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Nonprofiteer
← VERMONT COMMUNITY LOAN FUND INC

Form 990 for tax year 2022

Filed by VERMONT COMMUNITY LOAN FUND INC.

Totals

Total revenue
$3,049,200
Total expenses
$2,677,781
Contributions and grants received
$1,276,536
Grants paid
$56,850
Program service revenue
$1,619,684
Investment income
$152,980
Other revenue
$0
Total assets, end of year
$51,802,353
Total liabilities, end of year
$34,286,179
Net assets or fund balances, end of year
$17,516,174
Program services expenses (Part IX)
$2,124,479
Management and general expenses
$453,012
Fundraising expenses
$100,290
Program service expenses (Part III)
$2,124,479

Program services were 79.3% 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)

    $718,045

  • 1f · All other contributions, gifts and grants

    $558,491

  • 2a · Program service revenue: LOAN INTEREST

    total $1,506,154 · related or exempt $1,506,154

  • 2b · Program service revenue: FINANCING CHARGES

    total $89,015 · related or exempt $89,015

  • 2c · Program service revenue: ADMIN FEE INCOME

    total $24,515 · related or exempt $24,515

  • 3 · Investment income

    total $152,980 · excluded $152,980

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $56,850 · program services $56,850

  • 5 · Compensation of officers, directors and key employees

    total $196,692 · management and general $196,692

  • 7 · Other salaries and wages

    total $1,084,650 · program services $936,393 · management and general $90,196 · fundraising $58,061

  • 8 · Pension plan contributions

    total $54,539 · program services $45,015 · management and general $5,794 · fundraising $3,730

  • 9 · Other employee benefits

    total $178,076 · program services $146,977 · management and general $18,920 · fundraising $12,179

  • 10 · Payroll taxes

    total $93,979 · program services $77,567 · management and general $9,985 · fundraising $6,427

  • 11b · Fees: legal

    total $4,192 · program services $1,048 · management and general $3,144

  • 11c · Fees: accounting

    total $36,131 · management and general $36,131

  • 12 · Advertising and promotion

    total $44,206 · program services $39,785 · fundraising $4,421

  • 13 · Office expenses

    total $7,521 · program services $5,641 · management and general $1,504 · fundraising $376

  • 16 · Occupancy

    total $106,794 · program services $80,095 · management and general $21,359 · fundraising $5,340

  • 17 · Travel

    total $1,427 · program services $1,071 · management and general $285 · fundraising $71

  • 20 · Interest

    total $505,062 · program services $505,062

  • 22 · Depreciation, depletion and amortization

    total $60,671 · program services $45,503 · management and general $12,134 · fundraising $3,034

  • 23 · Insurance

    total $21,778 · program services $16,333 · management and general $4,356 · fundraising $1,089

  • 24a · Other expenses: CONSULTANTS

    total $118,729 · program services $83,110 · management and general $35,619

  • 24b · Other expenses: FORECLOSURE

    total $41,929 · program services $41,929

  • 24c · Other expenses: OUTREACH

    total $20,116 · program services $18,104 · fundraising $2,012

  • 24d · Other expenses: FISCAL SPONSOR ADMIN FEES

    total $15,354 · program services $15,354

  • 24e · All other expenses

    total $29,085 · program services $8,642 · management and general $16,893 · fundraising $3,550

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,137,320 · end of year $1,339,806

  • 2 · Savings and temporary cash investments

    beginning of year $17,153,795 · end of year $10,290,661

  • 7 · Other notes and loans receivable

    beginning of year $27,301,890 · end of year $25,969,023

  • 9 · Prepaid expenses and deferred charges

    beginning of year $47,185 · end of year $44,434

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

    $418,958

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

    $208,770

  • 10c · Land, buildings and equipment, net

    beginning of year $213,851 · end of year $210,188

  • 11 · Investments: publicly traded securities

    beginning of year $3,409,127 · end of year $11,293,481

  • 13 · Investments: program-related

    beginning of year $2,752,266 · end of year $1,951,538

  • 14 · Intangible assets

    beginning of year $175,672 · end of year $201,572

  • 15 · Other assets

    beginning of year $4,308 · end of year $501,650

  • 17 · Accounts payable and accrued expenses

    beginning of year $342,823 · end of year $331,437

  • 19 · Deferred revenue

    beginning of year $57,946 · end of year $36,114

  • 23 · Secured mortgages and notes payable

    beginning of year $5,700,906 · end of year $5,509,930

  • 24 · Unsecured notes and loans payable

    beginning of year $28,607,894 · end of year $27,763,137

  • 25 · Other liabilities

    beginning of year $341,090 · end of year $645,561

  • 27 · Net assets without donor restrictions

    beginning of year $13,284,527 · end of year $13,748,273

  • 28 · Net assets with donor restrictions

    beginning of year $3,860,228 · end of year $3,767,901

Mission and programs · 2022

Mission

TO CREATE OPPORTUNITIES THAT LEAD TO HEALTHY COMMUNITIES AND FINANCIAL STABILITY FOR ALL VERMONTERS.

  • THE ORGANIZATION IS A MISSION-DRIVEN, COMMUNITY-FOCUSED ALTERNATIVE LENDER. WE MAKE LOANS TO LOCAL BUSINESSES, COMMUNITY ORGANIZATIONS & NONPROFITS, CHILD CARE PROVIDERS AND DEVELOPERS OF AFFORDABLE HOUSING WHO DON'T QUALIFY FOR A LOAN FROM A TRADITIONAL LENDER. WE COMBINE OUR LOANS WITH FINANCIAL CONSULTING AND BUSINESS DEVELOPMENT SERVICES TO MAKE SURE OUR BORROWERS HAVE ACCESS TO ALL THE TOOLS THEY NEED TO SUCCEED.

    Expenses $2,124,479 · Grants $56,850 · Revenue $1,619,684

As filed on the 2022 return.

Listed in Part VII

  • William Belongia

    EXECUTIVE DI

    Total calculated
    $208,852
    From this org
    $196,692
    From related orgs
    $0
    Other
    $12,160
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,692
    Bonus
    $9,000
    Other
    not reported
    Deferred
    $12,160
    Nontaxable benefits
    not reported
    Filer's total
    $208,852

  • Jake Ide

    EMPLOYEE

    Total calculated
    $127,480
    From this org
    $119,195
    From related orgs
    $0
    Other
    $8,285
    Hours/week
    40

  • Katherine Nelson

    EMPLOYEE

    Total calculated
    $123,510
    From this org
    $116,521
    From related orgs
    $0
    Other
    $6,989
    Hours/week
    40

  • Dr Asma Ali Abunaib

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jose Aguayo

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Arne Hammarlund

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Kim Keiser

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chloe Learey

    MEMBER

    Total calculated
    $0
    Hours/week
    40

  • Jim Maland

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ira Marvin

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Matthew Plasse

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Gwen Pokalo

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    5

  • Janet Spitler

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Michael Thompson

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Stephanie Wernhoff

    TREASURER

    Total calculated
    $0
    Hours/week
    5

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

  • MONUMENT FARMS THREE GEN LLC

    $52,450

Provenance

Return type
form_990
Tax year
2022
Filed
29 March 2023
IRS schema version
2022v5.0
Source object
202331309349301318

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