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Nonprofiteer
← FLAGSHIP ENTERPRISE CAPITAL

Form 990 for tax year 2023

Filed by FLAGSHIP ENTERPRISE CAPITAL.

Totals

Total revenue
$767,074
Total expenses
$475,903
Contributions and grants received
$650,000
Grants paid
$0
Program service revenue
$7,808
Investment income
$109,266
Other revenue
$0
Total assets, end of year
$1,931,090
Total liabilities, end of year
$496,874
Net assets or fund balances, end of year
$1,434,216
Program services expenses (Part IX)
$421,167
Management and general expenses
$54,736
Fundraising expenses
$0
Program service expenses (Part III)
$421,167

Program services were 88.5% 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

    $650,000

  • 2a · Program service revenue: MICROLOAN INCOME

    total $7,808 · related or exempt $7,808

  • 3 · Investment income

    total $109,266 · related or exempt $109,266

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $57,888 · program services $57,888

  • 11b · Fees: legal

    total $14,991 · management and general $14,991

  • 11c · Fees: accounting

    total $9,299 · program services $9,299

  • 12 · Advertising and promotion

    total $14 · program services $14

  • 13 · Office expenses

    total $99,907 · program services $99,458 · management and general $449

  • 16 · Occupancy

    total $27,513 · management and general $27,513

  • 20 · Interest

    total $8,342 · program services $8,342

  • 23 · Insurance

    total $11,783 · management and general $11,783

  • 24a · Other expenses: BAD DEBTS

    total $133,441 · program services $133,441

  • 24b · Other expenses: LOAN FEES

    total $83,182 · program services $83,182

  • 24c · Other expenses: CONSULTING

    total $25,000 · program services $25,000

  • 24d · Other expenses: BANK CHARGES

    total $2,504 · program services $2,504

  • 24e · All other expenses

    total $2,039 · program services $2,039

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $404,767 · end of year $367,335

  • 4 · Accounts receivable

    beginning of year $4,810 · end of year $8,805

  • 7 · Other notes and loans receivable

    beginning of year $1,223,228 · end of year $1,344,904

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,140 · end of year $9,309

  • 15 · Other assets

    beginning of year $0 · end of year $200,737

  • 17 · Accounts payable and accrued expenses

    end of year $28,586

  • 23 · Secured mortgages and notes payable

    beginning of year $379,339 · end of year $232,657

  • 25 · Other liabilities

    beginning of year $109,633 · end of year $235,631

  • 27 · Net assets without donor restrictions

    beginning of year $1,051,973 · end of year $1,434,216

  • 28 · Net assets with donor restrictions

    beginning of year $100,000 · end of year $0

Mission and programs · 2023

Mission

TO BE A MISSION DRIVEN FINANCIAL INSTITUTION THAT HELPS PROVIDE FINANCIAL SERVICES TO MEET THE NEEDS OF ECONOMICALLY DISADVANTAGED BUSINESSES AND INDIVIDUALS IN UNDERSERVED COMMUNITIES.

Activities or mission (Part I)

A MISSION DRIVEN FINANCIAL INSTITUTION THAT HELPS PROVIDE FINANCIAL SERVICES TO MEET THE NEEDS OF ECONOMICALLY DISADVANTAGED BUSINESSES AND INDIVIDUALS IN UNDERSERVED COMMUNITIES.

  • IN THE FISCAL YEAR ENDING MAY 31, 2024, FLAGSHIP ENTERPRISE CAPITAL CLOSED 25 NEW LOANS. OF THESE LOANS, 9 WERE DISBURSED TO MINORITIES, 5 TO WOMEN-OWNED BUSINESSES, 1 TO VETERANS, 10 TO START-UP ENTERPRISES, AND 1 TO LOW-INCOME BUSINESSES. ADDITIONALLY, FLAGSHIP ENTERPRISE CAPITAL PROVIDED 488 HOURS OF TECHNICAL ASSISTANCE TO ITS CLIENTS.

    Expenses $421,167 · Revenue $117,074

As filed on the 2023 return.

Listed in Part VII

  • Barbara Alder

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1.5

  • William Birdsong

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Annette Phillips

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Mathew Foley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jadira Hoptry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Stephanie Roland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

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.

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
2023
Filed
12 February 2025
IRS schema version
2023v6.0
Source object
202530509349300023

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