Liabilities / Assets
42nd percentile
Higher debt load relative to assets than 42% of similar nonprofits.
Charleston Citywide Local Development
990 • Fiscal year 2014 • EIN 57-0707663
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.11x
Liabilities / Revenue
87th percentile
Higher debt load relative to revenue than 87% of similar nonprofits.
Net Margin
88th percentile
Higher net margin than 88% of similar nonprofits.
Top Officer Pay
13th percentile
Higher top officer pay than 13% of similar nonprofits.
Top officer pay equals 0.0% of source-year revenue.
Asset Growth
27th percentile
Faster asset growth than 27% of similar nonprofits.
Revenue Growth
64th percentile
Faster revenue growth than 64% of similar nonprofits.
Balance Sheet
Assets
Down$34,873,890
Down $247,731 (-0.7%) from 2013
Net Assets
Up$31,085,905
Up $474,886 (+1.6%) from 2013
Liabilities
Down$3,787,985
Down $722,617 (-16%) from 2013
Revenue And Expenses
Revenue
$1,356,570
No earlier filing loaded for comparison.
Expenses
Down$698,180
Down $24,265 (-3.4%) from 2013
Net Income
$658,390
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Oct 1, 2013 to Sep 30, 2014
- Signed
- Feb 4, 2015
- Return Version
- 2013v4.0
- Gross Receipts
- $1,356,570
Mission and Program Overview
Mission
The purpose of the corporation is to further economic development to promote and assist in the growth and development of business concerns and to engage in those activities which are in furtherance of or related to those purposes
The purpose of the corporation is to further economic development to promote and assist in the growth and development of business concerns, and to engage in those activities which are in furtherance of or related to those programs.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Rtn Earn Endowment Incm Other Fnds | $30,611,019 | $31,085,905 | ▲ $474,886 |
| Other Notes and Loans Receivable, Net | $25,219,016 | $25,819,016 | ▲ $600,000 |
| Cash and Non-Interest-Bearing Accounts | $4,321,254 | $3,458,194 | ▼ $863,060 |
| Investments in Publicly Traded Securities | $2,323,041 | $2,563,676 | ▲ $240,635 |
| Accounts Receivable | $2,486,551 | $2,268,446 | ▼ $218,105 |
| Land, Buildings, and Equipment, Net | $722,385 | $710,211 | ▼ $12,174 |
| Pledges and Grants Receivable | $49,374 | $54,347 | ▲ $4,973 |
| Pd in Cap Srpls Land Bldg Eqp Fund | $0 | $0 | → $0 |
| Cap Stk Tr Prin Current Funds | $0 | $0 | → $0 |
| Total Assets | $35,121,621 | $34,873,890 | ▼ $247,731 |
| Liabilities | |||
| Mortgage Notes Payable Secured by Investment Property | $2,826,005 | $2,654,562 | ▼ $171,443 |
| Accounts Payable and Accrued Expenses | $1,217,307 | $641,204 | ▼ $576,103 |
| Other Liabilities | $467,290 | $492,219 | ▲ $24,929 |
| Total Liabilities | $4,510,602 | $3,787,985 | ▼ $722,617 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $30,611,019 | $31,085,905 | ▲ $474,886 |
| Total Liabilities and Net Assets / Fund Balance | $35,121,621 | $34,873,890 | ▼ $247,731 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Buildings | $583,589 | $155,024 | $738,613 |
| Land | $80,000 | - | $80,000 |
| Leasehold Improvements | $43,425 | - | $43,425 |
| Equipment | $3,197 | $21,918 | $25,115 |
Compensation and Service Providers
Board Members and Trustees
| Name | Title |
|---|---|
| Otha Meadows | Treasurer (chair of Finance Committee) |
| F Renee Gaters | President |
| Richad K Yonce | Treasurer (vice Chair of Loan Committee |
| Bryan Mcneal Jr | Director |
| Carol S Hubbard | Director |
| Chris Fisher | Director |
| John Bennett | Director |
| Joseph P Riley | Director |
| Randall Goldman | Director |
| Richard T Jerue | Director |
| Yvonne D Evans | Director |
| Linda Kennedy | Assistant Secretary |
| Kenneth Davenport | Secretary |
| Dorothy Harrison | Vice Presidnet |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $291,972
- Program Service Revenue
- $976,927
- Investment Income
- $87,671
- Other Revenue
- $0
- Change in Net Assets
- $658,390
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $1,356,570
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $19,695
- Total Revenue per Audited Statements
- $1,376,265
- Total Revenue per Form 990
- $1,356,570
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $451,931 |
| Salaries, Compensation, and Employee Benefits | $246,249 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $115,586 | $12,843 | - | $128,429 |
| Fees for Services Management | $78,750 | $8,750 | - | $87,500 |
| Interest | $86,012 | - | - | $86,012 |
| Current Officers, Directors, Trustees, and Key Employees | $61,900 | $6,878 | - | $68,778 |
| Fees for Services Other | $45,918 | $5,102 | - | $51,020 |
| Fees for Services Legal | $45,108 | $5,012 | - | $50,120 |
| Depreciation Depletion | - | $23,139 | - | $23,139 |
| Other Employee Benefits | $17,366 | $1,930 | - | $19,296 |
| Fees for Services Accounting | $14,000 | $3,500 | - | $17,500 |
| Pension Plan Contributions | $13,397 | $1,489 | - | $14,886 |
| Payroll Taxes | $13,374 | $1,486 | - | $14,860 |
| All Other Expenses | $5,918 | $6,111 | - | $12,029 |
| Fees for Service Investment Mgmnt Fees | - | $7,682 | - | $7,682 |
| Insurance | - | $6,981 | - | $6,981 |
| Travel | $5,260 | $584 | - | $5,844 |
| Other Expenses | $4,242 | $470 | - | $4,712 |
| Office Expenses | $3,250 | $361 | - | $3,611 |
| Advertising | $1,532 | $170 | - | $1,702 |
| Conferences and Meetings | $1,281 | $142 | - | $1,423 |
| Total Functional Expenses | $558,346 | $139,834 | $0 | $698,180 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Total Expenses per Audited Statements | $901,378 |
| Expenses per Audited Statements | $698,180 |
| Total Expenses per Form 990 | $698,180 |
| Expenses Not Reported on Form 990 | $203,198 |
| Expenses Not Reported on Financial Statements | $0 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Eda | $463,477 |
| Angel Oak | $28,742 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- Yes
- 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
- Yes
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- No
- Key decisions subject to board approval
- Yes
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section A, Line 6
“The corporation has general members that elect board members in the organization's annual meeting each april. The nominating committee accepts applications from interested individuals and works to solicit and review the experience of potential candidates and presents a proposed slate to the general membership at the annual meeting.”
Form 990, Part VI, Section A, Line 7A
“Only electing members of the board.”
Form 990, Part VI, Section A, Line 7B
“The corporation has general members that elect board members in the organization's annual meeting each april.”
Form 990, Part VI, Section B, Line 11
“Draft of 990 is emailed to the audit committee for their review and then presented and discussed at the board meeting.”
Form 990, Part VI, Line 12C
“This process has not changed from the prior year.”
Form 990, Part VI, Section B, Line 12C
“The organization discusses any conflicts of interests in the monthly board meetings.”
Form 990, Part VI, Section B, Line 15
“Comparative analysis is completed utilizing assessment tools through economic research institute.”
Form 990, Part VI, Section C, Line 19
“Yes, through a freedom of information request.”
Form 990, Part VI, Line 6
“This process has not changed from prior year.”
Form 990, Part VI, Line 7A
“This process has not changed from the prior year.”
Form 990, Part VI, Line 7B
“This process has not changed from prior year.”
Filing and Contact Details
Filer
- EIN
- 57-0707663
- Phone
- 8437243796
Signing Officer
- Name
- Kenneth R Davenport
- Title
- Secretary
- Phone
- 8437243796
- Signed
- 2015-02-04
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Kenneth R Davenport
- Formed
- 1979
- Legal Domicile
- Sc
- Voting Board Members
- 14
- Independent Board Members
- 14
- Employees
- 4
- Volunteers
- 0
Preparer
- Preparer
- Melissa a Kiddy CPA Cfe
- Phone
- 8438814477
Supplemental Narrative
Additional Explanations
Form 990, Part III, Continued
“To accomplish its goals in furtherance of the mission of the organization, the organization provides its financial and technical assistance through various programs as a result of partnering with numerous resources to include federal partners such as the u.s. Small business administration, u.s. Department of the treasury, and the u.s. Department of agriculture, and private funding sources such as the national trust for historic preservation, the calvert foundation, the communities at work fund(tm), and local banks. In addition, in partnership with the city of charleston, the organization offers a revolving loan fund through the u.s. Department of commerce economic development administration. The organization is a certified community development financial institution (cdfi) and a community development entity (cde) through the u.s. Department of the treasury and an intermediary microloan lender through the u.s. Small business administration. These funding and support partnerships and designations have enabled the organization to develop and provide its financial and technical assistance program offerings for the support of those entrepreneurs underserved in the small business lending community.”
FORM 990, PART XI, LINE 9:
“Bad debt expense -203,199.”
Form 990, Part XII, Line 2C
“There have been no changes in policy.”
Financial Statement Notes
PART XII, LINE 2D - OTHER ADJUSTMENTS:
“BAD DEBT”
Part XIII, Line 2D
“Consists of rental income/expenses that are netted in the 990 and broken out separate on the financial statements and bad debt expense that is reported in the financial statements.”
Raw XML AppendixShowing 400 of 540 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/ActivityOrMissionDesc | 0 | THE PURPOSE OF THE CORPORATION IS TO FURTHER ECONOMIC DEVELOPMENT TO PROMOTE AND ASSIST IN THE GROWTH AND DEVELOPMENT OF BUSINESS CONCERNS, AND TO ENGAGE IN THOSE ACTIVITIES WHICH ARE IN FURTHERANCE OF OR RELATED TO THOSE PROGRAMS. |
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| IRS990/BooksInCareOfDetail/USAddress/City | 0 | CHARLESTON |
| IRS990/BooksInCareOfDetail/USAddress/State | 0 | SC |
| IRS990/BooksInCareOfDetail/USAddress/ZIPCode | 0 | 29401 |
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| IRS990/ConferencesMeetingsGrp/ProgramServicesAmt | 0 | 1281 |
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| IRS990/CYRevenuesLessExpensesAmt | 0 | 658390 |
| IRS990/CYSalariesCompEmpBnftPaidAmt | 0 | 246249 |
| IRS990/CYTotalExpensesAmt | 0 | 698180 |
| IRS990/CYTotalFundraisingExpenseAmt | 0 | 0 |
| IRS990/CYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/CYTotalRevenueAmt | 0 | 1356570 |
| IRS990/DecisionsSubjectToApprovaInd | 0 | 1 |
| IRS990/DeductibleArtContributionInd | 0 | 0 |
| IRS990/DeductibleNonCashContriInd | 0 | 0 |
| IRS990/DelegationOfMgmtDutiesInd | 0 | 0 |
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| IRS990/DepreciationDepletionGrp/TotalAmt | 0 | 23139 |
| IRS990/Desc | 0 | LENDING PROGRAMSSBA MICROLOAN PROGRAM, SMALL BUSINESS INCENTIVE LOAN PROGRAM, FACADE LOAN PROGRAM, EDA REVOLVING LOAN FUND, RURAL REVOLVING LOAN FUND, AND DISASTER ASSISTANCE LOAN PROGRAM PROVIDE FUNDING TO ELIGIBLE BUSINESSES WITHIN THE ORGANIZATIONS SERVICE AREA TO MEET MOST NEEDS THAT THOSE BUSINESSES MAY HAVE. ALTHOUGH THE LDC DOES NOT COMPETE WITH THE COMMERCIAL LENDERS, IT WORKS IN COLLABORATION WITH THE LOCAL BANKS AND ALL SMALL BUSINESS RESOURCES IN THE COMMUNITY.DURING FISCAL YEAR 2014, THE ORGANIZATION APPROVED 33 LOANS TOTALING OVER $1.0 MILLION WHICH RESULTED IN CLOSING 28 LOANS FOR A TOTAL OF $981,020. THESE LOANS RESULTED IN THE CREATION OR RETENTION OF 131 JOBS. OF THE 24 BUSINESSES FUNDED, FOURTEEN WERE START-UP COMPANIES AND TEN WERE EXISTING ENTERPRISES. |
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| IRS990/DisregardedEntityInd | 0 | 0 |
| IRS990/DocumentRetentionPolicyInd | 0 | 1 |
| IRS990/DonorAdvisedFundInd | 0 | 0 |
| IRS990/ElectionOfBoardMembersInd | 0 | 1 |
| IRS990/EmployeeCnt | 0 | 4 |
| IRS990/EmploymentTaxReturnsFiledInd | 0 | 1 |
| IRS990/EngagedInExcessBenefitTransInd | 0 | 0 |
| IRS990/ExpenseAmt | 0 | 411780 |
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| IRS990/FederalGrantAuditRequiredInd | 0 | 1 |
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| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 9 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 10 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 11 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 12 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 13 | 0 |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 0 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 6 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 7 | DIRECTOR |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 8 | PRESIDENT |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 9 | VICE PRESIDNET |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 10 | TREASURER (VICE CHAIR OF LOAN COMMITTEE |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 11 | SECRETARY |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 12 | TREASURER (CHAIR OF FINANCE COMMITTEE) |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 13 | ASSISTANT SECRETARY |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | 1 |
| IRS990/FormationYr | 0 | 1979 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | 1 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GainOrLossGrp/SecuritiesAmt | 0 | 19162 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 14 |
| IRS990/GovernmentGrantsAmt | 0 | 220472 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
| IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt | 0 | 19162 |
| IRS990/GrossReceiptsAmt | 0 | 1356570 |
| IRS990/GroupReturnForAffiliatesInd | 0 | 0 |
| IRS990/IncludeFIN48FootnoteInd | 0 | 0 |
| IRS990/IndependentAuditFinclStmtInd | 0 | 1 |
| IRS990/IndependentVotingMemberCnt | 0 | 14 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 0 |
| IRS990/IndoorTanningServicesInd | 0 | 0 |
| IRS990/InfoInScheduleOPartIIIInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InfoInScheduleOPartXIIInd | 0 | X |
| IRS990/InfoInScheduleOPartXIInd | 0 | X |
| IRS990/InsuranceGrp/ManagementAndGeneralAmt | 0 | 6981 |
| IRS990/InsuranceGrp/TotalAmt | 0 | 6981 |
| IRS990/InterestGrp/ProgramServicesAmt | 0 | 86012 |
| IRS990/InterestGrp/TotalAmt | 0 | 86012 |
| IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt | 0 | 68509 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 68509 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
| IRS990/InvestmentsPubTradedSecGrp/BOYAmt | 0 | 2323041 |
| IRS990/InvestmentsPubTradedSecGrp/EOYAmt | 0 | 2563676 |
| IRS990/IRPDocumentCnt | 0 | 14 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 176942 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 722385 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 710211 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 887153 |
| IRS990/LegalDomicileStateCd | 0 | SC |
| IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt | 0 | 0 |
| IRS990/LoanOutstandingInd | 0 | 0 |
| IRS990/LocalChaptersInd | 0 | 0 |
| IRS990/MaterialDiversionOrMisuseInd | 0 | 0 |
| IRS990/MembersOrStockholdersInd | 0 | 1 |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | 1 |
| IRS990/MinutesOfGoverningBodyInd | 0 | 1 |
| IRS990/MissionDesc | 0 | THE PURPOSE OF THE COPRORATION IS TO FURTHER ECONOMIC DEVELOPMENT TO PROMOTE AND ASSIST IN THE GROWTH AND DEVELOPMENT OF BUSINESS CONCERNS AND TO ENGAGE IN THOSE ACTIVITIES WHICH ARE IN FURTHERANCE OF OR RELATED TO THOSE PURPOSES. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | 0 |
| IRS990/MoreThan5000KToOrgInd | 0 | 0 |
| IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt | 0 | 2826005 |
| IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt | 0 | 2654562 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 30611019 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 31085905 |
| IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt | 0 | 19162 |
| IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt | 0 | 19162 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | 0 |
| IRS990/NetUnrlzdGainsLossesInvstAmt | 0 | 19695 |
| IRS990/NoListedPersonsCompensatedInd | 0 | X |
| IRS990/NondeductibleContributionsInd | 0 | 0 |
| IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt | 0 | 361 |
| IRS990/OfficeExpensesGrp/ProgramServicesAmt | 0 | 3250 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 3611 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501cInd | 0 | X |
| IRS990/OrgDoesNotFollowSFAS117Ind | 0 | X |
| IRS990/OtherChangesInNetAssetsAmt | 0 | -203199 |
| IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt | 0 | 1930 |
| IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt | 0 | 17366 |
| IRS990/OtherEmployeeBenefitsGrp/TotalAmt | 0 | 19296 |
| IRS990/OtherExpensesGrp/Desc | 0 | ADMIN OVERHEAD INKIND |
| IRS990/OtherExpensesGrp/Desc | 1 | MISCELLANEOUS |
| IRS990/OtherExpensesGrp/Desc | 2 | PROPERTY INSURANCE |
| IRS990/OtherExpensesGrp/Desc | 3 | DUES & SUBSCRIPTIONS |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 0 | 35750 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 1 | 1078 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 2 | 10376 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 3 | 470 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 0 | 35750 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 9702 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 2 | 4242 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 71500 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 10780 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 10376 |
| IRS990/OtherExpensesGrp/TotalAmt | 3 | 4712 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 467290 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 492219 |
| IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt | 0 | 12843 |
| IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt | 0 | 115586 |
| IRS990/OtherSalariesAndWagesGrp/TotalAmt | 0 | 128429 |
| IRS990/OthNotesLoansReceivableNetGrp/BOYAmt | 0 | 25219016 |
| IRS990/OthNotesLoansReceivableNetGrp/EOYAmt | 0 | 25819016 |
| IRS990/PartialLiquidationInd | 0 | 0 |
| IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt | 0 | 1486 |
| IRS990/PayrollTaxesGrp/ProgramServicesAmt | 0 | 13374 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 14860 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt | 0 | 0 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt | 0 | 0 |
| IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt | 0 | 1489 |
| IRS990/PensionPlanContributionsGrp/ProgramServicesAmt | 0 | 13397 |
| IRS990/PensionPlanContributionsGrp/TotalAmt | 0 | 14886 |
| IRS990/PledgesAndGrantsReceivableGrp/BOYAmt | 0 | 49374 |
| IRS990/PledgesAndGrantsReceivableGrp/EOYAmt | 0 | 54347 |
| IRS990/PoliticalCampaignActyInd | 0 | 0 |
| IRS990/PrincipalOfficerNm | 0 | KENNETH R DAVENPORT |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 525990 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 1 | 531390 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 2 | 525990 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 3 | 525990 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 4 | 525990 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | INTEREST INCOME - LOAN |
| IRS990/ProgramServiceRevenueGrp/Desc | 1 | RENTAL INCOME |
| IRS990/ProgramServiceRevenueGrp/Desc | 2 | OTHER INCOME |
| IRS990/ProgramServiceRevenueGrp/Desc | 3 | LOAN APPLICATIONS & SE |
| IRS990/ProgramServiceRevenueGrp/Desc | 4 | SBA AND USDA INCOME |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 804701 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 1 | 65660 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 2 | 64705 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 3 | 30972 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 4 | 10709 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 804701 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 1 | 65660 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 2 | 64705 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 3 | 30972 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 4 | 10709 |
| IRS990/ProgSrvcAccomActy2Grp/Desc | 0 | TECHNICAL ASSISTANCE PROGRAMIN ADDITION TO THE FINANCIAL ASSISTANCE IT PROVIDES, THE ORGANIZATION ALSO OFFERS TECHNICAL ASSISTANCE TO BUSINESSES TO INCLUDE PRE-LOAN COUNSELING TO PROSPECTIVE CLIENTS AND POST-LOAN DEVELOPMENTAL SERVICES TO ITS BORROWERS. SUCH ASSISTANCE IS PROVIDED IN VARIOUS FORUMS ONE-ON-ONE COUNSELING, GROUP SESSIONS, SITE VISITS, WORKSHOPS, SEMINARS, CLASSES, AND EXHIBITIONS. IN ADDITION, DURING THE PAST YEAR, THE ORGANIZATION CONTINUED ITS TECHNICAL ASSISTANCE PROGRAM THAT PROVIDED ONE-ON-ONE TRAINING FOR BOOKKEEPING AND THE USE OF QUICKBOOKS AND MARKETING STRATEGY ASSISTANCE TO ELIGIBLE BORROWERS. SINCE THE START OF THE PROGRAM, 46 BORROWERS HAVE RECEIVED ALMOST 389 HOURS OF THE CRITICAL TRAINING.THROUGH ALL OF ITS TECHNICAL ASSISTANCE EFFORTS, 1,829 INDIVIDUALS RECEIVED INTENSE ASSISTANCE BY ATTENDING ONE OR MORE OF OVER 39 SEMINARS, WORKSHOPS, OR NETWORKING SESSIONS IN WHICH THE ORGANIZATION PARTICIPATED OR THROUGH ONE-ON-ONE SESSIONS RELATED TO BUSINESS PLANNING, FINANCIAL STRUCTURING OR RESTRUCTURING, AND BUSINESS OPERATIONS. |
| IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt | 0 | 146566 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 260584 |
| IRS990/PYExcessBenefitTransInd | 0 | 0 |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 0 |
| IRS990/PYInvestmentIncomeAmt | 0 | 116023 |
| IRS990/PYOtherExpensesAmt | 0 | 572758 |
| IRS990/PYOtherRevenueAmt | 0 | 0 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 1034150 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 609039 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 228960 |
| IRS990/PYTotalExpensesAmt | 0 | 801718 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 1410757 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | 658390 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 1 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 0 |
| IRS990/RelatedOrganizationsAmt | 0 | 71500 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 1 |
| IRS990/ReportOtherAssetsInd | 0 | 0 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 1 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 0 |
| IRS990/RevenueAmt | 0 | 1064598 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt | 0 | 30611019 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt | 0 | 31085905 |
| IRS990/ScheduleBRequiredInd | 0 | 0 |
| IRS990ScheduleD/BuildingsGrp/BookValueAmt | 0 | 583589 |
| IRS990ScheduleD/BuildingsGrp/DepreciationAmt | 0 | 155024 |
| IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt | 0 | 738613 |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 3197 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 21918 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 25115 |
| IRS990ScheduleD/ExpensesNotReportedAmt | 0 | 203198 |
| IRS990ScheduleD/ExpensesNotRptFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/ExpensesSubtotalAmt | 0 | 698180 |
| IRS990ScheduleD/LandGrp/BookValueAmt | 0 | 80000 |
| IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt | 0 | 80000 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt | 0 | 43425 |
| IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt | 0 | 43425 |
| IRS990ScheduleD/NetUnrealizedGainsInvstAmt | 0 | 19695 |
| IRS990ScheduleD/OtherExpensesIncludedAmt | 0 | 203198 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 28742 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 463477 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | ANGEL OAK |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | EDA |
| IRS990ScheduleD/RevenueNotReportedAmt | 0 | 19695 |
| IRS990ScheduleD/RevenueNotReportedFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 1356570 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | BAD DEBT |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 1 | CONSISTS OF RENTAL INCOME/EXPENSES THAT ARE NETTED IN THE 990 AND BROKEN OUT SEPARATE ON THE FINANCIAL STATEMENTS AND BAD DEBT EXPENSE THAT IS REPORTED IN THE FINANCIAL STATEMENTS. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART XII, LINE 2D - OTHER ADJUSTMENTS: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | PART XIII, LINE 2D |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 710211 |
| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 698180 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 492219 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 1356570 |
| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 1376265 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 901378 |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | TO ACCOMPLISH ITS GOALS IN FURTHERANCE OF THE MISSION OF THE ORGANIZATION, THE ORGANIZATION PROVIDES ITS FINANCIAL AND TECHNICAL ASSISTANCE THROUGH VARIOUS PROGRAMS AS A RESULT OF PARTNERING WITH NUMEROUS RESOURCES TO INCLUDE FEDERAL PARTNERS SUCH AS THE U.S. SMALL BUSINESS ADMINISTRATION, U.S. DEPARTMENT OF THE TREASURY, AND THE U.S. DEPARTMENT OF AGRICULTURE, AND PRIVATE FUNDING SOURCES SUCH AS THE NATIONAL TRUST FOR HISTORIC PRESERVATION, THE CALVERT FOUNDATION, THE COMMUNITIES AT WORK FUND(TM), AND LOCAL BANKS. IN ADDITION, IN PARTNERSHIP WITH THE CITY OF CHARLESTON, THE ORGANIZATION OFFERS A REVOLVING LOAN FUND THROUGH THE U.S. DEPARTMENT OF COMMERCE ECONOMIC DEVELOPMENT ADMINISTRATION. THE ORGANIZATION IS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) AND A COMMUNITY DEVELOPMENT ENTITY (CDE) THROUGH THE U.S. DEPARTMENT OF THE TREASURY AND AN INTERMEDIARY MICROLOAN LENDER THROUGH THE U.S. SMALL BUSINESS ADMINISTRATION. THESE FUNDING AND SUPPORT PARTNERSHIPS AND DESIGNATIONS HAVE ENABLED THE ORGANIZATION TO DEVELOP AND PROVIDE ITS FINANCIAL AND TECHNICAL ASSISTANCE PROGRAM OFFERINGS FOR THE SUPPORT OF THOSE ENTREPRENEURS UNDERSERVED IN THE SMALL BUSINESS LENDING COMMUNITY. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE CORPORATION HAS GENERAL MEMBERS THAT ELECT BOARD MEMBERS IN THE ORGANIZATION'S ANNUAL MEETING EACH APRIL. THE NOMINATING COMMITTEE ACCEPTS APPLICATIONS FROM INTERESTED INDIVIDUALS AND WORKS TO SOLICIT AND REVIEW THE EXPERIENCE OF POTENTIAL CANDIDATES AND PRESENTS A PROPOSED SLATE TO THE GENERAL MEMBERSHIP AT THE ANNUAL MEETING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | ONLY ELECTING MEMBERS OF THE BOARD. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE CORPORATION HAS GENERAL MEMBERS THAT ELECT BOARD MEMBERS IN THE ORGANIZATION'S ANNUAL MEETING EACH APRIL. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | DRAFT OF 990 IS EMAILED TO THE AUDIT COMMITTEE FOR THEIR REVIEW AND THEN PRESENTED AND DISCUSSED AT THE BOARD MEETING. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | THE ORGANIZATION DISCUSSES ANY CONFLICTS OF INTERESTS IN THE MONTHLY BOARD MEETINGS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | COMPARATIVE ANALYSIS IS COMPLETED UTILIZING ASSESSMENT TOOLS THROUGH ECONOMIC RESEARCH INSTITUTE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 8 | YES, THROUGH A FREEDOM OF INFORMATION REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 9 | THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 10 | THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 11 | THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 12 | BAD DEBT EXPENSE -203,199. |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2014 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $34,873,890
- Liabilities
- $3,787,985
- Net assets
- $31,085,905
- Revenue
- $1,356,570
- Expenses
- $698,180
- Net income
- $658,390
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