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Nonprofiteer
← NORTH PHILADELPHIA FINANCIAL PARTNERSHIP

Form 990 for tax year 2024

Filed by NORTH PHILADELPHIA FINANCIAL PARTNERSHIP.

Totals

Total revenue
$1,799,334
Total expenses
$1,275,616
Contributions and grants received
$1,102,497
Grants paid
$0
Program service revenue
$286,852
Investment income
$409,985
Other revenue
$0
Total assets, end of year
$10,397,675
Total liabilities, end of year
$2,108,905
Net assets or fund balances, end of year
$8,288,770
Program services expenses (Part IX)
$935,021
Management and general expenses
$340,595
Fundraising expenses
$0
Program service expenses (Part III)
$935,021

Program services were 73.3% 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)

    $1,102,497

  • 2a · Program service revenue: LOAN INTEREST

    total $233,833 · related or exempt $233,833

  • 2b · Program service revenue: LOAN ORIGINATION FEES

    total $27,178 · related or exempt $27,178

  • 2c · Program service revenue: RECOVERY OF EXPENSES

    total $24,608 · related or exempt $24,608

  • 2d · Program service revenue: OTHER INCOME

    total $1,233 · related or exempt $1,233

  • 3 · Investment income

    total $233,957 · excluded $233,957

  • 7a · Gross sales of assets other than inventory

    securities $1,198,531

  • 7b · Less cost or other basis and sales expenses

    securities $1,022,503

  • 7c · Gain or loss

    securities $176,028

  • 7d · Net gain or loss

    total $176,028 · excluded $176,028

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $241,493 · program services $181,120 · management and general $60,373

  • 7 · Other salaries and wages

    total $379,196 · program services $284,397 · management and general $94,799

  • 8 · Pension plan contributions

    total $18,910 · program services $14,183 · management and general $4,727

  • 9 · Other employee benefits

    total $66,215 · program services $49,661 · management and general $16,554

  • 10 · Payroll taxes

    total $52,751 · program services $39,563 · management and general $13,188

  • 11c · Fees: accounting

    total $38,920 · management and general $38,920

  • 11f · Fees: investment management

    total $35,577 · management and general $35,577

  • 12 · Advertising and promotion

    total $27,144 · program services $27,144

  • 13 · Office expenses

    total $13,287 · program services $9,844 · management and general $3,443

  • 14 · Information technology

    total $7,282 · program services $5,525 · management and general $1,757

  • 16 · Occupancy

    total $51,221 · program services $38,079 · management and general $13,142

  • 19 · Conferences, conventions and meetings

    total $3,361 · program services $680 · management and general $2,681

  • 20 · Interest

    total $43,117 · management and general $43,117

  • 22 · Depreciation, depletion and amortization

    total $4,550 · management and general $4,550

  • 23 · Insurance

    total $18,988 · program services $14,241 · management and general $4,747

  • 24a · Other expenses: PROGRAM DEVLOPMENT

    total $97,438 · program services $97,438

  • 24b · Other expenses: BAD DEBTS

    total $83,544 · program services $83,544

  • 24c · Other expenses: LENDING EXPENSES

    total $80,614 · program services $80,614

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $7,472 · program services $7,472

  • 24e · All other expenses

    total $4,536 · program services $1,516 · management and general $3,020

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $440,672 · end of year $601,925

  • 2 · Savings and temporary cash investments

    beginning of year $428,822 · end of year $189,370

  • 7 · Other notes and loans receivable

    beginning of year $3,331,372 · end of year $3,828,612

  • 10a · Land, buildings and equipment: cost or other basis

    $123,040

  • 10b · Land, buildings and equipment: accumulated depreciation

    $109,531

  • 10c · Land, buildings and equipment, net

    beginning of year $5,813 · end of year $13,509

  • 11 · Investments: publicly traded securities

    beginning of year $4,722,451 · end of year $5,119,710

  • 15 · Other assets

    beginning of year $28,105 · end of year $644,549

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,775 · end of year $6,597

  • 19 · Deferred revenue

    beginning of year $46,281 · end of year $27,320

  • 24 · Unsecured notes and loans payable

    beginning of year $1,130,000 · end of year $1,435,635

  • 25 · Other liabilities

    beginning of year $30,076 · end of year $639,353

  • 27 · Net assets without donor restrictions

    beginning of year $2,689,636 · end of year $3,053,986

  • 28 · Net assets with donor restrictions

    beginning of year $5,057,467 · end of year $5,234,784

Mission and programs · 2024

Mission

TO FACILITATE ECONOMIC EMPOWERMENT AND FINANCIAL SELF-SUFFICIENCY FOR THE RESIDENTS LIVING IN DISTRESSED COMMUNITIES OF PHILADELPHIA.

  • TO PROVIDE DEBT FINANCING AND BUSINESS SUPPORT SERVICES TO ENTREPRENEURS, BUSINESSES AND NON-PROFIT ORGANIZATIONS THAT ARE LOCATED OR SEEK TO LOCATE WITHIN THE THE DISTRESSED COMMUNITIES OF PHILADELPHIA.

    Expenses $935,021 · Revenue $286,852

As filed on the 2024 return.

Listed in Part VII

  • Ben Gilbert

    CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Shirley L Coker Esq

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    3

  • Marnicia Devore

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • Margaret A Cobb

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • Lisa Corbin

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Tausha Saunders

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Larrico Owens

    EXECUTIVE DIRECTOR

    Total calculated
    $241,493
    From this org
    $236,589
    From related orgs
    $0
    Other
    $4,904
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $200,130
    Bonus
    $36,459
    Other
    $0
    Deferred
    $4,904
    Nontaxable benefits
    $0
    Filer's total
    $241,493

  • Milton K Lawrence

    SENIOR LOAN OFFICER

    Total calculated
    $143,536
    From this org
    $126,106
    From related orgs
    $0
    Other
    $17,430
    Hours/week
    40

  • Cheryl Merritt

    SMALL BUSINESS ADVISOR

    Total calculated
    $128,509
    From this org
    $107,853
    From related orgs
    $0
    Other
    $20,656
    Hours/week
    40

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 · Form 990 of other organizations
  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
11 May 2026
IRS schema version
2024v5.5
Source object
202601319349303825

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