2017-09-20T11:25:39-05:00 2016-12-31 510232399 BELFINT LYONS & SHUMAN PA 1011 CENTRE RD STE 310 WILMINGTON DE 19805 990 2016-01-01 510345258 FIRST STATE COMMUNITY LOAN FUND FIRS 3026526774 100 WEST 10TH STREET NO 1005 WILMINGTON DE 19801 VANDELL HAMPTON JR PRESIDENT & CEO 3026526774 2017-09-06 1 JONATHAN D MOLL CPA P01053700 3022250600 50.233.99.242 2017-09-06 13:28:23 ED P 5C2C350EEFC60C1BBE118E1C8700BD7749CDA5AC B6632A622973B1A0657E85D827A0823CBEF12D07 2016 2021-01-29 14:40:06Z VANDELL HAMPTON JR 100 WEST 10TH STREET NO 1005 WILMINGTON DE 19801 1501468 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. 17 17 12 34 0 0 327162 721357 752344 769074 2354 2242 4468 8795 1086328 1501468 0 0 0 0 701007 724624 0 0 39787 526941 726239 1227948 1450863 -141620 50605 7504107 9002807 4746942 6195037 2757165 2807770 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 1353351 770642 DURING 2016 FIRST STATE COMMUNITY LOAN FUND MADE NEW LOANS AS FOLLOWS: MICRO LOAN FUND - $705,800, BUSINESS GROWTH FUND - $1,732,000, COMMUNITY DEVELOPMENT LOAN FUND - $1,044,700. 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. 1353351 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 41 0 1 12 1 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 1 0 X X FIRST STATE COMMUNITY LOAN FUND 3026526774 100 WEST 10TH STREET SUITE 10005 WILMIGTON DE 19801 JIMMY 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 TERRENCE D BARCLIFT BOARD MEMBER 1.00 X 0 0 0 MARK BRINDLE BOARD MEMBER 1.00 X 0 0 0 PAUL HUGHES SECRETARY 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 SECRETARY 1.00 X X 0 0 0 ANNE KACMARCIK JOHNSON 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 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 40.00 X 117508 0 11721 117508 0 11721 1 0 0 0 0 721357 14227 721357 INTEREST ON LOAN 522100 397193 397193 CONTRACTUAL INCOME 522100 259693 259693 LOAN FEES 522100 105082 105082 PROGRAM REVENUE 522100 7078 7078 RECOVERY INCOME 522100 28 28 769074 2242 2242 EQUITY IN EARNINGS 531120 7227 7227 MISCELLANEOUS 900099 1568 1568 8795 1501468 770642 0 9469 X 129230 120630 5091 3509 493363 476969 15052 1342 6147 5549 558 40 49571 43974 5354 243 46313 44564 1386 363 11095 10708 387 52334 48852 2061 1421 161515 150123 2600 8792 12907 12217 690 11539 8510 2877 152 37639 36290 1068 281 28074 19769 8305 32414 31578 813 23 41435 19991 450 20994 107055 107055 2197 2050 87 60 6884 6426 271 187 PROVISION FOR LOAN LOSS 89876 89876 IDA MATCH 42493 42493 LOAN FEES 35501 35501 TELEPHONE 13387 8974 4413 39894 31252 6952 1690 1450863 1353351 57725 39787 210974 261708 2354429 2612075 21006 38608 150 4537840 5696416 13953 21964 47389 42538 6099 4851 358229 365758 1427 1427 7504107 9002807 10027 20248 4708858 6146593 28057 28196 4746942 6195037 X 1826797 1450271 930368 1357499 2757165 2807770 7504107 9002807 X 50605 0 X X 0 1 X 1 1 1 X 377614 494207 833356 327162 721357 2753696 377614 494207 833356 327162 721357 2753696 939820 1813876 -2985 -11180 -13433 6472 9469 -11657 202 345 1663 350 1568 4128 2746167 0.66050 0.66910 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 39262 38267 995 8127 4271 3856 4851 COMPENSATED ABSENCES 28196 28196 X 1501468 0 1501468 0 1501468 1450863 0 1450863 0 1450863 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. 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 150,123. MANAGEMENT AND GENERAL EXPENSES 2,600. FUNDRAISING EXPENSES 8,792. TOTAL EXPENSES 161,515. FORM 990, PART XII, LINE 2C: DRAFTS OF THE AUDITED FINANCIAL STATEMENTS ARE REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE. THE AUDIT COMMITTEE DETERMINES THE SELECTION OF THE INDEPENDENT ACCOUNTANT. PART XI LINE 8 PRIOR PERIOD ADJUSTMENT: THE ORGANIZATION HAS RESTATED ITS PREVIOUSLY ISSUED 2015 FINANCIAL STATEMENTS FOR A CORRECTION OF THE ACCOUNTING FOR LOAN RECEIVABLE PARTICIPATIONS. LOANS RECEIVABLE AND LOANS PAYABLE DECREASED $445,531. THE EFFECTS ON THE ORGANIZATION'S PREVIOUSLY ISSUED 2015 FINANCIAL STATEMENTS ARE AS FOLLOWS: CHANGE IN LOANS RECEIVABLE, NET OF ALLOWANCE FOR LOAN LOSS: PREVIOUSLY REPORTED: $4,983,371 INCREASE / (DECREASE): $(445,531) RESTATED: $4,537,840 CHANGE IN LOANS PAYABLE: PREVIOUSLY REPORTED: $5,154,389 INCREASE / (DECREASE): $(445,531) RESTATED: $4,708,858 CHANGE IN UNRESTRICTED NET ASSETS: PREVIOUSLY REPORTED: $2,185,700 INCREASE / (DECREASE): $(358,903) RESTATED: $1,826,797 CHANGE IN TEMPORARILY RESTRICTED NET ASSETS: PREVIOUSLY REPORTED: $571,465 INCREASE / (DECREASE): $358,903 RESTATED: $930,368 FSCLF HOLDING LLC 100 W 10TH STREET SUITE 1005 WILMINGTON DE 19801 453833176 REAL ESTATE MANAGEMENT DE 7227 289970 0 0 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0