Form 990 for tax year 2023
Filed by RIVER CITY CAPITAL INVESTMENT CORP.
Totals
- Total revenue
- $996,587
- Total expenses
- $741,112
- Contributions and grants received
- $743,134
- Grants paid
- $0
- Program service revenue
- $181,524
- Investment income
- $82,724
- Other revenue
- -$10,795
- Total assets, end of year
- $6,752,719
- Total liabilities, end of year
- $3,256,976
- Net assets or fund balances, end of year
- $3,495,743
- Program services expenses (Part IX)
- $579,719
- Management and general expenses
- $161,393
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $579,719
Program services were 78.2% 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.
-
1f · All other contributions, gifts and grants
$743,134
-
2a · Program service revenue: Loan Interest and Fees
total $181,524 · unrelated business $0 · excluded $0
-
3 · Investment income
total $82,724 · unrelated business $0 · excluded $0
-
11a · Other revenue: Other income
total $1,750 · related or exempt $1,750 · unrelated business $0 · excluded $0
-
11b · Other revenue: Discount on sale of loans
total -$12,545 · related or exempt -$12,545 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
-$10,795
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $392,311 · program services $349,781 · management and general $42,530 · fundraising $0
-
14 · Information technology
total $41,966 · program services $30,095 · management and general $11,871 · fundraising $0
-
16 · Occupancy
total $15,477 · program services $2,322 · management and general $13,155 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $12,557 · program services $1,884 · management and general $10,673 · fundraising $0
-
23 · Insurance
total $15,361 · program services $2,304 · management and general $13,057 · fundraising $0
-
24a · Other expenses: Grant Contract expense
total $50,400 · program services $50,400 · management and general $0 · fundraising $0
-
24b · Other expenses: Consulting fees
total $48,000 · program services $48,000 · management and general $0 · fundraising $0
-
24c · Other expenses: Marketing
total $9,064 · program services $1,360 · management and general $7,704 · fundraising $0
-
24d · Other expenses: Interest on loans
total $59,798 · program services $29,899 · management and general $29,899 · fundraising $0
-
24e · All other expenses
total $96,178 · program services $63,674 · management and general $32,504 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,216,895 · end of year $630,953
-
3 · Pledges and grants receivable
beginning of year $1,250,000 · end of year $867,705
-
4 · Accounts receivable
beginning of year $194,808
-
7 · Other notes and loans receivable
beginning of year $2,882,869 · end of year $2,868,940
-
9 · Prepaid expenses and deferred charges
end of year $2,350,614
-
10a · Land, buildings and equipment: cost or other basis
$66,703
-
10b · Land, buildings and equipment: accumulated depreciation
$32,196
-
10c · Land, buildings and equipment, net
beginning of year $47,064 · end of year $34,507
-
17 · Accounts payable and accrued expenses
beginning of year $41,368 · end of year $46,976
-
23 · Secured mortgages and notes payable
beginning of year $525,000
-
24 · Unsecured notes and loans payable
beginning of year $1,785,000 · end of year $3,210,000
-
27 · Net assets without donor restrictions
beginning of year $1,160,764 · end of year $1,628,294
-
28 · Net assets with donor restrictions
beginning of year $2,079,504 · end of year $1,867,449
Mission and programs · 2023
Mission
River City Capital LLC is a CDFI(Community Development Financial Institution) with a dedicated mission to accelerate shared prosperity & revitalization in underserved communities through the provisions of capital in Memphis & Shelby County.
-
Loan funding and financial services in distressed, lower-income communities.
Expenses $579,719 · Grants $367,000 · Revenue $996,587
As filed on the 2023 return.
Listed in Part VII
-
Luther Mercer
President
- Total calculated
- $51,923
- From this org
- $51,923
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Summer Owens
Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Michelle Couch
Secretary
- Total calculated
- $0
- Hours/week
- 2
-
Mark Yates
Board Member
- Total calculated
- $0
- Hours/week
- 2
-
Phillip May
Treasurer
- Total calculated
- $0
- Hours/week
- 2
-
Sean Norris
Board Member
- Total calculated
- $0
- Hours/week
- 3
-
Patrice Thomas
Board Member
- Total calculated
- $0
- Hours/week
- 3
-
Dr Joann Massey
Board Member
- Total calculated
- $0
- Hours/week
- 3
-
Andrea Johnson
Treasurer
- Total calculated
- $0
- Hours/week
- 3
-
Larry Neal Jr
Board Member
- Total calculated
- $0
- Hours/week
- 3
-
John Daniel
Vice Chairman
- Total calculated
- $0
- Hours/week
- 3
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
- 2023
- Filed
- 29 January 2025
- IRS schema version
- 2023v6.0
- Source object
- 202510299349300206
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