2024-05-13T11:11:14-05:00 2023-06-30 202153727 SB & COMPANY LLC 10200 GRAND CENTRAL AVE SUITE 250 OWINGS MILLS MD 21117 990 2022-07-01 521305988 PRINCE GEORGE'S FINANCIAL SERVICES CORPORATION PRIN 3018836900 1801 MCCORMICK DRIVE SUITE 300 LARGO MD 20774 DAWN R MEDLEY PRESIDENT AND CEO 3018836900 2024-05-08 1 DAWN MEDLEY 999009999 0 MONIQUE BOOKER P00644231 4105842218 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DAWN R MEDLEY 1801 MCCORMICK DRIVE SUITE 300 LARGO MD 20774 3279015 0 X WWW.FSCFIRST.COM X 1978 MD PROVIDE NON-TRADITIONAL FUNDING SOURCES TO BUSINESSES IN UNDERSERVED MARKETS. 11 11 19 16 0 0 1801987 2436995 857778 800398 2374 15839 1273 25783 2663412 3279015 0 0 0 0 1562510 1718411 0 0 180570 895208 1205539 2457718 2923950 205694 355065 6191541 8799436 4576681 6829511 1614860 1969925 X THE ORGANIZATION IS A PRIVATE NON-PROFIT CORPORATION DESIGNATED AS A CERTIFIED DEVELOPMENT CORPORATION BY THE US SMALL BUSINESS ADMINISTRATION. THE ORGANIZATION'S PRINCIPAL BUSINESS OBJECTIVE IS TO PROVIDE NON-TRADITIONAL FUNDING SOURCES TO BUSINESSES IN UNDERSERVED COMMUNITIES. 0 0 670291 TECHNICAL ASSISTANCE:THE ORGANIZATION IS THE LENDER SERVICE PROVIDER (LSP) IN SUPPORT OF THE PRINCE GEORGE'S COUNTY ECONOMIC DEVELOPMENT INCENTICE (EDI) LOAN FUND AND THE STATE OF MARYLAND VIDEO LOTTERY TERMINAL LOAN FUND. ITS FOCUS IS ON SMALL BUSINESSES AND THE ORGANIZATION IS CHARGED TO DELIVER TECHNICAL ASSISTANCE, COMPLIANCE, PORTFOLIO MANAGEMENT AND RELATED SERVICES. 490286 160706 THE FOLLOWING APPLIES AT JUNE 30, 2023SBGF:THE ORGANIZATION SERVICES AND ADMINISTERS LOANS UNDER THE PRINCE GEORGE'S COUNTY SMALL BUSINESS GROWTH FUND. THIS IS A REVOLVING LOAN FUND, CAPITALIZED WITH LINES OF CREDIT FROM 12-15 FDIC-INSURED LENDING INSTITUTIONS. THE PROGRAM PROVIDES DIRECT LOANS TO SMALL AND MINORITY BUSINESSES IN PRINCE GEORGE'S COUNTY. TYPICALLY, THESE LOANS MUST QUALIFY FOR THE SBA 7 (A)/COMMUNITY ADVANTAGE GUARANTEE. THE ORGANIZATION IS A DESIGNATED SBA 7(A) COMMUNITY ADVANTAGE LENDER, WHICH UTILIZES A $5.5 MILLION REVOLVING LOAN FUND TO MAKE DIRECT LOANS. 721705 59952 SBA 504:THE ORGANIZATION MARKETS, ANALYZES, UNDERWRITES, AND SERVICES THE SBA 504 PROGRAM AS AN AGENT OF THE SBA IN THE STATE OF MARYLAND. THE SBA 504 PROGRAM PROVIDES LONG-TERM, BELOW MARKET FIXED-RATE FINANCING FOR THE PURCHASE AND IMPROVEMENTS OF COMMERCIAL REAL ESTATE OR MACHINERY AND EQUIPMENT. 347216 579740 THE ORGANIZATION PARTNERS WITH THE PRINCE GEORGE'S COUNTY ECONOMIC DEVELOPMENT CORPORATION IN PROVIDING ADMINISTRATIVE AND UNDERWRITING SERVICES FOR THE ECONOMIC DEVELOPMENT INCENTIVE (EDI) FUND RELATED TO PRINCE GEORGE'S COUNTY. THE GOAL OF THE EDI FUND IS TO CREATE JOBS, SUPPORT LOCAL BUSINESSES, AND PROMOTE DEVELOPMENT OPPORTUNITIES. 347216 579740 2229498 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 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 0 0 0 0 1 13 0 1 19 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 1 1 1 0 MD X DAWN R MEDLEY 3018836900 1801 MCCORMICK DRIVE SUITE 300 LARGO MD 20774 JOHN HALE III CHAIR 5.00 X X 0 0 0 SHANTON S KITTLER VICE CHAIR 4.00 X X 0 0 0 TERRENCE A BEVERLY TREASURER 4.00 X X 0 0 0 JOHN HALLEY SECRETARY 2.00 X X 0 0 0 GARRETT JACKSON DIRECTOR 2.00 X 0 0 0 GREG BEDWARD DIRECTOR 2.00 X 0 0 0 MIRINDA D JACKSON DIRECTOR 2.00 X 0 0 0 QC JONES DIRECTOR 2.00 X 0 0 0 DIANE BROWN DIRECTOR 2.00 X 0 0 0 SONJA WELLS DIRECTOR 2.00 X 0 0 0 VALARIE DOCK DIRECTOR 2.00 X 0 0 0 ANGIE ROGERS DIRECTOR - NON-VOTING 2.00 X 0 0 0 SIMONE C JOHNSON DIRECTOR - NON-VOTING 2.00 X 0 0 0 WARREN BURRIS DIRECTOR - NON-VOTING 2.00 X 0 0 0 PETER SORGE CHAIRMAN EMERITUS NON-VOTING 2.00 X 0 0 0 DAWN R MEDLEY PRESEDENT & CEO- -CURRENT 40.00 X 164223 0 11208 BEVERLY EVERSON-JONES CFO 32.00 X 164015 0 10179 SHELLY M GROSS-WADE PRESEDENT & CEO- - 12/31/2022 40.00 X 146774 0 6841 JAMES STEWARD SMITH VICE PRESIDENT- BUSINESS DEVELOPMENT 40.00 X 115083 0 0 590095 0 28228 4 0 1 0 0 42695 1137300 1257000 2436995 LOAN PROCESSING AND SE 522291 579740 579740 INTEREST INCOME - LOAN 522291 160706 160706 LOAN APPLICATION FEES 522291 59952 59952 800398 15839 15839 GRANT ADMINISTRATION F 900099 20385 20385 ALL OTHER REVENUE 900099 5398 5398 25783 3279015 820783 0 21237 625150 462611 125030 37509 837937 620073 167587 50277 114332 84606 22866 6860 58091 42988 11619 3484 82901 61347 16580 4974 460292 455352 3800 1140 6073 4494 1215 364 88006 65125 17601 5280 415032 307124 83006 24902 38975 28841 7795 2339 121530 89932 24306 7292 4968 3676 994 298 37640 27854 7528 2258 11762 8705 2352 705 25290 18715 5058 1517 LOAN UNDERWRITING 91353 91353 DUES AND SUBSCRIPTIONS 49770 36830 9954 2986 -145152 -180128 6591 28385 2923950 2229498 513882 180570 2066794 2916292 1975344 3710055 55913 61336 2019530 2012072 49435 67362 219295 186976 24525 32319 6191541 8799436 156069 300572 3113177 3186145 1307435 3342794 4576681 6829511 X 1185608 1484080 429252 485845 1614860 1969925 6191541 8799436 355065 0 X 0 1 X 1 1 1 X 1162809 1192780 3233911 1801987 2436995 9828482 545412 452845 469551 857778 800398 3125984 142561 142905 142905 142905 142905 714181 1850782 1788530 3846367 2802670 3380298 13668647 0 0 0 13668647 3879 3833 2351 2374 15839 28276 3879 3833 2351 2374 15839 28276 6934 6934 1861595 1792363 3848718 2805044 3396137 13703857 0.99740 0.99730 0.00210 0.00130 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 219295 186976 32319 32319 PROGRAM FUNDS HELD 3342794 3342794 X 3421920 142905 142905 3279015 0 3279015 3066856 142905 142905 2923951 0 2923951 PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM INCOME TAXES ON INCOME OTHER THAN NET UNRELATED BUSINESS INCOME UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA PROVIDE GUIDANCE FOR THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBE A THRESHOLD OF "MORE LIKELY THAN NOT" FOR RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE ORGANIZATION PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2023, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. AS OF JUNE 30, 2023, THE STATUTE OF LIMITATIONS FOR FISCAL YEARS 2020 THROUGH 2023 REMAIN OPEN WITH THE U.S. FEDERAL JURISDICTION OR THE STATE AND LOCAL JURISDICTION IN WHICH THE ORGANIZATION FILES TAX RETURNS. IT IS THE ORGANIZATION'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS INCOME TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: NET ASSETS RELEASED FROM RESTRICTIONS X X 0 0 0 0 0 0 0 0 0 DAWN R MEDLEY PRESEDENT & CEO- -CURRENT 157618 0 2500 0 4105 0 11208 0 0 0 175431 0 0 0 BEVERLY EVERSON-JONES CFO 142907 0 2500 0 18608 0 10179 0 0 0 174194 0 0 0 SHELLY M GROSS-WADE PRESEDENT & CEO- - 12/31/2022 117225 0 18776 0 10773 0 6841 0 0 0 153615 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B BOARD TREASURER AND CHAIR ARE PROVIDED COPIES OF THE 990 PRIOR TO FILING. THE TREASURER PROVIDES NOTIFICATION OF ITS COMPLETION TO THE FINANCE COMMITTEE AND BOARD WITH ACCESS TO THE 990 AVAILABLE TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 15 A COMPARABILITY STUDY WAS ORIGINALLY PERFORMED MORE THAN FIVE YEARS AGO WITH REASONABLE INCREASES IN COMPENSATION AS REVIEWED AND APPROVED BY THE BOARD EXECUTIVE COMMITTEE. THE BOARD EXECUTIVE COMMITTEE REVIEWS THE CEO'S PERFORMANCE AND RECOMMENDS COMPENSATION ADJUSTMENTS BASED ON THE OUTCOME. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, ETC, ARE MADE AVAILABLE TO THE PUBLIC ON A CASE-BY-CASE BASIS.