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Nonprofiteer
← SEQUOYAH FUND INC

Form 990 for tax year 2022

Filed by SEQUOYAH FUND INC.

Totals

Total revenue
$1,001,520
Total expenses
$1,580,932
Contributions and grants received
$425,807
Grants paid
$0
Program service revenue
$552,998
Investment income
$19,913
Other revenue
$2,802
Total assets, end of year
$10,921,580
Total liabilities, end of year
$1,425,230
Net assets or fund balances, end of year
$9,496,350
Program services expenses (Part IX)
$1,253,031
Management and general expenses
$327,901
Fundraising expenses
$0
Program service expenses (Part III)
$1,253,031

Program services were 79.3% 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)

    $217,200

  • 1f · All other contributions, gifts and grants

    $208,607

  • 2a · Program service revenue: INTEREST ON LOANS

    total $360,153 · related or exempt $360,153

  • 2b · Program service revenue: LOAN FEES

    total $65,993 · related or exempt $65,993

  • 2c · Program service revenue: TRAINING PROGRAMS

    total $55,342 · related or exempt $55,342

  • 2d · Program service revenue: SALES ART MARKET AND FASHION

    total $46,325 · related or exempt $46,325

  • 2e · Program service revenue: TICKET SALES

    total $9,938 · related or exempt $9,938

  • 2f · All other program service revenue

    total $15,247 · related or exempt $15,247

  • 3 · Investment income

    total $19,913 · excluded $19,913

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $2,802 · excluded $2,802

  • 11e · Other revenue, total

    $2,802

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $168,972 · program services $143,626 · management and general $25,346

  • 7 · Other salaries and wages

    total $376,344 · program services $266,475 · management and general $109,869

  • 8 · Pension plan contributions

    total $16,241 · program services $11,241 · management and general $5,000

  • 9 · Other employee benefits

    total $48,057 · program services $35,868 · management and general $12,189

  • 10 · Payroll taxes

    total $39,207 · program services $29,405 · management and general $9,802

  • 11b · Fees: legal

    total $25,258 · program services $21,469 · management and general $3,789

  • 11c · Fees: accounting

    total $35,529 · program services $30,200 · management and general $5,329

  • 11g · Fees: other

    total $278,750 · program services $168,290 · management and general $110,460

  • 12 · Advertising and promotion

    total $48,427 · program services $48,427

  • 13 · Office expenses

    total $52,354 · program services $45,860 · management and general $6,494

  • 14 · Information technology

    total $53,298 · program services $45,303 · management and general $7,995

  • 16 · Occupancy

    total $9,700 · program services $8,245 · management and general $1,455

  • 17 · Travel

    total $65,988 · program services $56,090 · management and general $9,898

  • 19 · Conferences, conventions and meetings

    total $70,228 · program services $59,694 · management and general $10,534

  • 20 · Interest

    total $6,205 · program services $6,205

  • 22 · Depreciation, depletion and amortization

    total $47,145 · program services $40,073 · management and general $7,072

  • 23 · Insurance

    total $2,784 · program services $2,366 · management and general $418

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $119,145 · program services $119,145

  • 24b · Other expenses: TRAINING PROGRAM EXPENSE

    total $102,296 · program services $102,296

  • 24e · All other expenses

    total $15,004 · program services $12,753 · management and general $2,251

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,040,216 · end of year $3,541,951

  • 2 · Savings and temporary cash investments

    beginning of year $386,446 · end of year $236,446

  • 4 · Accounts receivable

    beginning of year $295,438 · end of year $95,132

  • 6 · Loans and receivables from disqualified persons

    beginning of year $86,667 · end of year $64,615

  • 8 · Inventories for sale or use

    beginning of year $2,750 · end of year $2,750

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

    $115,683

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

    $115,467

  • 10c · Land, buildings and equipment, net

    beginning of year $2,526 · end of year $216

  • 11 · Investments: publicly traded securities

    beginning of year $522,274 · end of year $480,088

  • 13 · Investments: program-related

    beginning of year $4,518,464 · end of year $6,398,155

  • 14 · Intangible assets

    beginning of year $5,094 · end of year $102,227

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,496 · end of year $2,191

  • 19 · Deferred revenue

    beginning of year $588,943 · end of year $880,336

  • 23 · Secured mortgages and notes payable

    beginning of year $494,817

  • 25 · Other liabilities

    beginning of year $699,185 · end of year $542,703

  • 27 · Net assets without donor restrictions

    beginning of year $6,990,991 · end of year $9,249,341

  • 28 · Net assets with donor restrictions

    beginning of year $3,049,443 · end of year $247,009

Mission and programs · 2022

Mission

THE ORGANIZATION SERVES ECONOMIC AND SOCIAL IMPROVEMENT OF THE EASTERN BAND OF CHEROKEE INDIANS.

  • THE SEQUOYAH FUND WORKS TO SERVE ECONOMIC AND SOCIAL IMPROVEMENT OF THE EASTERN BAND OF CHEROKEE INDIANS. THE ORGANIZATION SUPPORTS NEW BUSINESS START-UPS, BUSINESS EXPANSION, AND OVERALL COMMUNITY DEVELOPMENT IN THE SEVEN FAR WESTERN COUNTIES OF NORTH CAROLINA AND ON THE QUALLA BOUNDARY. THE ORGANIZATION ALSO PROVIDES BUSINESS TRAINING AND TECHNICAL ASSISTANCE TO BUSINESS OWNERS THROUGH WORKSHOPS AND CLASSES.

    Expenses $1,253,031 · Revenue $552,998

As filed on the 2022 return.

Listed in Part VII

  • Eddie Swimmer

    PRESIDENT

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ray Rose

    VICE PRESIDE

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jimmy Burns

    TREASURER

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tonya Carroll

    SECRETARY

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Megan Brown

    BOARD MEMBER

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michell Hicks

    BOARD MEMBER

    Total calculated
    $6,700
    From this org
    $6,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Keyonna Hornbuckle

    BOARD MEMBER

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Maggie Jackson

    BOARD MEMBER

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bradley Letts

    BOARD MEMBER

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Julie Extine Painter

    BOARD MEMBER

    Total calculated
    $7,150
    From this org
    $7,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bruce Martin Jr

    BRD MBER THR

    Total calculated
    $0
    Hours/week
    1

  • Russ Seagle

    EXECUTIVE DI

    Total calculated
    $168,972
    From this org
    $157,829
    From related orgs
    $0
    Other
    $11,143
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,829
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,394
    Nontaxable benefits
    $1,749
    Filer's total
    $168,972

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 · Written employment contract
  • 3 · Approval by the board or compensation committee

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.

Provenance

Return type
form_990
Tax year
2022
Filed
10 October 2023
IRS schema version
2022v5.0
Source object
202322839349302122

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