRICIA CHOI CHIEF TECHNOLOGY OFFICER 241177 0 36253 0 0 0 7317 0 10465 0 295212 0 0 0 HABIB CHOWDHURY VP, NATIONAL OPERATIONS 186798 0 35000 0 1188 0 5929 0 34004 0 262919 0 0 0 ALETHIA MENDEZ DIVISION PRESIDENT 203674 0 38055 0 179 0 6221 0 10655 0 258784 0 0 0 MARCUS BERKOWITZ CHIEF PRODUCT & INNOVATION OFFICER 178821 0 38500 0 162 0 2994 0 22644 0 243121 0 0 0 MIRIAM BENITEZ NIEVES SEC. & VP OF LEGAL 184531 0 28800 0 1219 0 5690 0 12371 0 232611 0 0 0 RAJITHA SWAMINATHAN VP, PROGRAM STRATEGY & MEMBER SVCS 171575 0 37000 0 162 0 5289 0 15988 0 230014 0 0 0 JILL MONUM VP, DEVELOPMENT & MARKETING 187416 0 36000 0 270 0 5202 0 599 0 229487 0 0 0 PART I, LINE 1A GRAMEEN AMERICA, INC. PERMITS PROFESSOR YUNUS, CHAIRMAN AND ANDREA JUNG, THE PRESIDENT & CEO TO FLY FIRST CLASS WHEN THEY ARE TRAVELING ON MATTERS PERTAINING TO THE ORGANIZATION'S MISSION. PART I, LINE 7 IN CALENDAR YEAR 2023, GRAMEEN AMERICA PROVIDED BONUSES TO VARIOUS INDIVIDUALS REPORTED ON THE FORM 990 UPON MEETING CERTAIN OBJECTIVE PERFORMANCE-BASED CRITERIA AS OUTLINED IN THE ORGANIZATION'S COMPENSATION POLICY. THE PRESIDENT AND CEO SETS ALL PERFORMANCE OBJECTIVES AND APPROVES ALL BONUSES AT YEAR END. THESE PAYMENTS ARE REPORTED IN SCHEDULE J, PART II, COLUMN (B)(II). X 2 10043301 FMV 0 1 1 PART I, COLUMN (B): THE NUMBER REPORTED IN PART I, COLUMN (B) REFLECTS THE NUMBER OF CONTRIBUTIONS RECEIVED. PART I, LINE 32: TO THE EXTENT THAT THE ORGANIZATION RECEIVES CONTRIBUTIONS OF STOCK, THE ORGANIZATION USES ITS INVESTMENT BROKER TO CONVERT THOSE STOCKS INTO CASH. FORM 990, PART I AND PART III: FOUNDED BY NOBEL PEACE PRIZE RECIPIENT MUHAMMAD YUNUS, GRAMEEN AMERICA, INC. (GAI) IS A SECTION 501(C)(3) NONPROFIT MICROFINANCE ORGANIZATION DEDICATED TO HELPING LOW INCOME ENTREPRENEURIAL WOMEN BUILD SMALL BUSINESSES TO CREATE BETTER LIVES FOR THEMSELVES AND THEIR FAMILIES. THE ORGANIZATION OFFERS MICROLOANS, TRAINING AND SUPPORT TO TRANSFORM COMMUNITIES AND FIGHT POVERTY IN THE UNITED STATES. SINCE OPENING IN JANUARY 2008, GRAMEEN AMERICA HAS INVESTED OVER $3.8 BILLION IN MORE THAN 188,000 LOW-INCOME WOMEN ENTREPRENEURS. STARTED IN JACKSON HEIGHTS, QUEENS, NYC, GRAMEEN AMERICA HAS EXPANDED TO 32 LOCATIONS. LEARN MORE AT WWW.GRAMEENAMERICA.ORG. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION IN CONJUNCTION WITH ITS OUTSIDE ACCOUNTING FIRM. UPON COMPLETION, IT IS REVIEWED BY SENIOR MANAGEMENT AND SHARED WITH THE BOARD OF DIRECTORS. THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS VIA EMAIL TO ENSURE THAT ALL MEMBERS ARE AWARE OF ITS CONTENTS. ONCE THE BOARD APPROVES THE 990 FOR FILING, IT IS SUBMITTED ELECTRONICALLY TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY APPLIES TO TRUSTEES, OFFICERS, EMPLOYEES, AND ANY OTHER PERSON WHO WAS IN A POSITION TO EXERCISE SUBSTANTIAL INFLUENCE OVER THE AFFAIRS OF GAI. ON AN ANNUAL BASIS, CONFLICT OF INTEREST QUESTIONNAIRES ARE DISTRIBUTED TO TRUSTEES, OFFICERS, AND KEY EMPLOYEES. POTENTIAL CONFLICTS OF INTEREST INVOLVING TRUSTEES, OFFICERS, AND KEY EMPLOYEES ARE REPORTED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE DETERMINES WHETHER A CONFLICT OF INTEREST EXISTS AND EVALUATES CONFLICT OF INTEREST TRANSACTIONS. THE EXECUTIVE COMMITTEE ALSO REVIEWS EXISTING CONFLICTS OF INTEREST ON AN ANNUAL BASIS. AN INDIVIDUAL INVOLVED, DIRECTLY OR INDIRECTLY, IN AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST TRANSACTION MAY NOT PARTICIPATE IN ANY DISCUSSION OF THE RELEVANT TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PAID TO GRAMEEN AMERICA'S PRESIDENT AND CEO IS APPROVED BY THE BOARD OF DIRECTORS IN ACCORDANCE WITH THE ORGANIZATION'S GOVERNING DOCUMENTS. COMPENSATION LEVELS ARE ESTABLISHED WITHIN COMPETITIVE RANGES DETERMINED VIA A COMPENSATION STUDY PERFORMED IN JANUARY 2022 WHICH INCLUDED COMPARISONS WITH SIMILAR ORGANIZATIONS AND LOCAL MARKET CONDITIONS. GRAMEEN AMERICA, INC. RELIES UPON COMPARABILITY DATA FROM SIMILAR NOT-FOR-PROFIT ORGANIZATIONS WITHIN ITS GEOGRAPHIC AREA TO DETERMINE THE COMPENSATION OF ITS OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GAI MAKES ITS FORM 990, ANNUAL FINANCIAL STATEMENTS, ANNUAL REPORT AND MISSION STATEMENT AVAILABLE ON ITS WEBSITE AT WWW.GRAMEENAMERICA.ORG. THE ORGANIZING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AND AT MANAGEMENT'S DISCRETION. GA FUND MANAGER LLC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 832270372 FUND MANAGER DE 0 0 GRAMEEN AMERICA GRAMEEN ELEVATE HOLDINGS LLC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 874020094 HOLDING COMPANY DE 0 0 GRAMEEN AMERICA GRAMEEN ELEVATE LLC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 874019244 MICROLENDING DE 0 0 GRAMEEN ELEVATE HOLDINGS LLC GRAMEEN PRIMACARE INC (THRU 062023) 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 11372 463181224 HEALTH CARE NY 501(C)(3) LINE 7 GRAMEEN AMERICA 1 GRAMEEN AMERICA (NY) INC 82-11 37TH AVENUE SUITE 607 JACKSON HEIGHTS NY 10001 INACTIVE NY GRAMEEN AMERICA C 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 1 GRAMEEN PRIMACARE INC B 530000 FMV GRAMEEN PRIMACARE INC L 30000 FMV GRAMEEN PRIMACARE INC Q 165914 FMV GRAMEEN PRIMACARE INC S 71070 FMV SCHEDULE R, PART II IN JUNE OF 2023, GRAMEEN PRIMACARE, INC. WAS DISSOLVED AND ITS OPERATIONS WERE ABSORBED BY GRAMEEN AMERICA, INC. SCHEDULE R, PART I GRAMEEN ELEVATE HOLDINGS, LLC AND GRAMEEN ELEVATE, LLC WERE FORMED IN DECEMBER OF 2021 TO ACCELERATE GRAMEEN'S COMMITMENT TO RACIAL EQUITY. ELEVATE ACTS AS A RESEARCH AND DEVELOPMENT PROJECT AIMED AT IDENTIFYING AND OPERATIONALIZING REFINEMENTS TO ITS MICROLOAN PROGRAM THAT WILL ALLOW FOR SCALING UP AS NEEDED. GRAMEEN IS UNABLE TO ISOLATE SPECIFIC REVENUE AND ASSET INFORMATION TO REPORT IN SCHEDULE R, PART I FOR THE GRAMEEN ELEVATE HOLDINGS, LLC AND GRAMEEN ELEVATE, LLC ENTITIES, BUT THE TOTAL ELEVATE PROGRAM INTEREST INCOME FOR 2023 WAS $199K, AND TOTAL MICROLOAN PORTFOLIO WAS $1.4M. ADDITIONALLY, IT IS IMPORTANT TO NOTE THAT ALL OF BOTH ELEVATE ENTITIES' FINANCIAL ACTIVITIES ARE REPORTED IN THE FORM 990. THE ELEVATE INITIATIVE WILL ULTIMATELY BE FOLDED INTO GRAMEEN'S CORE OPERATIONS AND BOTH DISREGARDED ENTITIES WILL BE DISSOLVED.