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Head Corporation FY2021 filing

Tax-deductible

London, KY501(c)(3)Community Development EIN 61-0865310Revenue $77K in FY2021

On file with the IRSheadcorp.orgPo Box 995, 40743-0995 · London, KYTax-exempt since Nov 1974Publicly supported charity — 170(b)(1)(A)(vi)

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To support community and economic development efforts in central appalachia. The organization's activities include providing administrative services to the appalachian federal credit union and providing loans for economic development purposes.

501(c)(3) charity; gifts are tax-deductible.
88¢ of each $1 spent went to programs.
$35K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2021 · 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
1 of 5
filings with a surplus
Average deficit $23K a year · 29% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$35K
to officers and key staff · 34% of spending
Concern: pay to officers and key staff is 34% of spending; over 30%.
Pt VII · Sec A
Cash reserves
66 mo
of spending, in cash
Looks good: 65.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$786K
36% of total assets
Looks good: liabilities are 36% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$77K
+6% vs prior year
Spent
$102K
To programs
88%
Net assets
$1.4M
By yearFY2020–FY2024
Revenue
$77K
FY2021▲ +6%
Tap a bar for its year
Revenue by fiscal year
FY2020$73K
FY2021$77K
FY2022$92K
FY2023$77K
FY2024$89K
Expenses
$102K
FY2021▲ +17%
Tap a bar for its year
Expenses by fiscal year
FY2020$88K
FY2021$102K
FY2022$134K
FY2023$117K
FY2024$85K
Net assets
$1.4M
FY2021▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.4M
FY2021$1.4M
FY2022$1.3M
FY2023$1.3M
FY2024$1.3M

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1974.

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

Where the money goes

88 cents of each dollar spent went to programs.

Program services 88% · $90K Management & general 12% · $12K

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

7 people listed on the 990; $35K paid to officers and key staff.

Part VII, Section A · reportable compensation
Jason Hale
Executive Di
$34,551Pt VII · Sec A
Cheryl Meadows
Secretary/Tr
$0Pt VII · Sec A
$0Pt VII · Sec A
Lon Oliver
Vice Preside
$0Pt VII · Sec A
Greg Dawson
Director
$0Pt VII · Sec A
Mae Humiston
Director
$0Pt VII · Sec A
Sherry Trent
Director
$0Pt VII · Sec A

Jason Hale’s $43K as Executive Di is at the 82nd percentile of top reported officer pay among 168 <$100K community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2023FY2022FY2021FY2020
Jason Hale$42,502$68,004$34,551$23,400

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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 15aYes

Programs and updates

Supports community and economic development by providing administrative services and loans.

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Provided by the organization

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1 program · $90K · in their own filed words · FY2021
01

The organization provides loan capital & technical assistance to individuals & groups wishing to start-up or expand small businesses in central appalachia.

$90Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$77K
Ln 12
Fees for servicesLn 2g$72K
Investment incomeLn 3$5K
Other incomeLn 4–11$182
Money outPt IX
$102K
Ln 25
Programscol B$90K
Managementcol C$12K
Owns and owesPt X
$1.4M
net assets · Ln 32
Cash and savingsLn 1–2$561K
Total assetsLn 16$2.2M
LiabilitiesLn 26$786K
PeoplePt VI, VII
7
listed · VII A
PaidVII A1
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$72K
Investment incomeLn 3$5K
Other incomeLn 4–11$182
Total revenueLn 12$77K
Assets in detailPt X, end of year
SavingsLn 2$561K
Cash and savings togetherLn 1–2$561K
Total assetsLn 16$2.2M
LiabilitiesLn 26$786K
Net assetsLn 32$1.4M
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 FY21End FY21
Cash and savingsLn 1–2$762K$561K
Total assetsLn 16$2.1M$2.2M
LiabilitiesLn 26$674K$786K
Net assetsLn 32$1.4M$1.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$40K$36K$4K
Accounting feesLn 11c$11K$8K$3K
Office expensesLn 13$154$103$51
InterestLn 20$13K$13K
InsuranceLn 23$4K$2K$2K
Other expenses (24a–d)Ln 24$35K$31K$4K
Total functional expensesLn 25$102K$90K$12K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $89K$85K$4K$1.3M 990 PDF
FY2023 $77K$117K−$40K$1.3M 990 PDF
FY2022 $92K$134K−$42K$1.3M 990 PDF
FY2021 Viewing $77K$102K−$25K$1.4M 990 PDF
FY2020 $73K$88K−$15K$1.4M 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 FY2021 990 (6 parts)
Part I · Summary $77,415 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $64,906$71,933
I-10 Investment incomePrior year $8,190$5,300
I-11 Other revenue$182
I-12 Total revenuePrior year $73,096$77,415
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 $87,624$102,336
I-18 Total expensesPrior year $87,624$102,336
I-19 Revenue less expensesPrior year −$14,528−$24,921
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $77,415 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $71,933$71,933
VIII-3 Investment incomeExcluded from tax $5,300$5,300
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $182$182
VIII-12 Total revenueRelated to mission $72,115 · Excluded from tax $5,300$77,415
Part IX · Statement of functional expenses $102,336 across 6 lines filed
IX-11a Management feesPrograms $36,000 · Management $4,000$40,000
IX-11c Accounting feesPrograms $7,935 · Management $2,645$10,580
IX-13 Office expensesPrograms $103 · Management $51$154
IX-20 InterestPrograms $13,142$13,142
IX-23 InsurancePrograms $1,828 · Management $1,828$3,656
IX-24 Other expenses (24a–d)Programs $31,268 · Management $3,536$34,804
IX-25 Total functional expensesPrograms $90,276 · Management $12,060 · Fundraising $0$102,336
Part X · Balance sheet $2,162,268 assets, 7 lines filed
Asset lines not itemized here account for $1,601,403; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $761,914$560,865
X-16 Total assetsStart of year $2,075,158$2,162,268
X-17 Accounts payable and accrued expensesStart of year $10,563$6,094
X-26 Total liabilitiesStart of year $673,976$786,007
X-27 Net assets without donor restrictionsStart of year $1,401,182$1,376,261
X-32 Total net assets or fund balancesStart of year $1,401,182$1,376,261
X-33 Total liabilities and net assetsStart of year $2,075,158$2,162,268
Part XI · Reconciliation of net assets $1,376,261 net assets at year end
XI-1 Total revenue$77,415
XI-2 Total expenses$102,336
XI-3 Revenue less expenses−$24,921
XI-4 Net assets at start of year$1,401,182
XI-10 Net assets at end of year$1,376,261

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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