2011-08-15T12:28:01-07:00 2010-12-31 990 2010-01-01 133836581 SHARED INTEREST INC SHAR 2123378547 121 West 27th Street Suite 805 New York NY 100016207 Donna Katzin 6464420182 2011-08-12 2010 2016-02-24 21:20:13Z Donna Katzin 121 West 27th Street Suite 805 New York NY 10001 1614501 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 expend their dwellings or start businesses which in turn generate employment for others in their communities. 23 22 4 6 0 0 884957 1222319 275376 268521 18111 47967 0 0 1178444 1538807 180575 240571 0 0 377098 334252 49583 45000 168475 531977 684807 1139233 1304630 39211 234177 14378958 14442929 12939598 12761529 1439360 1681400 Promote social reconstruction in South Africa by facilitating access to credit for low-income borrowers through the provision of guarantees to mainstream banks in South Africa which, without such incentives, have historically been reluctant to lend to a sector of the population they consider un-bankable, thus marginalizing from the economy the majority of that country's citizens. 0 0 1056239 240571 268521 During the 2010 tax year, the Organization had outstanding as many as 9 agreements guaranteeing commercial loans to emerging small businesses and micro-finance intermediary organizations in South Africa. The aggregate exposure involved in the guarantees totaled close to $2.6 million at one point in the year, a year in which that country's financial institutions continued to recoil from lending into a sector they perceived to be high risk and returning margins too thin to increase importantly their bottom lines. Nonetheless, the credit facilities arranged by Shared Interest in the US, because they were limited to no more than 75% of the exposure, did in turn unlock the lending of sums in excess of the stated amount by virtue of the risk-sharing agreed in the contracts between the Organization, its local partner, the Thembani International Guarantee Fund, and mainstream South African banks. Additionally, the guarantee program, backed by the proven mechanism of stand-by bank letters of credit, continued to give confidence to South African institutions other than traditional banks, such as union pension funds and groups of private local investors, to put capital at risk in the sphere of small business finance and lending to economically disenfranchised people. Collateralizing this activity, and the letters of credit, are the US-based investments of the Organization derived from loans and donations by American individuals and institutions whose willingness to risk capital for a charitable purpose has worked significantly to reduce the economic marginalization of a class of people (the majority of South Africa's population) once dismissed as "unbankable." Cumulatively, since Shared Interest began, some 2,000,000 low-income persons have benefited from the Organization's guarantees. 0 0 0 1056239 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 142 0 1 4 1 0 0 0 0 0 1 1 0 0 0 0 X 23 22 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY PA X X Donna Katzin 2123378547 121 West 27th Street Suite 805 New York NY 100016207 X Linnie McLean 3 X X 0 0 0 Michael Bennett 3 X X 0 0 0 Lawrence Litvak 3 X X 0 0 0 Jean Cary Bond 3 X X 0 0 0 Edward J Bergman 1 X 0 0 0 Lauretta Bruno 2 X 0 0 0 Ann Burroughs 1 X 0 0 0 Iva E Carruthers 1 X 0 0 0 Price M Cobbs 2 X 0 0 0 Jennifer Davis 3 X 0 0 0 Darchelle Garner 2.00 X 0 0 0 Marc Herson 1 X 0 0 0 Johnson Kachidza 0 X 0 0 0 Harold T Lewis 1.00 X 0 0 0 Ricardo Millett 2 X 0 0 0 Mangedwa Nyathi 2 X 0 0 0 Jehiel Oliver 2.00 X 0 0 0 Joshua Posner 2 X 0 0 0 Ron Shiffman 1.00 X 0 0 0 Sheila Sisulu 1 X 0 0 0 Beth Ann Slagle 0.4 X 0 0 0 Timothy Smith 3 X 0 0 0 David Wildman 1 X 0 0 0 Evans Maphenduka 51.00 X X 0 120000 0 Donna Katzin 55 X 80000 0 18092 80000 120000 18092 0 0 0 0 0 0 0 299878 0 0 922441 21503 1222319 Interest 523000 268521 268521 0 0 0 0 0 0 268521 43315 0 0 43315 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26155 0 21503 0 4652 0 4652 0 0 4652 54191 299878 54191 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1538807 268521 0 47967 0 0 0 0 240571 240571 0 0 98092 74729 12269 11094 0 0 0 0 168505 128371 21075 19059 0 0 0 0 46566 35475 5824 5267 21089 16066 2638 2385 0 0 0 0 356 0 356 0 11500 5750 5750 0 0 0 0 0 45000 45000 12594 12594 0 0 59838 32998 13761 13079 131976 106620 0 25356 34575 23164 7808 3603 5524 4208 691 625 0 0 0 0 55151 42015 6898 6238 21318 7453 0 13865 0 0 0 0 9751 9751 0 0 268521 268521 0 0 0 0 0 0 6543 4985 818 740 1009 769 126 114 Postage & Mailhouse 19084 11464 1882 5738 Printing & Publications 36440 22640 0 13800 Membership & Registration Fees 9924 7939 0 1985 703 156 20 527 1304630 1056239 79916 168475 X 0 0 0 0 0 0 105567 207552 68450 213897 0 0 0 0 0 0 0 0 0 0 43676 93209 54710 36045 21294 18665 872336 965289 0 0 12983059 12664276 0 0 284576 280041 14378958 14442929 72782 87632 0 0 0 0 0 0 0 0 0 0 0 0 12798049 12609759 68767 64138 12939598 12761529 X 1320860 1392353 118500 289047 0 0 1439360 1681400 14378958 14442929 X 234177 7863 X 0 1 1 X 0 X 918661 1108017 1079521 884957 1222318 5213474 0 0 0 0 0 0 0 0 0 0 0 0 918661 1108017 1079521 884957 1222318 5213474 456300 4757174 151127 160443 95918 40364 43315 491167 0 0 0 0 0 0 0 0 0 0 5704641 1214769 0.83391 0.82449 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 7000 3383 3617 0 47710 32662 15048 0 0 0 0 18665 Securities held as collateral 12664276 F 12664276 0 Accrued Interest Payable 64138 64138 1538807 1304630 234177 7863 0 0 0 0 7863 242040 1190176 7863 7095 0 0 14958 1175218 268521 95068 363589 1538807 948136 7095 0 0 0 7095 941041 268521 95068 363589 1304630 SchD_P12_S00_L04b Schedule D, Part XII, Line 4b All event expense, not just the direct benefit to donors, is netted on the audited financial statements against the associated revenue. SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b All event expense, not just the direct benefit to donors, is netted on the audited financial statements against the associated revenue. 1 Sub-Saharan Africa 0 0 Grantmaking 240571 0 0 240571 Sub-Saharan Africa General support for services related to credit evaluation and monitoring 222000 Wire Transfer 0 USD cash Sub-Saharan Africa General support for assistance to AIDS orphans 18571 Wire Transfer 0 USD cash 2 0 0 0 0 0 0 0 SchF_P01_S00_L02 Schedule F, Part I, Line 2 Requires quarterly and annual financial statements and periodic narrative reports of program accomplishments from grantees. Additionally, the Executive Director makes field visits at least once annually but more often twice a year. If an independent audit was conducted of any grantee, a copy is required to be furnished to us. In the case of the largest single grantee, the Organization has seats on its Board of Directors and these US members attend the 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, 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 micro-finance intermediaries at South African lending institutions. X X X X X X 1 The JFM Group 629 Fifth Avenue Suite 106 Pelham NY 10803 Organization of fundraising dinner and solicitation of donations from invitees 1 352132 45000 307132 352132 45000 307132 NY PA Dinner 352132 297941 54191 0 0 0 50691 3500 0 Educational Field Trip 24457 1937 22520 0 0 0 0 0 22520 0 376589 299878 76711 0 0 0 50691 3500 22520 76711 0 SchG_P01_S00_L02b Schedule G, Part I, Line 2b Custody and control:For purposes of tracking pledge fulfillment only, the fundraising firm received dinner-related payments in the form of check at the firm's address. All checks were made payable to Shared Interest and were 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. SchG_P01_S00_L02bv 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 offset or retention of monies the fundraiser received in fulfillment of pledges. In addition to the professional fee reported here, the Organization reimbursed the fundraiser in the amount of $1,424.88 for certain expenses pre-agreed in the fundraising contract. Expenses stipulated were telephone, overnight courier, in-house printing and the cost of transporting the fundraiser staff to and from the venue on the day of the event, as invoiced by the livery service hired for this particular purpose. F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a Once a tentative Form 990 is prepared, the Organization forwards an electronic copy to each of the 9 members of the Executive Committee of the Board of Directors. Accompanying the draft form is a narrative which includes highlights of any IRS changes in the Form from the prior year version (What's New). Convening by conference call, the Executive Committee reviews the draft while devoting 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. F990_P06_S0B_L12c 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. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 Shared Interest's Board members, with the exception of one who is also CEO of a related organization, serve voluntarily and receive no compensation save for 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 the policy parameters. Should a Board member apply for compensation that could possibly be interpreted as presenting a conflict of interest, the Board refers to its written policy document and proceeds to address the issue in the manner prescribed. 1. Determining Whether a Conflict of Interest Exists: After disclosure of the financial interest and all material facts, and after any discussion with the interested party, s/he shall leave the Board of Directors or Committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining Board or Committee members shall decide whether or not a conflict of interest exists. 2. Procedures for Addressing the Conflict of Interest: In the event the transaction or arrangement at issue is deemed to present a conflict between the interest of one its members and those of the Organization, the Chairperson of the Board of Directors or any committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising reasonable due diligence, the Board of Directors or any committee 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 of interest. 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. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. F990_P06_S0C_L19 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. We have had inquiries about our Form 990. For people who find it more convenient, Shared Interest refers them to Guidestar or the website of the NYS Attorney General, which also provides links to other websites where the Form 990 is available, Finally, now that we have the completed Form 990 in PDF format, we are happy to send it to anyone requesting an electronic copy. Shared Interest also makes its annual report, which contains its most recent audited financials, available on its website (and also mails and emails copies to all supporters for whom it has either street or electronic addresses). F990_P07_S0A_L01a Form 990, Part VII, Section A, Line 1a Average Hours Per Week worked by Shared Interest Board members and Officers in the exercise of their duties are generally with respect to Shared Interest, and not to its related organization (which has its own South African Board). This is true except in the cases of 3 Shared Interest Board and Officer persons who also sit on the board of Thembani International Guarantee Fund. However, in the case of the CEO of Thembani, who is a full-time officer of that organization and a volunteer director of Shared Interest, the number of hours reported (51) includes just one hour per week representing time expended on average in the governance of Shared Interest. F990_P11_S00_L05 Form 990, Part XI, Line 5 Shared Interest's audited financials include unrealized appreciation/depreciation on securities as an item of revenue. As Form 990 treats such income as among other changes in net assets, or fund balances, the 2010 net unrealized appreciation on Shared Interests investments totaling $7,863 is a reconciling item. Thembani International Guarantee Fund Hatfield Plaza South Tower Pretoria Gauteng SF Loan Guarantee evaluation SF N/A N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0