2023-08-25T09:43:23-05:00 2023-04-30 351178661 Blue and Co LLC 250 West Main Street Suite 2900 Lexington KY 40507 990 2022-05-01 611254830 Appalachian Investment Corporation APPA 8599862373 431 Chestnut Street 7 Berea KY 40403 Peter Hille President 8599862373 2023-08-25 1 Peter Hille 999009999 0 Rick Shields CPA P00852717 8592531100 2023-08-20 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Peter Hille 431 Chestnut Street 7 Berea KY 40403 132651 0 X N/A X 1994 KY To provide loans and technical assistance to new and expanding businesses in Appalachian Kentucky. 4 3 0 5 0 0 0 0 150833 131226 1714 1425 0 0 152547 132651 0 0 0 0 0 0 0 0 0 147248 18742 147248 18742 5299 113909 2834732 2753916 1856064 1661339 978668 1092577 Appalachian Investment Corporation works to increase economic activity in the Appalachian counties of Kentucky. 0 0 18742 131226 At fiscal year end 2023, AIC has 25 loans to small enterprises for a total of approximately $2,287,000 (at gross amount) invested in Appalachian Kentucky. These efforts impacted existing jobs and helped create jobs. 18742 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 3 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 X X The Organization 8599862373 431 Chestnut Street 7 Berea KY 40403 Corey Craig Board President 1.00 2.00 X X 0 0 0 Ada Smith Board Treasurer 1.00 2.00 X X 0 0 0 Robin Gabbard Board Secretary 1.00 2.00 X X 0 0 0 Peter Hille President 1.00 40.00 X X 0 151372 19574 Mary Whaley Vice President 1.00 40.00 X 0 85489 18216 Jason Coomes Secretary 1.00 40.00 X 0 81750 18142 Kacie Zechman Treasurer 1.00 40.00 X 0 81886 14763 0 400497 70695 0 0 1 0 0 Interest and fees on l 522292 131226 131226 131226 1425 1425 132651 131226 0 1425 X 24000 24000 17528 17528 Licenses and taxes 25 25 Bad debt exp (recovery) -22811 -22811 18742 18742 0 0 625322 668610 5001 4172 2204409 2081134 2834732 2753916 8737 7791 1847327 1653548 1856064 1661339 X 978668 1092577 978668 1092577 2834732 2753916 113909 0 X X 0 1 X 0 0 0 X Part X, Line 2: Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Organization and recognize a tax liability if the Organization has taken an uncertain position that more likely than not would not be sustained upon examination by various federal and state taxing authorities. Management has analyzed the tax positions taken by the Organization, and has concluded that as of April 30, 2023 and 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the accompanying financial statements. X X X 0 0 0 0 0 0 0 0 0 Peter Hille President 0 143372 0 8000 0 0 0 7963 0 11611 0 170946 0 0 Part I, Line 3 The organization's President is compensated by a related organization, Mountain Association for Community Economic Development (Mountain Association). Mountain Association's compensation is established by compensation committee, Form 990s of other organizations, and approval by the board or compensation committee. Form 990, Part VI, Section A, line 8b AIC does not have a committee with the authority to act on behalf of the governing body. Form 990, Part VI, Section B, line 11b The first level of review of the Form 990 is by AIC's Chief Financial Officer, who provides the preparer with the information for the return and works closely with the preparer to ensure its accuracy and completeness. The AIC President or Chief Operating Officer reviews the form before signing it. The Form 990 is distributed to the board electronically before it is submitted to the IRS. Form 990, Part VI, Section B, line 12c The AIC board has established a conflict of interest policy that specifies conflicts of interest to be avoided. The board of directors may make exceptions to the policy in specific cases when the situation is fully disclosed to them. A provision of the conflict of interest policy is that each director, officer and employee must receive, sign and return a copy of a summary of the conflict of interest policy. Annually, AIC board members and Mountain Association for Community Economic Development, Inc. (Mountain Association) employees who work on AIC business sign the summary anew, affirming that they have read and understand the policy. As part of the annual audit process, board members and other related parties fill out a related party questionnaire on which they report any interests and transactions that could give risk to conflicts of interest. Any conflicts of interest are disclosed as part of the audited financial statements. Form 990, Part VI, Section B, line 15 Staffing for AIC is provided by Mountain Association, so the Mountain Association compensation practices are applicable. Annually, the Mountain Association president is evaluated through a process guided by the Mountain Association board executive committee, composed of the board officers (chair, vice-chair, board treasurer and board secretary). The executive committee reports its findings to the board in closed session. After considering the committee's report, the Mountain Association board sets the president's compensation for the following year. The board takes into account compensation levels reported on Forms 990 for the CEOs of three to five comparable organizations as well as its knowledge of compensation of positions in the private and nonprofit sectors with comparable levels of responsibility, qualifications and achievement. The president does not participate in or vote on the decision on the president's compensation. The board's decision on compensation is recorded in minutes which are presented and approved at the following board meeting. This process last took place in January 2023. The president determines the compensation of other staff, including those who serve as corporate officers, following an annual performance review of each staff member. Along with considerations of equity among staff, the president takes into account compensation levels reported on Forms 990 for officer positions in three to five comparable organizations as well as his knowledge of compensation of positions in the private and nonprofit sectors with comparable levels of responsibility, qualifications and achievement. Every change in a staff salary is documented in a letter to the staff member. Form 990, Part VI, Section C, line 19 AIC's Articles of Incorporation and summary conflict of interest policy are available on request. AIC's financial statements are consolidated with those of the Mountain Association for Community Economic Development, Inc. (Mountain Association) and Mountain Association's subsidiary Ridgecrest Enterprises. The corresponding audit report on the consolidated financial statements of Mountain Association and its affiliates is available at https://mtassociation.org/. Form 990, Part IX, line 11g CONSULTANTS: Program service expenses 24,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 24,000. Form 990, Part XII, line 2b The method did not change from the prior year. Mountain Association for Community Economic Development Inc 433 Chestnut Street Berea KY 40403 310900246 Provide comprehensive community development support to Appalachian areas. KY 501(C)(3) 170(b)(1) (A)(vi) 0 Ridgecrest Enterprises Inc 433 Chestnut Street Berea KY 40403 611036685 A for-profit to assist Mtn Assoc in its economic development activities. KY Mountain Association for Community Economic Development Inc C 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 Ridgecrest Enterprises Inc A 3424 Cash Ridgecrest Enterprises Inc D 91595 Cash