Civic Intelligence

Berea College Leverage Lender Inc.

990 • Fiscal year 2023 • EIN 85-3642997

Jul 01, 2022 to Jun 30, 2023 • Filed on May 13, 2024

Organization ProfileN/A
101 Chestnut StreetBerea, KY 40404

(859) 985-3758

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.97x

Higher debt load relative to assets than 93% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

100th percentile

100.00x

Higher debt load relative to revenue than 100% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

100th percentile

100%

Higher net margin than 100% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

95th percentile

$545,173

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 947.4% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

100th percentile

6111%

Faster asset growth than 100% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

38th percentile

0.0%

Faster revenue growth than 38% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Up

$5,907,217

Up $5,812,107 (+6111%) from 2022

Net Assets

Up

$152,656

Up $57,546 (+61%) from 2022

Liabilities

Up

$5,754,561

Up $5,754,561 from 2022

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin100th percentile

Revenue

Flat

$57,546

Flat from 2022

Expenses

Flat

$0

Flat from 2022

Net Income

Flat

$57,546

Flat from 2022

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$6.0M$4.0M$2.0M$0Assets 2022: $95,110Liabilities 2022: $0Net Assets 2022: $95,1102022Assets 2023: $5,907,217Liabilities 2023: $5,754,561Net Assets 2023: $152,6562023Assets 2024: $5,964,762Liabilities 2024: $5,754,561Net Assets 2024: $210,2012024

Highlighted filing

2023

Assets$5,907,217
Liabilities$5,754,561
Net Assets$152,656
Open 2023 Filing

Operations Trend

Revenue Growth38th percentile

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

$60K$40K$20K$0Revenue 2022: $57,546Expenses 2022: $0Net Income 2022: $57,5462022Revenue 2023: $57,546Expenses 2023: $0Net Income 2023: $57,5462023Revenue 2024: $57,545Expenses 2024: $0Net Income 2024: $57,5452024

Highlighted filing

2023

Revenue$57,546
Expenses$0
Net Income$57,546
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 13, 2024
Return Version
2022v5.0
Gross Receipts
$57,546
Mission and Program Overview

Mission

Berea college leverage lender, inc., was formed to facilitate a new markets tax credit financed transaction that will be used to construct a new facilities management and student labor complex on the the campus of berea college.

To facilitate a New Markets Tax Credit financing transaction to partially fund the construction of the College's Facilities Management and Student Labor Complex

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$5,754,561$5,754,561→ $0
Cash and Non-Interest-Bearing Accounts$95,110$152,656▲ $57,546
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net-$0-
Loans From Officers Directors-$0-
Total Assets$5,849,671$5,907,217▲ $57,546
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,754,561$5,754,561→ $0
Other Liabilities$0$0→ $0
Total Liabilities$5,754,561$5,754,561→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$95,110$152,656▲ $57,546
Total Net Assets Fund Balance$95,110$152,656▲ $57,546
Total Liabilities and Net Assets / Fund Balance$5,849,671$5,907,217▲ $57,546
Compensation and Service Providers
Top Officer Pay95th percentile

Board Members and Trustees

NameTitle
-President/as President of Berea College/director
-Director
-Secretary (as General Counsel of Berea College)
-Treasurer (as VP for Finance of Berea College)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$57,546
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$57,546
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2 Family/business relationships amongst interested persons

“LYLE D. ROELOFS, JUDGE B. WILSON II, JEFFREY S. AMBURGEY - Business relationship”

Form 990, Part VI, Line 11B Review of form 990 by governing body

“Form 990 is reviewed by all officers and directors of the corporation prior to the filing date of the form 990”

Form 990, Part VI, Line 12C Conflict of interest policy

“Berea college leverage lender is covered by the berea college conflict of interest policy. Berea college (the college) maintains a conflict of interest policy applicable to directors and institutional officers. All directors and institutional officers receive copies of the policy and a disclosure statement on an annual basis. The disclosure statement must be completed by all directors and officers regardless of the presence of a conflict. In addition to the annual disclosure, the policy requires the disclosure statement to be updated whenever the director or officer becomes aware of a new or anticipated conflict of interest transaction that has not been previously reported. Completed disclosure statements are forwarded by the vice president for finance to the president of the college and the chair of the audit committee of the board of directors. Any conflict of interest transaction or other matter reported by a director or officer is then addressed in accordance with the policy.”

Form 990, Part VI, Line 19 Required documents available to the public

“The organization's governing documents are available to the public upon request. The conflict of interest policy and financial statements are available via berea college's website.”

Filing and Contact Details

Filer

Filer Name
Berea College Leverage Lender Inc
EIN
85-3642997
Phone
8599853758
Address
101 Chestnut Street, Berea, KY 40404

Signing Officer

Name
Jeffrey Amburgey
Title
Treasurer
Signed
2024-05-13
Discuss with paid preparer
Yes

Organization Details

Formed
2020
Legal Domicile
Ky
Voting Board Members
4
Independent Board Members
1
Employees
0
Volunteers
4

Preparer

Firm
Crowe Llp
Address
9600 Brownsboro Road Suite 400, Louisville, KY 40241-3902
Preparer
Rachel Spurlock
Phone
5023263996
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“BEREA COLLEGE Leverage Lender, Inc. IS PART OF THE CONSOLIDATED FINANCIAL STATEMENT AUDIT FOR BEREA COLLEGE. BELOW IS THE FOOTNOTE WITHIN THOSE CONSOLIDATED AUDITED FINANCIALS. GAAP requires the College to evaluate tax positions taken by the College and recognize a tax liability (or asset) if the College has taken an uncertain position that more likely than not would be sustained upon examination by the IRS. The College has analyzed the tax positions taken by the College and has concluded that there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the consolidated financial statements. The College would recognize interest and penalties related to uncertain tax positions in interest and income tax expense, respectively. The College does not have an amount accrued for interest or penalties as of June 30, 2023 or 2022. The College is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress. The College believes it is no longer subject to income tax examinations for years prior to 2020.”

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT/AS PRESIDENT OF BEREA COLLEGE/DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1SECRETARY (AS GENERAL COUNSEL OF BEREA COLLEGE)
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2TREASURER (AS VP FOR FINANCE OF BEREA COLLEGE)
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt2226715
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0The Organization does not have any officers other than persons who are employed and compensated by Berea College. The compensation of the Organization's top management officials are determined by Berea College, a related organization. Berea College uses the following: Compensation Committee, compensation survey or study, and approval by the Board or Compensation Committee.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LYLE D. ROELOFS, JUDGE B. WILSON II, JEFFREY S. AMBURGEY - Business relationship
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REVIEWED BY ALL OFFICERS AND DIRECTORS OF THE CORPORATION PRIOR TO THE FILING DATE OF THE FORM 990
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BEREA COLLEGE LEVERAGE LENDER IS COVERED BY THE BEREA COLLEGE CONFLICT OF INTEREST POLICY. BEREA COLLEGE (THE COLLEGE) MAINTAINS A CONFLICT OF INTEREST POLICY APPLICABLE TO DIRECTORS AND INSTITUTIONAL OFFICERS. ALL DIRECTORS AND INSTITUTIONAL OFFICERS RECEIVE COPIES OF THE POLICY AND A DISCLOSURE STATEMENT ON AN ANNUAL BASIS. THE DISCLOSURE STATEMENT MUST BE COMPLETED BY ALL DIRECTORS AND OFFICERS REGARDLESS OF THE PRESENCE OF A CONFLICT. IN ADDITION TO THE ANNUAL DISCLOSURE, THE POLICY REQUIRES THE DISCLOSURE STATEMENT TO BE UPDATED WHENEVER THE DIRECTOR OR OFFICER BECOMES AWARE OF A NEW OR ANTICIPATED CONFLICT OF INTEREST TRANSACTION THAT HAS NOT BEEN PREVIOUSLY REPORTED. COMPLETED DISCLOSURE STATEMENTS ARE FORWARDED BY THE VICE PRESIDENT FOR FINANCE TO THE PRESIDENT OF THE COLLEGE AND THE CHAIR OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. ANY CONFLICT OF INTEREST TRANSACTION OR OTHER MATTER REPORTED BY A DIRECTOR OR OFFICER IS THEN ADDRESSED IN ACCORDANCE WITH THE POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE VIA BEREA COLLEGE'S WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2 Family/business relationships amongst interested persons
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b Review of form 990 by governing body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c Conflict of interest policy
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19 Required documents available to the public
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd2false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt1Berea College
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt2Berea College
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Berea College
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1Berea Interchange Development Corp
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2Berea College Science and Health Foundation Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0610444650
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1611124566
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN2822539390
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(c)(2)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt2501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0KY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1KY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd2KY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Post Secondary Education
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1Holds Land
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2Real Estate Holding
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt02
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1Type II
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0Lincoln hall Suite 220
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt1Lincoln Hall Suite 220
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt2Lincoln Hall Suite 220
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Berea
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1Berea
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm2Berea
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0KY
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd2KY
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
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IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0KY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt05849671
IRS990/TotalAssetsEOYAmt05907217
IRS990/TotalAssetsGrp/BOYAmt05849671
IRS990/TotalAssetsGrp/EOYAmt05907217
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IRS990/TotalFunctionalExpensesGrp/TotalAmt00
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesGrp/EOYAmt05754561
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt095110
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IRS990/TotalOtherCompensationAmt0131282
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IRS990/TotalProgramServiceExpensesAmt00
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt057546
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IRS990/TotalVolunteersCnt04
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IRS990/TotReportableCompRltdOrgAmt0939350
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0101 Chestnut Street
IRS990/USAddress/CityNm0Berea
IRS990/USAddress/StateAbbreviationCd0KY
IRS990/USAddress/ZIPCd040404
IRS990/VotingMembersGoverningBodyCnt04
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IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Jeffrey Amburgey
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,907,217
Liabilities
$5,754,561
Net assets
$152,656
Revenue
$57,546
Expenses
$0
Net income
$57,546
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.96$5.75$0.21$0.06$0.00$0.06
2023Detailed filing. Detailed filing data is available for this year.$5.91$5.75$0.15$0.06$0.00$0.06
2022Detailed filing. Detailed filing data is available for this year.$0.10$0.00$0.10$0.06$0.00$0.06