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Nonprofiteer
← ACC CAPITAL INC

Form 990 for tax year 2022

Filed by ACC CAPITAL INC.

Totals

Total revenue
$6,212,873
Total expenses
$5,125,872
Contributions and grants received
$0
Grants paid
$62,900
Program service revenue
$2,851,603
Investment income
$27,889
Other revenue
$3,333,381
Total assets, end of year
$24,035,147
Total liabilities, end of year
$6,206,363
Net assets or fund balances, end of year
$17,828,784
Program services expenses (Part IX)
$3,797,945
Management and general expenses
$1,327,927
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 74.1% 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.

  • 2a · Program service revenue: MANAGEMENT, ADVISORY & OTHER FEES

    total $1,526,519 · related or exempt $1,526,519

  • 2b · Program service revenue: LOAN INTEREST INCOME

    total $1,295,084 · related or exempt $1,295,084

  • 2c · Program service revenue: REGIONAL CENTER FEE INCOME

    total $30,000 · related or exempt $30,000

  • 3 · Investment income

    total $27,889 · excluded $27,889

  • 11a · Other revenue: EQUITY IN EARNINGS

    total $3,363,022 · excluded $3,363,022

  • 11b · Other revenue: LOANS SOLD

    total $11,118 · excluded $11,118

  • 11c · Other revenue: FORECLOSURE REIMBURSEMENTS

    total -$49,588 · excluded -$49,588

  • 11d · All other revenue

    total $8,829 · excluded $8,829

  • 11e · Other revenue, total

    $3,333,381

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $62,900 · program services $62,900

  • 5 · Compensation of officers, directors and key employees

    total $2,112,965 · program services $2,003,233 · management and general $109,732

  • 7 · Other salaries and wages

    total $675,233 · management and general $675,233

  • 8 · Pension plan contributions

    total $67,772 · program services $3,558 · management and general $64,214

  • 9 · Other employee benefits

    total $110,221 · program services $79,694 · management and general $30,527

  • 10 · Payroll taxes

    total $169,123 · program services $126,581 · management and general $42,542

  • 11b · Fees: legal

    total $60,348 · program services $22,571 · management and general $37,777

  • 11c · Fees: accounting

    total $120,466 · program services $107,341 · management and general $13,125

  • 11g · Fees: other

    total $107,762 · program services $77,687 · management and general $30,075

  • 12 · Advertising and promotion

    total $125,151 · program services $118,739 · management and general $6,412

  • 13 · Office expenses

    total $145,871 · program services $102,325 · management and general $43,546

  • 14 · Information technology

    total $148,758 · program services $98,736 · management and general $50,022

  • 16 · Occupancy

    total $298,075 · program services $246,650 · management and general $51,425

  • 17 · Travel

    total $109,656 · program services $75,217 · management and general $34,439

  • 19 · Conferences, conventions and meetings

    total $9,107 · program services $1,188 · management and general $7,919

  • 20 · Interest

    total $225,815 · program services $225,815

  • 22 · Depreciation, depletion and amortization

    total $86,568 · program services $56,041 · management and general $30,527

  • 23 · Insurance

    total $121,019 · program services $102,562 · management and general $18,457

  • 24a · Other expenses: LOAN SERVICING

    total $98,066 · program services $98,066

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $87,590 · program services $56,795 · management and general $30,795

  • 24c · Other expenses: SBA LENDING COST

    total $49,460 · program services $49,460

  • 24d · Other expenses: EMPLOYEE TRAINING & REC

    total $40,284 · program services $27,843 · management and general $12,441

  • 24e · All other expenses

    total $93,662 · program services $54,943 · management and general $38,719

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,744,216 · end of year $603,191

  • 4 · Accounts receivable

    beginning of year $554,101 · end of year $220,123

  • 7 · Other notes and loans receivable

    beginning of year $20,377,268 · end of year $11,062,803

  • 9 · Prepaid expenses and deferred charges

    beginning of year $171,051 · end of year $217,210

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

    $1,261,444

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

    $712,210

  • 10c · Land, buildings and equipment, net

    beginning of year $536,867 · end of year $549,234

  • 12 · Investments: other securities

    beginning of year $7,183,273 · end of year $7,163,659

  • 14 · Intangible assets

    beginning of year $111,809 · end of year $106,934

  • 15 · Other assets

    beginning of year $2,038,848 · end of year $4,111,993

  • 17 · Accounts payable and accrued expenses

    beginning of year $603,446 · end of year $493,776

  • 19 · Deferred revenue

    beginning of year $330,214 · end of year $96,828

  • 23 · Secured mortgages and notes payable

    beginning of year $17,515,704 · end of year $3,297,663

  • 25 · Other liabilities

    beginning of year $16,657 · end of year $2,318,096

  • 29 · Capital stock, trust principal or current funds

    beginning of year $97,700 · end of year $97,700

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $301,000 · end of year $301,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $16,852,712 · end of year $17,430,084

Mission and programs · 2022

Mission

TO ASSIST IN THE ECONOMIC DEVELOPMENT OF ARKANSAS PRIMARILY THROUGH INTERMEDIATE AND LONG-TERM LOANS FOR EXPANSION OF ARKANSAS ENTERPRISES AND TO ENGAGE IN OTHER ECONOMIC DEVELOPMENT ACTIVITIES THROUGH AFFILIATED COMPANIES.

Activities or mission (Part I)

TO PROMOTE, STIMULATE, DEVELOP AND ADVANCE THE BUSINESS PROSPERITY AND ECONOMIC WELFARE OF THE STATE OF ARKANSAS AND THE BORDERING STATES AND TO PROVIDE FINANCING FOR THE PROMOTION, DEVELOPMENT AND CONDUCT OF ALL KINDS OF BUSINESS ACTIVITIES IN THIS STATE; TO ASSIST IN THE ECONOMIC DEVELOPMENT OF ARKANSAS PRIMARILY THROUGH INTERMEDIATE AND LONG-TERM LOANS FOR EXPANSION OF ARKANSAS ENTERPRISES; TO ENGAGE IN ACTIVITIES, THROUGH VARIOUS AFFILIATES, WHICH PROVIDE ECONOMIC DEVELOPMENT BENEFITS TO THE STATE OF ARKANSAS.

  • ARKANSAS CAPITAL CORPORATION IS A PRIVATE, TAX-EXEMPT NON-PROFIT ORGANIZATION WHICH PRIMARILY PROVIDES LOANS AND GOVERNMENT PROGRAM RESOURCES FOR THE EXPANSION OF ARKANSAS ENTERPRISES. THE CORPORATION IS ORGANIZED TO PROMOTE ECONOMIC GROWTH THROUGH ENTREPRENEURISM WITHIN THE STATE OF ARKANSAS AND THE BORDERING STATES AND TO PERFORM ANY OTHER ACT PERMISSIBLE FOR AN ORGANIZATION DESCRIBED IN SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE, OR THE CORRESPONDING PROVISION OF ANY FUTURE UNITED STATES INTERNAL REVENUE LAW.

  • PROVIDE SBA LENDING TO LOAN CUSTOMERS IN THE STATE OF ARKANSAS AND THE BORDERING STATES AND PROVIDE MANAGEMENT AND PERSONNEL SERVICES FOR VARIOUS NOT-FOR-PROFIT RELATED ENTITIES.

  • ARKANSAS CAPITAL CORPORATION FORMED PINE STATE REGIONAL CENTER AS AN ARKANSAS LIMITED LIABILITY COMPANY TO SPONSOR QUALIFIED EB-5 PROJECTS THAT PROMOTE THE EXPANSION OF THE REGIONAL ECONOMY BY INCREASING EXPORTS, HOUSEHOLD EARNING, PRODUCTIVITY, AND DOMESTIC CAPITAL - ALL WITH A PARTICULAR EMPHASIS ON PERMANENT JOB CREATION WITHIN PINE STATE REGIONAL CENTER'S GEOGRAPHIC FOOTPRINT.

As filed on the 2022 return.

Listed in Part VII

  • Kevin Burns

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    0

  • Carroll Penick

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    0

  • William Staed

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Jeff Amerine

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • David Shindler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Virgil L Miller Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Martha Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Karen Marine

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Bryan Scoggins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • J Russell Guerra

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Jill Floyd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Robert Gammill

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Emily McElroy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Shelle Randall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Lorrie Trogden

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Jerry Bullard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Laura Fine

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Sam Walls III

    CEO

    Total calculated
    $385,173
    From this org
    $340,504
    From related orgs
    $0
    Other
    $44,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,604
    Bonus
    $116,900
    Other
    $0
    Deferred
    $26,873
    Nontaxable benefits
    $17,796
    Filer's total
    $385,173

  • Rush B Deacon

    SVP

    Total calculated
    $196,809
    From this org
    $171,334
    From related orgs
    $0
    Other
    $25,475
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,834
    Bonus
    $22,500
    Other
    $0
    Deferred
    $13,062
    Nontaxable benefits
    $12,413
    Filer's total
    $196,809

  • Leslie Lane

    PRESIDENT

    Total calculated
    $291,364
    From this org
    $266,729
    From related orgs
    $0
    Other
    $24,635
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,329
    Bonus
    $86,400
    Other
    $0
    Deferred
    $18,880
    Nontaxable benefits
    $5,755
    Filer's total
    $291,364

  • Bert King

    SVP

    Total calculated
    $180,613
    From this org
    $152,609
    From related orgs
    $0
    Other
    $28,004
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,609
    Bonus
    $7,000
    Other
    $0
    Deferred
    $11,470
    Nontaxable benefits
    $16,534
    Filer's total
    $180,613

  • Sandra Hairston

    EVP - SEC/TREAS

    Total calculated
    $146,385
    From this org
    $121,834
    From related orgs
    $0
    Other
    $24,551
    Hours/week
    40

  • Jason Gober

    VP

    Total calculated
    $134,319
    From this org
    $108,317
    From related orgs
    $0
    Other
    $26,002
    Hours/week
    40

  • Becka Webb

    ASST. SEC-TREASURER

    Total calculated
    $123,596
    From this org
    $116,723
    From related orgs
    $0
    Other
    $6,873
    Hours/week
    40

  • Craig Calafati

    EVP

    Total calculated
    $188,210
    From this org
    $163,290
    From related orgs
    $0
    Other
    $24,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,290
    Bonus
    $10,000
    Other
    $0
    Deferred
    $8,516
    Nontaxable benefits
    $16,404
    Filer's total
    $188,210

  • Bryan Logan

    VP

    Total calculated
    $85,270
    From this org
    $76,272
    From related orgs
    $0
    Other
    $8,998
    Hours/week
    40

  • Kimberlee Bartell

    VP

    Total calculated
    $76,943
    From this org
    $58,234
    From related orgs
    $0
    Other
    $18,709
    Hours/week
    40

  • Rebecca Miles

    VP

    Total calculated
    $46,897
    From this org
    $42,278
    From related orgs
    $0
    Other
    $4,619
    Hours/week
    40

  • Marie Rians

    VP

    Total calculated
    $57,988
    From this org
    $55,738
    From related orgs
    $0
    Other
    $2,250
    Hours/week
    40

  • Lana Waldron

    VP

    Total calculated
    $78,086
    From this org
    $70,245
    From related orgs
    $0
    Other
    $7,841
    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 · Independent compensation consultant
  • 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

The filer's explanations (Part III)

PART III - OTHER ADDITIONAL INFORMATION
90% OF THE COMPENSATION PAID TO SAM WALLS, III AND LESLIE LANE WAS FUNDED BY ACC AFFILIATE COMPANIES. BONUS AND INCENTIVE COMPENSATION - 100% OF ANY BONUS AND INCENTIVE COMPENSATION PAID TO SAM WALLS, III AND LESLIE LANE WAS FUNDED BY AFFILIATE COMPANY AND OTHER NON-ACC LENDING ACTIVITIES.

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.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • PINE STATE REGIONAL CENTER LLC

    EB-5 · AR · income -$96,068 · assets $143,617

    Directly controlled by ACC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • PINE STATE CAPITAL LLC

    RELATED · EB-5 · AR · 99.99% owned · share of income $1,267,350 · share of assets $3,410,142

    Directly controlled by ACC

  • HEARTLAND RENAISSANCE FUND

    RELATED · ECON DEV · AR · 99.99% owned · share of income $1,571,365 · share of assets $873,218

    Directly controlled by ACC

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202333189349315848

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