Totals
- Total revenue
- $1,669,572
- Total expenses
- $1,722,899
- Contributions and grants received
- $1,135,179
- Grants paid
- $0
- Program service revenue
- $501,394
- Investment income
- $0
- Other revenue
- $32,999
- Total assets, end of year
- $9,266,668
- Total liabilities, end of year
- $5,415,014
- Net assets or fund balances, end of year
- $3,851,654
- Program services expenses (Part IX)
- $1,383,321
- Management and general expenses
- $339,578
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,383,321
Program services were 80.3% 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)
$1,010,179
-
1f · All other contributions, gifts and grants
$125,000
-
2a · Program service revenue: Interest from Loans
total $429,541 · related or exempt $429,541
-
2b · Program service revenue: Fees from Loans
total $71,853 · related or exempt $71,853
-
11a · Other revenue: Other income
total $32,999 · related or exempt $32,999
-
11e · Other revenue, total
$32,999
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $722,269 · program services $541,702 · management and general $180,567
-
9 · Other employee benefits
total $122,885 · program services $92,164 · management and general $30,721
-
11b · Fees: legal
total $11,756 · program services $11,756
-
11c · Fees: accounting
total $24,441 · management and general $24,441
-
11g · Fees: other
total $40,918 · program services $40,918
-
13 · Office expenses
total $79,803 · program services $59,852 · management and general $19,951
-
16 · Occupancy
total $160,450 · program services $160,450
-
17 · Travel
total $12,311 · program services $7,387 · management and general $4,924
-
23 · Insurance
total $22,834 · management and general $22,834
-
24a · Other expenses: Bad debt
total $264,161 · program services $264,161
-
24b · Other expenses: Other professional serv
total $189,000 · program services $157,142 · management and general $31,858
-
24c · Other expenses: Training
total $18,491 · program services $18,491
-
24d · Other expenses: Bank fees
total $17,820 · program services $16,038 · management and general $1,782
-
24e · All other expenses
total $35,760 · program services $13,260 · management and general $22,500
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,970,484 · end of year $2,981,062
-
3 · Pledges and grants receivable
beginning of year $333,192 · end of year $364,724
-
7 · Other notes and loans receivable
beginning of year $4,628,364 · end of year $5,647,318
-
15 · Other assets
beginning of year $0 · end of year $273,564
-
17 · Accounts payable and accrued expenses
beginning of year $67,626 · end of year $61,448
-
23 · Secured mortgages and notes payable
beginning of year $3,183,608 · end of year $5,076,482
-
25 · Other liabilities
beginning of year $0 · end of year $277,084
-
27 · Net assets without donor restrictions
beginning of year $1,802,029 · end of year $1,418,181
-
28 · Net assets with donor restrictions
beginning of year $1,878,777 · end of year $2,433,473
Mission and programs · 2022
Mission
To stimulate economic development through the provision of financial and technical assistance to small and medium-sized businesses, particularly those locating or wishing to locate in distressed areas of Alabama in general and the Birmingham region specifically.
-
To stimulate economic development through the provision of financial and technical assistance to small and medium-sized businesses, particularly those locating or wishing to locate in distressed areas of Alabama in general and the Birmingham region specifically.
Expenses $1,383,321 · Revenue $534,393
As filed on the 2022 return.
Listed in Part VII
-
Jim Byram
President
- Total calculated
- $0
- Hours/week
- 1
-
T Ray Mauldin
Vice President
- Total calculated
- $0
- Hours/week
- 1
-
Akhlaque Haque PhD
Vice President
- Total calculated
- $0
- Hours/week
- 1
-
Charles Ball
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Michael Crane
Member
- Total calculated
- $0
- Hours/week
- 1
-
Kimberly Reynolds
Member
- Total calculated
- $0
- Hours/week
- 1
-
Allison McGuire
Member
- Total calculated
- $0
- Hours/week
- 1
-
Ray Morris PhD
CEO
- Total calculated
- $0
- Hours/week
- 40
-
Brian O'Dell
CFO
- Total calculated
- $0
- 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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 7 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202411319349302311
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