Form 990 for tax year 2023

Totals

Total revenue

$25,037,432

Total expenses

$313,453

Contributions and grants received

$24,724,000

Grants paid

$313,432

Program service revenue

$0

Investment income

$313,432

Other revenue

$0

Total assets, end of year

$24,723,979

Total liabilities, end of year

$0

Net assets or fund balances, end of year

$24,723,979

Program services expenses (Part IX)

$313,432

Management and general expenses

$21

Fundraising expenses

$0

Program service expenses (Part III)

$313,432

Program services were 100.0% 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.

Mission and programs · 2023

• SMFB NMTC SUPPORT CORP WAS FORMED TO BENEFIT ST. MARY'S FOOD BANK ALLIANCE ("ST. MARY'S"), AN ARIZONA NONPROFIT CORPORATION, AND TO FACILITATE THE NEW MARKETS TAX CREDIT ("NMTC") PROGRAM. THE NMTC PROGRAM IS AN ALTERNATIVE FINANCING COMPLEMENT TO CONVENTIONAL CAPITAL SOURCES AND IS PATTERNED AFTER THE FEDERAL NEW MARKETS TAX CREDIT PROGRAM. THE PURPOSE OF THE PROGRAM IS TO ENCOURAGE CAPITAL INVESTMENT IN LOW-INCOME COMMUNITIES AND TO CREATE NEW JOBS. THE NMTC PROGRAM PERMITS INVESTORS/NOTE HOLDERS TO CLAIM A CREDIT AGAINST FEDERAL INCOME TAXES FOR QUALIFIED EQUITY INVESTMENTS ("QEIS") IN DESIGNATED COMMUNITY DEVELOPMENT ENTITIES ("CDES"). THESE DESIGNATED CDES MUST USE SUBSTANTIALLY ALL (85%) OF THE PROCEEDS TO MAKE QUALIFIED LOW-INCOME COMMUNITY INVESTMENTS ("QLICLS"). THE INVESTOR IS PROVIDED WITH A TAX CREDIT, WHICH IS CLAIMED OVER A SEVEN-YEAR PERIOD. UNDER THE NMTC PROGRAM, A "LENDER" INTO THE PROGRAM CANNOT BE THE ULTIMATE BENEFICIARY OF THE TAX CREDIT; THEREFORE, THE SMFB NMTC SUPPORT CORP WAS CREATED TO BE THE LENDER, WITH THE ALLIANCE BEING THE ULTIMATE BENEFICIARY OF THE TAX CREDITS.DURING FISCAL YEAR 2024, THE SUPPORT CORP PROVIDED A LEVERAGED LOAN TO AN INVESTMENT FUND ENTITY, WHICH SUBSEQUENTLY MADE A QUALIFIED EQUITY INVESTMENT (QEI) IN A QUALIFIED COMMUNITY DEVELOPMENT ENTITY (CDE) (EACH AS DEFINED IN I.R.C. SUBSECTION 45D). THE FUNDS GENERATED THROUGH THE NMTC PROGRAM ARE ULTIMATELY MADE AVAILABLE TO ST. MARY'S THROUGH A LOAN WITH A BELOW MARKET INTEREST RATE AND WILL BE USED BY ST. MARY'S TO FUND THE RENOVATION AND EXPANSION OF ITS FOOD DISTRIBUTION CAMPUS.

  Expenses $313,432 · Grants $313,432

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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

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

• ST MARY'S FOOD BANK ALLIANCE

  $313,432

  OPERATIONS

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.

• ST MARY'S FOOD BANK ALLIANCE

  501(C)(3) · FOOD DISTRIBUTION · AZ

Provenance

Return type

form_990

Tax year

2023

Filed

29 April 2025

IRS schema version

2023v6.0

Source object

202541339349303804

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