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Nonprofiteer
← PARTNER COMMUNITY CAPITAL INC

Form 990 for tax year 2022

Filed by PARTNER COMMUNITY CAPITAL INC.

Totals

Total revenue
$8,661,679
Total expenses
$6,551,077
Contributions and grants received
$4,522,585
Grants paid
$0
Program service revenue
$3,983,272
Investment income
$155,822
Other revenue
$0
Total assets, end of year
$78,991,667
Total liabilities, end of year
$52,875,446
Net assets or fund balances, end of year
$26,116,221
Program services expenses (Part IX)
$6,161,472
Management and general expenses
$353,071
Fundraising expenses
$36,534
Program service expenses (Part III)
$6,161,472

Program services were 94.1% 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)

    $3,033,835

  • 1f · All other contributions, gifts and grants

    $1,488,750

  • 2a · Program service revenue: INTEREST INCOME FROM N

    total $3,605,567 · related or exempt $3,605,567

  • 2b · Program service revenue: FEE INCOME ON LOANS

    total $319,463 · related or exempt $319,463

  • 2c · Program service revenue: PROJECT INCOME

    total $58,092 · related or exempt $58,092

  • 2d · Program service revenue: OTHER FEES

    total $150 · related or exempt $150

  • 3 · Investment income

    total $155,822 · excluded $155,822

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $431,104 · program services $400,928 · management and general $25,866 · fundraising $4,310

  • 7 · Other salaries and wages

    total $1,109,163 · program services $1,031,521 · management and general $66,550 · fundraising $11,092

  • 9 · Other employee benefits

    total $396,069 · program services $368,344 · management and general $23,764 · fundraising $3,961

  • 10 · Payroll taxes

    total $152,414 · program services $141,745 · management and general $9,145 · fundraising $1,524

  • 11a · Fees: management

    total $847,703 · program services $788,364 · management and general $50,862 · fundraising $8,477

  • 11b · Fees: legal

    total $38,415 · program services $11,817 · management and general $26,598

  • 11c · Fees: accounting

    total $63,965 · program services $3,500 · management and general $60,465

  • 11f · Fees: investment management

    total $14,497 · management and general $14,497

  • 11g · Fees: other

    total $684,504 · program services $684,504

  • 12 · Advertising and promotion

    total $165,447 · program services $153,866 · management and general $9,927 · fundraising $1,654

  • 13 · Office expenses

    total $165,194 · program services $153,630 · management and general $9,912 · fundraising $1,652

  • 14 · Information technology

    total $175,401 · program services $163,123 · management and general $10,524 · fundraising $1,754

  • 16 · Occupancy

    total $116,741 · program services $108,569 · management and general $7,005 · fundraising $1,167

  • 17 · Travel

    total $43,249 · program services $40,222 · management and general $2,595 · fundraising $432

  • 19 · Conferences, conventions and meetings

    total $18,080 · program services $16,814 · management and general $1,085 · fundraising $181

  • 20 · Interest

    total $1,473,837 · program services $1,473,837

  • 23 · Insurance

    total $32,300 · management and general $32,300

  • 24a · Other expenses: CHANGE IN PROVISION FOR

    total $413,230 · program services $413,230

  • 24b · Other expenses: LOAN ORIGINATION

    total $95,192 · program services $95,192

  • 24c · Other expenses: LOAN WORKOUT AND OTHER

    total $64,644 · program services $64,644

  • 24d · Other expenses: PAYROLL PROCESSING FEES

    total $26,605 · program services $24,742 · management and general $1,596 · fundraising $267

  • 24e · All other expenses

    total $23,323 · program services $22,880 · management and general $380 · fundraising $63

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,094,427 · end of year $3,886,051

  • 2 · Savings and temporary cash investments

    beginning of year $15,088,303 · end of year $13,639,876

  • 3 · Pledges and grants receivable

    beginning of year $1,047,859 · end of year $1,132,790

  • 4 · Accounts receivable

    beginning of year $288,554 · end of year $321,350

  • 9 · Prepaid expenses and deferred charges

    beginning of year $82,353 · end of year $54,355

  • 13 · Investments: program-related

    beginning of year $50,235,524 · end of year $59,845,290

  • 15 · Other assets

    beginning of year $0 · end of year $111,955

  • 17 · Accounts payable and accrued expenses

    beginning of year $315,278 · end of year $624,282

  • 23 · Secured mortgages and notes payable

    beginning of year $3,531,304 · end of year $3,322,307

  • 24 · Unsecured notes and loans payable

    beginning of year $42,910,419 · end of year $47,478,031

  • 25 · Other liabilities

    beginning of year $1,074,400 · end of year $1,450,826

  • 27 · Net assets without donor restrictions

    beginning of year $15,233,898 · end of year $15,636,722

  • 28 · Net assets with donor restrictions

    beginning of year $8,771,721 · end of year $10,479,499

Mission and programs · 2022

Mission

FOCUSING ON ECONOMICALLY DISTRESSED AREAS, PCAP CATALYZES ENVIRONMENTALLY SUSTAINABLE DEVELOPMENT BY PROVIDING AFFORDABLE, FLEXIBLE CAPITAL AND ADVISORY SERVICES TO SMALL AND EMERGING BUSINESSES THAT CREATE EMPLOYMENT. THROUGH ITS BUSINESS SUPPORT, FIELD BUILDING AND POLICY ACTIVITIES, PCAP EMPLOYS A HOLISTIC APPROACH TO ADDRESS THE COMPLEX, INTERWOVEN ISSUES INHERENT IN POVERTY ALLEVIATION, RURAL DEVELOPMENT AND ENVIRONMENTAL SUSTAINABILITY. AS A PRACTITIONER OF SUSTAINABLE DEVELOPMENT, PCAP DEMONSTRATES METHODS THAT HELP BUSINESSES, INDIVIDUALS AND COMMUNITIES ACHIEVE TANGIBLE CHANGES THAT RESULT IN ENHANCED PERSONAL OR COMMUNITY ASSETS.

Activities or mission (Part I)

CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL & TECHNICAL ASSISTANCE FOR SMALL BUSINESSES.

  • LENDING PROGRAM: PCAP IS A SPECIALIZED, NICHE LENDER FOR START-UP AND EARLY STAGE SMALL BUSINESSES IN UNDERSERVED MARKETS. THE PRIMARY GOAL OF ITS LOAN PROGRAMS IS TO CREATE OR RETAIN FULL-TIME PRIVATE SECTOR JOBS. PCAP PROVIDES MICROLOANS IN AMOUNTS FROM $1,000 TO $50,000 AND BUSINESS LOANS SIZED FROM $50,000 TO $1,500,000. PCAP IS APPROVED AS A UNITED STATES DEPARTMENT OF AGRICULTURE (USDA) BUSINESS & INDUSTRY (B & I) GUARANTEED LENDER, GIVING IT THE ABILITY TO PARTICIPATE IN TRANSACTIONS UP TO $2.5 MILLION.PCAP'S BUSINESS CLIENTS ARE PREDMOMINATELY LOCATED IN ECONOMICALLY DISTRESSED RURAL COMMUNITIES AND ARE UNABLE TO ACCESS CAPITAL FROM TRADITIONAL SOURCES. TARGET SECTORS INCLUDE, BUT ARE NOT LIMITED TO: ENVIRONMENTAL SERVICES, LOCAL FOOD SYSTEM INFRASTRUCTURE, HERITAGE AND RECREATION-BASED TOURISM, VALUE-ADDED AGRICULTURE, RENEWABLE ENERGY, ENERGY EFFICIENCY, RECYCLING, WATER CONSERVATION AND TREATMENT, SECONDARY FOREST PRODUCTS, NATURAL MEDICINES, GREEN BUILDING, CRITICAL COMMUNITY SERVICES, AND TECHNOLOGIES THAT SUPPORT THE SUSTAINABLE USE OF NATURAL RESOURCES. PCAP PURSUES TRIPLE BOTTOM LINE (TBL) SMALL BUSINESS DEVELOPMENT AS A MEANS TO RESPONSIBLY CREATE WEALTH IN DISTRESSED COMMUNITIES. SMALL AND MID-SIZED BUSINESSES CAN DEMONSTRATE THE VIABILITY OF UTILIZING NATURAL ASSETS RESPONSIBLY, WHILE OFFERING OPPORTUNITIES IN LOW INCOME COMMUNITIES TO BUILD WEALTH THROUGH THE CREATION OF LIVING WAGE JOBS WITH BENEFITS AND SKILL BUILDING OPPORTUNITIES. WHILE PCAP SPECAILIZES IN FINANCING TBL COMPANIES, IT RECOGNIZES THAT ECONOMICALLY AND ENVIRONMENTALLY HEALTHY COMMUNITIES REQUIRE A DIVERSE RANGE OF BUSINESS AND SERVICES, SO PCAP EXPANDED ITS WORK.

    Expenses $4,380,917 · Revenue $3,925,030

  • STRATEGIC INITIATIVES PROGRAM: PCAP'S STRATEGIC INITIATIVES USE TARGETED FUNDING AND PARTNERSHIPS WITH SMALL BUSINESS-RELATED OR SECTOR-SPECIFIC COMMUNITY PARTNERS TO DEVOTE ADDED RESOURCES TO PARTICULAR SECTORS OR CONSTITUENCIES WITHIN PCAP'S STATED MISSION. THESE INITIATIVES FREQUENTLY COMBINE PCAP'S LOAN CAPITAL WITH TARGETED BUSINESS ADVISORY SERVICES IN ORDER TO ENSURE BORROWER SUCCESS.

    Expenses $1,780,555 · Revenue $58,242

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

Listed in Part VII

  • Evan Smith

    DIRECTOR, ENDED 6/22/2022

    Total calculated
    $315,421
    From this org
    $0
    From related orgs
    $284,239
    Other
    $31,182
    Hours/week
    3 + 34.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $226,239 related
    Bonus
    $0 + $58,000 related
    Other
    $0
    Deferred
    $0 + $21,460 related
    Nontaxable benefits
    $0 + $9,722 related
    Filer's total
    $0 + $315,421 related

  • Erik Meyers

    DIRECTOR, ENDED 6/22/2022

    Total calculated
    $284,702
    From this org
    $0
    From related orgs
    $254,652
    Other
    $30,050
    Hours/week
    3 + 34.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $218,052 related
    Bonus
    $0 + $36,600 related
    Other
    $0
    Deferred
    $0 + $20,840 related
    Nontaxable benefits
    $0 + $9,210 related
    Filer's total
    $0 + $284,702 related

  • Wm A Tony Hayes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Jeffrey Lusk

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • Ray Daffner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Archie Hart

    DIRECTOR, ENDED 6/22/2022

    Total calculated
    $0
    Hours/week
    1

  • Roberta McCullough

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • Lisa Dennison

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Julia Malinowski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karen Jacobson

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Vickie Lee Parker-High

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jarrell J Deaver Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Amy King Condaras

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Curtis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Marten R Jenkins Jr

    PRESIDENT

    Total calculated
    $232,150
    From this org
    $128,284
    From related orgs
    $65,201
    Other
    $38,665
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $128,284 + $39,201 related
    Bonus
    $0 + $26,000 related
    Other
    $0
    Deferred
    $0 + $15,990 related
    Nontaxable benefits
    $17,623 + $5,052 related
    Filer's total
    $145,907 + $86,243 related

  • Rosalind Black

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $158,283
    From this org
    $110,163
    From related orgs
    $36,620
    Other
    $11,500
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $110,163 + $31,620 related
    Bonus
    $0 + $5,000 related
    Other
    $0
    Deferred
    $0 + $11,500 related
    Nontaxable benefits
    $0
    Filer's total
    $110,163 + $48,120 related

  • Hannah Vargason

    ASSISTANT TREASURER ENDED 8/22/2022

    Total calculated
    $90,090
    From this org
    $44,387
    From related orgs
    $30,873
    Other
    $14,830
    Hours/week
    37.5

  • Carolyn Koldos

    ASSISTANT SECRETARY

    Total calculated
    $63,491
    From this org
    $40,090
    From related orgs
    $16,012
    Other
    $7,389
    Hours/week
    37.5

  • Jessie Maxwell

    SENIOR VICE PRESIDENT, START 3/15/22

    Total calculated
    $86,952
    From this org
    $72,382
    From related orgs
    $5,217
    Other
    $9,353
    Hours/week
    37.5

  • Anna Tefft

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $183,603
    From this org
    $107,135
    From related orgs
    $51,465
    Other
    $25,003
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $107,135 + $36,465 related
    Bonus
    $0 + $15,000 related
    Other
    $0
    Deferred
    $0 + $14,500 related
    Nontaxable benefits
    $8,184 + $2,319 related
    Filer's total
    $115,319 + $68,284 related

  • Erika McGilley

    SENIOR VICE PRESIDENT

    Total calculated
    $155,575
    From this org
    $87,477
    From related orgs
    $43,563
    Other
    $24,535
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $87,477 + $28,563 related
    Bonus
    $0 + $15,000 related
    Other
    $0
    Deferred
    $0 + $11,540 related
    Nontaxable benefits
    $9,468 + $3,527 related
    Filer's total
    $96,945 + $58,630 related

  • Kevin O'Connor

    SENIOR VICE PRESIDENT

    Total calculated
    $117,816
    From this org
    $69,304
    From related orgs
    $31,138
    Other
    $17,374
    Hours/week
    37.5

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. 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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 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

The filer's explanations (Part III)

PART I, LINE 3:
PARTNER COMMUNITY CAPITAL ENGAGED IN AN INDEPENDENT COMPENSATION CONSULTANT TO ESTABLISH THE CEO/PRESIDENT COMPENSATION. THE PARTNER COMMUNITY CAPITAL BOARD OF DIRECTORS APPROVES THE COMPENSATION RECOMMENDATION.

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
10 August 2023
IRS schema version
2022v5.0
Source object
202302229349302410

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