Alliance for Multicultural Community Services

“The alliance's credit builder loan program is a structured savings fund, with a credit building component. The alliance structures saving guidelines the client must follow and a savings goal. This creates an installment loan the client is extending to themselves. Payments are reported to the national credit bureaus and impact credit scores. Once the savings/loan balance is paid in full, the client receives all their money back and with on-time payments an increased credit score. The alliance is one of only five authorized small business administration (sba) microloan providers in the state of texas. The alliance provides commuity based loans to individuals seeking to start or expand an existing business. Loans are extended up to $35k and must meet financial capability goals. The program helps clients with understanding how to run a business plan that is reviewed by alliance's loan committee. Community impact is part of the consideration process. The micro-lending program is geared toward individuals in the process of doing a start-up or needing help with an expansion and are in need of additional technical assistance and financial education.”

“The organization is a not-for-profit organization that is exempt from federal income taxes under section 501(c)(3) of the u.s. Internal revenue code (the "code") and comparable state of texas law. Accordingly, contributions to the organization are tax deductible within the limitations prescribed by the code. The organization has also been qualified for the charitable contribution deduction under section 170(b) (1) (a) (vi) of the code and has been classified as an organization that is not a private foundation under section 509(a) (1) of the code. Accordingly, income taxes are not provided for in the accompanying financial statements. The organization applies the provisions of fasb asc topic 740, income taxes, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Fasb asc topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements.”