on a number of factors.
Ratings & Metrics
|Entity||Document Type||Tax ID|
|The Fortune Society||IRS Form 990||13-2645436|
|The Fortune Society||Audited Consolidated Financial Statements||Multiple|
Entity: The Fortune Society
Document Type: IRS Form 990
Tax ID: 13-2645436
Entity: The Fortune Society
Document Type: Audited Consolidated Financial Statements
Tax ID: Multiple
Governance & Transparency
|2||Stanley Richards||Executive VP||$223,956|
Name: Joanne Page
Name: Stanley Richards
Title: Executive VP
Name: Steven Hickman
CharityWatch's rating of The Fortune Society also includes the financial activities of the affiliates consolidated in The Fortune Society audited financial statements for the fiscal year ended June 30, 2020, including Fortune Housing Development Fund Corporation. All material intercompany transactions have been eliminated in the audit consolidation.
According to The Fortune Society (FSI) consolidated audit of June 30, 2020 (Note 9A, Loans Payable):
"On March 27, 2020, in response to COVID-19, the federal government passed the Coronavirus Aid, Relief, and Economic Stability Act ('CARES Act'). Among many other provisions, to help businesses retain employees, the CARES Act provides relief to qualifying businesses through a program called the Paycheck Protection Program ('PPP'). Participating in the PPP enables the business to obtain a loan from the Small Business Administration (SBA) sector of the government. If the proceeds from the loan are used for specified purposes, some or all of the loan can be forgiven.
"FSI applied for this loan through an SBA authorized lender. The loan, amounting to $3,863,500, was approved on April 18, 2020 and funded on April 20, 2020. If the forgiveness is not approved, the loan bears interest at a rate of 1% and matures on April 18, 2022...
"...Once the loan is forgiven in part o[r] wholly, and legal release is received, FSI will reduce the liability by the amount forgiven and record a gain on extinguishment."
According to The Fortune Society (FSI) consolidated audit of June 30, 2020 (Note 9B, Loans Payable):
"In December 2019, FSI obtained an emergency loan of $443,943 from the Fund for the City of New York for the sole purpose of covering operating expenses pending receipt of funds from the Mayor's Office of Criminal Justice. The loan was paid on August 5, 2020."
According to The Fortune Society consolidated audit of June 30, 2020 (Note 11D, Commitments and Contingencies):
"The COVID-19 pandemic remains an evolving situation. The extent of the impact of COVID-19 on Fortune's business and financial results will depend on future developments, including the duration and spread of the outbreak. Due to the changing business environment, unprecedented market volatility, and other circumstances resulting from the COVID-19 pandemic, Fortune is currently unable to fully determine the extent of COVID-19's impact on its operations in future periods. Fortune's performance in future periods will be heavily influenced by the timing, length, and intensity of the economic recoveries in the United States. Fortune continues to monitor evolving economic and general business conditions and the actual and potential impacts on their financial position and results of operations."