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Share Credit Corp

Tax-deductible

St Simons Is, GA501(c)(3)Housing EIN 58-2240168Revenue $92K in FY2024

On file with the IRSPo Box 20099, 31522-8099 · St Simons Is, GATax-exempt since Jan 2000Publicly supported charity — 170(b)(1)(A)(vi)

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To provide a system of Share loan financing for low income cooperative housing members, and to provide investment opportunities for participating non profit housing cooperatives.

501(c)(3) charity; gifts are tax-deductible.
32¢ 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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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
5 of 5
filings with a surplus
Average surplus $68K a year · 60% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
32%
of spending
Concern: 32% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
392 mo
of spending, in cash
Looks good: 391.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$92K
-2% vs prior year
Spent
$31K
To programs
32%
Net assets
$2.1M
By yearFY2020–FY2024
Revenue
$92K
FY2024▼ -2%
Tap a bar for its year
Revenue by fiscal year
FY2020$189K
FY2021$101K
FY2022$83K
FY2023$95K
FY2024$92K
Expenses
$31K
FY2024▼ -30%
Tap a bar for its year
Expenses by fiscal year
FY2020$23K
FY2021$91K
FY2022$34K
FY2023$44K
FY2024$31K
Net assets
$2.1M
FY2024▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.9M
FY2021$1.9M
FY2022$2.0M
FY2023$2.0M
FY2024$2.1M

From the FY2024 Form 990 · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 2000.

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

Where the money goes

32 cents of each dollar spent went to programs.

Program services 32% · $10K Management & general 68% · $21K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
Paul Solomon
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Erin McDonald
Treasurer
$0Pt VII · Sec A
Contessa Dean
Board Member
$0Pt VII · Sec A
Dino Demare
Board Member
$0Pt VII · Sec A
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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

Finances low-income housing cooperatives and offers investment opportunities.

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Provided by the organization

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1 program · $10K · in their own filed words · FY2024
01

In 2024, new loans in the amount of 301,995 were made to cooperative members. The total value of outstanding loans as of december 31, 2024 was 1,091,266.87. Loan servicing fees of 5,119.95 were paid to non-profit cooperative housing members.

$10Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$92K
Ln 12
Fees for servicesLn 2g$92K
Money outPt IX
$31K
Ln 25
Programscol B$10K
Managementcol C$21K
Owns and owesPt X
$2.1M
net assets · Ln 32
Cash and savingsLn 1–2$1.0M
Total assetsLn 16$2.1M
LiabilitiesLn 26$0
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$92K
Total revenueLn 12$92K
Assets in detailPt X, end of year
CashLn 1$594K
SavingsLn 2$411K
Cash and savings togetherLn 1–2$1.0M
Other assetsLn 15$8K
Total assetsLn 16$2.1M
LiabilitiesLn 26$0
Net assetsLn 32$2.1M
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
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$843K$1.0M
Total assetsLn 16$2.0M$2.1M
LiabilitiesLn 26$0$0
Net assetsLn 32$2.0M$2.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$9K$9K
Accounting feesLn 11c$11K$11K
Office expensesLn 13$171$171
Information technologyLn 14$1K$723$723
Other expenses (24a–d)Ln 24$9K$9K$150
Total functional expensesLn 25$31K$10K$21K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $92K$31K$62K$2.1M 990 PDF
FY2023 $95K$44K$51K$2.0M 990 PDF
FY2022 $83K$34K$49K$2.0M 990 PDF
FY2021 $101K$91K$10K$1.9M 990 PDF
FY2020 $189K$23K$166K$1.9M 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 FY2024 990 (6 parts)
Part I · Summary $92,416 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $94,518$92,416
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $94,518$92,416
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 $43,815$30,766
I-18 Total expensesPrior year $43,815$30,766
I-19 Revenue less expensesPrior year $50,703$61,650
Part VI · Governance 5 of 5 board members independent, 3 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
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
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $92,416 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $92,416$92,416
VIII-12 Total revenueRelated to mission $92,416$92,416
Part IX · Statement of functional expenses $30,766 across 5 lines filed
IX-11a Management feesManagement $9,000$9,000
IX-11c Accounting feesManagement $10,775$10,775
IX-13 Office expensesManagement $171$171
IX-14 Information technologyPrograms $723 · Management $723$1,446
IX-24 Other expenses (24a–d)Programs $9,224 · Management $150$9,374
IX-25 Total functional expensesPrograms $9,947 · Management $20,819 · Fundraising $0$30,766
Part X · Balance sheet $2,104,167 assets, 8 lines filed
Asset lines not itemized here account for $1,091,266; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $443,479$593,537
X-2 Savings and temporary cash investmentsStart of year $400,000$411,034
X-15 Other assetsStart of year $20,109$8,330
X-16 Total assetsStart of year $2,042,517$2,104,167
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $2,042,517$2,104,167
X-32 Total net assets or fund balancesStart of year $2,042,517$2,104,167
X-33 Total liabilities and net assetsStart of year $2,042,517$2,104,167
Part XI · Reconciliation of net assets $2,104,167 net assets at year end
XI-1 Total revenue$92,416
XI-2 Total expenses$30,766
XI-3 Revenue less expenses$61,650
XI-4 Net assets at start of year$2,042,517
XI-10 Net assets at end of year$2,104,167

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

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