Civic Intelligence

The Sequoyah Fund Inc

990 • Fiscal year 2018 • EIN 31-1619784

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 21, 2019

Organization ProfileWWW.SEQUOYAHFUND.ORG

View Organization Page

PO Box 1200Cherokee, NC 28719

(828) 359-5003

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

45th percentile

0.13x

Higher debt load relative to assets than 45% of similar nonprofits.

2018 filings • NTEE S • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

59th percentile

0.62x

Higher debt load relative to revenue than 59% of similar nonprofits.

2018 filings • NTEE S • $5M-$10M nonprofits • Source year 2018

Net Margin

87th percentile

41%

Higher net margin than 87% of similar nonprofits.

2018 filings • NTEE S • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

37th percentile

$132,966

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 8.4% of source-year revenue.

2018 filings • NTEE S • $5M-$10M nonprofits • Source year 2018

Asset Growth

71st percentile

8.8%

Faster asset growth than 71% of similar nonprofits.

2018 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

92nd percentile

86%

Faster revenue growth than 92% of similar nonprofits.

2018 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets45th percentile

Assets

Up

$7,251,217

Up $589,074 (+8.8%) from 2017

Net Assets

Up

$6,276,384

Up $653,597 (+12%) from 2017

Liabilities

Down

$974,833

Down $64,523 (-6.2%) from 2017

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin87th percentile

Revenue

Up

$1,575,379

Up $727,605 (+86%) from 2017

Expenses

Up

$931,510

Up $23,980 (+2.6%) from 2017

Net Income

Up

$643,869

Up $703,625 (+1177%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth71st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2015: $6,399,850Liabilities 2015: $1,114,540Net Assets 2015: $5,285,3102015Assets 2016: $6,827,499Liabilities 2016: $1,144,956Net Assets 2016: $5,682,5432016Assets 2017: $6,662,143Liabilities 2017: $1,039,356Net Assets 2017: $5,622,7872017Assets 2018: $7,251,217Liabilities 2018: $974,833Net Assets 2018: $6,276,3842018Assets 2019: $8,029,861Liabilities 2019: $930,877Net Assets 2019: $7,098,9842019Assets 2021: $11,859,875Liabilities 2021: $1,819,441Net Assets 2021: $10,040,4342021Assets 2024: $14,705,671Liabilities 2024: $990,608Net Assets 2024: $13,715,0632024

Highlighted filing

2018

Assets$7,251,217
Liabilities$974,833
Net Assets$6,276,384
Open 2018 Filing

Operations Trend

Revenue Growth92nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2015: $1,552,224Expenses 2015: $1,197,816Net Income 2015: $354,4082015Revenue 2016: $1,038,574Expenses 2016: $641,341Net Income 2016: $397,2332016Revenue 2017: $847,774Expenses 2017: $907,530Net Income 2017: -$59,7562017Revenue 2018: $1,575,379Expenses 2018: $931,510Net Income 2018: $643,8692018Revenue 2019: $1,776,825Expenses 2019: $954,225Net Income 2019: $822,6002019Revenue 2021: $2,285,697Expenses 2021: $787,716Net Income 2021: $1,497,9812021Revenue 2024: $4,920,415Expenses 2024: $1,598,257Net Income 2024: $3,322,1582024

Highlighted filing

2018

Revenue$1,575,379
Expenses$931,510
Net Income$643,869
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 21, 2019
Return Version
2018v3.1
Gross Receipts
$1,575,379
Mission and Program Overview

Mission

The organization serves economic and social improvement of the eastern band of cherokee indians.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$4,185,723$4,350,016▲ $164,293
Cash and Non-Interest-Bearing Accounts$1,863,282$2,351,243▲ $487,961
Savings and Temporary Cash Investments$401,326$401,026▼ $300
Accounts Receivable$100,235$60,954▼ $39,281
Receivables From Officers Etc$49,078$38,803▼ $10,275
Land, Buildings, and Equipment, Net$17,032$15,591▼ $1,441
Receivable From Disqualified Prsn$17,093$10,504▼ $6,589
Intangible Assets$10,916$9,461▼ $1,455
Pledges and Grants Receivable-$7,000-
Other Notes and Loans Receivable, Net$15,408$4,569▼ $10,839
Inventories for Sale or Use$2,050$2,050→ $0
Total Assets$6,662,143$7,251,217▲ $589,074
Liabilities
Mortgage Notes Payable Secured by Investment Property$915,227$875,613▼ $39,614
Other Liabilities$45,135$52,232▲ $7,097
Accounts Payable and Accrued Expenses$78,994$46,988▼ $32,006
Total Liabilities$1,039,356$974,833▼ $64,523
Net Assets / Fund Balance
Unrestricted Net Assets$4,626,500$4,170,014▼ $456,486
Temporarily Rstr Net Assets$996,287$2,106,370▲ $1,110,083
Total Net Assets Fund Balance$5,622,787$6,276,384▲ $653,597
Total Liabilities and Net Assets / Fund Balance$6,662,143$7,251,217▲ $589,074

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$15,591$141,736$157,327
Investment Program Related Org$4,350,016--
Compensation and Service Providers
Top Officer Pay37th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Russ SeagleExecutive DiFT$120,420$12,546$132,966
Emily BreedloveTreasurer-$6,662-$6,662
Nancy MartinBoard Member-$6,575-$6,575
John L BurgessPresident-$6,450-$6,450
Yona WadeVice Preside-$6,320-$6,320
Brad LettsBoard Member-$6,000-$6,000
Jimmy BurnsBoard Member-$6,000-$6,000
Nathan RobinsonBoard Member-$6,000-$6,000
Richard Sneed SrSecretary-$6,000-$6,000
Eddie SwimmerBoard Member-$1,028-$1,028
Revenue and Support

Revenue Composition

Contributions and Grants
$1,165,500
Program Service Revenue
$411,933
Investment Income
$0
Other Revenue
$-2,054
All Other Contributions
$500,000
Change in Net Assets
$643,869

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,575,379
Revenue Not Reported on Form 990
$6,000
Total Revenue per Audited Statements
$1,581,379
Total Revenue per Form 990
$1,575,379
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$528,396
Salaries, Compensation, and Employee Benefits$403,114
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$164,057$19,945-$184,002
Other Salaries and Wages$94,583$64,595-$159,178
Travel$76,897$13,570-$90,467
Other Expenses$73,295--$73,295
Fees for Services Other$43,208$9,898-$53,106
Conferences and Meetings$41,565$7,335-$48,900
Office Expenses$32,000$4,124-$36,124
Advertising$35,497--$35,497
Fees for Services Accounting$25,208$4,449-$29,657
Payroll Taxes$18,294$6,098-$24,392
Other Employee Benefits$15,179$6,732-$21,911
Information Technology$16,201$2,859-$19,060
Pension Plan Contributions$10,223$3,408-$13,631
Interest$9,152--$9,152
Depreciation Depletion$5,771$1,018-$6,789
Occupancy$5,550$980-$6,530
All Other Expenses$3,697$651-$4,348
Insurance$2,140$378-$2,518
Total Functional Expenses$785,470$146,040$0$931,510

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$931,510
Total Expenses per Form 990$931,510
Total Expenses per Audited Statements$927,782
Expenses Not Reported on Form 990$-3,728
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$49,078$38,803▼ $10,275
Receivables from Disqualified Persons$17,093$10,504▼ $6,589
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll Liability$52,232
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The return was prepared by an independent accountant with assistance and oversight by management. Following review by the executive director, the return was provided to each current voting board member prior to filing with the irs.”

Form 990, Page 6, Part VI, Line 12C

“Board members have a duty to disclose any interests in a transaction involving the organization. Prior to any loan authorization discussion, members are asked whether an interest could exist, and interested members leave the room during discussion. Votes on loans containing a conflict are voted on in the absense of any interested member.”

Form 990, Page 6, Part VI, Line 15A

“Compensation for the executive director was determined by the personnel subcommittee and approved by vote of the full board.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents, financial statements, and conflict of interest policy are available upon request at the organization's administrative office.”

Filing and Contact Details

Filer

Filer Name
The Sequoyah Fund Inc
EIN
31-1619784
Phone
8283595003
Address
PO BOX 1200, CHEROKEE, NC 28719

Signing Officer

Name
Russ Seagle
Title
Executive Director
Phone
8283595002
Signed
2019-10-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John L Burgess
Formed
1998
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
8
Employees
5
Volunteers
9

Preparer

Firm
Carter P C
Address
16 BILTMORE AVE SUITE 200, ASHEVILLE, NC 28801-3617
Preparer
Rufus W Dollar
Phone
8282599900
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“RECOUPED EXPENSES 9,728”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization is exempt from federal income taxes under sec 501(c)(3) of the internal revenue code, except on net income derived from unrelated business activities. The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions material to the financial statements. The organzation's return of organization exempt from income tax (from 990) for the years ended december 31, 2017, 2016, 2015, are subject to examination by the irs, generally for three years after they were filed.”

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IRS990/OtherRevenueTotalAmt0-2294
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt064595
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IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt06098
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IRS990/PayrollTaxesGrp/TotalAmt024392
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt03408
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt010223
IRS990/PensionPlanContributionsGrp/TotalAmt013631
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt07000
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0JOHN L BURGESS
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0INTEREST ON LOANS
IRS990/ProgramServiceRevenueGrp/Desc1LOAN FEES
IRS990/ProgramServiceRevenueGrp/Desc2TRAINING PROGRAMS
IRS990/ProgramServiceRevenueGrp/Desc3CLIENT TRANING SF
IRS990/ProgramServiceRevenueGrp/Desc4ARTIST CONSIGNMENT PROGRAM
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt146143
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt234871
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt325051
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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0410000
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0182
IRS990/PYOtherExpensesAmt0578877
IRS990/PYOtherRevenueAmt013734
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IRS990/PYRevenuesLessExpensesAmt0-59756
IRS990/PYSalariesCompEmpBnftPaidAmt0328653
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IRS990/PYTotalRevenueAmt0847774
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IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0240
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
IRS990/RevenueAmt0411933
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0401326
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0401026
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 22,046
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt01772
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt0182
IRS990ScheduleA/OtherIncome170Grp/TotalAmt022046
IRS990ScheduleA/PublicOrganization170Ind0X
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt01000000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt03195500
IRS990ScheduleA/TotalSupportAmt03220229
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt06000
IRS990ScheduleD/DonatedServicesUseFcltsAmt06000
IRS990ScheduleD/EquipmentGrp/BookValueAmt015591
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0141736
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0157327
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IRS990ScheduleD/ExpensesSubtotalAmt0931510
IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0NET BUSINESS LOANS RECEIVABLE
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0F
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt052232
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYROLL LIABILITY
IRS990ScheduleD/PriorYearAdjustmentsAmt0-9728
IRS990ScheduleD/RevenueNotReportedAmt06000
IRS990ScheduleD/RevenueSubtotalAmt01575379
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SEC 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS MATERIAL TO THE FINANCIAL STATEMENTS. THE ORGANZATION'S RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FROM 990) FOR THE YEARS ENDED DECEMBER 31, 2017, 2016, 2015, ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0SMALL BUSINESS LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1SMALL BUSINESS LOAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2SMALL BUSINESS LOAN
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt116000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt214000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0DUE FROM JOHN L BURGESS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1DUE FROM FREDRICK BURGESS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2DUE FROM JOHN L BURGESS
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1BRD MBR RELATIVE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt2BOARD MEMBER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd0true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd1true
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd2true
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0PART II - THE LOANS TO JOHN L. BURGESS AND FREDRICK BURGESS REPORTED IN PART II ARE EACH SECURED BY A PROMISSORY NOTE ON SUBSTANTIALLY SIMILAR TERMS TO OTHER LOANS PROVIDED BY THE ORGANIZATION TO FULFILL ITS EXEMPT PURPOSE. PAYMENTS FROM JOHN BURGESS ARE SCHEDULED IN 120 MONTHLY INSTALLMENTS AT A RATE OF 7% INTEREST. (BOTH LOANS) PAYMENTS FROM FREDRICK BURGESS ARE SCHEDULED IN 6 SEMI-ANNUAL PAYMENTS OVER A PERIOD OF 36 MONTHS AT A RATE OF 7% INTEREST. JOHN BURGESS IS A CURRENT BOARD MEMBER OF THE ORGANIZATION. FREDRICK BURGESS HAS A FAMILY RELATIONSHIP WITH THE BOARD MEMBER. THE INTERESTED PERSON RECUSED HIMSELF FROM THE BOARD MEETINGS IN WHICH THE LOANS WERE APPROVED.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990ScheduleL/TotalBalanceDueAmt049307

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,251,217
Liabilities
$974,833
Net assets
$6,276,384
Revenue
$1,575,379
Expenses
$931,510
Net income
$643,869
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.7$0.99$13.7$4.92$1.60$3.32
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.9$1.82$10.0$2.29$0.79$1.50
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.03$0.93$7.10$1.78$0.95$0.82
2018Detailed filing. Detailed filing data is available for this year.$7.25$0.97$6.28$1.58$0.93$0.64
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.66$1.04$5.62$0.85$0.91$0.06
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.83$1.14$5.68$1.04$0.64$0.40
2015Detailed filing. Detailed filing data is available for this year.$6.40$1.11$5.29$1.55$1.20$0.35