Form 990 for tax year 2024
Filed by PEOPLE INCORPORATED FINANCIAL SERVICES.
Totals
- Total revenue
- $3,542,230
- Total expenses
- $2,623,189
- Contributions and grants received
- $1,155,175
- Grants paid
- $0
- Program service revenue
- $1,960,786
- Investment income
- $373,430
- Other revenue
- $52,839
- Total assets, end of year
- $8,083,485
- Total liabilities, end of year
- $2,477,854
- Net assets or fund balances, end of year
- $5,605,631
- Program services expenses (Part IX)
- $2,492,477
- Management and general expenses
- $130,712
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,492,477
Program services were 95.0% 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.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$1,102,675
-
1f · All other contributions, gifts and grants
$52,500
-
2a · Program service revenue: NMTC REVENUE
total $1,960,786 · related or exempt $1,960,786
-
3 · Investment income
total $373,430 · excluded $373,430
-
11d · All other revenue
total $52,839 · excluded $52,839
-
11e · Other revenue, total
$52,839
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $741,601 · program services $685,187 · management and general $56,414
-
9 · Other employee benefits
total $238,623 · program services $220,471 · management and general $18,152
-
11g · Fees: other
total $285,674 · program services $263,943 · management and general $21,731
-
16 · Occupancy
total $110,681 · program services $102,261 · management and general $8,420
-
17 · Travel
total $41,766 · program services $38,589 · management and general $3,177
-
20 · Interest
total $47,665 · program services $44,039 · management and general $3,626
-
23 · Insurance
total $6,411 · program services $5,923 · management and general $488
-
24a · Other expenses: BAD DEBT EXPENSE
total $904,890 · program services $904,890
-
24b · Other expenses: REPAIRS & MAINTENANCE
total $35,899 · program services $33,168 · management and general $2,731
-
24c · Other expenses: MATERIALS AND SUPPLIES
total $21,648 · program services $20,001 · management and general $1,647
-
24e · All other expenses
total $188,331 · program services $174,005 · management and general $14,326
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $642,677 · end of year $218,201
-
2 · Savings and temporary cash investments
beginning of year $2,458,919 · end of year $2,513,468
-
3 · Pledges and grants receivable
beginning of year $281,017 · end of year $301,157
-
7 · Other notes and loans receivable
beginning of year $5,294,688 · end of year $5,021,326
-
9 · Prepaid expenses and deferred charges
beginning of year $0 · end of year $22,315
-
12 · Investments: other securities
beginning of year $11,205 · end of year $7,018
-
19 · Deferred revenue
beginning of year $251,003 · end of year $32,735
-
23 · Secured mortgages and notes payable
beginning of year $2,722,345 · end of year $2,373,653
-
25 · Other liabilities
beginning of year $1,028,568 · end of year $71,466
-
27 · Net assets without donor restrictions
beginning of year $1,741,265 · end of year $3,014,405
-
28 · Net assets with donor restrictions
beginning of year $2,945,325 · end of year $2,591,226
Mission and programs · 2024
Mission
TO PROMOTE THE ECONOMIC SELF-SUFFICIENCY AND A BETTER QUALITY OF LIFE FOR THE CITIZENS OF THE REGION THROUGH SMALL BUSINESS OWNERSHIP, JOB CREATION, AND ASSET DEVELOPMENT. IN SUPPORT OF THIS GOAL, PEOPLE FINANCIAL SERVICES PROVIDES BUSINESS AND FINANCIAL LITERACY TRAINING, INDIVIDUAL TECHNICAL ASSISTANCE, AND MARKETING SERVICES TO ENTREPRENEURS AND OTHERS THROUGHOUT THE REGION.
-
BUSINESS AND FINANCIAL LITERACY TRAINING, INDIVIDUAL TECHNICAL ASSISTANCE, AND MARKETING SERVICES TO ENTREPRENEURS AND OTHERS THROUGHOUT THE REGION. 125 JOBS WERE CREATED AND RETAINED AS A RESULT OF COMMUNITY ECONOMIC DEVELOPMENT PROGRAM ACTIVITIES. BUSINESS LENDING & TRAINING: 1,128 ENTREPRENEURS RECEIVED SMALL BUSINESS DEVELOPMENT LENDING AND TRAINING SERVICES TO SUCCESSFULLY MANAGE THEIR OWN BUSINESS. CONSUMER LENDING & EDUCATION: 387 INDIVIDUALS RECEIVED FINANCIAL LITERACY TRAINING AND ACCESS TO AFFORDABLE FINANCING TO MEET THEIR SHORT TERM NEEDS.
Expenses $2,492,477 · Revenue $1,960,786
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Bryan PhippsBRYAN PHIPPS
PRESIDENT/CEO
- Total calculated
- $200,696
- From this org
- $0
- From related orgs
- $197,062
- Other
- $3,634
- Hours/week
- 1 + 41 related
Schedule J breakdown matched by us
- Base
- $0 + $181,711 related
- Bonus
- $0
- Other
- $0 + $15,351 related
- Deferred
- $0 + $3,634 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $200,696 related
-
Charlotte MullinsCHARLOTTE MULLINS
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Billy TaylorBILLY TAYLOR
VICE-CHAIR
- Total calculated
- $0
- Hours/week
- 1 + 2 related
-
Shelia Combs TuggleSHELIA COMBS TUGGLE
TREASURER (THRU 05/2025)
- Total calculated
- $0
- Hours/week
- 1
-
David McCrackenDAVID MCCRACKEN
SECRETARY
- Total calculated
- $0
- Hours/week
- 1 + 2 related
-
William ButlerWILLIAM BUTLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Peggy KiserPEGGY KISER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 2 related
-
Alice MeadeALICE MEADE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 1 related
-
Jan SelboJAN SELBO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1 + 2 related
-
Chris ShortridgeCHRIS SHORTRIDGE
DIRECTOR (THRU 07/2025)
- Total calculated
- $0
- Hours/week
- 1 + 2 related
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
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.
-
PEOPLE INCORPORATED HOUSING GROUP
501(C)(3) · HOUSING · VA
Directly controlled by PEOPLE INCORPORATED OF VIRGINIA
-
PEOPLE INCORPORATED OF VIRGINIA
501(C)(3) · COMMUNITY SERVICES · VA
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 6 April 2026
- IRS schema version
- 2024v5.5
- Source object
- 202611319349301446
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