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Nonprofiteer
← NECTAR COMMUNITY INVESTMENTS INC

Form 990 for tax year 2023

Filed by NECTAR COMMUNITY INVESTMENTS INC.

Totals

Total revenue
$6,574,062
Total expenses
$5,652,803
Contributions and grants received
$5,689,344
Grants paid
$329,500
Program service revenue
$784,609
Investment income
$100,109
Other revenue
$0
Total assets, end of year
$20,012,349
Total liabilities, end of year
$10,726,172
Net assets or fund balances, end of year
$9,286,177
Program services expenses (Part IX)
$4,647,410
Management and general expenses
$1,005,393
Fundraising expenses
$0
Program service expenses (Part III)
$4,647,410

Program services were 82.2% 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

    $4,689,344

  • 2a · Program service revenue: INTEREST INCOME ON NOTES RECE

    total $525,884 · related or exempt $525,884

  • 2b · Program service revenue: LOAN SERVICE FEES

    total $162,798 · related or exempt $162,798

  • 2c · Program service revenue: TECHNICAL ASSISTANCE

    total $95,927 · related or exempt $95,927

  • 3 · Investment income

    total $100,109 · excluded $100,109

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $317,000 · program services $317,000

  • 2 · Grants to domestic individuals

    total $12,500 · program services $12,500

  • 5 · Compensation of officers, directors and key employees

    total $228,263 · program services $114,132 · management and general $114,131

  • 7 · Other salaries and wages

    total $1,110,647 · program services $886,847 · management and general $223,800

  • 8 · Pension plan contributions

    total $27,025 · program services $21,775 · management and general $5,250

  • 9 · Other employee benefits

    total $116,753 · program services $89,262 · management and general $27,491

  • 10 · Payroll taxes

    total $120,584 · program services $90,438 · management and general $30,146

  • 11b · Fees: legal

    total $59,793 · program services $44,845 · management and general $14,948

  • 11c · Fees: accounting

    total $341,446 · management and general $341,446

  • 11g · Fees: other

    total $1,490,144 · program services $1,386,890 · management and general $103,254

  • 12 · Advertising and promotion

    total $85,337 · program services $64,003 · management and general $21,334

  • 13 · Office expenses

    total $297,700 · program services $223,275 · management and general $74,425

  • 16 · Occupancy

    total $41,387 · program services $31,040 · management and general $10,347

  • 20 · Interest

    total $153,515 · program services $115,136 · management and general $38,379

  • 22 · Depreciation, depletion and amortization

    total $671 · program services $503 · management and general $168

  • 23 · Insurance

    total $1,095 · program services $821 · management and general $274

  • 24a · Other expenses: CREDIT LOSSES

    total $1,226,093 · program services $1,226,093

  • 24b · Other expenses: LOAN DOCUMENT FEES

    total $22,850 · program services $22,850

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,026,637 · end of year $6,053,680

  • 2 · Savings and temporary cash investments

    end of year $2,877,223

  • 3 · Pledges and grants receivable

    beginning of year $1,671,824 · end of year $1,032,669

  • 4 · Accounts receivable

    end of year $74,562

  • 7 · Other notes and loans receivable

    beginning of year $5,959,396 · end of year $7,542,828

  • 9 · Prepaid expenses and deferred charges

    beginning of year $129,743 · end of year $116,099

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

    $21,936

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

    $21,936

  • 10c · Land, buildings and equipment, net

    beginning of year $670

  • 11 · Investments: publicly traded securities

    beginning of year $10,318 · end of year $10,566

  • 13 · Investments: program-related

    end of year $1,701,852

  • 15 · Other assets

    beginning of year $652,077 · end of year $602,870

  • 17 · Accounts payable and accrued expenses

    beginning of year $849,693 · end of year $196,055

  • 19 · Deferred revenue

    beginning of year $12,000 · end of year $12,000

  • 21 · Escrow or custodial account liability

    beginning of year $54,438 · end of year $174,978

  • 23 · Secured mortgages and notes payable

    end of year $50,000

  • 24 · Unsecured notes and loans payable

    beginning of year $5,429,266 · end of year $10,106,243

  • 25 · Other liabilities

    beginning of year $82,202 · end of year $186,896

  • 27 · Net assets without donor restrictions

    beginning of year $5,766,543 · end of year $6,624,373

  • 28 · Net assets with donor restrictions

    beginning of year $2,256,523 · end of year $2,661,804

Mission and programs · 2023

Mission

GROW THE ASSETS AND WEALTH OF HISTORICALLY DISINVESTED INDIVIDUALS AND THEIR COMMUNITIES BY PROVIDING A COMBINATION OF ROBUST ADVICE, RESOURCED NETWORKS AND CAPITAL IN THE MERRIMACK VALLEY AND ACROSS MASSACHUSETTS.

  • THE ORGANIZATION PROVIDES BOTH CAPITAL AND ADVISORY SERVICES TO ENABLE UNDERSERVED BUSINESS OWNERS TO REACH THEIR FULL POTENTIAL AND BUILD WEALTH FOR THE OWNERS, FAMILIES, AND COMMUNITIES. THE ORGANIZATION OFFERS A RANGE OF LOW-COST, FLEXIBLE SMALL BUSINESS DEBT AND EQUITY CAPITAL PRODUCTS WITH TRAINING AND TECHNICAL ASSISTANCE THAT ADDRESS KEY FINANCING CHALLENGES.

    Expenses $2,556,000 · Grants $197,000 · Revenue $582,515

  • THE ORGANIZATION'S RESIDENTIAL LENDING PROGRAMS HELP HOMEOWNERS IMPROVE THE HEALTH AND QUALITY OF THEIR HOMES THROUGH A SUSTAINABLE LENS. LENDING PRODUCTS OFFERED ASSIST HOMEOWNERS WITH REPAIRS, LEAD REMOVAL, AND ENERGY- EFFICIENT UPGRADES NEEDED TO HELP TRANSITION THEIR HOMES TO CLEAN ENERGY.

    Expenses $1,115,410 · Grants $132,500 · Revenue $106,167

  • THE ORGANIZATION OPERATES THE BUSINESS EQUITY INITIATIVE (BEI) PROGRAM, WHICH PROVIDES BLACK AND LATINX BUSINESS OWNERS WITH QUALITY HIGH TOUCH ADVISORY SERVICES DEVELOPING BUSINESS OWNERS WITH A TRACK RECORD AND GROWTH TRAJECTORY POTENTIAL.

    Expenses $976,000 · Revenue $95,927

As filed on the 2023 return.

Listed in Part VII

  • Malia Lazu

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Yun-Ju Choi

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    5

  • Abel Vargas

    CLERK

    Total calculated
    $0
    Hours/week
    5

  • Kristen Harol

    ASSISTANT CL

    Total calculated
    $0
    Hours/week
    5

  • Lisa Kozol

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Lisa Torissi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Abbott Lawrence

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Nancy Stager

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Michele Witts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Arleen Zorrila

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Orlando Watkins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Matthew Hanson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Quincy Miller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Glynn Lloyd

    EXECUTIVE DI

    Total calculated
    $228,263
    From this org
    $215,449
    From related orgs
    $0
    Other
    $12,814
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,449
    Bonus
    not reported
    Other
    not reported
    Deferred
    $6,026
    Nontaxable benefits
    $6,788
    Filer's total
    $228,263

  • Alexandra Nova

    SR DIR STRAT

    Total calculated
    $125,747
    From this org
    $122,280
    From related orgs
    $0
    Other
    $3,467
    Hours/week
    40

  • Aaron Lackman

    COMMERCIAL L

    Total calculated
    $112,524
    From this org
    $102,829
    From related orgs
    $0
    Other
    $9,695
    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

None.

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

Provenance

Return type
form_990
Tax year
2023
Filed
10 June 2024
IRS schema version
2023v5.0
Source object
202421659349301602

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