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Southwest Development Financing INC

Tax-deductible

Abingdon, VA501(c)(3)Community DevelopmentEIN 54-1681272

Maintain revolving loan fund

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $11K a year · 20% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
140 mo
of spending, in cash
Looks good: 139.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2K
0.1% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$72K
+52% vs prior year
Spent
$28K
To programs
100%
Net assets
$2.1M
By yearFY2020–FY2024
Revenue
$72K
FY2024▲ +52%
Revenue by fiscal year
FY2020$56K
FY2021$71K
FY2022$54K
FY2023$58K
FY2024$48K
FY2024$72K
Expenses
$28K
FY2024▲ +49%
Expenses by fiscal year
FY2020$33K
FY2021$32K
FY2022$122K
FY2023$24K
FY2024$19K
FY2024$28K
Net assets
$2.1M
FY2024▲ +2%
Net assets by fiscal year
FY2020$2.0M
FY2021$2.0M
FY2022$2.0M
FY2023$2.0M
FY2024$2.0M
FY2024$2.1M

From the FY2024 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1997.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $28K

Form 990 Part IX, line 25. Every line is in By the numbers.

Who runs it and what they're paid

12 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Leon Moore
Vice-Chair
$0Pt VII · Sec A
Rita Surratt
Treasurer
$0Pt VII · Sec A
Cora Gnegy
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Southwest Development Financing INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Southwest Development Financing INC is a community improvement nonprofit based in Abingdon, VA.

Provided by the organization

This section is blank until Southwest Development Financing INC claims this page.

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1 program service account for $28K of program spending, described in the organization's own filed words · FY2024.
01

Maintain revolving loan fund

$28Kprogram expense

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By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$72K
Ln 12
Investment incomeLn 3$49K
Other incomeLn 4–11$23K
Money outPt IX
$28K
Ln 25
Programscol B$28K
Owns and owesPt X
$2.1M
net assets · Ln 32
Cash and savingsLn 1–2$329K
Total assetsLn 16$2.1M
LiabilitiesLn 26$2K
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$49K
Other incomeLn 4–11$23K
Total revenueLn 12$72K
Assets in detailPt X, end of year
CashLn 1$329K
Cash and savings togetherLn 1–2$329K
Total assetsLn 16$2.1M
LiabilitiesLn 26$2K
Net assetsLn 32$2.1M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$854K$329K
Total assetsLn 16$2.0M$2.1M
LiabilitiesLn 26$16K$2K
Net assetsLn 32$2.0M$2.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$204$204
Accounting feesLn 11c$8K$8K
Other fees for servicesLn 11g$1K$1K
Advertising and promotionLn 12$901$901
Other expenses (24a–d)Ln 24$18K$18K
Total functional expensesLn 25$28K$28K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $48K$19K$29K$2.0M 990 PDF
FY2023 $58K$24K$34K$2.0M 990 PDF
FY2022 $54K$122K−$68K$2.0M 990 PDF
FY2021 $71K$32K$39K$2.0M 990 PDF
FY2020 $56K$33K$23K$2.0M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $72,176 across 3 lines filed
VIII-3 Investment incomeRelated to mission $48,776$48,776
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $23,400$23,400
VIII-12 Total revenueRelated to mission $72,176$72,176
Part IX · Statement of functional expenses $28,218 across 5 lines filed
IX-11b Legal feesPrograms $204$204
IX-11c Accounting feesPrograms $7,500$7,500
IX-11g Other fees for servicesPrograms $1,261$1,261
IX-12 Advertising and promotionPrograms $901$901
IX-24 Other expenses (24a–d)Programs $18,352$18,352
IX-25 Total functional expensesPrograms $28,218 · Management $0 · Fundraising $0$28,218
Part X · Balance sheet $2,078,128 assets, 8 lines filed
Asset lines not itemized here account for $1,747,063; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $853,562$328,686
X-4 Accounts receivableStart of year $2,379$2,379
X-16 Total assetsStart of year $2,047,774$2,078,128
X-17 Accounts payable and accrued expensesStart of year $15,969$2,365
X-26 Total liabilitiesStart of year $15,969$2,365
X-28 Net assets with donor restrictionsStart of year $282,310$2,075,763
X-32 Total net assets or fund balancesStart of year $2,031,805$2,075,763
X-33 Total liabilities and net assetsStart of year $2,047,774$2,078,128
Part XI · Reconciliation of net assets $2,075,763 net assets at year end
XI-1 Total revenue$72,176
XI-2 Total expenses$28,218
XI-3 Revenue less expenses$43,958
XI-4 Net assets at start of year$2,031,805
XI-10 Net assets at end of year$2,075,763

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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