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Nonprofiteer
← FINANCE FUND CAPITAL CORPORATION

Form 990 for tax year 2022

Filed by FINANCE FUND CAPITAL CORPORATION.

Totals

Total revenue
$4,625,312
Total expenses
$1,704,237
Contributions and grants received
$2,202,500
Grants paid
$0
Program service revenue
$2,401,432
Investment income
$21,380
Other revenue
$0
Total assets, end of year
$63,622,826
Total liabilities, end of year
$41,478,307
Net assets or fund balances, end of year
$22,144,519
Program services expenses (Part IX)
$1,542,292
Management and general expenses
$161,945
Fundraising expenses
$0
Program service expenses (Part III)
$1,542,292

Program services were 90.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $2,202,500

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $2,233,942 · related or exempt $2,233,942

  • 2b · Program service revenue: PROGRAM INCOME

    total $167,490 · related or exempt $167,490

  • 3 · Investment income

    total $21,380 · excluded $21,380

Functional expenses

Part IX, the statement of functional expenses.

  • 13 · Office expenses

    total $26,263 · management and general $26,263

  • 20 · Interest

    total $895,292 · program services $895,292

  • 24a · Other expenses: ASSET MANAGEMENT EXPENS

    total $600,000 · program services $477,000 · management and general $123,000

  • 24b · Other expenses: HEALTHY FOOD OHIO & PRO

    total $170,000 · program services $170,000

  • 24c · Other expenses: OTHER

    total $12,682 · management and general $12,682

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,783,644 · end of year $20,689,861

  • 4 · Accounts receivable

    beginning of year $292,348 · end of year $169,023

  • 7 · Other notes and loans receivable

    beginning of year $43,031,706 · end of year $42,763,942

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,947,315 · end of year $603,307

  • 19 · Deferred revenue

    beginning of year $1,500,000 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $35,818,365 · end of year $40,875,000

  • 25 · Other liabilities

    beginning of year $200,000 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $19,642,018 · end of year $22,144,519

Mission and programs · 2022

Mission

FINANCE FUND CAPITAL CORPORATION (FCAP) IS A NONPROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) THAT FORMS PUBLIC- PRIVATE PARTNERSHIPS WITH FINANCIAL INSTITUTIONS, INVESTORS, CHARITABLE FOUNDATIONS, COMMUNITY ORGANIZATIONS AND FEDERAL, STATE AND LOCAL GOVERNMENTS TO PROVIDE FLEXIBLE FINANCING THAT SUPPORTS ECONOMIC DEVELOPMENT AND JOB CREATION IN LOW-INCOME COMMUNITIES. FCAP'S BORROWERS INCLUDE COMMUNITY-BASED NONPROFIT ORGANIZATIONS AND FOR PROFIT BUSINESSES.

Activities or mission (Part I)

FINANCE FUND CAPITAL CORPORATION PROVIDES ACCESS TO CAPITAL TO PROMOTE DEVELOPMENT IN LOW-INCOME COMMUNITIES.

  • FINANCE FUND CAPITAL CORPORATION OFFERS A VARIETY OF DIFFERENT LOAN FUNDS TO FORM PUBLIC-PRIVATE PARTNERSHIPS BY PROVIDING FLEXIBLE FINANCING THAT SUPPORTS ECONOMIC DEVELOPMENT AND JOB CREATION IN LOW-INCOME COMMUNITIES. THESE LOAN FUNDS AND PROGRAMS INCLUDE THE SMALL BUSINESS LOAN FUND, COMMUNITY HEALTH LOAD FUND, HEALTHY FOODS, AND SBA COMMUNITY ADVANTAGE LOAN PROGRAMS.

    Expenses $1,542,292 · Revenue $2,401,432

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jerry Katz

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Ryan Miller

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Phillip Smith

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Mary Burke Rivers

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • D R Gossett

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Carole Grimes

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Greg Kiger

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Randy Runyon

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Thomas Winston

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Brian Heitkamp

    BOARD OF DIRECTORS

    Total calculated
    $0
    Hours/week
    1

  • Diana Turoff

    PRESIDENT AND CEO

    Total calculated
    $454,992
    From this org
    $0
    From related orgs
    $449,992
    Other
    $5,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $449,992 related
    Deferred
    $0 + $5,000 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $454,992 related

  • Andrew Swary

    EVP, GENERAL COUNSEL

    Total calculated
    $324,744
    From this org
    $0
    From related orgs
    $319,744
    Other
    $5,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $319,744 related
    Deferred
    $0 + $5,000 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $324,744 related

  • Matt Frank

    CHIEF FINANCIAL OFFICER

    Total calculated
    $291,512
    From this org
    $0
    From related orgs
    $286,512
    Other
    $5,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $286,512 related
    Deferred
    $0 + $5,000 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $291,512 related

  • Jeff Mohrman

    EVP REAL ESTATE

    Total calculated
    $412,256
    From this org
    $0
    From related orgs
    $407,256
    Other
    $5,000
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $407,256 related
    Deferred
    $0 + $5,000 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $412,256 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
31 July 2023
IRS schema version
2022v5.0
Source object
202322129349301237

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