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Southwest Development Financing INC FY2023 filing

Tax-deductible

Abingdon, VA501(c)(3)Community Development EIN 54-1681272Revenue $58K in FY2023

On file with the IRSpeopleinc.net/nddfPo Box 983, 24212-0983 · Abingdon, VATax-exempt since Mar 1997Publicly supported charity — 170(b)(1)(A)(vi)

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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

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FY2023 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 6
filings with a surplus
Average surplus $17K a year · 28% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 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
369 mo
of spending, in cash
Looks good: 369.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$12K
0.6% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
24
of 24 voting members
Looks good: 24 of 24 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$58K
+7% vs prior year
Spent
$24K
To programs
100%
Net assets
$2.0M
By yearFY2020–FY2025
Revenue
$58K
FY2023▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$56K
FY2021$71K
FY2022$54K
FY2023$58K
FY2024$48K
FY2025$72K
Expenses
$24K
FY2023▼ -81%
Tap a bar for its year
Expenses by fiscal year
FY2020$33K
FY2021$32K
FY2022$122K
FY2023$24K
FY2024$19K
FY2025$28K
Net assets
$2.0M
FY2023▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.0M
FY2021$2.0M
FY2022$2.0M
FY2023$2.0M
FY2024$2.0M
FY2025$2.1M

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. 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% · $24K

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

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Who runs it and what they're paid

23 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Rex Hill
Member
$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.

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1 program · $24K · in their own filed words · FY2022
01

Maintain revolving loan fund

$24Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$58K
Ln 12
Investment incomeLn 3$51K
Other incomeLn 4–11$6K
Money outPt IX
$24K
Ln 25
Programscol B$24K
Owns and owesPt X
$2.0M
net assets · Ln 32
Cash and savingsLn 1–2$726K
Total assetsLn 16$2.0M
LiabilitiesLn 26$12K
PeoplePt VI, VII
23
listed · VII A
PaidVII A0
Voting boardVI 1a24
IndependentVI 1b24
2In more detail
Revenue in detailPt VIII
Investment incomeLn 3$51K
Other incomeLn 4–11$6K
Total revenueLn 12$58K
Assets in detailPt X, end of year
CashLn 1$726K
Cash and savings togetherLn 1–2$726K
Total assetsLn 16$2.0M
LiabilitiesLn 26$12K
Net assetsLn 32$2.0M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderJune
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 FY23End FY23
Cash and savingsLn 1–2$565K$726K
Total assetsLn 16$2.0M$2.0M
LiabilitiesLn 26$19K$12K
Net assetsLn 32$2.0M$2.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$6K$6K
Other fees for servicesLn 11g$197$197
Other expenses (24a–d)Ln 24$17K$17K
Total functional expensesLn 25$24K$24K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $72K$28K$44K$2.1M 990 PDF
FY2024 $48K$19K$29K$2.0M 990 PDF
FY2023 Viewing $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 R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $57,550 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenue$0
I-10 Investment incomePrior year $53,944$51,431
I-11 Other revenue$6,119
I-12 Total revenuePrior year $53,944$57,550
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $121,885$23,605
I-18 Total expensesPrior year $121,885$23,605
I-19 Revenue less expensesPrior year −$67,941$33,945
Part VI · Governance 24 of 24 board members independent, 4 to look at
VI-1a Voting members of the governing body24
VI-1b Independent voting members24
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $57,550 across 3 lines filed
VIII-3 Investment incomeRelated to mission $51,431$51,431
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $6,119$6,119
VIII-12 Total revenueRelated to mission $57,550$57,550
Part IX · Statement of functional expenses $23,605 across 3 lines filed
IX-11c Accounting feesPrograms $6,107$6,107
IX-11g Other fees for servicesPrograms $197$197
IX-24 Other expenses (24a–d)Programs $17,301$17,301
IX-25 Total functional expensesPrograms $23,605 · Management $0 · Fundraising $0$23,605
Part X · Balance sheet $2,015,363 assets, 9 lines filed
Asset lines not itemized here account for $1,286,672; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $565,261$726,312
X-4 Accounts receivableStart of year $6,841$2,379
X-16 Total assetsStart of year $1,988,119$2,015,363
X-17 Accounts payable and accrued expensesStart of year $18,887$12,186
X-26 Total liabilitiesStart of year $18,887$12,186
X-27 Net assets without donor restrictionsStart of year $1,686,922$1,720,867
X-28 Net assets with donor restrictionsStart of year $282,310$282,310
X-32 Total net assets or fund balancesStart of year $1,969,232$2,003,177
X-33 Total liabilities and net assetsStart of year $1,988,119$2,015,363
Part XI · Reconciliation of net assets $2,003,177 net assets at year end
XI-1 Total revenue$57,550
XI-2 Total expenses$23,605
XI-3 Revenue less expenses$33,945
XI-4 Net assets at start of year$1,969,232
XI-10 Net assets at end of year$2,003,177

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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