Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $3,258,471

• 2a · Program service revenue: LOAN FEE INCOME

  total $800,403 · related or exempt $800,403

• 2b · Program service revenue: HOUSING DOWNPAYMENT PR

  total $792,298 · related or exempt $792,298

• 2c · Program service revenue: PROGRAM INVESTMENT INC

  total $583,805 · related or exempt $583,805

• 2d · Program service revenue: PROGRAM RENTAL INCOME

  total $421,681 · related or exempt $421,681

• 2f · All other program service revenue

  total $130,680 · related or exempt $130,680

• 3 · Investment income

  total $143,751 · excluded $143,751

• 7a · Gross sales of assets other than inventory

  securities $5,063,254

• 7b · Less cost or other basis and sales expenses

  securities $4,659,825

• 7c · Gain or loss

  securities $403,429

• 7d · Net gain or loss

  total $403,429 · excluded $403,429

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $55,000 · program services $55,000

• 2 · Grants to domestic individuals

  total $691,660 · program services $691,660

• 5 · Compensation of officers, directors and key employees

  total $1,459,604 · program services $923,171 · management and general $536,433

• 7 · Other salaries and wages

  total $1,375,564 · program services $870,018 · management and general $505,546

• 8 · Pension plan contributions

  total $57,147 · program services $36,144 · management and general $21,003

• 9 · Other employee benefits

  total $845,650 · program services $534,857 · management and general $310,793

• 10 · Payroll taxes

  total $193,423 · program services $122,336 · management and general $71,087

• 11b · Fees: legal

  total $11,484 · program services $11,410 · management and general $74

• 11c · Fees: accounting

  total $37,778 · management and general $37,778

• 11g · Fees: other

  total $61,167 · program services $31,417 · management and general $29,750

• 13 · Office expenses

  total $45,509 · program services $27,592 · management and general $17,917

• 14 · Information technology

  total $58,013 · program services $58,013

• 16 · Occupancy

  total $246,711 · program services $192,490 · management and general $54,221

• 17 · Travel

  total $80,771 · program services $67,012 · management and general $13,759

• 19 · Conferences, conventions and meetings

  total $66,077 · program services $49,595 · management and general $16,482

• 20 · Interest

  total $830 · program services $830

• 22 · Depreciation, depletion and amortization

  total $291,660 · management and general $291,660

• 23 · Insurance

  total $74,694 · program services $9,937 · management and general $64,757

• 24a · Other expenses: OVERHEAD

  total $133,687 · management and general $133,687

• 24b · Other expenses: MEMBERSHIP & DUES

  total $109,422 · program services $96,101 · management and general $13,321

• 24c · Other expenses: OUTREACH

  total $41,681 · program services $25,645 · management and general $16,036

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $33,511 · program services $33,511

• 24e · All other expenses

  total $152,686 · program services $8,432 · management and general $144,254

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $177,811 · end of year $179,531

• 2 · Savings and temporary cash investments

  beginning of year $9,608,788 · end of year $11,769,470

• 3 · Pledges and grants receivable

  beginning of year $318,810 · end of year $189,386

• 4 · Accounts receivable

  beginning of year $1,420,069 · end of year $904,109

• 9 · Prepaid expenses and deferred charges

  beginning of year $76,202 · end of year $95,197

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

  $13,936,170

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

  $6,987,564

• 10c · Land, buildings and equipment, net

  beginning of year $7,403,822 · end of year $6,948,606

• 11 · Investments: publicly traded securities

  beginning of year $6,580,604 · end of year $7,334,013

• 13 · Investments: program-related

  beginning of year $8,955,006 · end of year $8,663,997

• 17 · Accounts payable and accrued expenses

  beginning of year $1,229,897 · end of year $1,898,326

• 19 · Deferred revenue

  beginning of year $19,963 · end of year $22,270

• 23 · Secured mortgages and notes payable

  beginning of year $401,000 · end of year $305,826

• 27 · Net assets without donor restrictions

  beginning of year $32,890,252 · end of year $33,857,887

The filer's explanations (Part III)

PART I, LINE 3

AN INDEPENDENT COMPENSATION ANALYSIS FIRM IS ENGAGED TO PROVIDE A REVIEW AND WAGE COMPARISON STUDY. COMPENSATION OF THE CEO IS DETERMINED BY THE BOARD BASED ON THE RECOMMENDATIONS OF THE EXECUTIVE EVALUATION COMMITTEE, WHICH IS COMPRISED OF A SUBSET OF BOARD MEMBERS. THE EVALUATION COMMITTEE REVIEWS THE FULL BENEFIT PACKAGE ANNUALLY AND THE HR COORDINATOR COMPILES INDEPENDENT COMPARATIVE DATA TO BE REVIEWED BY THE EVALUATION COMMITTEE AND BOARD. THE ANALYSIS AND REVIEW INVOLVES A WAGE COMPARISON WITH LIKE POSITIONS IN THE AREA, WITH COMPARABLE ORGANIZATIONS, AND A FULL PERFORMANCE EVALUATION REVIEW INVOLVING A FULL BOARD SURVEY.

PART I, LINE 6

THE ORGANIZATION PAYS OUT INCENTIVE COMPENSATION BASED ON TWO GOALS, WHICH INCLUDE THE NET EARNINGS OF RURAL ENTERPRISES OF OK AND REI DEVELOPMENT CORPORATION (A RELATED ORGANIZATION), AND JOBS CREATED TO FULFILL MISSION PURPOSE.