2024-11-01T09:46:59+00:00 2023-12-31 440160260 Forvis Mazars LLP 211 N Broadway Suite 600 St Louis MO 631022733 990 2023-01-01 431769074 JUSTINE PETERSEN HOUSING AND REINVESTMENT CORPORATION JUST 3145332411 1023 N GRAND BLVD SAINT LOUIS MO 63106 SONIA SMITH MEMBER 3145332411 2024-11-01 true Kristen Hankins P01256574 3142315544 2024-11-01 2023 2024-10-15 13:58:12Z ROBERT BOYLE 1023 N GRAND BLVD SAINT LOUIS MO 63106 15426560 false X www.justinepetersen.org X 1997 MO CREATE ENDURING CHANGE FOR LOW/MODERATE INCOME FAMILIES VIA HOUSING, SAVINGS AND ECONOMIC DEV. 4 4 67 22 0 0 5907342 10302073 3659182 4809518 -1168 -228648 -96426 9337876 15013997 0 0 3497713 3874718 0 124020 4888717 7914046 8386430 11788764 951446 3225233 59242834 73969952 39453137 53027486 19789697 20942466 JUSTINE PETERSEN'S MISSION IS TO PROMOTE HOUSING, SAVINGS, AND ECONOMIC DEVELOPMENT OF LOW AND MODERATE INCOME FAMILIES TO BUILD ASSETS AND CREATE ENDURING CHANGE. false false 8960562 0 4711924 TECHNICAL ASSISTANCE AND LENDING TO SMALL BUSINESSES AND MICRO-ENTERPRISES. AS THE NATION'S LARGEST SBA MICRO-LOAN INTERMEDIARY, JUSTINE PETERSEN BORROWS MONEY DIRECTLY FROM THE SBA AND ORIGINATES MICRO-ENTERPRISE LOANS UNDER $50,000 IN ACCORDANCE WITH ITS OWN UNDERWRITING GUIDELINES TO SMALL BUSINESS OWNERS THAT MAY NOT BE ABLE TO SECURE CAPITAL ELSEWHERE. JUSTINE PETERSEN PARTICIPATES IN THE USDA INTERMEDIARY RELENDING PROGRAM FOR ITS RURAL LENDING. JUSTINE PETERSEN AND ITS SUBSIDIARY, GREAT RIVERS COMMUNITY CAPITAL, ARE BOTH TREASURY-CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFI) AND ORIGINATE MICRO-ENTERPRISE AND SMALL BUSINESS LOANS. GEOGRAPHICALLY, JUSTINE PETERSEN/GREAT RIVERS CURRENTLY OFFER MICROENTERPRISE/SMALL BUSINESS LOANS IN 73 ILLINOIS AND 28 KANSAS COUNTIES AND THE ENTIRE STATE OF MISSOURI. IN 2023, JUSTINE PETERSEN AND ITS SUBSIDARY PROVIDED TECHNICAL ASSISTANCE AND ORIGINATED NEARLY $40 MILLION IN OVER 1,000 MICRO-ENTERPRISE AND SMALL BUSINESS LOANS AND ORIGINATED OVER $2.2 MILLION IN 758 CONSUMER LOANS. 1556593 HOUSING - AS A HUD CERTIFIED HOUSING COUNSELING AGENCY, COUNSELORS ASSIST LOW TO MODERATE INCOME FAMILIES AND INDIVIDUALS TO ADDRESS CREDIT AND OTHER BARRIERS TO PURCHASING OR REFINANCING A HOME. JUSTINE PETERSEN IMPLEMENTS FINANCIAL COUNSELING, STRATEGIES AND PRODUCTS INCLUDING BUDGETING, FINANCIAL EDUCATION, LOAN COUNSELING AND HOMEBUYER EDUCATION TO ASSIST HOMEOWNERS STRUGGLING TO PAY THEIR MORTGAGES AND NEGOTIATING WITH THEIR LENDER. 638634 SAVINGS - JUSTINE PETERSEN BELIEVES THAT A STRONG CREDIT PROFILE IS ONE'S MOST IMPORTANT FINANCIAL ASSET AND OUR COUNSELORS TEACH HOW TO BUILD AND MAINTAIN A STRONG CREDIT PROFILE. IN 2023, 2,030 LOW AND MODERATE INDIVIDUALS PARTICIPATED IN JUSTINE PETERSEN CREDIT BUILDING SERVICES. AS A LEADER IN THE CREDIT BUILDING AND FINANCIAL CAPABILITY FIELD, JUSTINE PETERSEN TEACHES FINANCIAL COUNSELORS ACROSS THE COUNTRY HOW TO OFFER CREDIT BUILDING SERVICES THROUGH OUT CREDIT BUILDING NATION INITIATIVE. 11155789 true true false false false false false true false true false false true true true false true false false false false false false false false false false false true false false false true false false true false true false false false true true true true false false true 37 0 true 67 true false false false false false false false false false false false false X 4 4 false false false false false false false true true false false true true true true true true true true true true IL X X SHERI FLANIGAN-VAZQUEZ 3145332411 1023 N GRAND BLVD ST LOUIS SAINT LOUIS MO 63106 ALLAN D IVIE IV TREASURER 3.0 3.0 X X 0 0 0 EDDIE DAVIS PRESIDENT 3.0 3.0 X X 0 0 0 ROCHELLE BEA SECRETARY 3.0 3.0 X X 0 0 0 ANGELA BURRAGE MEMBER 2.0 2.0 X 0 0 0 JACQUELINE HUTCHINSON MEMBER 2.0 2.0 X 0 0 0 ROBERT BOYLE CHIEF EXECUTIVE OFFICER 40.0 1.0 X 190000 0 12949 SHERI FLANIGAN-VAZQUEZ CHIEF OPERATING OFFICER 40.0 1.0 X 227550 0 27265 AIDA RICHARDSON CHIEF LENDING OFFICER 40.0 1.0 X 183000 0 7510 SONIA SMITH DIRECTOR OF FINANCE 40.0 1.0 X 103795 0 0 TRISTAN BROWN IL Market Manager 40.0 1.0 X 114675 0 11950 819020 0 59674 5 false true false 0 106619 3827789 6367665 475000 10302073 LOAN/ADMINISTRATIVE 900099 2671665 2671665 LOAN INTEREST 900099 1895046 1895046 TRAINING/CREDIT SERVICE 900099 174466 174466 CREDIT REPORT INCOME 900099 10551 10551 REAL ESTATE BROKERAGE INCOME 900099 18482 18482 39308 39308 0 0 4809518 278296 374722 0 -96426 0 -96426 -96426 36673 37841 0 -1168 -1168 -1168 0 0 0 0 0 15013997 4711924 0 0 X 0 0 0 0 457764 415009 34378 8377 2877928 2609130 216132 52666 332521 301464 24972 6085 206505 187217 15509 3779 18065 16377 1357 331 280871 254638 21093 5140 1546146 1401737 116115 28294 49280 44677 3701 902 734514 685911 39080 9523 21462 19457 1612 393 32463 29431 2438 594 36666 33241 2754 671 1811722 1811722 87066 78934 6539 1593 178152 163409 11854 2889 BAD DEBT EXPENSE 2918574 2918574 CREDIT REPORT CHARGES 72634 65850 5455 1329 ALL OTHER EXPENSES 49556 44927 3722 907 CLIENT ACCOUNT ADJUSTMENTS 46989 46989 29886 27095 2244 547 11788764 11155789 508955 124020 5429064 5057017 286729 2337262 1204810 903408 0 0 30057 48007 20783757 32702174 22787 19796 11151822 911766 8909878 10240056 0 452194 452194 22123558 22210038 59242834 73969952 486184 747714 298101 1539385 122171 0 0 0 36929382 49013026 1617299 1727361 39453137 53027486 X 19035696 20288343 754001 654123 19789697 20942466 59242834 73969952 X 3225233 -2072464 X X false true X true true true X 2699313 9822719 4429639 5907342 10302073 33161086 2066927 2611067 3311660 3659182 4809518 16458354 0 0 0 4766240 12433786 7741299 9566524 15111591 49619440 330 0 0 10 0 340 624766 0 633081 565552 343288 2166687 625096 0 633081 565562 343288 2167027 47452413 181372 251204 271027 172911 278296 1154810 0 181372 251204 271027 172911 278296 1154810 0 0 0 0 0 0 0 4947612 12684990 8012326 9739435 15389887 50774250 0.9346 0.9224 0.02 0.0251 X 0 0 0 0 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 66574 65000 131574 1644357 1507660 526199 2625818 7632898 319529 7313369 235333 66038 169295 10240056 DUE FROM AFFILIATES 16343180 ACCRUED INTEREST RECEIVABLE 302484 INVESTMENT IN SUBSIDIARY 4560354 OTHER 998792 OTHER RECEIVABLES 5228 22210038 DUE TO AFFILIATE 1720226 SECURITY DEPOSITS 7135 1727361 X 14364128 4600 -654469 -649869 15013997 0 0 15013997 12168086 4600 374722 379322 11788764 0 0 11788764 Schedule D, Part IV, Line 2b Explanation of escrow agreement THE CLIENT HOLDS FUNDS FOR LOAN DISBURSEMENT. THERE WERE NO FUNDS HELD AT DECEMBER 31, 2023. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote JUSTINE PETERSEN IS EXEMPT FROM INCOME TAXES UNDER SECTION 501 OF THE INTERNAL REVENUE CODE AND A SIMILAR PROVISION OF THE STATE LAW. HOWEVER, THIS ENTITY IS SUBJECT TO FEDERAL INCOME TAX ON ANY UNRELATED BUSINESS INCOME. MANAGEMENT BELIEVES THERE ARE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. THE CORPORATION FILES ALL TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. THE CORPORATION'S TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE RESPECTIVE TAXING AUTHORITIES, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 EQUITY IN EARNINGS OF SUBSIDIARIES - -1029191 RENTAL EXPENSE RECLASSIFIED AGAINST INCOME - 374722 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements - Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 RENTAL EXPENSE RECLASSIFIED AGAINST INCOME - 374722 X X false false false false false false false false false SHERI FLANIGAN-VAZQUEZ CHIEF OPERATING OFFICER 208950 0 18600 0 0 0 7964 0 19301 0 254815 0 0 0 ROBERT BOYLE CHIEF EXECUTIVE OFFICER 175000 0 15000 0 0 0 5811 0 7138 0 202949 0 0 0 AIDA RICHARDSON CHIEF LENDING OFFICER 168000 0 15000 0 0 0 6405 0 1105 0 190510 0 0 0 ROBERT BOYLE CEO SALARY ADVANCE X 48007 48007 false true true 48007 JAMES BOYLE FAMILY MEMBER OF OFFICER 88200 EMPLOYMENT false Schedule L, Part II, Column (h) ADDITIONAL INFORMATION ON SALARY ADVANCE JUSTINE PETERSEN'S PERSONNEL MANUAL, WHICH INCLUDES A HUMAN RESOURCES POLICY THAT ALLOWS EMPLOYEES TO REQUEST SALARY ADVANCES, IS REVIEWED AND APPROVED BY THE GOVERNING BODY. THE SALARY ADVANCES REPORTED IN PART II ARE DOCUMENTED VIA WRITTEN REQUEST OR EMAIL BY THE EMPLOYEE AS ALLOWED AND APPROVED BY THE PERSONNEL MANUAL AND HR POLICY. X 1 475000 Market value 0 false false false Schedule M, Part I Explanations of reporting method for number of contributions Real estate - Commercial - THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS IN COLUMN B Form 990, Part VI, Line 11b Review of form 990 by governing body JUSTINE PETERSEN HOUSING AND REINVESTMENT CORPORATION'S 990 IS FIRST REVIEWED BY THE CHIEF OPERATING OFFICER (COO). ONCE THE COO APPROVES THE 990, IT IS THEN PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL. THE CHIEF EXECUTIVE OFFICER (CEO) THEN REVIEWS THE 990. ONCE THE CEO APPROVES THE 990 IT IS SIGNED AND THE ORGANIZATION'S ACCOUNTANTS ARE NOTIFIED OF THE CONSENT TO FILE THE FORM. Form 990, Part VI, Line 12c Conflict of interest policy SENIOR MANAGEMENT REVIEWS THE APPLICATION OF THE CONFLICT OF INTEREST POLICY ON ANY REAL OR PERCEIVED ISSUES THAT OCCURRED DURING THE YEAR. THE APPROPRIATENESS OF THE POLICY IS DISCUSSED WITH ATTENTION TO THE REQUIREMENTS OF FUNDING SOURCES. IF MODIFICATIONS TO THE POLICY ARE NECESSARY, THEY ARE PRESENTED FOR BOARD APPROVAL. THE BOARD OF DIRECTORS SIGN A STATEMENT YEARLY THAT CONFIRMS THAT THEY HAVE READ AND ARE STILL FOLLOWING THE CONFLICT OF INTEREST POLICY. Form 990, Part VI, Line 15a Process to establish compensation of top management official JUSTINE PETERSEN HOUSING AND REINVESTMENT CORPORATION DETERMINES COMPENSATION FOR ITS OFFICIALS AND DIRECTORS BY COMPARING SALARIES OF OTHER OFFICERS IN SIMILAR INDUSTRIES. THE ORGANIZATION NEGOTIATES WITH THE CHIEF EXECUTIVE OFFICER AND CHIEF OPERATING OFFICER TO DETERMINE COMPENSATION FOR THESE KEY POSITIONS. Form 990, Part VI, Line 15b Process to establish compensation of other employees JUSTINE PETERSEN HOUSING AND REINVESTMENT CORPORATION DETERMINES COMPENSATION FOR ITS OFFICIALS AND DIRECTORS BY COMPARING SALARIES OF OTHER OFFICERS IN SIMILAR INDUSTRIES. THE ORGANIZATION NEGOTIATES WITH THE CHIEF EXECUTIVE OFFICER AND CHIEF OPERATING OFFICER TO DETERMINE COMPENSATION FOR THESE KEY POSITIONS. Form 990, Part VI, Line 19 Required documents available to the public JUSTINE PETERSEN HOUSING AND REINVESTMENT CORPORATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY PROVIDING COPIES TO THOSE WHO REQUEST THE AFOREMENTIONED DOCUMENTS. Form 990, Part VIII, Line 2f Other Program Service Revenue MISCELLANEOUS EXPENSES - Total Revenue: 39308, Related or Exempt Function Revenue: 39308, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part IX, Line 11g Other Fees OTHER PROFESSIONAL FEES - Total Expense: 786609, Program Service Expense: 713140, Management and General Expenses: 59074, Fundraising Expenses: 14395; TECHNOLOGY/COMPUTER CONSULTING FEES - Total Expense: 166194, Program Service Expense: 150672, Management and General Expenses: 12481, Fundraising Expenses: 3041; CONSULTING FEES - Total Expense: 593343, Program Service Expense: 537925, Management and General Expenses: 44560, Fundraising Expenses: 10858; Form 990, Part XI, Line 9 Other changes in net assets or fund balances EQUITY EARNINGS OF SUBSIDIARIES - -1029191; ADOPTION OF ASU 2016-13 - -1043373; OTHER EQUITY ADJUSTMENT - 100; Form 990, Part XII, Line 2c Change of oversight process or selection process THE ORGANIZATION HAS A FINANCE COMMITTEE THAT OVERSEES THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEARS. 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