Form 990 for tax year 2022

Filed by RIVER CITY CAPITAL INVESTMENT CORP.

Totals

Total revenue: $1,690,280
Total expenses: $578,486
Contributions and grants received: $1,690,280
Grants paid: $0
Program service revenue: $0
Investment income: $0
Other revenue: $0
Total assets, end of year: $5,591,636
Total liabilities, end of year: $2,351,368
Net assets or fund balances, end of year: $3,240,268
Program services expenses (Part IX): $116,725
Management and general expenses: $461,761
Fundraising expenses: $0
Program service expenses (Part III): $116,725

Program services were 20.2% 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)

$1,000,000
1f · All other contributions, gifts and grants

$690,280
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

7 · Other salaries and wages

total $346,155 · program services $51,923 · management and general $294,232 · fundraising $0
11b · Fees: legal

total $772 · program services $0 · management and general $772 · fundraising $0
14 · Information technology

total $45,129 · program services $6,769 · management and general $38,360 · fundraising $0
16 · Occupancy

total $16,200 · program services $2,430 · management and general $13,770 · fundraising $0
22 · Depreciation, depletion and amortization

total $12,496 · program services $1,874 · management and general $10,622 · fundraising $0
23 · Insurance

total $14,437 · program services $2,166 · management and general $12,271 · fundraising $0
24a · Other expenses: Grant Contract expense

total $7,200 · program services $7,200 · management and general $0 · fundraising $0
24b · Other expenses: Consulting fees

total $38,400 · program services $5,760 · management and general $32,640 · fundraising $0
24c · Other expenses: Marketing

total $5,932 · program services $890 · management and general $5,042 · fundraising $0
24d · Other expenses: Interest on loans

total $35,526 · program services $5,329 · management and general $30,197 · fundraising $0
24e · All other expenses

total $56,239 · program services $32,384 · management and general $23,855 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,614,201 · end of year $1,216,895
2 · Savings and temporary cash investments

beginning of year $150,000
3 · Pledges and grants receivable

beginning of year $134,230 · end of year $1,250,000
4 · Accounts receivable

end of year $194,808
5 · Loans and receivables from officers and key people

beginning of year $142,645
7 · Other notes and loans receivable

beginning of year $1,403,574 · end of year $2,882,869
10a · Land, buildings and equipment: cost or other basis

$47,064
10c · Land, buildings and equipment, net

beginning of year $57,148 · end of year $47,064
17 · Accounts payable and accrued expenses

beginning of year $348,324 · end of year $41,368
23 · Secured mortgages and notes payable

beginning of year $525,000 · end of year $525,000
24 · Unsecured notes and loans payable

beginning of year $1,500,000 · end of year $1,785,000
27 · Net assets without donor restrictions

beginning of year $200,054 · end of year $1,160,764
28 · Net assets with donor restrictions

beginning of year $1,928,420 · end of year $2,079,504

Mission and programs · 2022

Mission

River City Capital LLC is a CDFI(Community Development Financial Institution) with a dedicated mission to accelerate shared prosperity & revitalization in underserved communities through the provisions of capital in Memphis & Shelby County. We provide programming & platforms that enhance both readiness for and access to capital up to $250,000 for underserved entrepreneurs in low to moderate income communities of Memphis, TN.

Activities or mission (Part I)

Loan funding and financial services in distressed, lower-income communities.

Expenses $116,725 · Grants $7,200 · Revenue $1,690,280

As filed on the 2022 return.

Listed in Part VII

Luther Mercer

President

Total calculated

$51,923

From this org

$51,923

From related orgs

$0

Other

$0

Hours/week

4
Gwyn Fisher

Chairperson

Total calculated

$0

Hours/week

2
Michelle Couch

Secretary

Total calculated

$0

Hours/week

2
Mr Mark Yates

Board Member

Total calculated

$0

Hours/week

2
Mr Phillip May

Treasurer

Total calculated

$0

Hours/week

2
Mr Sean Norris

Board Member

Total calculated

$0

Hours/week

3
Mr Joshua Poag

Chairman

Total calculated

$0

Hours/week

3
John Daniel

Vice Chairman

Total calculated

$0

Hours/week

3
Trey McKnight

Board Member

Total calculated

$0

Hours/week

3
Carlee Mc Cullough

Board Member

Total calculated

$0

Hours/week

3
Andrea Johnson

Board Member

Total calculated

$0

Hours/week

3
Larry Neal Jr

Board Member

Total calculated

$0

Hours/week

3

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.

Provenance

Return type: form_990
Tax year: 2022
Filed: 7 February 2024
IRS schema version: 2022v5.0
Source object: 202430439349301663

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