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Nonprofiteer
← SOUTHEAST COMMUNITY CAPITAL CORPORATION

Form 990 for tax year 2024

Filed by SOUTHEAST COMMUNITY CAPITAL CORPORATION.

Totals

Total revenue
$65,102,054
Total expenses
$29,767,322
Contributions and grants received
$43,780,526
Grants paid
$6,884,156
Program service revenue
$14,594,740
Investment income
$6,593,904
Other revenue
$132,884
Total assets, end of year
$368,094,372
Total liabilities, end of year
$271,186,903
Net assets or fund balances, end of year
$96,907,469
Program services expenses (Part IX)
$28,146,620
Management and general expenses
$1,600,749
Fundraising expenses
$19,953
Program service expenses (Part III)
$28,146,620

Program services were 94.6% 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)

    $4,365,229

  • 1f · All other contributions, gifts and grants

    $39,415,297

  • 2a · Program service revenue: LOAN INTEREST

    total $11,811,732 · related or exempt $11,811,732

  • 2b · Program service revenue: FINANCING FEES AND CHARGES

    total $1,963,560 · related or exempt $1,963,560

  • 2c · Program service revenue: FEE INCOME

    total $819,448 · related or exempt $819,448

  • 3 · Investment income

    total $6,593,904 · related or exempt $6,593,904

  • 11a · Other revenue: OTHER INCOME

    total $132,884 · related or exempt $132,884

  • 11e · Other revenue, total

    $132,884

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $5,250 · program services $5,250

  • 2 · Grants to domestic individuals

    total $6,878,906 · program services $6,878,906

  • 5 · Compensation of officers, directors and key employees

    total $3,027,368 · program services $2,139,288 · management and general $888,080

  • 7 · Other salaries and wages

    total $5,486,843 · program services $5,095,597 · management and general $384,179 · fundraising $7,067

  • 8 · Pension plan contributions

    total $129,822 · program services $124,445 · management and general $5,196 · fundraising $181

  • 9 · Other employee benefits

    total $520,808 · program services $448,554 · management and general $71,762 · fundraising $492

  • 10 · Payroll taxes

    total $568,624 · program services $484,433 · management and general $83,711 · fundraising $480

  • 11b · Fees: legal

    total $209,701 · program services $209,100 · management and general $601

  • 11c · Fees: accounting

    total $89,560 · program services $80,604 · management and general $8,956

  • 11g · Fees: other

    total $829,409 · program services $784,010 · management and general $33,666 · fundraising $11,733

  • 12 · Advertising and promotion

    total $150,438 · program services $136,971 · management and general $13,467

  • 13 · Office expenses

    total $297,808 · program services $276,463 · management and general $21,345

  • 14 · Information technology

    total $438,806 · program services $413,708 · management and general $25,098

  • 16 · Occupancy

    total $144,824 · program services $133,227 · management and general $11,597

  • 17 · Travel

    total $305,922 · program services $297,017 · management and general $8,905

  • 19 · Conferences, conventions and meetings

    total $228,116 · program services $218,088 · management and general $10,028

  • 20 · Interest

    total $7,943,250 · program services $7,935,354 · management and general $7,896

  • 22 · Depreciation, depletion and amortization

    total $81,015 · program services $72,913 · management and general $8,102

  • 23 · Insurance

    total $143,050 · program services $128,745 · management and general $14,305

  • 24a · Other expenses: LOAN LOSS PROVISION REC

    total $2,206,487 · program services $2,206,487

  • 24b · Other expenses: MISCELLANEOUS

    total $45,067 · program services $43,106 · management and general $1,961

  • 24c · Other expenses: DUES, LICENSES AND PERM

    total $36,248 · program services $34,354 · management and general $1,894 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,116,646 · end of year $2,727,252

  • 2 · Savings and temporary cash investments

    beginning of year $159,319,165 · end of year $153,016,708

  • 3 · Pledges and grants receivable

    beginning of year $473,227 · end of year $420,419

  • 4 · Accounts receivable

    beginning of year $1,598,891 · end of year $2,053,666

  • 5 · Loans and receivables from officers and key people

    beginning of year $169,616 · end of year $90,873

  • 7 · Other notes and loans receivable

    beginning of year $170,919,652 · end of year $204,569,684

  • 9 · Prepaid expenses and deferred charges

    beginning of year $337,898 · end of year $899,429

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

    $2,369,309

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

    $950,426

  • 10c · Land, buildings and equipment, net

    beginning of year $1,335,430 · end of year $1,418,883

  • 12 · Investments: other securities

    beginning of year $226,900 · end of year $269,000

  • 15 · Other assets

    beginning of year $700,480 · end of year $2,628,458

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,972,141 · end of year $4,245,781

  • 19 · Deferred revenue

    beginning of year $4,901,401 · end of year $6,490,459

  • 23 · Secured mortgages and notes payable

    beginning of year $81,628,113 · end of year $71,290,117

  • 24 · Unsecured notes and loans payable

    beginning of year $180,565,181 · end of year $184,533,149

  • 25 · Other liabilities

    beginning of year $3,558,332 · end of year $4,627,397

  • 27 · Net assets without donor restrictions

    beginning of year $59,889,646 · end of year $95,857,284

  • 28 · Net assets with donor restrictions

    beginning of year $1,683,091 · end of year $1,050,185

Mission and programs · 2024

Mission

TO PROVIDE LENDING SOLUTIONS AND EDUCATIONAL SERVICES WHICH SUPPORT THE DEVELOPMENT, GROWTH, AND PRESERVATION OF UNDERSERVED SMALL BUSINESSES, AFFORDABLE HOUSING, AND SUSTAINABLE COMMUNITIES.

Activities or mission (Part I)

TO PROVIDE LENDING SOLUTIONS, EDUCATION AND SUPPORT SERVICES TO UNDERSERVED SMALL BUSINESSES.

  • LENDING PROGRAM: AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY, SOUTHEAST COMMUNITY CAPITAL DBA PATHWAY LENDING PROVIDES FINANCING FOR AFFORDABLE MULTIFAMILY HOUSING AND LOANS TO QUALIFIED SMALL AND DISADVANTAGED BUSINESSES THROUGH VARIOUS GOVERNMENT AND NON-PROFIT LENDING PROGRAMS, INCLUDING: U.S. SMALL BUSINESS ADMINISTRATION (SBA), U.S. TREASURY DEPARTMENT CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI), THE APPALACHIAN REGIONAL COMMISSION (ARC), THE TENNESSEE RURAL OPPORTUNITY FUND, THE TENNESSEE ENERGY EFFICIENCY LOAN PROGRAM, THE TENNESSEE SMALL BUSINESS JOB OPPORTUNITY FUND AND THE ALABAMA SMALL BUSINESS JOB OPPORTUNITY FUND, ETC. WE FOCUS OUR ACTIVITIES ON UNDERSERVED TARGET MARKETS THAT INCLUDE BUSINESSES LOCATED IN QUALIFIED INVESTMENT AREAS (AS DEFINED BY LOW-INCOME CENSUS TRACTS, POVERTY RATES, AND UNEMPLOYMENT STATISTICS), AND AFRICAN AMERICAN OWNED BUSINESSES. OUR SERVICE AREA INCLUDES TENNESSEE AND ALABAMA, AS WELL AS PORTIONS OF MISSISSIPPI, ARKANSAS, AND KENTUCKY.SOUTHEAST COMMUNITY CAPITAL CORPORATION MADE 147 LOANS AND LINES OF CREDIT TOTALING MORE THAN $16.7MM TO SUPPORT THE CREATION, PRESERVATION, AND GROWTH OF SMALL BUSINESSES IN 2024. THE ORGANIZATION ALSO SUPPORTED COMMERCIAL REAL ESTATE, AFFORDABLE HOUSING AND MIXED-USE REAL ESTATE INITIATIVES BY MAKING 21 LOANS TOTALING OVER $17.3MM TO SUPPORT THE ACQUISITION, DEVELOPMENT, AND REHABILITATION OF COMMERCIAL REAL ESTATE, 9 LOANS TOTALING OVER $16.1MM TO SUPPORT AFFORDABLE MULTIFAMILY RENTAL HOUSING, AND 3 LOANS TOTALING OVER $1.3MM TO SUPPORT MIXED-USE DEVELOPMENTS IN THE MEMPHIS MEDICAL DISTRICT, WHICH RESULTED IN THE CREATION AND PRESERVATION OF APPROXIMATELY 162 RENTAL UNITS. SOUTHEAST COMMUNITY CAPITAL CORPORATION ALSO OFFERS CLIMATE-CENTERED LOANS. IN 2024, IT MADE 26 LOANS TOTALING APPROXIMATELY $8.8MM TO SUPPORT THE IMPLEMENTATION OF ENERGY EFFICIENCY AND RENEWABLE ENERGY PROJECTS AT BUSINESSES ACROSS TENNESSEE. TOTAL ANNUAL ENERGY SAVINGS FROM THE ENERGY LOANS WERE $364,982 WITH 3,406,854 KWH GENERATED THROUGH RENEWABLE SOURCES OR SAVED THROUGH EFFICIENCY EFFORTS.

    Expenses $25,379,648 · Grants $6,878,906 · Revenue $20,744,596

  • EDUCATIONAL PROGRAM: SOUTHEAST COMMUNITY CAPITAL CORPORATION PROVIDES BUSINESS EDUCATION AND TECHNICAL ASSISTANCE TO SMALL AND DISADVANTAGED BUSINESSES THROUGH VARIOUS GOVERNMENT AND NON-PROFIT SUPPORT PROGRAMS, INCLUDING: THE U.S. SMALL BUSINESS ADMINISTRATION AND VARIOUS FOUNDATIONS. SOUTHEAST COMMUNITY CAPITAL CORPORATION PROVIDES THIS THROUGH VARIOUS INTERNAL PROGRAMS, SUCH AS THE PATHWAY LENDING BUSINESS ADVISORY SERVICES TEAM, EMERGING DEVELOPER PROGRAM, WOMEN'S BUSINESS CENTER, AND VETERANS BUSINESS OUTREACH CENTER. THE ASSISTANCE INCLUDES ACCESS TO FINANCIAL SERVICES, ACCESS TO CAPITAL NEEDS AND INCLUDES CLASSROOM EDUCATION, 1-ON-1 ASSISTANCE, AND PEER LEARNING.IN 2024 SOUTHEAST COMMUNITY CAPITAL CORPORATION PROVIDED 14,957 HOURS OF EDUCATION; 9,399 WERE IN CLASSROOM/EVENTS SETTINGS, 5,558 WERE ONE-ON-ONE COUNSELING SESSIONS. THERE WERE 2,874 UNIQUE EDUCATION CLIENTS SERVED, 74% WERE REPRESENTATIVE OF PATHWAY LENDING'S CDFI TARGET MARKETS (AS DEFINED BY BEING LOCATED IN QUALIFIED LOW-TO-MODERATE INCOME CENSUS TRACTS, OR HAVING A MAJORITY LOW-INCOME OR MINORITY OWNER), WITH 40% BEING FEMALE, AND 53% BEING AFRICAN AMERICAN. THERE WERE 73 CLASSES, NETWORKING EVENTS, AND COHORT-BASED LEARNING SESSIONS CONDUCTED THAT FOCUSED ON ENTREPRENEURIAL EDUCATION IN AREAS SUCH AS CASH FLOW MANAGEMENT, FINANCIAL PREPARATION, REVENUE AND EXPENSE PROJECTIONS, ACCOUNTING SYSTEMS, AND MANAGEMENT.

    Expenses $2,766,972 · Grants $5,250 · Revenue $576,932

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Dr William H Herb Byrd III

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1.5

  • Ivanetta Davis-Samuels

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1.5

  • Leroy Abrahams

    DIRECTOR (START 5/24)

    Total calculated
    $0
    Hours/week
    1.5

  • Dave Berezov

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Andre Gist

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Cindy Herron

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Hugh Queener

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1.5

  • Tom Hunter

    DIRECTOR (END 5/24)

    Total calculated
    $0
    Hours/week
    1.5

  • Jon Davies

    DIRECTOR (END 5/24)

    Total calculated
    $0
    Hours/week
    1.5

  • Barbara Harris

    EVP AND CFO (END 6/24)

    Total calculated
    $427,886
    From this org
    $411,193
    From related orgs
    $0
    Other
    $16,693
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $330,881
    Bonus
    $80,312
    Other
    $0
    Deferred
    $13,800
    Nontaxable benefits
    $2,893
    Filer's total
    $427,886

  • Clint Gwin

    PRESIDENT AND CEO

    Total calculated
    $577,786
    From this org
    $562,522
    From related orgs
    $0
    Other
    $15,264
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $401,247
    Bonus
    $161,275
    Other
    $0
    Deferred
    $13,800
    Nontaxable benefits
    $1,464
    Filer's total
    $577,786

  • Hank Helton

    EVP AND SECRETARY

    Total calculated
    $399,654
    From this org
    $382,330
    From related orgs
    $0
    Other
    $17,324
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $302,018
    Bonus
    $80,312
    Other
    $0
    Deferred
    $11,537
    Nontaxable benefits
    $5,787
    Filer's total
    $399,654

  • Amy Bunton

    EVP AND COO

    Total calculated
    $409,800
    From this org
    $377,356
    From related orgs
    $0
    Other
    $32,444
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $297,044
    Bonus
    $80,312
    Other
    $0
    Deferred
    $15,859
    Nontaxable benefits
    $16,585
    Filer's total
    $409,800

  • Richard Bird

    EVP AND CFO

    Total calculated
    $297,173
    From this org
    $280,293
    From related orgs
    $0
    Other
    $16,880
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $240,046
    Bonus
    $40,247
    Other
    $0
    Deferred
    $11,093
    Nontaxable benefits
    $5,787
    Filer's total
    $297,173

  • James Mike Blackwell

    SVP- CHIEF CREDIT OFFICER

    Total calculated
    $229,440
    From this org
    $228,688
    From related orgs
    $0
    Other
    $752
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $188,441
    Bonus
    $40,247
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $752
    Filer's total
    $229,440

  • Daniel Wilson

    SVP- LOAN OPERATIONS

    Total calculated
    $252,669
    From this org
    $240,064
    From related orgs
    $0
    Other
    $12,605
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $207,403
    Bonus
    $32,661
    Other
    $0
    Deferred
    $2,600
    Nontaxable benefits
    $10,005
    Filer's total
    $252,669

  • Leslie Hayes

    SVP- EDUCATION AND ENTRE

    Total calculated
    $221,925
    From this org
    $197,857
    From related orgs
    $0
    Other
    $24,068
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,098
    Bonus
    $35,759
    Other
    $0
    Deferred
    $7,483
    Nontaxable benefits
    $16,585
    Filer's total
    $221,925

  • Lori Rochelle

    SVP- CHIEF PEOPLE OFFICER

    Total calculated
    $211,035
    From this org
    $201,503
    From related orgs
    $0
    Other
    $9,532
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,744
    Bonus
    $35,759
    Other
    $0
    Deferred
    $8,069
    Nontaxable benefits
    $1,463
    Filer's total
    $211,035

  • Keith Hickey

    SVP- LENDING

    Total calculated
    $171,606
    From this org
    $157,690
    From related orgs
    $0
    Other
    $13,916
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $121,931
    Bonus
    $35,759
    Other
    $0
    Deferred
    $5,854
    Nontaxable benefits
    $8,062
    Filer's total
    $171,606

  • Paul Hoffmann

    SVP- ECONOMIC & SOCIAL IMPACT

    Total calculated
    $171,706
    From this org
    $158,407
    From related orgs
    $0
    Other
    $13,299
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $135,192
    Bonus
    $23,215
    Other
    $0
    Deferred
    $6,391
    Nontaxable benefits
    $6,908
    Filer's total
    $171,706

  • Jonathan Eisen

    VP LENDING

    Total calculated
    $194,038
    From this org
    $167,557
    From related orgs
    $0
    Other
    $26,481
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $133,446
    Bonus
    $34,111
    Other
    $0
    Deferred
    $5,608
    Nontaxable benefits
    $20,873
    Filer's total
    $194,038

  • Brandon England

    SVP- SUSTAINABILITY PROGRAMS

    Total calculated
    $164,940
    From this org
    $153,044
    From related orgs
    $0
    Other
    $11,896
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,771
    Bonus
    $16,273
    Other
    $0
    Deferred
    $6,109
    Nontaxable benefits
    $5,787
    Filer's total
    $164,940

  • Lorraine Biggs

    SVP- CONTROLLER

    Total calculated
    $176,057
    From this org
    $163,271
    From related orgs
    $0
    Other
    $12,786
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $141,389
    Bonus
    $21,882
    Other
    $0
    Deferred
    $6,519
    Nontaxable benefits
    $6,267
    Filer's total
    $176,057

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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

  • STORY EMERGENT AMBULATORY TRANSPORTATION LLC

    $5,250

    SMALL BUSINESS GRANT

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • PATHWAY MEMPHIS LLC

    EXPAND OPERATIONS OF PATHWAY LENDING IN THE MEMPHIS, TN AREA · TN · income $42,279 · assets $204,701

    Directly controlled by SOUTHEAST COMMUNITY CAPITAL CORPORATION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • PATHWAY LENDING CDE ADVISORS LLC

    RELATED · ADMINISTRATIVE MEMBER OF SUBSIDIARY CDES · DE · 50.1% owned · share of income $1,599,184 · share of assets $61,899

    Directly controlled by SOUTHEAST COMMUNITY CAPITAL CORPORATION DBA PATHWAY LENDING

  • PATHWAY LENDING CDE LLC

    RELATED · ALLOCATION RIGHTS FOR NEW MARKET TAX CREDITS · DE · 99% owned · share of income -$34 · share of assets $32,828

    Directly controlled by SOUTHEAST COMMUNITY CAPITAL CORPORATION DBA PATHWAY LENDING

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • PL BIRCHSTONE VILLAGE INC

    C · SERVE AS GENERAL PARTNER OF BIRCHSTONE VILLAGE LP (228-UNIT AFFORDABLE HOUSI · TN · 100% owned · share of assets $199

    Directly controlled by SOUTHEAST COMMUNITY CAPITAL CORPORATION

  • PL AUTUMN LAKE INC

    C · SERVE AS GENERAL PARTNER OF AUTUMN LAKE APARTMENTS LP · TN · 100% owned · share of assets $101

    Directly controlled by SOUTHEAST COMMUNITY CAPITAL CORPORATION

Provenance

Return type
form_990
Tax year
2024
Filed
28 July 2025
IRS schema version
2024v5.2
Source object
202512099349300271

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