2024-06-14T11:35:08-05:00 2023-12-31 HAN GROUP LLC 1020 19TH STREET NW SUITE 800 WASHINGTON DC 20036 990 2023-01-01 463673347 CROATAN INSTITUTE CROA 9197947440 PO BOX 2044 DURHAM NC 27702 JOSHUA HUMPHREYS PRESIDENT/CHAIR, SENIOR FELLOW 9197947440 2024-06-14 1 JOSHUA HUMPHREYS 999009999 1 JENNIFER S HAN P00633304 2022937000 2024-06-14 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z JOSHUA HUMPHREYS PO BOX 2044 DURHAM NC 27702 2011860 0 X CROATANINSTITUTE.ORG X 2013 NC TO BUILD SOCIAL EQUITY AND ECOLOGICAL RESILIENCE BY LEVERAGING FINANCE TO CREATE A JUST ECONOMY 9 5 14 74 0 0 868166 1672099 513729 297805 2539 29135 0 41 1384434 1999080 0 10450 0 0 1006710 998353 0 65000 86021 481902 557577 1488612 1631380 -104178 367700 831046 1316658 618312 788436 212734 528222 CROATAN INSTITUTE IS AN INDEPENDENT, NONPROFIT RESEARCH AND ACTION INSTITUTE WHOSE MISSION IS TO BUILD SOCIAL EQUITY AND ECOLOGICAL RESILIENCE BY LEVERAGING FINANCE TO CREATE PATHWAYS TO A JUST ECONOMY. 0 0 420673 65206 SOCIAL EQUITY-HOSTED INAUGURAL DIVERSE LEADERS IN CLIMATE AND AGRICULTURE SUMMIT. COMPLETED THREE FINANCIAL HEALTH INVESTMENT WORKSHOPS ON LITERACY, BUSINESS PLANNING, AND TECHNICAL ASSISTANCE PROGRAM FOR FARMERS OF COLOR IN THE SOUTHEAST. LAUNCHED A MULTIYEAR PROJECT TO EXPAND FINANCIAL HEALTH INVESTMENT TECHNICAL ASSISTANCE AND RESOURCES TO UNDERSERVED FARMERS, RANCHERS, AND FORESTERS ACROSS NORTH CAROLINA. INCREASED PARTICIPATION OF BIPOC UNDERGRADUATE STUDENTS IN THE SUSTAINABLE AND IMPACT INVESTING FIELD THROUGH EDUCATIONAL WEBINARS AND COORDINATING PAID INTERNSHIPS WITH ORGANIZATIONAL PARTNERS FOR UNDERGRADUATE STUDENTS. CREATED A RESOURCE MAP FOR NORTH CAROLINA TO SUPPORT FARMERS SEEKING TECHNICAL AND FINANCIAL ASSISTANCE. 411255 10450 107132 ECOLOGICAL RESILIENCE-CONTINUED DEVELOPMENT OF SOIL WEALTH AREAS, PLACE-BASED FINANCING DISTRICTS THAT CONNECT REGENERATIVE AGRICULTURE PRODUCERS AND VALUE CHAIN BUSINESSES WITH ALIGNED CAPITAL AND TECHNICAL ASSISTANCE. ADVISED FARMERS AND LANDOWNERS ON REGENERATIVE LAND MANAGEMENT AND CONSERVATION FINANCE STRATEGIES. LED A USDA CONSERVATION INNOVATION GRANT ON DEVELOPING A SMART FOOD CHAIN THAT EXPANDS MARKETS FOR REGENERATIVE AGRICULTURE BY CAPTURING THE NUTRITIONAL AND ECOSYSTEM BENEFITS OF THOSE PRACTICES. COLLABORATED ON A RURAL CLIMATE RESILIENCE PROJECT WITH REGIONAL COUNCILS OF GOVERNMENT, AN AGROFORESTRY FINANCING GUIDEBOOK, A REPORT ON FINANCING MIDWEST GRAIN VALUE CHAINS, AND RESOURCES TO SUPPORT AGRICULTURAL LENDER EDUCATION. 373863 125467 TRANSFORMATIVE FINANCE-PUBLISHED TWO REPORTS: 1) ONE ON THE ESG RISKS AND SHORTCOMINGS OF THE FARM CREDIT SYSTEM AND, 2) ONE ON HOW FINANCE CAN ADDRESS THE MAJOR RISKS AND INCREASE THE RESILIENCE OF THE AGRICULTURAL INDUSTRY. COLLABORATED ON A REPORT ABOUT INDIGENIZING CATALYTIC CAPITAL. CONTINUED DEVELOPING THE SOIL WEALTH OPPORTUNITY POOL: A SUITE OF DE-RISKING MECHANISMS DESIGNED TO FACILITATE CONSTRUCTION OF BLENDED CAPITAL STACKS TO MAKE ACCESSING CAPITAL EASIER FOR REGENERATIVE AGRICULTURE PARTICIPANTS. LED A COHORT OF NONPROFITS TO EXPLORE OPPORTUNITIES TO INTEGRATE RACIAL EQUITY INVESTING INTO THEIR ASSET MANAGEMENT STRATEGIES AND USED THIS RESEARCH IN COMBINATION WITH THE INSTITUTE'S RESEARCH IN REGENERATIVE AGRICULTURE FOR PUBLICATION IN A WEB-BASED TOOL FOR INVESTMENT PROFESSIONALS. 1205791 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10 0 1 14 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X JOSHUA HUMPHREYS 9197947440 201 WEST MAIN STREET SUITE B013 DURHAM NC 27701 JOSHUA HUMPHREYS PRESIDENT/CHAIR, SENIOR FELLOW 40.00 X X 106713 0 7468 CHRISTI ELECTRIS SECRETARY, SENIOR FELLOW 40.00 X X 105955 0 3364 SHARLENE BROWN TREASURER, SENIOR FELLOW 30.00 X X 83579 0 6150 ANNA ASPENSON DIRECTOR, SENIOR ASSOCIATE 40.00 X 68295 0 4836 ABRAHAM JONES VICE PRESIDENT 0.30 X X 0 0 0 WILLIAM J BARBER III DIRECTOR 0.30 X 0 0 0 GERARDO ESPINOZA DIRECTOR 0.30 X 0 0 0 MASIKA HENSON DIRECTOR 0.30 X 0 0 0 DAVID SAND DIRECTOR 0.30 X 0 0 0 364542 0 21818 2 0 0 0 NOURISHN INC 53 FRONT STREET SUITE 9 BATH ME 04530 PROJECT CONSULTING 114831 1 358983 1313116 3278 1672099 CONSULTING SERVICES 900099 206204 206204 EVENTS INCOME 900099 45794 45794 FISCAL SPONSORSHIP REV 900099 45552 45552 HONORARIA/SPEAKING FEE 900099 255 255 297805 28796 28796 13119 12780 339 339 339 LOAN GUARANTEE FEES 900099 25 25 REWARDS 900099 16 16 41 1999080 297805 0 29176 X 4000 4000 6450 6450 386360 261172 114671 10517 517640 384194 126913 6533 17298 12791 4287 220 13349 8885 4330 134 63706 45466 17054 1186 23596 16840 6316 440 21731 3231 18500 65000 65000 318351 312278 5969 104 13899 13899 31755 22666 8498 591 8486 6056 2272 158 11395 8132 3050 213 40445 28865 10827 753 33608 32370 1158 80 14409 14409 3765 2687 1008 70 PROGRAM SUPPORT 34996 34996 0 0 BOOKS/SUBS/REFERENCE 516 368 138 10 MEMBERSHIPS AND DUES 425 303 114 8 BUSINESS REGISTRATION 200 142 54 4 1631380 1205791 339568 86021 19953 26801 234105 218018 385565 618335 131783 32811 1854 1924 4287 4287 0 0 39826 417919 17110 850 850 831046 1316658 103604 180472 8069 115126 208571 217230 177368 154908 120700 120700 618312 788436 X -16687 -118047 229421 646269 212734 528222 831046 1316658 367700 1167 -53379 0 X X 0 1 X 1 0 X 194866 490284 600469 863271 1672099 3820989 194866 490284 600469 863271 1672099 3820989 1246000 2574989 542 580 556 2451 28796 32925 3191 88 25 3304 3857218 1451374 0.66760 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2020 AMOUNT: $ 2,991. RENTAL INCOME - 2020 AMOUNT: $ 200. LOAN GUARANTEE FEES - 2022 AMOUNT: $ 88. 2023 AMOUNT: $ 25. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 4287 4287 0 0 X 2000247 1167 1167 1999080 0 1999080 1631380 0 1631380 0 1631380 PART IV, LINE 2B: CROATAN INSTITUTE HAS FISCAL SPONSORSHIP AGREEMENTS FOR PROJECTS THAT ARE IN COMPLIANCE WITH ITS TAX-EXEMPT 501(C)(3) STATUS AND SUPPORT ITS MISSION. PART X, LINE 2: CROATAN INSTITUTE FOLLOWS THE AUTHORITATIVE GUIDANCE RELATING TO ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES INCLUDED IN ACCOUNTING STANDARDS CODIFICATION TOPIC 740-10, INCOME TAXES. THESE PROVISIONS PROVIDE CONSISTENT 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 AND DERECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. IT IS CROATAN INSTITUTE'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN INCOME TAX EXPENSES. CROATAN INSTITUTE PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS FOR THE YEAR ENDED DECEMBER 31, 2023 AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION ON THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. THE STATUTE OF LIMITATIONS GENERALLY REMAINS OPEN FOR THREE TAX YEARS WITH THE U.S. FEDERAL JURISDICTION OR THE VARIOUS STATES AND LOCAL JURISDICTIONS IN WHICH CROATAN INSTITUTE FILES TAX RETURNS. X X X X X 1 WEIDMAN LLC 3233 HARRIET AVE MINNEAPOLIS MN 55408 FUNDRAISING 0 1058644 65000 993644 1058644 65000 993644 NC 1 INCENTIVE PRIZE 19 6450 JOSHUA HUMPHREYS PRESIDENT/CHAIR, SENIOR FELLOW WORKING CAPITAL X 125000 108935 0 1 1 CHRISTI ELECTRIS SECRETARY, SENIOR FELLOW WORKING CAPITAL X 65000 45973 0 1 1 154908 FORM 990, PART VI, SECTION B, LINE 11B THE PROCESS THAT CROATAN INSTITUTE USES TO REVIEW THE FORM 990 IS AS FOLLOWS: MEMBERS OF THE JOINT BOARD-STAFF FINANCE COMMITTEE REVIEW THE DRAFT FORM 990 FOR ACCURACY, AND THEN AFTER ANY NEEDED MODIFICATIONS, THE FINAL FORM 990 IS SHARED WITH ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CROATAN INSTITUTE'S CONFLICTS OF INTEREST POLICY IS INCORPORATED INTO THE BYLAWS OF CROATAN INSTITUTE, AS ARTICLE VII, WHERE PROCEDURES FOR MONITORING, REVIEW AND COMPLIANCE WITH THE POLICY ARE SPECIFIED. FIRST, THE POLICY IS DISTRIBUTED ANNUALLY TO ALL DIRECTORS AND OFFICERS OF CROATAN INSTITUTE, EACH OF WHOM CERTIFIES ANNUALLY THAT THE PERSON HAS RECEIVED A COPY OF THE POLICY, HAS READ AND UNDERSTANDS THE POLICY, AGREES TO COMPLY WITH THE POLICY, UNDERSTANDS THAT THE POLICY APPLIES TO ALL COMMITTEES AND SUBCOMMITTEES ACTING WITH THE AUTHORITY OF THE BOARD OF DIRECTORS, AND UNDERSTANDS THAT CROATAN INSTITUTE IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS TAXEXEMPT STATUS, IT MUST CONTINUOUSLY ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX EXEMPT PURPOSES. THIS SIGNED STATEMENT BY OFFICERS AND DIRECTORS IS RECORDED IN THE MINUTES OF THE BOARD OF DIRECTORS. ALL INTERESTED PERSONS AMONG OFFICERS AND DIRECTORS OF CROATAN INSTITUTE ARE CAUSED TO DISCLOSE THE EXISTENCE OF ANY FINANCIAL INTEREST. ANY SUCH INTERESTED PERSONS ARE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE BOARD OF DIRECTORS, OR MEMBERS OF ANY COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, THE INTERESTED PERSON SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION OF CROATAN INSTITUTE'S PRESIDENT INCLUDES A REVIEW AND APPROVAL OF A COMPENSATION PROPOSAL THAT INCLUDES INDEPENDENT PERSONS, COMPARABILITY DATA AND CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION. THE BOARD OF DIRECTORS, WITH THAT INDIVIDUAL RECUSING THEMSELVES IF THEY ARE ON THE BOARD OF DIRECTORS AS REQUIRED BY THE INSTITUTE'S CONFLICTS OF INTEREST POLICY, VOTES ON THE ANNUAL COMPENSATION PLAN AT THE ANNUAL BOARD MEETING. THE CONTEMPORANEOUS SUBSTANTIATION OF THE BOARD OF DIRECTORS'S DELIBERATION AND DECISION IS EFFECTED THROUGH RECORDING THE OUTCOMES OF THE VOTE, THE TERMS OF THE APPROVED PACKAGES, INCLUDING THE COMPENSATION ANALYSIS, IN THE MINUTES OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMPENSATION PROCESS IS USED TO DETERMINE THE SALARIES OF OTHER OFFICERS BESIDES THE PRESIDENT. EVERY OCTOBER/NOVEMBER, THE OPERATIONS COORDINATOR REVIEWS THE PNP STAFFING GROUP'S MOST RECENT SALARIES AND STAFFING TRENDS REPORT AND DRAWS COMPARISONS BETWEEN THE MARKET RANGE PRESENTED AND THE CURRENT CROATAN SALARY LADDER. BASED ON THE REVIEW, THE OPERATIONS MANAGER MAKES AN EXECUTIVE COMPENSATION SALARY RECOMMENDATION AND SUBMITS IT TO THE BOARD FOR REVIEW AND APPROVAL. THE PROCESS WAS LAST CONDUCTED IN NOVEMBER 2023. FORM 990, PART VI, SECTION C, LINE 19 CROATAN INSTITUTE MAKES AVAILABLE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND IRS FORMS 990 (INCLUDING THE FINANCIAL STATEMENTS INCORPORATED THEREIN) TO THE PUBLIC UPON REQUEST FOR THE PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G PROJECT CONSULTING: PROGRAM SERVICE EXPENSES 151,597. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 151,597. CONSULTING SERVICES: PROGRAM SERVICE EXPENSES 66,229. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 66,229. PROGRAM MANAGEMENT & RESEARCH AND ANALYSIS: PROGRAM SERVICE EXPENSES 46,264. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 46,264. INTERNSHIP STIPEND: PROGRAM SERVICE EXPENSES 16,500. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,500. AFFILIATED FELLOW: PROGRAM SERVICE EXPENSES 16,240. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 16,240. HR, FINANCE, DATABASE MANAGEMENT, AND KNOWLEGEBASE: PROGRAM SERVICE EXPENSES 7,332. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,332. STAFF DEVELOPMENT: PROGRAM SERVICE EXPENSES 4,015. MANAGEMENT AND GENERAL EXPENSES 1,506. FUNDRAISING EXPENSES 104. TOTAL EXPENSES 5,625. PAYROLL FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 4,463. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,463. COMMUNICATIONS, OUTREACH, AND ADVOCACY: PROGRAM SERVICE EXPENSES 4,101. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,101. FORM 990, PART XII, LINE 2C: IN 2023, CROATAN INSTITUTE UNDERWENT ITS FIRST AUDIT. THE ORGANIZATION'S FINANCE COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.