2024-08-14T09:34:03-05:00 2023-09-30 410746749 CLIFTONLARSONALLEN LLP 5255 EAST WILLIAMS CIRCLE SUITE 5000 TUCSON AZ 85711 990 2022-10-01 860403989 ARIZONA CAPITAL SOURCE ARIZ 6026667650 5049 E BROADWAY BLVD 156 TUCSON AZ 85711 GARY MOLENDA PRESIDENT 6026667650 2024-08-13 1 1 LISA ADAMS CPA P00854368 5207903500 2024-08-13 2022 2024-08-08 14:25:15Z X GARY MOLENDA 5049 E BROADWAY BLVD 156 TUCSON AZ 85711 5325543 0 X WWW.ARIZONACAPITALSOURCE.COM X 1979 AZ PROMOTING AND ASSISTING THE GROWTH AND DEVELOPMENT OF THE ARIZONA ECONOMY. 16 16 23 18 0 0 0 0 3308500 4090524 39684 60194 528465 309547 3876649 4460265 0 0 0 0 2443019 2492741 0 0 0 1383423 1962567 3826442 4455308 50207 4957 18805099 19838061 6046885 6217277 12758214 13620784 X PROMOTING AND ASSISTING THE GROWTH AND DEVELOPMENT OF THE ARIZONA ECONOMY. 0 0 2651825 2420200 SBA 504 LENDING - PROVIDE AFFORDABLE LONG TERM FIXED ASSET FINANCING TO SMALL BUSINESSES TO PURCHASE OWNER OCCUPIED COMMERCIAL REAL ESTATE, OR MACHINERY AND EQUIPMENT. 585110 1001909 SBA COMMUNITY ADVANTAGE 7(A) LENDING - PROVIDE AFFORDABLE FINANCING TO SMALL BUSINESSES. 206873 405688 ECONOMIC DEVELOPMENT CONSULTING - ASSIST OTHER NON PROFITS OR GOVERNMENTAL ENTITIES WITH PROJECTS THAT PROMOTE ECONOMIC DEVELOPMENT AND GROWTH. 356084 632468 COMMUNITY LENDING 356084 632468 3799892 0 0 0 0 0 0 0 0 0 1 0 0 0 1 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 1 1 1 0 0 1 30 0 23 0 0 0 0 0 0 0 0 0 X 16 16 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X JAYLEEN BEMBRY 5206233377 5049 E BROADWAY BLVD TUCSON AZ 85711 MICHAEL S HAMMOND CHAIR 1.00 X X 950 0 0 BENJAMIN DANNER VICE CHAIR 1.00 X X 0 0 0 MARK JEBELIAN TREASURER 1.00 X X 0 0 0 SEAN MURRAY SECRETARY 1.00 X X 1250 0 0 KENDALL BERT DIRECTOR 1.00 X 950 0 0 EVELYN CASUGA DIRECTOR 1.00 X 1100 0 0 DAVID WELSH DIRECTOR 1.00 X 1100 0 0 GILBERT DAVIDSON DIRECTOR 1.00 X 950 0 0 JUDY SCALISE DIRECTOR 1.00 X 1100 0 0 JOHN MOOTHART DIRECTOR 1.00 X 1250 0 0 JENNIFER ALAI DIRECTOR 1.00 X 0 0 0 GRANT BELTER DIRECTOR 1.00 X 0 0 0 JEFFREY HAYS DIRECTOR 1.00 X 0 0 0 NICK HUDEC DIRECTOR 1.00 X 0 0 0 LAURIE SANDAU DIRECTOR 1.00 X 0 0 0 MICHAEL WETNIGHT DIRECTOR 1.00 X 0 0 0 GARY MOLENDA PRESIDENT 40.00 X 298885 0 48782 GABRIEL GOMEZ BUS. DEV. OFFICER 40.00 X 201267 0 28750 BRENT SMITH VP & CREDIT MGR 40.00 X 122538 0 33971 DAVID STAKE SR. LOAN OFFICER 40.00 X 122709 0 9131 JENNIFER ROGERS VP & CLOSING MGR 40.00 X 122099 0 11935 LORI SIMMONS VP RELATIONSHIP MGR 40.00 X 156531 0 18023 ASHLEY HERKO-MAPES VP RELATIONSHIP MGR 40.00 X 160938 0 16668 ELIZABETH MARIE GAMBLE FORMER VP AND PORTFOL 40.00 X 158551 0 30098 JONATHAN TEMPLE FORMER VP RELATIONSHIP MGR 40.00 X 115032 0 20941 1467200 0 218299 9 1 1 0 PRUDENT LENDERS LLC 59 BEAVER ST 5TH FL ALBANY NY 12216 LOAN PROCESSING, UNDERWRITING, CLOSING, 142464 1 SERVICE FEES 525990 1825762 1825762 CLIENT INTEREST EARNED 525990 1170344 1170344 CLOSING FEES 525990 595429 595429 CONSULTING FEES 525990 405688 405688 INTEREST INCOME EARNED 525990 93301 93301 4090524 925472 865278 60194 60194 60194 BAD DEBT RECOVERY 525990 164313 164313 RECOVERED EXPENSES 525990 120000 120000 OTHER 525990 25234 25234 309547 4460265 4460265 0 0 773436 379582 393854 1434052 1290647 143405 56851 51166 5685 65653 59088 6565 162749 146474 16275 22386 22386 433052 412891 20161 50334 45301 5033 143324 128994 14330 111680 100512 11168 5927 5334 593 559919 559919 18407 18407 53029 47726 5303 BAD DEBT EXPENSE 307412 307412 MERGER EXPENSE 148416 148416 SUPPLIES 90064 81058 9006 OTHER EXPENSE 16519 14867 1652 2098 2098 4455308 3799892 655416 0 2995430 2080015 3173483 2346095 469670 572110 11652551 14080884 160142 137935 23146 22207 307639 309917 183180 426833 18805099 19838061 980580 1099554 5066305 4806713 0 311010 6046885 6217277 X 7657361 8487771 5100853 5133013 12758214 13620784 18805099 19838061 X 4957 857613 X X 0 1 X 1 0 119500 102546 16954 40642 35389 5253 22207 OPERATING LEASE LIABILITY 311010 311010 X PART X, LINE 2: ACS AND AFFILIATES ADOPTED THE PROVISIONS OF FASB ASC (ACCOUNTING STANDARDS CODIFICATION) NO. 740, ACCOUNTING FOR INCOME TAXES. AS A RESULT OF THE IMPLEMENTATION OF ASC NO. 740 REGARDING UNCERTAINTY IN INCOME TAXES, ACS AND AFFILIATES HAVE NOT RECOGNIZED ANY RESPECTIVE LIABILITY FOR UNRECOGNIZED TAX EXPENSE AS IT HAS NO KNOWN TAX POSITIONS THAT WOULD SUBJECT ACS AND AFFILIATES TO ANY MATERIAL INCOME TAX EXPOSURE. A RECONCILIATION OF BEGINNING AND ENDING AMOUNT OF UNRECOGNIZED TAX EXPENSE IS NOT INCLUDED, NOR IS THERE ANY INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX EXPENSE IN INTEREST EXPENSE AND PENALTIES IN EXPENSES AS THERE ARE NO UNRECOGNIZED TAX EXPENSES. X X 0 0 0 1 0 0 0 1 0 GARY MOLENDA PRESIDENT 185248 0 7800 0 105837 0 23646 0 25136 0 347667 0 0 0 GABRIEL GOMEZ BUS. DEV. OFFICER 129123 0 8250 0 63894 0 9858 0 18892 0 230017 0 0 0 ELIZABETH MARIE GAMBLE FORMER VP AND PORTFOL 140566 0 8950 0 9035 0 6988 0 23110 0 188649 0 0 0 ASHLEY HERKO-MAPES VP RELATIONSHIP MGR 89301 0 5850 0 65787 0 4958 0 11710 0 177606 0 0 0 LORI SIMMONS VP RELATIONSHIP MGR 98476 0 3250 0 54805 0 8351 0 9672 0 174554 0 0 0 BRENT SMITH VP & CREDIT MGR 108716 0 7635 0 6187 0 5082 0 28889 0 156509 0 0 0 JONATHAN TEMPLE FORMER VP RELATIONSHIP MGR 88417 0 2250 0 24365 0 7799 0 13142 0 135973 0 0 0 PART I, LINE 5 PRESIDENT AND BUSINESS DEVELOPMENT OFFICER COMMISSION SCHEDULE IS BASED ON CERTAIN REVENUES. PART I, LINE 7 COMMISSIONS FOR THE PRESIDENT AND BUSINESS DEVELOPMENT OFFICERS (VARIABLE COMPENSATION PLAN) AND BONUSES FOR ALL EMPLOYEES EXCEPT THE PRESIDENT. FORM 990, PART III, LINE 1 ARIZONA CAPITAL SOURCE (ACS) IS A PRIVATE NONPROFIT CORPORATION WHICH WAS ORGANIZED IN JULY 1979 FOR THE PURPOSE OF PROMOTING AND ASSISTING THE GROWTH AND DEVELOPMENT OF THE ARIZONA ECONOMY, INCLUDING SMALL BUSINESSES. THESE GOALS ARE ACHIEVED THROUGH THE USE OF THE SBA (UNITED STATES SMALL BUSINESS ADMINISTRATION) 504 AND COMMUNITY ADVANTAGE 7(A) LOAN PROGRAMS, AS WELL AS OTHER PROGRAMS AND PROJECTS. ACS COORDINATES ITS ACTIVITIES AND WORKS WITH THE CITY OF TUCSON (CITY) AND OTHER LOCAL GOVERNMENTS TO ACHIEVE ITS STATED PURPOSES. ACS HAS ALSO ASSISTED THE CITY WITH THE PURCHASE, CONSTRUCTION, AND FINANCING OF VARIOUS PROPERTIES LEASED BY THE CITY. FORM 990, PART VI, SECTION A, LINE 3 TUCSON LOAN COMMITTEE, PHOENIX LOAN COMMITTEE AND ON-CALL LOAN COMMITTEE HAVE DELEGATED AUTHORITY TO APPROVE LOANS UP TO $2,000,000 ON BEHALF OF THE BOARD OF DIRECTORS, THE BOARD THEN RATIFIES THE APPROVALS. THE EXECUTIVE COMMITTEE FUNCTIONS AS THE BOARD OF DIRECTORS BETWEEN MEETINGS OF THE BOARD OF DIRECTORS FOR MATTERS NOT PREVIOUSLY DELEGATED TO ANY COMMITTEE, BUT IS SUBJECT AT ALL TIMES TO THE DIRECTION AND CONTROL OF THE BOARD OF DIRECTORS. THE FUNCTIONS OF THE EXECUTIVE COMMITTEE ARE TO REVIEW NON-ROUTINE EMPLOYMENT AND PERSONNEL MATTERS AND COMPENSATION; AND RATIFY LOAN COMMITEE APPROVALS OF LOANS BETWEEM $1,000,000 AND $2,000,000 OR APPROVE LOANS GREATER THAN $2,000,000 IF NOT BEING PRESENTED TO THE ENTIRE BOARD. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. MEMBERS ARE RESPONSIBLE FOR ACTIVELY SUPPORTING ECONOMIC DEVELOPMENT. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT THE BOARD OF DIRECTORS OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS. AT ANNUAL MEETINGS, THE MEMBERS ELECT THE BOARD OF DIRECTORS, PASS UPON REPORTS FOR THE PREVIOUS FISCAL YEAR, AND TRANSACT SUCH OTHER BUSINESS AS MAY COME BEFORE THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE PROVIDED ELECTRONICALLY TO THE BOARD FOR REVIEW AND RATIFIED AT THE NEXT BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THERE IS AN ANNUAL DISCLOSURE POLICY, ADOPTED JUNE 27, 2007; IMPLEMENTATION COMMENCED. FORM 990, PART VI, SECTION B, LINE 15A PERIODICALLY ACS CONTRACTS ITS LEGAL COUNSEL TO HIRE AN INDEPENDENT FIRM TO COMPLETE A COMPENSATION STUDY FOR THE POSITION OF PRESIDENT. THE BOARD OF DIRECTORS EXECUTIVE COMMITTEE REVIEWS THE STUDY AND CONTEMPORANEOUS MINUTES ARE KEPT OF THE DELIBERATION AND DECISION REGARDING THE COMPENSATION PACKAGE OF THE PRESIDENT. THE PRESIDENT REVIEWS CURRENT MARKET DATA TO DETERMINE COMPENSATION FOR ALL OTHER EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO THE PUBLIC. FORM 990, PART XI, LINE 9: INCREASE DUE TO MERGER OF SOUTHWESTERN BUSINESS FINANCING CORPORATION 857,613. FORM 990, PART XII, LINE 2C: THERE HAS BEEN NO CHANGE IN THE OVERSIGHT PROCESS FOR THE AUDIT OF THE FINANCIAL STATEMENTS OR THE SELECTION PROCESS FOR THE INDEPENDENT AUDITOR. FORM 990, PART XI, LINE 9, CHANGES IN NET ASSETS THE ORGANIZATION MERGED WITH ANOTHER SECTION 501(C)(4) ORGANIZATION WITH THE SAME EXEMPT PURPOSE. NO CONSIDERATION WAS PAID ON EITHER SIDE FOR THE MERGER AND BUSINESS OPERATIONS WERE COMBINED. OVERALL IMPACT ON THE ORGANIZATION'S BALANCE SHEET AT THE TIME OF MERGER WAS AN INCREASE IN CASH OF $996,746, INCREASE IN RECEIVABLES AND OTHER ASSETS OF $44,345, AN INCREASE OF $183,478 IN PAYABLES, AND AN INCREASE IN NET ASSETS OF $857,613. 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