Civic Intelligence

Mclennan Community Investment Fund

EIN 84-4371176 • 501(c)3 • Waco, TX

Profile

To promote economic development in economically disadvantaged areas of McLennan County, Texas, by providing financing for new and growing businesses that create jobs and economic activity not otherwise available through traditional financing sources. It is seeking certification by the United States Treasury Department as a Community Development Financial Institution and financial aid in carrying out its mission.

225 S 5th StreetWaco, TX 76701

www.mccif.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

53rd percentile

0.02x

Higher debt load relative to assets than 53% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

59th percentile

0.04x

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

501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

72nd percentile

19%

Higher net margin than 72% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

71st percentile

$60,000

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 18.1% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2023

Asset Growth

70th percentile

14%

Faster asset growth than 70% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

61st percentile

14%

Faster revenue growth than 61% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Up

$541,068

Up $66,891 (+14%) from 2022

Liabilities

Up

$12,097

Up $4,097 (+51%) from 2022

Net Assets

Up

$528,971

Up $62,794 (+13%) from 2022

Operations
Liabilities / Revenue59th percentileNet Margin72nd percentile

Revenue

Up

$331,407

Up $41,619 (+14%) from 2022

Expenses

Up

$268,612

Up $109,011 (+68%) from 2022

Net Income

Down

$62,795

Down $67,392 (-52%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth70th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600K$400K$200K$0Assets 2020: $335,472Liabilities 2020: $100,000Net Assets 2020: $235,4722020Assets 2021: $345,558Liabilities 2021: $9,568Net Assets 2021: $335,9902021Assets 2022: $474,177Liabilities 2022: $8,000Net Assets 2022: $466,1772022Assets 2023: $541,068Liabilities 2023: $12,097Net Assets 2023: $528,9712023

Highlighted filing

2023

Assets$541,068
Liabilities$12,097
Net Assets$528,971
Open 2023 Filing

Operations Trend

Revenue Growth61st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400K$300K$200K$100K$0Revenue 2020: $236,094Expenses 2020: $622Net Income 2020: $235,4722020Revenue 2021: $215,379Expenses 2021: $106,861Net Income 2021: $108,5182021Revenue 2022: $289,788Expenses 2022: $159,601Net Income 2022: $130,1872022Revenue 2023: $331,407Expenses 2023: $268,612Net Income 2023: $62,7952023

Highlighted filing

2023

Revenue$331,407
Expenses$268,612
Net Income$62,795
Open 2023 Filing

Filings

Most recent year

2023 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$541,068
Liabilities
$12,097
Net assets
$528,971
Revenue
$331,407
Expenses
$268,612
Net income
$62,795
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.41$0.12$5.29$3.31$2.69$0.63
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.74$0.08$4.66$2.90$1.60$1.30
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.46$0.10$3.36$2.15$1.07$1.09
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.35$1.00$2.35$2.36$0.01$2.35
Latest Detailed Filing

The latest 2023 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Mar 21, 2022
Return Version
2021v4.0
Gross Receipts
$215,379
Mission and Program Overview

Mission

To promote economic development in economically disadvantaged areas of McLennan County, TX, by providing financing for new and growing businesses that create jobs and economic activity not otherwise available through traditional financing sources. It will seek certification by the United States Treasury Department as a Community Development Financial Institution and financial aid in carrying out its mission.

The organization was organized as a community nonprofit corporation to become certified by the U.S. Treasury Department as a Community Development Financial Institution. Its mission is to make financing available to small businesses who do not have access to traditional sources of capital.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$15,204$141,421▲ $126,217
Loans From Officers Directors$100,000$0▼ $100,000
Other Notes and Loans Receivable, Net$24,891$92,611▲ $67,720
Cash and Non-Interest-Bearing Accounts$295,377$85,259▼ $210,118
Investments Program Related$0$26,267▲ $26,267
Accounts Receivable$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0--
Inventories for Sale or Use$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$335,472$345,558▲ $10,086
Liabilities
Other Liabilities$0$9,568▲ $9,568
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Total Liabilities$100,000$9,568▼ $90,432
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$170,472$302,103▲ $131,631
Net Assets With Donor Restrictions$65,000$33,887▼ $31,113
Total Net Assets Fund Balance$235,472$335,990▲ $100,518
Total Liabilities and Net Assets / Fund Balance$335,472$345,558▲ $10,086

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$26,267--
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Christopher A GonzalesExecutive Director & Loan OfficerFT$42,194$42,194
Jane P AllenExecutive Vice-president, DirectorPT$31,000$31,000

Board Members and Trustees

NameTitle
William R VancePresident, Treasurer, Director
Thomas G Chase JrVice-President, Director
Alfred SolanoDirector
Andrea BarefieldDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$212,292
Program Service Revenue
$3,087
Investment Income
$0
Other Revenue
$0
All Other Contributions
$52,292
Change in Net Assets
$108,518
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$86,321
Other Expenses$20,540
Total Fundraising Expense$2,507
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$58,125$13,519$1,550$73,194
Other Employee Benefits$5,979$1,390$159$7,528
Office Expenses$3,575$2,085$298$5,958
Payroll Taxes$4,446$1,034$119$5,599
Information Technology$3,096$1,806$258$5,160
Occupancy$1,843$1,228$0$3,071
Advertising$1,971$370$123$2,464
Travel$1,690$0$0$1,690
Conferences and Meetings$702$78$0$780
Insurance$317$211$0$528
Interest$399$0$0$399
Fees for Services Accounting$0$300$0$300
Fees for Services Other$0$190$0$190
Total Functional Expenses$82,143$22,211$2,507$106,861
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
Loans from Officers, Directors, Trustees, and Key Employees$100,000$0▼ $100,000
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loan Loss Reserve$8,000
Payroll Taxes & FIT Withheld$1,568
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
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, Part VI, Section A, Line 2

“William R Vance, President, Treasurer, and Director, and Thomas G Chase Jr, Vice-president and Director, are both members of the Board of Directors of Insurors Indemnity Company, a state-licensed property and casualty insurance company with primary offices in Waco Texas. Mr Chase is Chairman of the Board of Insurors. Justice Vance is an independent board member who has no financial interest in the Company. Andrea Barefield, Director, and Alfred Salono, Director, both serve on two other Waco nonprofit boards: Prosper Waco, an organization to improve education, health, and financial security, and Startup Waco, a coworking incubator for small business startups.”

Form 990, Part VI, Section B, Line 11B

“This form was reviewed and approved for filing by the Board of Directors at a regular meeting of the organization held March 16, 2022.”

Form 990, Part VI, Section B, Line 12C

“When an item of business was before the Board that involved a conflict of interest, the member in question disclosed the conflict and did not participate in the discussion or vote on the question before the Board. Each Director, Officer, and Key Employee signs annually an acknowledgment of the organization's Conflict of Interest policy.”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents, conflict of interest policy, and financial statements were publicly available at the office of the organization during the tax year. Statements were also made available on request to units of local government who provided funding for the organization.”

Filing and Contact Details

Filer

Filer Name
Mclennan Community Investment Fund
EIN
84-4371176
Phone
2547221635
Address
225 S 5th Street, Waco, TX 76701

Signing Officer

Name
William Vance
Title
President
Phone
2547221635
Signed
2022-03-21

Organization Details

Principal Officer
William R Vance
Formed
2020
Legal Domicile
TX
Voting Board Members
5
Independent Board Members
5
Employees
2
Volunteers
10
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“The Board of Directors established a Loan Loss Reserve of $8,000 in 2021.”

Raw XML AppendixShowing 400 of 482 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.

Path#Value
IRS990/AccountantCompileOrReviewInd00
IRS990/AccountsReceivableGrp/BOYAmt00
IRS990/AccountsReceivableGrp/EOYAmt00
IRS990/ActivitiesConductedPrtshpInd00
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IRS990/BooksInCareOfDetail/PersonNm0William Vance
IRS990/BooksInCareOfDetail/PhoneNum02547221635
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0605 Austin Avenue
IRS990/BooksInCareOfDetail/USAddress/CityNm0Waco
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0TX
IRS990/BooksInCareOfDetail/USAddress/ZIPCd076701
IRS990/BusinessRlnWith35CtrlEntInd00
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IRS990/CompCurrentOfcrDirectorsGrp/ProgramServicesAmt058125
IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt073194
IRS990/CompDisqualPersonsGrp/FundraisingAmt00
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IRS990/ConferencesMeetingsGrp/TotalAmt0780
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IRS990/ConservationEasementsInd00
IRS990/ConsolidatedAuditFinclStmtInd00
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IRS990/CreditCounselingInd00
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IRS990/CYContributionsGrantsAmt0212292
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IRS990/CYTotalExpensesAmt0106861
IRS990/CYTotalFundraisingExpenseAmt02507
IRS990/CYTotalProfFndrsngExpnsAmt00
IRS990/CYTotalRevenueAmt0215379
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IRS990/Desc0McLennan Community Investment Fund (McCIF) is a financing entity that has applied to the Community Development Financial Institutions Fund of the U.S. Treasury Department for certification as a Community Development Financial Institution for the purpose of providing loans to small business owners who have not had access to capital provided by traditional financial institutions such as banks, savings and loans, and credit unions. Utilizing funds provided by CDFI Fund and local sources, McCIF began its loan program in November of 2020 and continued throughout 2021. The loan program is McCIF's only program activity.
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IRS990/FamilyOrBusinessRlnInd01
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IRS990/FederatedCampaignsAmt00
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IRS990/FeesForServicesLegalGrp/FundraisingAmt00
IRS990/FeesForServicesLegalGrp/ManagementAndGeneralAmt00
IRS990/FeesForServicesLegalGrp/ProgramServicesAmt00
IRS990/FeesForServicesLegalGrp/TotalAmt00
IRS990/FeesForServicesLobbyingGrp/FundraisingAmt00
IRS990/FeesForServicesLobbyingGrp/ManagementAndGeneralAmt00
IRS990/FeesForServicesLobbyingGrp/ProgramServicesAmt00
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IRS990/FeesForServicesOtherGrp/FundraisingAmt00
IRS990/FeesForServicesOtherGrp/ManagementAndGeneralAmt0190
IRS990/FeesForServicesOtherGrp/ProgramServicesAmt00
IRS990/FeesForServicesOtherGrp/TotalAmt0190
IRS990/FeesForServicesProfFundraising/FundraisingAmt00
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IRS990/FeesForSrvcInvstMgmntFeesGrp/FundraisingAmt00
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IRS990/ForeignActivitiesInd00
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/PersonNm0Christopher A Gonzales
IRS990/Form990PartVIISectionAGrp/PersonNm1Jane P Allen
IRS990/Form990PartVIISectionAGrp/PersonNm2William R Vance
IRS990/Form990PartVIISectionAGrp/PersonNm3Andrea Barefield
IRS990/Form990PartVIISectionAGrp/PersonNm4Alfred Solano
IRS990/Form990PartVIISectionAGrp/PersonNm5Thomas G Chase Jr
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Executive Director & Loan Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt1Executive Vice-president, Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2President, Treasurer, Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice-President, Director
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IRS990/MissionDesc0To promote economic development in economically disadvantaged areas of McLennan County, Texas, by providing financing for new and growing businesses that create jobs and economic activity not otherwise available through traditional financing sources. It is seeking certification by the United States Treasury Department as a Community Development Financial Institution and financial aid in carrying out its mission.
IRS990/MoreThan5000KToIndividualsInd00
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IRS990/NoncashContributionsAmt0158
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt01228
IRS990/OccupancyGrp/ProgramServicesAmt01843
IRS990/OccupancyGrp/TotalAmt03071
IRS990/OfficeExpensesGrp/FundraisingAmt0298
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt02085
IRS990/OfficeExpensesGrp/ProgramServicesAmt03575
IRS990/OfficeExpensesGrp/TotalAmt05958
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt0-8000
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0159
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt01390
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt05979
IRS990/OtherEmployeeBenefitsGrp/TotalAmt07528
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt09568
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt024891
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt092611
IRS990/OwnWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/FundraisingAmt00
IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt0119
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01034
IRS990/PayrollTaxesGrp/ProgramServicesAmt04446
IRS990/PayrollTaxesGrp/TotalAmt05599
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt00
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0William R Vance
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0525990
IRS990/ProgramServiceRevenueGrp/Desc0Lending Program
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt03087
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt03087
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0236000
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt04
IRS990/PymtTravelEntrtnmntPubOfclGrp/FundraisingAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ManagementAndGeneralAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/ProgramServicesAmt00
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0622
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt090
IRS990/PYRevenuesLessExpensesAmt0235472
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0622
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0236094
IRS990/QuidProQuoContributionsInd00
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0108518
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IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt00
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IRS990/RentalIncomeOrLossGrp/RealAmt00
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IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
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IRS990/RoyaltiesGrp/TotalAmt00
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0141421
IRS990ScheduleA/First5Years170Ind0X
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0236000
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt03087
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt04
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt03091
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt090
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0212292
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0236000
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0448292
IRS990ScheduleA/TotalSupportAmt0451383
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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt026267
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0Central National Bank Managed Loans
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01568
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt18000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Payroll Taxes & FIT Withheld
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Loan Loss Reserve
IRS990ScheduleD/TotalBookValueProgramRltdAmt026267
IRS990ScheduleD/TotalLiabilityAmt09568
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0William R Vance, President, Treasurer, and Director, and Thomas G Chase Jr, Vice-president and Director, are both members of the Board of Directors of Insurors Indemnity Company, a state-licensed property and casualty insurance company with primary offices in Waco Texas. Mr Chase is Chairman of the Board of Insurors. Justice Vance is an independent board member who has no financial interest in the Company. Andrea Barefield, Director, and Alfred Salono, Director, both serve on two other Waco nonprofit boards: Prosper Waco, an organization to improve education, health, and financial security, and Startup Waco, a coworking incubator for small business startups.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1This form was reviewed and approved for filing by the Board of Directors at a regular meeting of the organization held March 16, 2022.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2When an item of business was before the Board that involved a conflict of interest, the member in question disclosed the conflict and did not participate in the discussion or vote on the question before the Board. Each Director, Officer, and Key Employee signs annually an acknowledgment of the organization's Conflict of Interest policy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization's governing documents, conflict of interest policy, and financial statements were publicly available at the office of the organization during the tax year. Statements were also made available on request to units of local government who provided funding for the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Board of Directors established a Loan Loss Reserve of $8,000 in 2021.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part XI, Line 9
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00

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