2021-11-15T18:28:21-07:00 2020-12-31 990 2020-01-01 133836581 SHARED INTEREST INC SHAR 2123378547 121 West 27th Street Suite 805 New York NY 100016207 Ann McMikel Executive Director 6464420182 2021-11-15 1 11 1 AAL2 X 2020 2022-09-23 18:48:47Z Ann McMikel 121 West 27th Street Suite 805 New York NY 10001 2706451 0 X www.sharedinterest.org X 1995 DE To promote the equitable development of post-Apartheid South Africa and neighboring countries by guaranteeing bank loans to low-income borrowers so that they may support their families, build or expand their dwellings or start businesses which in turn generate employment for others in their communities. 21 21 6 8 0 0 1138357 1179595 238617 217787 208070 113778 0 3680 1585044 1514840 190812 224058 0 0 577309 569777 80000 75000 248388 1023415 531778 1871536 1400613 -286492 114227 17286554 15352690 14516824 12188053 2769730 3164637 The Organization seeks to promote social reconstruction in South Africa and neighboring countries by facilitating access to credit for low-income borrowers through the provision of loan guarantees to mainstream banks and other financial institutions. As these lenders have historically been reluctant to extend credit to a sector of the population they consider un-bankable, the majority of Southern African citizens, absent the guarantees, would continue to be economically marginalized. 0 0 1088511 224058 217787 During the 2020 tax year, the organization had outstanding as many as 15 agreements guaranteeing commercial loans to small and growing businesses and agricultural enterprises and co-ops in the Southern Africa region. Eleven of this number supported enterprises in South Africa, our principal focus of activity; the others were in Mozambique and Malawi, two other countries that are part of the Southern African Development Community. The aggregate exposure involved in the guarantees totaled approximately $4,662,990 in the year. Because the credit facilities arranged by Shared Interest were limited to no more than 75% of the loans they backed, the guarantees ultimately unlocked total lending of sums in excess of the stated amount by virtue of the risk-sharing agreed in the contracts between local institutions and the Organization. Additionally, the guarantee program, implemented by means of the proven trans-border mechanism of standby bank letters of credit, continued to give confidence to institutions in Southern Africa other than traditional banks, such as quasi-governmental funding agencies, to put capital at risk in the sphere of small business finance and lending to economically-disenfranchised individuals. Collateralizing the letters of credit, were the US-custodied investments of the Organization, funded by loans and donations by American individuals, family foundations, faith-based institutions, healthcare systems and other investors accepting concessionary financial returns in exchange for the social impact that the Organization helps to create. 0 0 0 1088511 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 94 0 1 6 1 0 0 0 0 0 1 1 0 0 0 1 1 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY PA X X X Ann McMikel 2123378547 121 West 27th Street Suite 805 New York NY 100016207 Martha Brantley Director of Strategic Partnerships 45 0 X 115566 0 14277 Casey Cline Director of Operations 45 0 X 110160 0 14115 Donna Katzin Executive Director & Officer 50 0 X 44015 0 11968 Alonzo Fulgham Director 2 0 X 0 0 0 Sarah Leshner Director 2 0 X 0 0 0 Linnie McLean Director 2 0 X 0 0 0 Ricardo Michel Director 3 0 X 0 0 0 Mandla Nkomo Director 1 0 X 0 0 0 Jehiel Oliver Director 1 0 X 0 0 0 Stieneke Samuel Director 1 0 X 0 0 0 Ron Shiffman Director 2 0 X 0 0 0 Phindile Spies Director 1 0 X 0 0 0 Richard Tolliver Director 2 0 X 0 0 0 David Wildman Director 2 0 X 0 0 0 Matthew Patsky Director 3 0 X 0 0 0 Adrienne Bailey Director & Secretary 3 0 X 0 0 0 Penelope Andrews Director 2 0 X 0 0 0 Diane Keefe Director 2 0 X 0 0 0 Louise Nankiinga Director 3 0 X 0 0 0 Dave Reddy Director 1 0 X 0 0 0 Aleah Bacquie Vaughn Director 2 0 X 0 0 0 Timothy Smith Director & Chairman 4 0 X 0 0 0 Tebojo Moja Director 2 X 0 0 0 Edward Bergman Director 1 0 X 0 0 0 269741 0 40360 2 0 0 0 0 0 0 240606 0 0 938989 105201 1179595 Interest Income returned to Investors 523000 204048 204048 0 0 Loan Guarantee Fee Income 522390 13739 13739 0 0 0 0 0 0 217787 105775 0 0 105775 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1198353 0 1190350 0 8003 0 8003 0 0 8003 1261 240606 1261 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal Covid Sick Pay Reimbursement (FFCRA) 900099 3680 0 0 3680 0 0 0 0 3680 1514840 217787 0 117458 0 0 0 0 224058 224058 0 0 55983 44940 3324 7719 0 0 0 0 421416 338295 25016 58105 12643 10149 751 1743 38282 30731 2273 5278 41453 33277 2461 5715 0 0 0 0 11760 11760 0 0 14500 7250 7250 0 0 0 0 0 75000 75000 0 0 0 0 67710 61599 5938 173 68572 6164 0 62408 21537 15135 1119 5283 5791 4649 344 798 0 0 0 0 60933 48914 3618 8401 6898 6836 0 62 0 0 0 0 917 917 0 0 204048 204048 0 0 0 0 0 0 1992 1599 118 275 6637 5328 394 915 Printing & Publications 26318 11856 0 14462 Membership & Business Registration Fees 20297 12329 5975 1993 Banking & Facility Fees 13447 8339 5108 0 Miscellaneous Expenses 421 338 25 58 1400613 1088511 63714 248388 X 0 0 0 0 469 304 491170 369635 54725 41200 0 0 0 0 0 0 0 0 0 0 90214 113956 73366 65597 6215 7769 2250144 1924672 0 0 14232231 12747284 0 0 161386 147870 17286554 15352690 120065 89951 0 0 0 0 0 0 0 0 0 0 0 0 14340500 12057200 56259 40902 14516824 12188053 X 2754030 3153937 15700 10700 2769730 3164637 17286554 15352690 114227 280680 0 0 0 0 X 0 1 X 1 0 X 1264716 1758591 1336786 1138357 1179595 6678045 0 0 0 0 0 0 0 0 0 0 0 0 1264716 1758591 1336786 1138357 1179595 6678045 1188426 5489619 90548 144383 169681 194476 105775 704863 0 0 0 0 0 0 0 0 0 0 3680 3680 7386588 217787 0.74319 0.72026 X Schedule A, Part II, Line 10 Reimbursement of Covid-related sick pay as provided for under FFCRA RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 7791 7326 465 0 65575 58271 7304 0 0 0 0 7769 Securities held by bank as collateral 12747284 F 12747284 0 Accrued Interest Payable to Noteholders 40902 40902 X 1724857 280680 133385 0 0 414065 1310792 204048 0 204048 1514840 1329950 133385 0 0 0 133385 1196565 204048 0 204048 1400613 Schedule D, Part X, Line 2 The Organization has concluded that there are no uncertain tax positions requiring recognition in the financial statements. 1 Sub-Saharan Africa 0 0 Grantmaking 224058 Sub-Saharan Africa 0 0 Program Services Due diligence travel in three regional countries 6133 0 0 230191 Sub-Saharan Africa General support for a local entity performing due diligence and sourcing of loan guarantee proects 224058 electronic fund transfer 0 Face value of USD cash 1 0 0 0 0 0 0 0 Schedule F, Part I, Line 2 The Organization requires quarterly and annual financial statements and periodic narrative reports of program accomplishments from grantees. If an independent audit was conducted of any grantee, a copy is required to be furnished to us. Additionally, the Executive Director and staff make field visits at least once annually, but more often twice a year. In the case of the Thembani International Guarantee Fund, a collaborating entity organized under South African law as an "association not for gain," the Organization has seats on its board of directors and these US members normally attend the TIGF annual meeting in their capacities as Directors. Other contact is regular and sustained and conducted by mail, telephone and email, most notably by members of the Credit Committee of the filing organization's Board of Directors, the members of which regularly carry out due diligence in terms of beneficiaries proposed for loan guarantees and exercise their power to approve or disapprove support for credit applications of emerging businesses and microfinance intermediaries lodged with mainstream lending institutions in the Southern African region. X X X X X X 1 Compass Events LLC 808 Brickell Key Drive Suite 2607 Miami FL 33131 Organization of an in-person fundraising event (ultimately cancelled due to Covid restrictions) and solicitation of invitees and potential guests. 1 236717 75000 161717 236717 75000 161717 DE NJ NY PA Online (Virtual) Event 236717 235456 1261 0 1261 0 0 0 0 Film Screening & Panel 5150 5150 0 0 0 0 0 0 0 0 241867 240606 1261 0 1261 0 0 0 0 1261 0 Schedule G, Part I, Line 2b Relative to the custody of funds, the fundraising firm had custody of some of the funds, but not control of the use thereof. For purposes of tracking pledge fulfillment only, the firm received some of the dinner-related payments in the form of check at the firm's address. All checks, however, were payable to Shared Interest and forwarded to the Organization by overnight courier at least weekly. At no time, did the fundraiser have authority to make deposits or otherwise cash the funds. Schedule G, Part I, Line 2b(v) The Organization paid all fees of the fundraiser directly from its own bank account. There was never any retention or offset of funds received by the fundraiser in fulfillment of pledges. X 2 105201 Fair Market Value 0 0 1 0 Schedule M, Part I, Line 9 The Organization received gifts in 2020 from 2 individuals in the form of 2 separate blocks of publicly-traded equity securities. The total amount reported was determined by reference to the mean fair market value of the stocks as reported by the exchanges on which they traded on the day the securities were received in the organization's accounts. Form 990, Part VI, Section B, Line 11b Once a tentative Form 990 is prepared, the Organization forwards an electronic copy to each of the 8 members of the Executive Committee of the Board of Directors. Accompanying the draft form is a narrative which includes highlights of any changes in the Form from the prior year version. Convening by conference call, the Executive Committee reviews the draft paying particular attention to governance issues and financial issues to the extent they have bearing on the preservation of the Organization's tax exempt status. Once the Committee is satisfied their input is reflected in the draft Form, a copy of the 990, and all of its schedules, is forwarded to each member of the full Board with instructions that, should they have comments, they need respond as soon as possible so that the final document is filed timely. Form 990, Part VI, Section B, Line 12c Every year, before its November annual meeting, Shared Interest distributes a conflict of interest form to each member of the Board and requires that each Board member complete and return it prior to the conclusion of the meeting. The form seeks disclosure of any conflict of interest in the context of IRS guidance to the form 990 and its Glossary defining key terms. Form 990, Part VI, Section B, Line 15 Shared Interest's Board members, with the exception of a single non-voting officer/employee (the Organization's Executive Director), serve voluntarily and receive no compensation save for reasonable reimbursement of expenses related to their work as Board members. Every two years, the Board's Personnel Committee reviews existing salary ranges for ALL of Shared Interest's employees and sets those ranges anew based on comparability studies and data from like organizations in the New York City area. After determining the ranges, the Committee makes recommendations for adoption by the full Board and sees to it that salaries of all hires fall within policy parameters. Should a Board member, on a one-off basis, apply for compensation that could possibly be interpreted as presenting a conflict of interest, the Board will refer to its written policy document and proceed to address the issue in the manner prescribed. After disclosure of the financial interest and all material facts, and after any discussion with the interested party, s/he must leave the Board of Directors' or Committee meeting while the determination of a conflict of interest is discussed and voted upon by disinterested members. In their deliberations, the Board of Directors or committee members shall determine whether the Organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the Board or any committee shall determine by majority vote of disinterested directors whether the transaction or arrangement is in the Organization's best interest, for its own benefit, and whether it is fair and reasonable and at arm's length. Only then will the applicant and the Organization sign an agreement resulting in compensation to the Board member applicant. Form 990, Part VI, Section C, Line 19 All of Shared Interest's governing documents, the conflict of interest policy and financial documents are available to the public at no charge for photocopying or printing. While we have not yet had anyone ask to inspect our documents in the office, we would be pleased to make these available on our premises at a mutually convenient time. While interested parties generally find our Form 990 either on our own website or that of the NYS Attorney General, Shared Interest also makes its annual report, which contains its most recent audited financials, available on its own site (and also mails and emails copies to all supporters for whom it has either street or electronic addresses).