Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: FEE INCOME ON LOAN ACT

  total $5,444,906 · related or exempt $5,444,906

• 2b · Program service revenue: FORGIVEN INTEREST

  total $709,749 · related or exempt $709,749

• 11a · Other revenue: OTHER REVENUE

  total $7,619 · excluded $7,619

• 11e · Other revenue, total

  $7,619

Functional expenses

Part IX, the statement of functional expenses.

• 11b · Fees: legal

  total $52,500 · management and general $52,500

• 11c · Fees: accounting

  total $23,452 · management and general $23,452

• 11g · Fees: other

  total $29,463 · management and general $29,463

• 13 · Office expenses

  total $665 · management and general $665

• 16 · Occupancy

  total $10,818 · management and general $10,818

• 17 · Travel

  total $5,508 · management and general $5,508

• 24a · Other expenses: GOVERNMENT TAXES

  total $5,031 · management and general $5,031

• 24b · Other expenses: FOREIGN EX. REAL. LOSS

  total $723 · management and general $723

• 24c · Other expenses: IMPAIRMENT LOSS

  total $633 · management and general $633

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,055,694 · end of year $4,399,852

• 2 · Savings and temporary cash investments

  beginning of year $79,858,949 · end of year $59,632,917

• 3 · Pledges and grants receivable

  beginning of year $58,163 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $54,744 · end of year $251

• 17 · Accounts payable and accrued expenses

  beginning of year $682,047 · end of year $588,771

• 24 · Unsecured notes and loans payable

  beginning of year $42,846,141 · end of year $42,228,967

• 25 · Other liabilities

  beginning of year $26,683,280 · end of year $365,719

• 27 · Net assets without donor restrictions

  beginning of year $14,816,082 · end of year $20,849,563

The filer's explanations (Part III)

PART I, LINE 1:

PGMF MAY HAVE PROVIDED A HOUSING ALLOWANCE TO ENSURE EXPATRIATE STAFF HAD ACCESS TO MODEST HOUSING IN A SAFE ENVIRONMENT. THIS ALLOWANCE INCLUDED UTILITIES SUCH AS HEAT, ELECTRICITY, FUEL/GAS, AND WATER; MANDATORY TAXES, INSURANCE, AND FEES; AND OTHER ALLOWABLE AND APPROVE EXPENSES SUCH AS GENERATORS AND AIR CONDITIONERS. PGMF USED THE U.S. DEPARTMENT OF STATE STANDARD REGULATIONS TO DETERMINE REASONABLENESS FOR PURPOSES OF DETERMINING A BASELINE HOUSING ALLOWANCE FOR EACH COUNTRY IN WHICH QUALIFIED STAFF IS WORKING.

PART I, LINE 3:

COMPENSATION FOR THE CEO THAT WAS ESTABLISHED AND PAID BY PACT, INC. USED THE FOLLOWING TO ESTABLISH THE TOP MANAGEMENT OFFICIAL'S COMPENSATION: 1) COMPENSATION COMMITTEE; 2)COMPENSATION SURVEY OR STUDY; AND 3) APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

PART I, LINE 7:

IN 2023, PGMF FORMER EMPLOYEES WERE PAID NONFIXED RETENTION BONUSES. PGMF WAS A MICROFINANCE BUSINESS AND, AS SUCH, FOLLOWED THE STANDARDS OF THE MICROFINANCE INDUSTRY FOR SALARIES AND RETENTION PAYMENTS. PGMF OPERATIONS BEGAN TO WIND DOWN IN JANUARY 2023. THE RETENTION PAYMENTS WERE REQUIRED TO RETAIN PGMF SENIOR MANAGEMENT THROUGH THE CLOSE OUT OF OPERATIONS.