Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,761,793

• 1f · All other contributions, gifts and grants

  $55,370

• 2a · Program service revenue: LENDING SERVICE & PROC

  total $2,192,880 · related or exempt $2,192,880

• 2b · Program service revenue: ECONOMIC DEVELOPMENT

  total $149,649 · related or exempt $149,649

• 3 · Investment income

  total $75,440 · excluded $75,440

• 6a · Gross rents

  real property $420,000

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $420,000

• 6d · Net rental income or loss

  total $420,000 · related or exempt $420,000

• 11a · Other revenue: ADMINISTRATIVE FEES

  total $179,996 · related or exempt $179,996

• 11b · Other revenue: BAD DEBTS RECOVERY

  total $2,000 · related or exempt $2,000

• 11c · Other revenue: OTHER INCOME

  total $604 · excluded $604

• 11e · Other revenue, total

  $182,600

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $51,230 · program services $51,230

• 5 · Compensation of officers, directors and key employees

  total $908,806 · program services $738,445 · management and general $170,361

• 7 · Other salaries and wages

  total $1,901,314 · program services $1,823,711 · management and general $55,204 · fundraising $22,399

• 8 · Pension plan contributions

  total $196,719 · program services $194,633 · fundraising $2,086

• 9 · Other employee benefits

  total $67,320 · program services $65,115 · fundraising $2,205

• 10 · Payroll taxes

  total $195,001 · program services $178,979 · management and general $14,388 · fundraising $1,634

• 11b · Fees: legal

  total $13,069 · program services $11,708 · management and general $1,361

• 11c · Fees: accounting

  total $82,696 · program services $29,900 · management and general $52,796

• 11g · Fees: other

  total $97,050 · program services $65,475 · management and general $31,575

• 12 · Advertising and promotion

  total $101,244 · program services $18,112 · management and general $4,419 · fundraising $78,713

• 13 · Office expenses

  total $52,584 · program services $38,413 · management and general $13,427 · fundraising $744

• 14 · Information technology

  total $76,255 · program services $55,944 · management and general $19,307 · fundraising $1,004

• 16 · Occupancy

  total $209,934 · program services $11,572 · management and general $198,362

• 17 · Travel

  total $81,992 · program services $65,693 · management and general $16,289 · fundraising $10

• 20 · Interest

  total $25,141 · program services $4,880 · management and general $20,261

• 22 · Depreciation, depletion and amortization

  total $241,453 · management and general $241,453

• 23 · Insurance

  total $37,344 · management and general $37,344

• 24a · Other expenses: DUES AND SUBSCRIPTIONS

  total $16,221 · program services $14,459 · management and general $1,762

• 24b · Other expenses: LENDING SERVICE EXPENSE

  total $9,546 · program services $9,541 · management and general $5

• 24c · Other expenses: RECRUITING

  total $2,292 · program services $67 · management and general $2,225

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $29,266 · end of year $109,947

• 2 · Savings and temporary cash investments

  beginning of year $2,334,722 · end of year $2,606,915

• 4 · Accounts receivable

  beginning of year $532,221 · end of year $596,262

• 7 · Other notes and loans receivable

  beginning of year $322,828 · end of year $273,714

• 9 · Prepaid expenses and deferred charges

  beginning of year $12,796 · end of year $9,567

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

  $7,065,934

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

  $4,186,745

• 10c · Land, buildings and equipment, net

  beginning of year $3,077,811 · end of year $2,879,189

• 12 · Investments: other securities

  beginning of year $119,755 · end of year $106,303

• 17 · Accounts payable and accrued expenses

  beginning of year $603,223 · end of year $646,612

• 19 · Deferred revenue

  beginning of year $509,450 · end of year $216,450

• 24 · Unsecured notes and loans payable

  beginning of year $1,184,732 · end of year $1,097,258

• 25 · Other liabilities

  beginning of year $127,171 · end of year $159,689

• 27 · Net assets without donor restrictions

  beginning of year $3,986,490 · end of year $4,461,888

• 28 · Net assets with donor restrictions

  beginning of year $18,333 · end of year $0

The filer's explanations (Part III)

PART I, LINE 3

THE COMPENSATION OF THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR IS ESTABLISHED BY UTILIZING COMPENSATION SURVEYS OF PROFESSIONAL HR CONSULTANTS AND TRADE ORGANIZATIONS, APPROVAL BY THE BOARD OF DIRECTORS, AND BY EXAMINING FORMS 990 FROM OTHER COMPARABLE ECONOMIC DEVELOPMENT ENTITIES. IN ADDITION, THE EXECUTIVE COMMITTEE MEETS ANNUALLY AND FROM TIME TO TIME WHEN NECESSARY TO ESTABLISH COMPENSATION LEVELS.