Civic Intelligence

Forge Financing Ozark Rural Growth and Economy

990 • Fiscal year 2017 • EIN 71-0674001

Oct 01, 2016 to Sep 30, 2017 • Filed on Apr 25, 2018

PO Box 1138Huntsville, AR 72740-1138

(479) 738-1585

Siviq Scores

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

Liabilities / Assets

86th percentile

0.79x

Higher debt load relative to assets than 86% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

97th percentile

11.49x

Higher debt load relative to revenue than 97% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

67th percentile

10.0%

Higher net margin than 67% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

20th percentile

$0

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

86th percentile

27%

Faster asset growth than 86% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

11th percentile

-23%

Faster revenue growth than 11% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Assets

Up

$6,880,152

Up $1,458,995 (+27%) from 2016

Net Assets

Up

$1,469,815

Up $46,938 (+3.3%) from 2016

Liabilities

Up

$5,410,337

Up $1,412,057 (+35%) from 2016

Revenue

Down

$470,924

Down $140,996 (-23%) from 2016

Expenses

Up

$423,986

Up $110,330 (+35%) from 2016

Net Income

Down

$46,938

Down $251,326 (-84%) from 2016

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2011: $2,013,038Liabilities 2011: $1,589,580Net Assets 2011: $423,4582011Assets 2012: $2,392,449Liabilities 2012: $1,927,539Net Assets 2012: $464,9102012Assets 2013: $3,519,251Liabilities 2013: $2,496,859Net Assets 2013: $1,022,3922013Assets 2014: $4,283,906Liabilities 2014: $3,235,923Net Assets 2014: $1,047,9832014Assets 2015: $4,576,488Liabilities 2015: $3,451,865Net Assets 2015: $1,124,6232015Assets 2016: $5,421,157Liabilities 2016: $3,998,280Net Assets 2016: $1,422,8772016Assets 2017: $6,880,152Liabilities 2017: $5,410,337Net Assets 2017: $1,469,8152017Assets 2018: $7,211,168Liabilities 2018: $5,555,272Net Assets 2018: $1,655,8962018Assets 2019: $8,005,319Liabilities 2019: $5,792,855Net Assets 2019: $2,212,4642019Assets 2020: $9,139,095Liabilities 2020: $6,202,743Net Assets 2020: $2,936,3522020Assets 2021: $10,015,357Liabilities 2021: $5,942,470Net Assets 2021: $4,072,8872021Assets 2022: $11,064,924Liabilities 2022: $6,654,515Net Assets 2022: $4,410,4092022Assets 2023: $12,877,023Liabilities 2023: $8,370,976Net Assets 2023: $4,506,0472023Assets 2024: $11,375,673Liabilities 2024: $7,719,131Net Assets 2024: $3,656,5422024

Highlighted filing

2017

Assets$6,880,152
Liabilities$5,410,337
Net Assets$1,469,815

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $286,738Expenses 2011: $172,485Net Income 2011: $114,2532011Revenue 2012: $237,597Expenses 2012: $196,145Net Income 2012: $41,4522012Revenue 2013: $815,627Expenses 2013: $258,145Net Income 2013: $557,4822013Revenue 2014: $309,648Expenses 2014: $284,057Net Income 2014: $25,5912014Revenue 2015: $354,074Expenses 2015: $277,434Net Income 2015: $76,6402015Revenue 2016: $611,920Expenses 2016: $313,656Net Income 2016: $298,2642016Revenue 2017: $470,924Expenses 2017: $423,986Net Income 2017: $46,9382017Revenue 2018: $579,068Expenses 2018: $392,987Net Income 2018: $186,0812018Revenue 2019: $1,384,909Expenses 2019: $712,002Net Income 2019: $672,9072019Revenue 2020: $1,553,352Expenses 2020: $821,269Net Income 2020: $732,0832020Revenue 2021: $2,246,755Expenses 2021: $1,110,220Net Income 2021: $1,136,5352021Revenue 2022: $1,965,897Expenses 2022: $1,628,375Net Income 2022: $337,5222022Revenue 2023: $2,241,893Expenses 2023: $2,146,255Net Income 2023: $95,6382023Revenue 2024: $1,468,312Expenses 2024: $2,289,190Net Income 2024: -$820,8782024

Highlighted filing

2017

Revenue$470,924
Expenses$423,986
Net Income$46,938
Jump To
Filing Snapshot
Filing Period
Oct 1, 2016 to Sep 30, 2017
Signed
Apr 25, 2018
Return Version
2016v3.1
Gross Receipts
$477,523
Mission and Program Overview

Mission

To assist in long term economic growth and revitalization of rural communities and farm related enterprises in the ozark region of arkansas, missouri, oklahoma, and louisiana.

To assist in long term economic growth and revitalization of rural communities and farm related enterprises in the ozark region of arkansas, missouri, and oklahoma.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$3,646,611$4,405,809▲ $759,198
Cash and Non-Interest-Bearing Accounts$1,543,140$2,077,598▲ $534,458
Land, Buildings, and Equipment, Net$138,066$259,286▲ $121,220
Pledges and Grants Receivable$74,356$120,178▲ $45,822
Prepaid Expenses and Deferred Charges$698$935▲ $237
Total Assets$5,421,157$6,880,152▲ $1,458,995
Other Assets Total$18,286$16,346▼ $1,940
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,142,405$4,376,878▲ $1,234,473
Other Liabilities$788,756$995,592▲ $206,836
Accounts Payable and Accrued Expenses$67,119$37,867▼ $29,252
Total Liabilities$3,998,280$5,410,337▲ $1,412,057
Net Assets / Fund Balance
Unrestricted Net Assets$823,634$1,020,572▲ $196,938
Temporarily Rstr Net Assets$599,243$449,243▼ $150,000
Total Net Assets Fund Balance$1,422,877$1,469,815▲ $46,938
Total Liabilities and Net Assets / Fund Balance$5,421,157$6,880,152▲ $1,458,995

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$194,320$2,876$197,196
Land$55,000-$55,000
Equipment$9,966$13,432$23,398
Compensation and Service Providers

Board Members and Trustees

NameTitle
Bob PenquitePresident
Bill FoxDirector
Mark NelsonDirector
Mary SanchezDirector
Steve ParkerDirector
Tom PorterfieldDirector
Rebecca LynnSecretary/tr
James MorganVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$214,109
Program Service Revenue
$0
Investment Income
$238,631
Other Revenue
$18,184
All Other Contributions
$105
Change in Net Assets
$46,938

Audited Revenue Reconciliation

Revenue per Audited Statements
$470,924
Total Revenue per Audited Statements
$470,924
Total Revenue per Form 990
$470,924
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$251,119
Other Expenses$172,867
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$187,571$20,841-$208,412
Interest$39,706--$39,706
Fees for Services Other$27,710--$27,710
Other Employee Benefits$21,917$2,435-$24,352
Office Expenses$18,660$2,363-$21,023
Payroll Taxes$16,519$1,836-$18,355
Fees for Services Accounting$10,762$3,588-$14,350
Occupancy$8,460$939-$9,399
Depreciation Depletion$4,254$473-$4,727
Insurance$3,407$379-$3,786
Travel$2,709--$2,709
Advertising$1,174--$1,174
Other Expenses$993--$993
All Other Expenses$75--$75
Total Functional Expenses$391,132$32,854$0$423,986

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$423,986
Total Expenses per Audited Statements$423,986
Total Expenses per Form 990$423,986
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Investor Deposits$995,592
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
No
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 7A

Members elect individuals at the annual meeting to fill vacancies on the board of trustees.

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

Complete copy of form 990 and all schedules was emailed to board members prior to filing.

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

The forge board and staff actively monitor possible conflicts of interest. As stated in the forge by-laws and personnel policy manual, it is the responsibility of staff members and board members to divulge any financial interest that they may have in the loan approval or investor acceptance process. Possible conflicts of interest are discussed at the quarterly forge board of trustee meetings when the forge board of trustees reviews and approves all new loans, reiviews the loan portfolio, internal financial reports, and examines loan committee reports.

Form 990, Page 6, Part VI, Line 19

No documents available to the public

Filing and Contact Details

Filer

Filer Name
Forge Inc
EIN
71-0674001
Phone
4797381585
Address
PO BOX 1138, HUNTSVILLE, AR 72740-1138

Signing Officer

Name
Carson Roddy
Title
COO
Phone
4797381585
Signed
2018-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bob Penquite
Formed
1988
Legal Domicile
Ar
Voting Board Members
8
Independent Board Members
8
Employees
4

Preparer

Firm
Przybysz & Associates Cpas Pc
Address
4200 JENNY LIND RD STE B, FORT SMITH, AR 72901
Preparer
Marc Lux CPA
Phone
4796490888
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

The financial accounting standards board (fasb) has issued fasb interpretation related to accounting for uncertainty in income taxes - an interpretation of accounting standards codification (asc) 740-10, which clarifies the accounting for uncertainty in income taxes provisions. Based on an evaluation of uncertain tax provisions, management is required to measure potential liabilities that could have a risk of greater than 50% likelihood of being realized upon settlement. As of september 30, 2017 and 2016, management has determined that the organization had no such risk and therefore no liabilities have been recorded for uncertain tax provisions.

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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt055000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0INVESTOR DEPOSITS
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) HAS ISSUED FASB INTERPRETATION RELATED TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - AN INTERPRETATION OF ACCOUNTING STANDARDS CODIFICATION (ASC) 740-10, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES PROVISIONS. BASED ON AN EVALUATION OF UNCERTAIN TAX PROVISIONS, MANAGEMENT IS REQUIRED TO MEASURE POTENTIAL LIABILITIES THAT COULD HAVE A RISK OF GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON SETTLEMENT. AS OF SEPTEMBER 30, 2017 AND 2016, MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION HAD NO SUCH RISK AND THEREFORE NO LIABILITIES HAVE BEEN RECORDED FOR UNCERTAIN TAX PROVISIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MEMBERS ELECT INDIVIDUALS AT THE ANNUAL MEETING TO FILL VACANCIES ON THE BOARD OF TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1COMPLETE COPY OF FORM 990 AND ALL SCHEDULES WAS EMAILED TO BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORGE BOARD AND STAFF ACTIVELY MONITOR POSSIBLE CONFLICTS OF INTEREST. AS STATED IN THE FORGE BY-LAWS AND PERSONNEL POLICY MANUAL, IT IS THE RESPONSIBILITY OF STAFF MEMBERS AND BOARD MEMBERS TO DIVULGE ANY FINANCIAL INTEREST THAT THEY MAY HAVE IN THE LOAN APPROVAL OR INVESTOR ACCEPTANCE PROCESS. POSSIBLE CONFLICTS OF INTEREST ARE DISCUSSED AT THE QUARTERLY FORGE BOARD OF TRUSTEE MEETINGS WHEN THE FORGE BOARD OF TRUSTEES REVIEWS AND APPROVES ALL NEW LOANS, REIVIEWS THE LOAN PORTFOLIO, INTERNAL FINANCIAL REPORTS, AND EXAMINES LOAN COMMITTEE REPORTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TerminateOperationsInd0false
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IRS990/TotalEmployeeCnt04
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0391132
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06880152
IRS990/TravelGrp/ProgramServicesAmt02709
IRS990/TravelGrp/TotalAmt02709
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0823634
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01608 BRENTWOOD DR
IRS990/USAddress/CityNm0HARRISON
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IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.FORGEONLINE.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CARSON RODDY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0COO
ReturnHeader/BusinessOfficerGrp/PhoneNum04797381585
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-04-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FORGE INC
ReturnHeader/Filer/BusinessNameControlTxt0FORG
ReturnHeader/Filer/EIN0710674001
ReturnHeader/Filer/PhoneNum04797381585
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 1138
ReturnHeader/Filer/USAddress/CityNm0HUNTSVILLE
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0202759879
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PRZYBYSZ & ASSOCIATES CPAS PC

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$11.4$7.72$3.66$1.47$2.29$0.82
2023Detailed filing. Detailed filing data is available for this year.$12.9$8.37$4.51$2.24$2.15$0.10
2022Detailed filing. Detailed filing data is available for this year.$11.1$6.65$4.41$1.97$1.63$0.34
2021Detailed filing. Detailed filing data is available for this year.$10.0$5.94$4.07$2.25$1.11$1.14
2020Detailed filing. Detailed filing data is available for this year.$9.14$6.20$2.94$1.55$0.82$0.73
2019Detailed filing. Detailed filing data is available for this year.$8.01$5.79$2.21$1.38$0.71$0.67
2018Detailed filing. Detailed filing data is available for this year.$7.21$5.56$1.66$0.58$0.39$0.19
2017Detailed filing. Detailed filing data is available for this year.$6.88$5.41$1.47$0.47$0.42$0.05
2016Detailed filing. Detailed filing data is available for this year.$5.42$4.00$1.42$0.61$0.31$0.30
2015Detailed filing. Detailed filing data is available for this year.$4.58$3.45$1.12$0.35$0.28$0.08
2014Detailed filing. Detailed filing data is available for this year.$4.28$3.24$1.05$0.31$0.28$0.03
2013Summary only. Only limited summary data is available for this year.$3.52$2.50$1.02$0.82$0.26$0.56
2012Summary only. Only limited summary data is available for this year.$2.39$1.93$0.46$0.24$0.20$0.04
2011Summary only. Only limited summary data is available for this year.$2.01$1.59$0.42$0.29$0.17$0.11