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← PEOPLE INCORPORATED FINANCIAL SERVICES

Form 990 for tax year 2022

Filed by PEOPLE INCORPORATED FINANCIAL SERVICES.

Totals

Total revenue
$3,189,156
Total expenses
$2,848,713
Contributions and grants received
$1,643,806
Grants paid
$0
Program service revenue
$1,219,533
Investment income
$303,042
Other revenue
$22,775
Total assets, end of year
$11,055,198
Total liabilities, end of year
$3,245,573
Net assets or fund balances, end of year
$7,809,625
Program services expenses (Part IX)
$2,215,110
Management and general expenses
$633,603
Fundraising expenses
$0
Program service expenses (Part III)
$2,215,110

Program services were 77.8% 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.

  • 1e · Government grants (contributions)

    $1,625,453

  • 1f · All other contributions, gifts and grants

    $18,353

  • 2a · Program service revenue: HOUSING CLOSING FEES

    total $1,219,533 · related or exempt $1,219,533

  • 3 · Investment income

    total $303,042 · excluded $303,042

  • 11d · All other revenue

    total $22,775 · excluded $22,775

  • 11e · Other revenue, total

    $22,775

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $534,600 · program services $408,061 · management and general $126,539

  • 8 · Pension plan contributions

    total $11,309 · program services $8,725 · management and general $2,584

  • 9 · Other employee benefits

    total $149,777 · program services $115,556 · management and general $34,221

  • 10 · Payroll taxes

    total $47,206 · program services $36,420 · management and general $10,786

  • 11b · Fees: legal

    total $352 · management and general $352

  • 11c · Fees: accounting

    total $113,375 · program services $15,203 · management and general $98,172

  • 11g · Fees: other

    total $122,004 · program services $122,004

  • 12 · Advertising and promotion

    total $5,250 · program services $5,250

  • 13 · Office expenses

    total $4,199 · program services $4,199

  • 14 · Information technology

    total $52,483 · program services $52,483

  • 16 · Occupancy

    total $58,236 · program services $49,991 · management and general $8,245

  • 17 · Travel

    total $18,906 · program services $10,599 · management and general $8,307

  • 20 · Interest

    total $30,825 · program services $13,721 · management and general $17,104

  • 23 · Insurance

    total $8,030 · program services $7,436 · management and general $594

  • 24a · Other expenses: SPONSOR FEE

    total $900,000 · program services $900,000

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $603,069 · program services $316,828 · management and general $286,241

  • 24c · Other expenses: INDIRECT EXPENSE

    total $106,803 · program services $69,820 · management and general $36,983

  • 24d · Other expenses: REPAIRS AND MAINTENANCE

    total $21,074 · program services $18,151 · management and general $2,923

  • 24e · All other expenses

    total $61,215 · program services $60,663 · management and general $552

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,741,051 · end of year $501,393

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $1,465,612

  • 3 · Pledges and grants receivable

    beginning of year $519,178 · end of year $560,938

  • 7 · Other notes and loans receivable

    beginning of year $4,228,381 · end of year $5,564,927

  • 9 · Prepaid expenses and deferred charges

    beginning of year $261 · end of year $11,308

  • 12 · Investments: other securities

    beginning of year $15,000 · end of year $12,170

  • 15 · Other assets

    beginning of year $2,326,247 · end of year $2,938,850

  • 17 · Accounts payable and accrued expenses

    beginning of year $190,803 · end of year $134,869

  • 23 · Secured mortgages and notes payable

    beginning of year $2,120,637 · end of year $3,072,656

  • 25 · Other liabilities

    beginning of year $49,496 · end of year $38,048

  • 27 · Net assets without donor restrictions

    beginning of year $2,694,760 · end of year $2,415,080

  • 28 · Net assets with donor restrictions

    beginning of year $4,774,422 · end of year $5,394,545

Mission and programs · 2022

Mission

TO PROMOTE THE ECONOMIC SELF-SUFFICIENCY AND A BETTER QUALITY OF LIFE FOR THE CITIZENS OF THE REGION THROUGH SMALL BUSINESS OWNERSHIP, JOB CREATION, AND ASSET DEVELOPMENT. IN SUPPORT OF THIS GOAL, PEOPLE FINANCIAL SERVICES PROVIDES BUSINESS AND FINANCIAL LITERACY TRAINING, INDIVIDUAL TECHNICAL ASSISTANCE, AND MARKETING SERVICES TO ENTREPRENEURS AND OTHERS THROUGHOUT THE REGION.

  • BUSINESS AND FINANCIAL LITERACY TRAINING, INDIVIDUAL TECHNICAL ASSISTANCE, AND MARKETING SERVICES TO ENTREPRENEURS AND OTHERS THROUGHOUT THE REGION. 147 JOBS WERE CREATED OR RETAINED AS A RESULT OF COMMUNITY ECONOMIC DEVELOPMENT PROGRAM ACTIVITIES.BUSINESS LENDING: 239 ENTREPRENEURS RECEIVED SMALL BUSINESS DEVELOPMENT LENDING AND TRAINING SERVICES TO SUCCESSFULLY MANAGE THEIR OWN BUSINESS.CONSUMER LENDING: 754 INDIVIDUALS RECEIVED FINANCIAL LITERACY TRAINING AND ACCESS TO AFFORDABLE FINANCING TO MEET THEIR SHORT TERM NEEDS.

    Expenses $2,215,110 · Revenue $1,219,533

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

Listed in Part VII

  • Charlotte Mullins

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Billy Taylor

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Shelia Combs Tuggle

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • David McCracken

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • William Butler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Martin Dixon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peggy Kiser

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Alice Meade

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jan Selbo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Chris Shortridge

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Bryan Phipps

    CEO

    Total calculated
    $187,911
    From this org
    $0
    From related orgs
    $184,294
    Other
    $3,617
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $0 + $180,086 related
    Bonus
    $0
    Other
    $0 + $4,208 related
    Deferred
    $0 + $3,617 related
    Nontaxable benefits
    $0
    Filer's total
    $0 + $187,911 related

  • Janet Shrader

    VP OF FINANCE

    Total calculated
    $132,261
    From this org
    $0
    From related orgs
    $119,335
    Other
    $12,926
    Hours/week
    1 + 41 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

None.

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
13 May 2024
IRS schema version
2022v5.0
Source object
202401349349301005

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