Pathway Lending (Southeast Community Capital Corporation)
Fiscal Year
Fiscal Year Start
01/01/2023
Fiscal Year End
12/31/2023
Projected Revenue
$34,594,008.00
Projected Expenses
$23,818,134.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| Southeast Community Capital Corporation IRS Letter |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Revenue | $34,352,914.00 | $22,555,455.00 | $20,413,969.00 |
| Total Expenses | $29,477,351.00 | $13,260,211.00 | $18,652,385.00 |
| Revenue Less Expenses | $4,875,563.00 | $9,295,244.00 | $1,761,584.00 |
Revenue Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Foundation and Corporation Contributions | $0.00 | $0.00 | $0.00 |
| Government - Federal | $0.00 | $0.00 | $0.00 |
| Government - State | $0.00 | $0.00 | $0.00 |
| Government - Local | $0.00 | $0.00 | $0.00 |
| Government - Unspecified | $13,749,728.00 | $5,035,432.00 | $7,840,875.00 |
| Contributions, Gifts, and Grants | $9,548,119.00 | $7,955,720.00 | $4,547,505.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $9,626,028.00 | $9,313,887.00 | $7,675,091.00 |
| Investment Income, Net of Losses | $1,429,039.00 | $250,416.00 | $350,498.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $0.00 | $0.00 | $0.00 |
| Other | $0.00 | $0.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Program Expense | $28,412,043.00 | $12,402,649.00 | $17,957,799.00 |
| Administration Expense | $1,054,078.00 | $857,433.00 | $692,748.00 |
| Fundraising Expense | $11,230.00 | $129.00 | $1,838.00 |
| Total Revenue/Total Expenses | 117% | 170% | 109% |
| Program Expense/Total Expenses | 96% | 94% | 96% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Top Funding Sources
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Government Grants $13,749,728.00 | Program Revenue $9,313,887.00 | Government Grants $7,840,875.00 |
| Second Highest Funding Source & Dollar Amount | Program Revenue $9,626,028.00 | Contributions, Gifts, and Grants $7,955,720.00 | Program Revenue $7,675,091.00 |
| Third Highest Funding Source & Dollar Amount | Contributions, Gifts, and Grants $9,548,119.00 | Government Grants $5,035,432.00 | Contributions, Gifts, and Grants $4,547,505.00 |
Assets and Liabilities
| Fiscal Year | 2022 | 2021 | 2020 |
|---|---|---|---|
| Total Assets | $283,577,378.00 | $264,396,878.00 | $190,692,663.00 |
| Current Assets | $281,438,056.00 | $260,664,718.00 | $187,012,012.00 |
| Long-Term Liabilities | $164,492,560.00 | $154,826,590.00 | $114,122,307.00 |
| Current Liabilities | $70,789,290.00 | $66,150,323.00 | $42,445,635.00 |
| Total Net Assets | $48,295,528.00 | $43,419,965.00 | $34,124,721.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2024
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Opportunities: Pathway Lending (PL) is uniquely situated to raise capital for the various lending programs at PL. Investing in Pathway Lending provides banks with Community Reinvestment Credit and Tax Incentive opportunities thereby allowing Pathway Lending to raise capital for growth. The Tax Incentive initiative allows PL to borrow money that over time is converted to equity. Challenges: The challenges for PL are centered mainly around the ability to loan money in a tight interest rate market. Explanation of differences in revenue, expenses, assets, andliabilities from year to year: Revenue PL revenue fluctuates largely because of grants and contributions. While financing revenuecontinues to grow due to the increase in loans outstanding, PL remainsdependent upon operating grants from state and federal sources. This is due in large part to the increase in interest expense. However, as futuredebt converts into equity there will be less dependency on grants andcontributions as interest expense will end for the convertible debt. Over the years, grants availability has been unpredictable which leads to year to year differences in revenues. Expenses:PL expenses are impacted by interest expense (as mentionedabove) and the Loan Loss Reserve (LLR) calculation. As loans outstanding increase, so does the allowance for loan losses which is reflected on the income statement. The increase in loans outstanding increases financing revenue but it also increases the LLR expense. Other impacts to the LLR expense are the actual writeoffs and recoveries of bad debt. While PL historically has a low percentage of writeoffs, any writeoff will impact the LLR calculation as will the recovery of those written off. Assets: PL Assets change each year because of the continued increase in cash from investments which in turn is loaned out to borrowers which increases loans outstanding. As PL continues to expand their programs, assets will increase in those areas. Other assets remain fairly consistent from year to year.Liabilities: The change in liabilities from year to year is largely a result of increasing debt due to the need for more capital for loans. One other major change to the liability section is the recognition of deferred revenue from grants that were contingent upon results. However, the deferred revenue will soon be depleted and the impact liabilities will decrease. |
Foundation Staff Comments
| Financial figures taken from Form 990. Foundation or corporate grants may be included in the Contributions, Gifts, and Grants sum, as these amounts are not separated in the 990. Form 990 was prepared by Kraft CPAs. PLLC. Comment Provided by Hayley Sulfridge 8/14/23. |
