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Nonprofiteer
← INVEST PGH INC

Form 990 for tax year 2022

Filed by INVEST PGH INC.

Totals

Total revenue
$501,040
Total expenses
$727,331
Contributions and grants received
$415,000
Grants paid
$295,000
Program service revenue
$85,384
Investment income
$656
Other revenue
$0
Total assets, end of year
$7,002,856
Total liabilities, end of year
$6,031,905
Net assets or fund balances, end of year
$970,951
Program services expenses (Part IX)
$673,435
Management and general expenses
$53,896
Fundraising expenses
$0
Program service expenses (Part III)
$673,435

Program services were 92.6% 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)

    $415,000

  • 2a · Program service revenue: INTEREST & LENDING FEE

    total $85,384 · related or exempt $85,384

  • 3 · Investment income

    total $656 · excluded $656

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $295,000 · program services $295,000

  • 7 · Other salaries and wages

    total $1,027 · management and general $1,027

  • 11b · Fees: legal

    total $5,950 · management and general $5,950

  • 11c · Fees: accounting

    total $22,571 · management and general $22,571

  • 11g · Fees: other

    total $29,591 · program services $29,591

  • 12 · Advertising and promotion

    total $8,367 · program services $8,367

  • 13 · Office expenses

    total $8,369 · management and general $8,369

  • 17 · Travel

    total $3,921 · program services $3,921

  • 20 · Interest

    total $75,664 · program services $61,335 · management and general $14,329

  • 23 · Insurance

    total $1,650 · management and general $1,650

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $131,751 · program services $131,751

  • 24b · Other expenses: URA ADMINISTRATIVE FEES

    total $122,115 · program services $122,115

  • 24c · Other expenses: TECHNICAL ASSISTANCE

    total $19,855 · program services $19,855

  • 24d · Other expenses: SPONSORSHIPS

    total $1,500 · program services $1,500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,869,999 · end of year $5,239,591

  • 4 · Accounts receivable

    beginning of year $380 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,398,380 · end of year $1,753,265

  • 9 · Prepaid expenses and deferred charges

    beginning of year $146 · end of year $10,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $140,084 · end of year $125,998

  • 23 · Secured mortgages and notes payable

    beginning of year $4,931,579 · end of year $5,905,907

  • 27 · Net assets without donor restrictions

    beginning of year $61,172 · end of year -$214,455

  • 28 · Net assets with donor restrictions

    beginning of year $1,136,070 · end of year $1,185,406

Mission and programs · 2022

Mission

INVEST PGH IS A NONPROFIT AND COMMUNITY DEVELOPMENT FINANCIALINSTITUTION (CDFI) ORGANIZATION THAT AIDS SMALL BUSINESS AND AFFORDABLEHOUSING INITIATIVES THROUGHOUT THE CITY OF PITTSBURGH. CREATED IN 2020,INVEST PGH SEEKS TO FUNDRAISE AND PROVIDE CAPITAL AND TECHNICALASSISTANCE FOR SMALL BUSINESSES. INVEST PGH'S MICRO-ENTERPRISE LOANPROGRAMS PROVIDE FUNDS FOR MICRO-BORROWERS TO START UP OR EXPAND THEIRBUSINESSES THROUGHOUT PITTSBURGH. IT ALSO SERVES AS A CLEARINGHOUSE FORRESOURCES AND TOOLS FOR THESE SMALL BUSINESSES. INVEST PGH ALSO AIMS TOPRESERVE AFFORDABLE HOUSING UNITS IN THE PITTSBURGH REGION AND CREATEAFFORDABLE HOMEOWNERSHIP OPPORTUNITIES THROUGH LENDING SUPPORT TO THECOMMUNITY AND SOCIALLY-DRIVEN DEVELOPERS.

Activities or mission (Part I)

INVEST PGH IS A NONPROFIT AND COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) ORGANIZATION THAT AIDS SMALL BUSINESS AND AFFORDABLE HOUSING INITIATIVES THROUGHOUT THE CITY OF PITTSBURGH. CREATED IN 2020, INVEST PGH SEEKS TO FUNDRAISE AND PROVIDE CAPITAL AND TECHNICAL ASSISTANCE FOR SMALL BUSINESSES. INVEST PGH'S MICRO-ENTERPRISE LOAN PROGRAMS PROVIDE FUNDS FOR MICRO-BORROWERS TO START UP OR EXPAND THEIR BUSINESSES THROUGHOUT PITTSBURGH. IT ALSO SERVES AS A CLEARINGHOUSE FOR RESOURCES AND TOOLS FOR THESE SMALL BUSINESSES. INVEST PGH ALSO AIMS TO PRESERVE AFFORDABLE HOUSING UNITS IN THE PITTSBURGH REGION AND CREATE AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES THROUGH LENDING SUPPORT TO THE COMMUNITY AND SOCIALLY-DRIVEN DEVELOPERS.

  • INVEST PGH AIMS TO PRESERVE AFFORDABLE HOUSING UNITS IN THE PITTSBURGH REGION AND CREATE AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES THROUGH LENDING SUPPORT TO THE COMMUNITY AND SOCIALLY-DRIVEN DEVELOPERS. UNDER ITS MICRO-ENTERPRISE AND ABEL LOAN PROGRAMS, THE ORGANIZATION EXECUTED SEVERAL LOANS WITH VARIOUS BORROWERS WITH ORIGINAL PRINCIPAL AMOUNTS VARYING BETWEEN $5,000 AND $150,000. UNDER ITS CRIB LOAN PROGRAM, THE ORGANIZATION EXECUTED SEVERAL LOANS WITH VARIOUS BORROWERS WITH ORIGINAL PRINCIPAL AMOUNTS VARYING BETWEEN $5,000 AND $25,000.

    Expenses $673,435 · Grants $295,000 · Revenue $85,384

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

Listed in Part VII

  • Jennifer Wilhelm

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    15

  • Matthew Madia

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Maelene Myers

    VICE-CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Vernard Alexander

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Wendell Wade

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rebecca Davidson-Wagner

    PRESIDENT/CEO

    Total calculated
    $0
    Hours/week
    20

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

  • LONDON BRIDGES CHILD DEVELOPMENT CENTER LLC

    $45,000

    LOAN FOR SMALL BUSINESS

  • JENNIFER DICKQUIST LAW LLC

    $30,000

    LOAN FOR SMALL BUSINESS

  • YOUNG RADIANT SCHOLARS CHILDCARE SERVICE LLC

    $25,000

    LOAN FOR SMALL BUSINESS

  • DAVIS FAMILY CHILDCARE LLC

    $20,000

    LOAN FOR SMALL BUSINESS

  • PRECIOUS SPROUTS DAYCARE ACADEMY LLC

    $20,000

    LOAN FOR SMALL BUSINESS

  • WRIGHT CHILDCARE SOLUTIONS

    $20,000

    LOAN FOR SMALL BUSINESS

  • MCCOY'S LEARNING CENTER LLC

    $20,000

    LOAN FOR SMALL BUSINESS

  • MALAIKA LEARNING CENTER

    $20,000

    LOAN FOR SMALL BUSINESS

  • HALLS FAMILY ACADEMY LLC

    $20,000

    LOAN FOR SMALL BUSINESS

  • ONE GOAL ENTERPRISES LLC DBA EACH ONE TEACH ONE

    $20,000

    LOAN FOR SMALL BUSINESS

The 10 largest by cash amount. The API serves every itemized grant.

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
15 September 2023
IRS schema version
2022v5.0
Source object
202302619349300220

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