2023-10-10T19:22:57-04:00 2022-12-31 383828234 CARTER P C 301 COLLEGE ST STE 320 ASHEVILLE NC 288012449 990 2022-01-01 311619784 THE SEQUOYAH FUND INC SEQU 8283595003 PO BOX 1200 CHEROKEE NC 28719 RUSS SEAGLE EXECUTIVE DIRECTOR 8283595002 2023-10-10 true RUSS SEAGLE 999009999 true RUFUS W DOLLAR P01293995 8282599900 2023-10-10 2022 2023-04-26 12:10:37Z EDDIE SWIMMER 810 ACQUONI RD CHEROKEE NC 28719 1001520 false X WWW.SEQUOYAHFUND.ORG X 1998 NC THE ORGANIZATION SERVES ECONOMIC AND SOCIAL IMPROVEMENT OF THE EASTERN BAND OF CHEROKEE INDIANS. 10 10 9 10 0 1820447 425807 446475 552998 13526 19913 5249 2802 2285697 1001520 0 0 520046 648821 0 0 267670 932111 787716 1580932 1497981 -579412 11859875 10921580 1819441 1425230 10040434 9496350 THE ORGANIZATION SERVES ECONOMIC AND SOCIAL IMPROVEMENT OF THE EASTERN BAND OF CHEROKEE INDIANS. false false 1253031 552998 THE SEQUOYAH FUND WORKS TO SERVE ECONOMIC AND SOCIAL IMPROVEMENT OF THE EASTERN BAND OF CHEROKEE INDIANS. THE ORGANIZATION SUPPORTS NEW BUSINESS START-UPS, BUSINESS EXPANSION, AND OVERALL COMMUNITY DEVELOPMENT IN THE SEVEN FAR WESTERN COUNTIES OF NORTH CAROLINA AND ON THE QUALLA BOUNDARY. THE ORGANIZATION ALSO PROVIDES BUSINESS TRAINING AND TECHNICAL ASSISTANCE TO BUSINESS OWNERS THROUGH WORKSHOPS AND CLASSES. 1253031 true true false false false false false false false false true false true false true true true false false false false false false false false false false false false true false false false true false false false false false false false false false false false false false true 31 0 9 true false false false false false false false false false false false false X 10 10 false false false false false false false true true false false true true true true true true true false false X RUSS SEAGLE 8283595003 810 ACQUONI ROAD CHEROKEE NC 28719 EDDIE SWIMMER PRESIDENT 1.00 X X 6000 0 0 RAY ROSE VICE PRESIDE 1.00 X X 6600 0 0 JIMMY BURNS TREASURER 1.00 X X 6000 0 0 TONYA CARROLL SECRETARY 1.00 X X 6600 0 0 MEGAN BROWN BOARD MEMBER 1.00 X 6500 0 0 MICHELL HICKS BOARD MEMBER 1.00 X 6700 0 0 KEYONNA HORNBUCKLE BOARD MEMBER 1.00 X 6600 0 0 MAGGIE JACKSON BOARD MEMBER 1.00 X 6500 0 0 BRADLEY LETTS BOARD MEMBER 1.00 X 5700 0 0 JULIE EXTINE PAINTER BOARD MEMBER 1.00 X 7150 0 0 BRUCE MARTIN JR BRD MBER THR 1.00 X 0 0 0 RUSS SEAGLE EXECUTIVE DI 40.00 X 157829 0 11143 222179 11143 1 false true false 217200 208607 425807 INTEREST ON LOANS 900099 360153 360153 LOAN FEES 900099 65993 65993 TRAINING PROGRAMS 900099 55342 55342 SALES ART MARKET AND FASHION 900099 46325 46325 TICKET SALES 900099 9938 9938 15247 15247 552998 19913 19913 MISCELLANEOUS REVENUE 900099 2802 2802 2802 1001520 552998 22715 X 168972 143626 25346 376344 266475 109869 16241 11241 5000 48057 35868 12189 39207 29405 9802 25258 21469 3789 35529 30200 5329 278750 168290 110460 48427 48427 52354 45860 6494 53298 45303 7995 9700 8245 1455 65988 56090 9898 70228 59694 10534 6205 6205 47145 40073 7072 2784 2366 418 LOAN LOSS PROVISION 119145 119145 TRAINING PROGRAM EXPENSE 102296 102296 15004 12753 2251 1580932 1253031 327901 0 6040216 3541951 386446 236446 295438 95132 86667 64615 2750 2750 115683 115467 2526 216 522274 480088 4518464 6398155 5094 102227 11859875 10921580 36496 2191 588943 880336 494817 699185 542703 1819441 1425230 X 6990991 9249341 3049443 247009 10040434 9496350 11859875 10921580 -579412 -62082 97410 X X false true X true true true X 1165500 1381875 2112500 1820447 425807 6906129 1165500 1381875 2112500 1820447 425807 6906129 6906129 16408 13526 19913 49847 10216 14455 5249 2802 32722 6988698 2165176 0.98820 0.98950 X PART II, LINE 10 OTHER INCOME 32,722 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 115683 115467 216 216 NET BUSINESS LOANS RECEIVABLE 6398155 F 6398155 AGENCY LIABILITIES 401691 PAYROLL LIABILITY 141012 542703 X 945438 -62082 6000 -56082 1001520 1001520 1586932 6000 6000 1580932 1580932 SCHEDULE D, PAGE 3, PART X THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SEC 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS MATERIAL TO THE FINANCIAL STATEMENTS. THE ORGANIZATION'S RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR THE YEARS ENDED DECEMBER 31, 2021, 2020, AND 2019, ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. X X X false false false false false false false false false RUSS SEAGLE EXECUTIVE DIRECTOR 157829 9394 1749 168972 DUE FROM SARAH GANILLA BRD MBER RELATIVE SMALL BUSINESS LOAN X 60000 32331 false true true DUE FROM JOHN L BURGESS FMR BOARD MEMBER SMALL BUSINESS LOAN X 66477 15627 false true true DUE FROM QUALLA SECURITY BRD MBR RELATIVE SMALL BUSINESS LOAN X 25000 11409 false true true DUE FROM FREDERICK BURGESS FMR BRD MBER REL SMALL BUSINESS LOAN X 22504 5248 false true true 64615 SCHEDULE L, PART V PART II - LOANS REPORTED IN PART II ARE EACH SECURED BY A PROMISSORY NOTE ON SUBSTANTIALLY SIMILAR TERMS TO OTHER LOANS PROVIDED BY THE ORGANIZATION TO FULFILL ITS EXEMPT PURPOSE. PAYMENTS FROM SARAH GANILLA (FORMERLY SARAH MARTIN) ARE SCHEUDLED IN 120 MONTHLY INSTALLMENTS AT A RATE OF 6% INTEREST. SARAH GANILLA HAS A FAMILY RELATIONSHIP WITH BOARD MEMBER NANCY MARTIN. NANCY MARTIN WAS NOT A MEMBER OF THE BOARD IN 2017 WHEN THIS LOAN WAS APPROVED. QUALLA SECURITY IS A CORPORATION OWNED BY SARAH GANILLA AND RECEIVED A NEW LOAN IN 2020. SARAH GANILLA HAS A FAMILY RELATIONSHIP WITH FORMER BOARD MEMBER NANCY MARTIN. PAYMENTS ON THIS LOAN ARE SCHEDULED IN 57 MONTHLY INSTALLMENTS AT A RATE OF 4% INTEREST. PAYMENTS FROM JOHN BURGESS ARE SCHEDULED IN 120 MONTHLY INSTALLMENTS AT A RATE OF 5% INTEREST. JOHN BURGESS IS A FORMER BOARD MEMBER OF THE ORGANIZATION. PAYMENTS FROM FREDRICK BURGESS ARE SCHEDULED IN 7 SEMI-ANNUAL PAYMENTS OVER A PERIOD OF 37 MONTHS AT A RATE OF 7% INTEREST. THIS LOAN INCLUDES A 2022 REFINANCING OF A PRIOR LOAN. FREDRICK BURGESS HAS A FAMILY RELATIONSHIP WITH FORMER BOARD MEMBER JOHN BURGESS. JOHN BURGESS RECUSED HIMSELF FROM THE BOARD MEETINGS IN WHICH THE LOANS WERE APPROVED. FORM 990, PAGE 6, PART VI, LINE 11B THE RETURN WAS PREPARED BY AN INDEPENDENT ACCOUNTANT WITH ASSISTANCE AND OVERSIGHT BY MANAGEMENT. FOLLOWING REVIEW BY THE EXECUTIVE DIRECTOR, THE RETURN WAS PROVIDED TO EACH CURRENT VOTING BOARD MEMBER PRIOR TO FILING WITH THE IRS. FORM 990, PAGE 6, PART VI, LINE 12C BOARD MEMBERS HAVE A DUTY TO DISCLOSE ANY INTERESTS IN A TRANSACTION INVOLVING THE ORGANIZATION. PRIOR TO ANY LOAN AUTHORIZATION DISCUSSION, MEMBERS ARE ASKED WHETHER AN INTEREST COULD EXIST, AND INTERESTED MEMBERS LEAVE THE ROOM DURING DISCUSSION. VOTES ON LOANS CONTAINING A CONFLICT ARE VOTED ON IN THE ABSENSE OF ANY INTERESTED MEMBER. FORM 990, PAGE 6, PART VI, LINE 15A COMPENSATION FOR THE EXECUTIVE DIRECTOR WAS DETERMINED BY THE PERSONNEL SUBCOMMITTEE AND APPROVED BY VOTE OF THE FULL BOARD. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S ADMINISTRATIVE OFFICE. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL 3,532 622 0 CONTRACT LABOR 164,758 109,838 0 TOTAL 168,290 110,460 0 FORM 990, PART XII PRIOR PERIOD ADJUSTMENT: DURING THE YEAR ENDED DECEMBER 31, 2022, IT WAS DISCOVERED THAT AN INTANGIBLE ASSET WAS NOT PROPERLY RECOGNIZED DURING THE YEAR ENDED DECEMBER 31, 2021. AS A RESULT, INTANTIBLE ASSETS AND NET ASSETS WITHOUT DONOR RESTRICTIONS WERE INCREASED BY 97,410 FROM THE AMOUNTS PREVIOUSLY REPORTED.