2023-11-15T11:14:26-05:00 2022-12-31 561627242 ROMEO WIGGINS & COMPANY LLP 8210 CREEDMOOR RD 202 RALEIGH NC 27613 990 2022-01-01 562142717 INSTITUTE CAPITAL INC INST 9199568889 PO BOX 1331 DURHAM NC 27702 KEVIN J PRICE PRESIDENT/CEO 9199562313 2023-11-14 true KEVIN PRICE 999009999 false J KELLY LANIER P01240701 9198705151 2023-11-14 X 2022 2023-04-26 12:10:37Z KEVIN J PRICE PO BOX 1331 DURHAM NC 27702 2900905 false X THEINSTITUTENC.ORG/ICAP X 1999 NC INSTITUTE CAPITAL, INC. IS A NOT-FOR-PROFIT ORGANIZATION WHOSE PURPOSE IS TO DEVELOP AND/OR PRESERVE AFFORDABLE HOUSING, ENCOURAGE AND STIMULATE COMMUNITY AND ECONOMIC DEVELOPMENT, AND EXPAND ECONOMIC OPPORTUNITIES AND PROVIDE FINANCING FOR COMMUNITY DEVELOPMENT ACTIVITIES. INSTITUTE CAPITAL INC. IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY AND IS SUPPORTED PRIMARILY BY GOVERNMENT GRANTS AND INCOME FROM LOANS. THE ORGANIZATION'S INVESTMENT AREA INCLUDES NORTH CAROLINA, SOUTH CAROLINA, VIRGINIA, WEST VIRGINIA, KENTUCKY, AND THE DC METRO AREA. 9 8 0 0 1305420 1370388 1075156 1492888 227 -4839 78748 8681 2459551 2867118 191667 408334 0 483139 680402 0 36405 616759 1497923 1291565 2586659 1167986 280459 22759818 25442652 17718441 20120816 5041377 5321836 X INSTITUTE CAPITAL, INC. IS A NOT-FOR-PROFIT ORGANIZATION WHOSE PURPOSE IS TO DEVELOP AND/OR PRESERVE AFFORDABLE HOUSING, ENCOURAGE AND STIMULATE COMMUNITY AND ECONOMIC DEVELOPMENT, AND EXPAND ECONOMIC OPPORTUNITIES AND PROVIDE FINANCING FOR COMMUNITY DEVELOPMENT ACTIVITIES. INSTITUTE CAPITAL INC. IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY AND IS SUPPORTED PRIMARILY BY GOVERNMENT GRANTS AND INCOME FROM LOANS. 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THIS STATE WIDE PUBLIC-PRIVATE PARTNERSHIP PROVIDES LEADERSHIP AND CAPITAL INVESTMENTS TO ENCOURAGE AND STIMULATE COMMUNITY DEVELOPMENT, EXPAND ECONOMIC OPPORTUNITIES, AND PROVIDE FINANCING FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACTIVITIES. 2255975 true true false true false false false false false false true false false false true true true true false false false false false false false false false true false true false false false false false true false false false false false false false true false false false true 574 0 true 0 false false false false false false false false X 9 8 false false false false false false false true true false false true true true true true true true true true true X ANGELA POOLE 9199568889 PO BOX 1331 DURHAM NC 27702 X KEVIN J PRICE PRESIDENT/CE 20.00 20.00 X X 0 182470 14331 ROBERTA MCCULLOUGH SENIOR VP OP 40.00 X 0 114919 12138 ANGELA POOLE V.P. OF FINA 20.00 20.00 X 0 110977 11957 WALTER DAVIS BOARD MEMBER 1.00 X 0 0 0 LISA JACKSON BOARD MEMBER 1.00 X 0 0 0 LORI JONES-GIBBS BOARD MEMBER 1.00 X 0 0 0 LEWIS H MYERS CHAIRMAN 1.00 X X 0 0 0 SUZANNE MALONE TREASURER 1.00 X X 0 0 0 TYLER MULLIGAN BOARD MEMBER 1.00 X 0 0 0 MARK NEWMAN BOARD MEMBER 1.00 X 0 0 0 TYRONE BAINES PHD SECRETARY 1.00 X X 0 0 0 MICHAEL SUGGS VICE CHAIR 1.00 X X 0 0 0 THURMAN SMITH BOARD MEMBER 1.00 X 0 0 0 408366 38426 false true false 941667 428721 1370388 INCOME FROM LOANS 1004863 1004863 CONTRACT SERVICE FEES 488025 488025 1492888 835 835 28113 33787 -5674 -5674 -5674 OTHER INCOME 8681 8681 8681 2867118 1487214 9516 408334 408334 204007 130283 63431 10293 366490 234050 113951 18489 9594 6127 2983 484 54988 35117 17097 2774 45323 28944 14092 2287 7821 1856 5965 25559 6065 19494 146971 122553 24418 1147 1147 12292 10960 1332 44160 26300 15782 2078 383422 383422 PROVISION FOR LOAN LOSS 766960 766960 SUBSCRIPTIONS AND DUES 55389 50522 4867 BANK FEES 30489 25424 5065 OTHER EXPENSES 14787 10132 4655 8926 8926 2586659 2255975 294279 36405 5218197 5407526 622639 623362 636144 15664777 17617187 681444 715232 681444 538973 476989 22759818 25442652 173613 829805 770 5921630 5572171 7500000 10500000 4123198 3218070 17718441 20120816 X 4175206 5175130 866171 146706 5041377 5321836 22759818 25442652 280459 X false true X true true true X 3472802 815810 583333 1305420 1370388 7547753 3472802 815810 583333 1305420 1370388 7547753 242168 7305585 786 1405 667 227 835 3920 1200 9227 8681 19108 7570781 3632128 0.96500 0.89700 X PART II, LINE 10 OTHER INCOME 19,108 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2586659 2586659 279333 69833 266781 269182 204157 279333 1019453 1529180 6745 6745 56695 67296 51039 69833 244863 367295 681444 681444 681444 NEIGHBORHOOD STABILIZATION PROGRAM 2118070 NOTE PAYABLE TO SELF-HELP VENTURES 1100000 3218070 X 2867118 2867118 2867118 2586659 2586659 2586659 SCHEDULE D, PAGE 3, PART X ASC 740: INSTITUTE CAPITAL IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE AND THE APPLICABLE STATE LAW, EXCEPT ON INCOME, IF ANY, DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THE ORGANIZATION HAD NO UNRELATED BUSINESS INCOME FOR THE YEAR ENDED DECEMBER 31, 2022, AND MANAGEMENT IS AWARE OF NO UNCERTAIN TAX POSITIONS. false C&M UNISEX HAIR SALON AND BARBERSHO 105 E MAIN ST ROWLAND NC 28383 33334 DISASTER RECOVERY CUNNINGHAM & SONS MORTUARY INC 3809 RAEFORD RD FAYETTEVILLE NC 28304 100000 DISASTER RECOVERY HEART TO HEART SITTER SERVICES LLC 2102 N MAIN ST TARBORO NC 27886 25000 DISASTER RECOVERY SIMMONS EARLY INTERVENTION THERAPY 611 S GEORGE ST GOLDSBORO NC 27530 100000 DISASTER RECOVERY GRANIT TRAINING GROUP LLC 2524 BUZZARD ROCK CIRCLE TARBORO NC 27020 150000 DISASTER RECOVERY 5 SCHEDULE I, PAGE 1, PART I, LINE 2 THE ORGANIZATION APPROVES THE GRANT AMOUNTS PROVIDED TO THOSE PROGRAM SERVICE BENEFICIARIES WHO MEET ESTABLISHED CRITERIA. THE ORGANIZATION HAS CONTROLS IN PLACE TO VERIFY AND MONITOR EACH RECIPENTS'S QUALIFICATIONS. PART IV - ADDITIONAL INFORMATION GRANT EXPENSES RELATE TO AMOUNTS PROVIDED TO PROGRAM SERVICE BENEFICIARIES IN CONJUNCTION WITH THE ASSISTANCE THE ORGANIZATION PROVIDES FOR DISASTER RECOVERY AND SMALL BUSINESS ASSISTANCE. X X X X false false false false false false false false false KEVIN J PRICE PRESIDENT/CEO 182470 5700 8631 196801 SELF-HELP VENTURES FUND INSTITUTE BOD 2000000 LOAN RECEIVABLE false SELF-HELP VENTURES FUND INSTITUTE BOD 1100000 LOAN PAYABLE false SCHEDULE L, PART V THE ORGANIZATION DURING ITS NORMAL COURSE OF OPERATION ENTERS INTO NOTE AGREEMENTS WITH ORGANIZATIONS ASSOCIATED WITH CERTAIN BOARD MEMBERS. FORM 990 - ORGANIZATION'S MISSION INSTITUTE CAPITAL, INC. IS A NOT-FOR-PROFIT ORGANIZATION WHOSE PURPOSE IS TO DEVELOP AND/OR PRESERVE AFFORDABLE HOUSING, ENCOURAGE AND STIMULATE COMMUNITY AND ECONOMIC DEVELOPMENT, AND EXPAND ECONOMIC OPPORTUNITIES AND PROVIDE FINANCING FOR COMMUNITY DEVELOPMENT ACTIVITIES. INSTITUTE CAPITAL INC. IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY AND IS SUPPORTED PRIMARILY BY GOVERNMENT GRANTS AND INCOME FROM LOANS. THE ORGANIZATION'S INVESTMENT AREA INCLUDES NORTH CAROLINA, SOUTH CAROLINA, VIRGINIA, WEST VIRGINIA, KENTUCKY, AND THE DC METRO AREA. FORM 990, PAGE 6, PART VI, LINE 11B THE AUDIT COMMITTEE AND EXECUTIVE COMMITTEE MEET JOINTLY TO REVIEW THE FORM 990 PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C THE BOARD REVIEWS THE POLICY AND ADHERENCE ON A REGULAR BASIS AND HAS A REMINDER ON EACH BOARD AGENDA. FORM 990, PAGE 6, PART VI, LINE 15A THE PERSONNEL COMMITTEE EVALUATED THE PRESIDENT/CEO'S COMPENSATION AND MAKES SALARY RECCOMENDATIONS BASED ON SALARY COMPARABILITY STUDY WITH THE STATE AND OTHER NONPROFITS ACROSS THE STATE. FORM 990, PAGE 6, PART VI, LINE 15B THE PERSONNEL COMMITTEE REVIEWS THE SALARIES OF PERSONNEL ON A REGULAR BASIS. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST TO THE ORGANIZATION'S OFFICE. FORM 990, PART VII SECTION A - OFFICER, DIRECTORS, TRUSTEES, KEY EMPLOYEES, HIGHEST COMPENSATED EMPLOYEES - THE COMPENSATION REPORTED ON PART VII, COLUMN (E) ARE AMOUNTS REPORTED TO THE IRS ON THE EMPLOYEE'S W-2 FROM THE ORGANIZATION'S AFFILIATE, THE NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT. THERE ARE NO AMOUNTS REPORTED IN COLUMN D, "DIRECT" REPORTABLE COMPENSATION FROM THE ORGANIZATION. HOWEVER, THERE ARE AMOUNTS REPORTED AS OFFICER COMPENSATION EXPENSE ON PART IX, LINE 5. THE AMOUNTS REPORTED ON PART IX REFLECT THE ORGANIZATION'S SHARE OF ALLOCATED SALARIES BETWEEN THE ORGANIZATION AND ITS AFFILIATE. THE ORGANIZATION ITSELF DOES NOT PAY SALARIES AND THEREFORE DOES NOT PROVIDE ANY FORMS W-2. SEE SCHEDULE R FOR DETAILS. NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT PO BOX 1331 DURHAM NC 27702 561579041 CHARITY NC 501C3 7 INSTITUTE false false false false false true false false false false false true true false false true false false false false NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT O 731640 SHARED SERVICES NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT L 488025 RETOOL FEES NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT E 10072172 LOAN GUARANTEES NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT K 31770 RENT RECEIVED.