2018-08-08T14:37:55-05:00 2017-12-31 510232399 BELFINT LYONS & SHUMAN PA 1011 CENTRE RD STE 310 WILMINGTON DE 19805 990 2017-01-01 510345258 FIRST STATE COMMUNITY LOAN FUND FIRS 3026526774 100 WEST 10TH STREET NO 300 WILMINGTON DE 19801 VANDELL HAMPTON JR PRESIDENT & CEO 3026526774 2018-08-07 1 JONATHAN D MOLL CPA P01053700 3022250600 2018-08-07 2017 2022-09-23 18:48:47Z X VANDELL HAMPTON JR 100 WEST 10TH STREET NO 300 WILMINGTON DE 19801 1839808 0 X WWW.FIRSTSTATELOAN.ORG X 1992 DE TO PROVIDE CREATIVE OPPORTUNITIES FOR ACCESS TO CAPITAL FOR SMALL BUSINESSES, COMMUNITY ORGANIZATIONS, AND DEVELOPERS OF AFFORDABLE HOUSING. 16 16 15 6 0 0 721357 1030050 769074 804334 2242 2321 8795 3103 1501468 1839808 0 149296 0 0 724624 813636 0 0 68992 726239 843186 1450863 1806118 50605 33690 9002807 9979165 6195037 7137705 2807770 2841460 X FIRST STATE COMMUNITY LOAN FUND'S (FSCLF) MISSION IS TO EDUCATE, EMPOWER, AND ELEVATE BUSINESS OWNERS, AND ENTREPRENEURS, BY AUGMENTING TECHNICAL EXPERTISE, INCREASING ACCESS TO CAPITAL AND STIMULATING BUSINESS GROWTH THROUGHOUT DELAWARE AND SOUTHEASTERN PENNSYLVANIA. 0 0 1713961 149296 805070 DURING 2017 FIRST STATE COMMUNITY LOAN FUND MADE NEW LOANS AS FOLLOWS: MICRO LOAN FUND - $481,650, BUSINESS GROWTH FUND - $1,584,000, COMMUNITY DEVELOPMENT LOAN FUND - $1,211,500. SMALL BUSINESS LOANS - ONE OF FSCLF'S PRIMARY OBJECTIVES IS PROVIDING FINANCING AND SUPPORT SERVICES FOR SMALL BUSINESS ENTERPRISES. THROUGH THIS PROGRAM, FSCLF CREATES JOBS AND BUILDS WEALTH IN EMERGING MARKETS THROUGHOUT THE STATE OF DELAWARE. FSCLF HAS TWO PRIMARY SMALL BUSINESS LENDING PROGRAMS - THE MICRO LOAN FUND AND THE BUSINESS GROWTH FUND. THE COMMUNITY DEVELOPMENT FUND FOCUSES ON THE PROVIDING CAPITAL FOR COMMUNITY-BASED PROJECTS, SUCH AS MIXED-USE PROPERTIES (RESIDENTIAL & RETIAL), NOT-FOR-PROFIT ORGANIZATIONS OTHER THAN HOUSING DEVELOPERS,CHILD CARE CENTERS AND OTHER COMMUNITY FACILITIES. THIS FUND PROVIDES UP TO $500,000 PER OBLIGOR WITH A MAXIMUM TERM OF FIVE YEARS. THE OBJECTIVE OF THE COMMUNITY DEVELOPMENT LOAN PROGRAM IS TO ADDRESS ALL OTHER LENDING THAT DOES NOT FALL SPECIFICALLY WITHIN THE PARAMETERS OF THE AFFORDABLE HOUSING OR SMALL BUSINESS LENDING PRODUCTS. THROUGH THE COMMUNITY DEVELOPMENT LENDING PRODUCT FSCLF IS EMPOWERED TO BRING SOME BENEFIT TO A PARTICULAR COMMUNITY IN THE FORM OF, FOR EXAMPLE, A NEW CHILD CARE CENTER, A HEALTH CARE PROVIDER, OR BY ASSISTING WITH THE PURCHASE OR REHABILITATION OF OFFICE SPACE FOR A NON-PROFIT ORGANIZATION. 1713961 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 32 0 1 15 1 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 1 0 X FIRST STATE COMMUNITY LOAN FUND 3026526774 100 WEST 10TH STREET SUITE 300 WILMINGTON DE 19801 JAMES JARRELL CHAIR 1.00 X X 0 0 0 CARRIE W GRAY VICE CHAIR 1.00 X X 0 0 0 MARGO J REIGN TREASURER 1.00 X X 0 0 0 RACHAEL MEARS BOARD MEMBER 1.00 X 0 0 0 PEDRO VIERA JR BOARD MEMBER 1.00 X 0 0 0 PAUL HUGHES III BOARD MEMBER 1.00 X 0 0 0 JUDITH SCARBOROUGH BOARD MEMBER 1.00 X 0 0 0 LOTTIE LEE BOARD MEMBER 1.00 X 0 0 0 JONATHAN KLASS BOARD MEMBER 1.00 X 0 0 0 THOMAS HANSON JR ESQ BOARD MEMBER 1.00 X 0 0 0 JOHN BONHOMME BOARD MEMBER 1.00 X 0 0 0 RICHARD E CAMPBELL BOARD MEMBER 1.00 X 0 0 0 MATTHEW KATTLER CFA BOARD MEMBER 1.00 X 0 0 0 BARBARA J WILLIS BOARD MEMBER 1.00 X 0 0 0 MARC PELLETIER BOARD MEMBER 1.00 X 0 0 0 GLORIA DIODATO BOARD MEMBER 1.00 X 0 0 0 VANDELL HAMPTON JR PRESIDENT & CEO 37.50 X 121200 0 15064 121200 0 15064 1 0 0 0 0 272500 757550 6400 1030050 INTEREST ON LOAN 522100 481864 481864 CONTRACTUAL INCOME 522100 190705 190705 LOAN FEES 522100 118731 118731 PROGRAM REVENUE 522100 13034 13034 804334 2321 2321 EQUITY IN EARNINGS 531120 2367 2367 MISCELLANEOUS 900099 736 736 3103 1839808 805070 0 4688 X 100000 100000 49296 49296 136264 129311 1747 5206 569740 547986 698 21056 56322 49569 88 6665 51310 49377 174 1759 21712 19108 2604 27857 26436 357 1064 206846 197287 8546 1013 7962 7182 780 21032 17742 89 3201 38129 36529 1382 218 32202 22707 9495 31341 30831 179 331 21682 12189 8615 878 134667 134667 1986 1885 25 76 6537 6203 84 250 PROVISION FOR LOAN LOSS 206998 206998 LOAN FEES 34727 34727 TELEPHONE 13637 9483 4154 REPAIRS AND MAINTENANCE 12108 7088 5020 23763 17360 401 6002 1806118 1713961 23165 68992 261708 1878867 2612075 970245 38608 37500 5696416 6696428 21964 26291 52812 44524 4851 8288 365758 346503 1427 15043 9002807 9979165 20248 12103 119035 6146593 6976511 28196 30056 6195037 7137705 X 1450271 1136268 1357499 1705192 2807770 2841460 9002807 9979165 33690 0 X 0 1 X 1 1 1 X 494207 833356 327162 721357 1030050 3406132 494207 833356 327162 721357 1030050 3406132 1124320 2281812 -11180 -13433 6472 9469 4688 -3984 345 1663 350 1568 736 4662 3406810 3100344 0.66980 0.66050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 39262 39120 142 13550 5404 8146 8288 COMPENSATED ABSENCES 30056 30056 X 1839808 0 1839808 0 1839808 1806118 0 1806118 0 1806118 PART IV, LINE 2B: THE ORGANIZATION RECEIVES CASH FROM PROSPECTIVE BORROWERS, AND PARTICIPATING ENTITIES IN ADVANCE, TO SUPPORT BORROWINGS. THESE AMOUNTS ARE HELD IN THE ORGANIZATION'S CASH ACCOUNTS UNTIL THE RELATED LOANS ARE DISBURSED. PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THERE WERE NO UNRELATED BUSINESS ACTIVITIES DURING THE YEAR. THE ORGANIZATION'S FEDERAL EXEMPT ORGANIZATION INCOME TAX RETURNS (FORM 990) ARE SUBJECT TO EXAMINATION BY VARIOUS TAXING AUTHORITIES. THE ORGANIZATION'S OPEN AUDIT PERIODS ARE THE CURRENT YEAR AND THREE PRECEDING YEARS. 1 40 ACRES HOSPITALITY LLC 11 IVY ROAD WILMINGTON DE 19806 813608907 50000 BOOK THE CORRIDOR REVITALIZATION FUND (CRF) IS EXPECTED TO SERVE AS A CATALYST TO ENCOURAGE ECONOMIC REVITALIZATION ON THE MARKET STREET CORRIDOR, FACILITATE DEVELOPMENT, AND CONTRIBUTE TO A VIBRANT COMMUNITY WITH RETAIL, ENTERTAINMENT AND FOOD SERVICE ESTABLISHMENTS. SK RESTAURATION LLC 902 N MARKET ST WILMINGTON DE 19801 383989509 50000 BOOK THE CORRIDOR REVITALIZATION FUND (CRF) IS EXPECTED TO SERVE AS A CATALYST TO ENCOURAGE ECONOMIC REVITALIZATION ON THE MARKET STREET CORRIDOR, FACILITATE DEVELOPMENT, AND CONTRIBUTE TO A VIBRANT COMMUNITY WITH RETAIL, ENTERTAINMENT AND FOOD SERVICE ESTABLISHMENTS. 0 2 BUSINESS SAVER PROGRAM IS AN INDIVIDUAL DEVELOPMENT ACCOUNT (IDA), WHICH MATCHES SAVINGS AT A 2:1 RATIO. PARTICIPANTS ARE REQUIRED TO MAINTAIN A MONTHLY COMMITMENT OF SAVINGS AND RECEIVE TECHNICAL ASSISTANCE, TO CREATE A SOUND BUSINESS PLAN. FUNDS ARE DISBURSED AT THE COMPLETION OF THE SAVINGS PERIOD AND UPON FORMAL REVIEW OF THE COMPLETED BUSINESS PLAN. BUSINESS SAVER PARTICIPANTS MAY SAVE UP TO $2,000 AND RECEIVE UP TO $4,000 IN MATCHING FUNDS FOR A TOTAL OF $6,000. THESE FUNDS MUST BE USED TO START OR EXPAND AN EXISTING BUSINESS. THE BUSINESS SAVERS PROGRAM IS A FEDERALLY SPONSORED PROGRAM THAT SUPPORTS LOW-INCOME INDIVIDUALS. 8 27796 BOOK THE CORRIDOR REVITALIZATION FUND (CRF) IS EXPECTED TO SERVE AS A CATALYST TO ENCOURAGE ECONOMIC REVITALIZATION ON THE MARKET STREET CORRIDOR, FACILITATE DEVELOPMENT, AND CONTRIBUTE TO A VIBRANT COMMUNITY WITH RETAIL, ENTERTAINMENT AND FOOD SERVICE ESTABLISHMENTS. 2 21500 BOOK PART I, LINE 2: GRANTS AWARDED BY THE ORGANIZATION ARE DISBURSED DIRECTLY BY THE ORGANIZATION TO THE GRANTEES' VENDORS FOR SERVICES AND GOODS UNDER THE GRANT AGREEMENT. FORM 990, PART VI, SECTION B, LINE 11B FSCLF'S AUDITOR'S MEET WITH THE BOARD OF DIRECTORS PRIOR TO THE COMPLETION OF THE ANNUAL AUDIT TO EXPLAIN THE AUDIT AND 990 PREPARATION PROCESSES. FORM 990, PART VI, SECTION B, LINE 12C FSCLF REQUIRES ALL DIRECTORS, OFFICERS, AND EMPLOYEES TO SIGN A CONFLICT OF INTEREST FORM ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT & CEO RECOMMENDS SALARY FOR THE ENTIRE STAFF TO THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS DETERIMINES THE PRESIDENT & CEO'S SALARY. THE BOARD OF DIRECTORS ALSO APPROVES THE ANNUAL BUDGET, WHICH INCLUDES SALARIES FOR ALL EMPLOYEES. A COMPENSATION STUDY WAS DEVELOPED BY THE BOARD OF DIRECTORS FOR DETERMINING THE PRESIDENT & CEO'S SALARY. FSCLF ALSO HAS ACCESS TO A COMPENSATION STUDY THAT WAS PUBLISHED BY THE OPPORTUNITY FINANCE NETWORK IN 2014. THE OPPORTUNITY FINANCE NETWORK ANALYZED THE CDFI INDUSTRY COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES: PROGRAM SERVICE EXPENSES 197,287. MANAGEMENT AND GENERAL EXPENSES 8,546. FUNDRAISING EXPENSES 1,013. TOTAL EXPENSES 206,846. FSCLF HOLDING LLC 100 W 10TH STREET SUITE 300 WILMINGTON DE 19801 453833176 REAL ESTATE MANAGEMENT DE 2367 292337 0 0 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0