2024-08-06T15:11:52-05:00 2023-12-31 620713250 KRAFTCPAS PLLC 555 GREAT CIRCLE ROAD NASHVILLE TN 37228 990 2023-01-01 542058754 PARTNER COMMUNITY CAPITAL INC PART 6812524306 PO BOX 839 CHARLES TOWN WV 25414 ROSALIND BLACK EVP AND CFO 6812524306 2024-08-06 1 1 FRANCES E LEAHY P00713593 6152427351 2024-08-05 2023 2024-08-08 14:25:15Z MARTEN R JENKINS JR PO BOX 839 CHARLES TOWN WV 25414 17631883 0 X WWW.PARTNERCAPITAL.ORG X 2001 MD CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL & TECHNICAL ASSISTANCE FOR SMALL BUSINESSES. 10 10 33 16 0 0 4522585 12133276 3983272 4821816 155822 676791 0 0 8661679 17631883 0 0 0 0 2088750 3195445 0 0 38034 4462327 3980836 6551077 7176281 2110602 10455602 78991667 98103185 52875446 61531362 26116221 36571823 X FOCUSING ON ECONOMICALLY DISTRESSED AREAS, PCAP CATALYZES ENVIRONMENTALLY SUSTAINABLE DEVELOPMENT BY PROVIDING AFFORDABLE, FLEXIBLE CAPITAL AND ADVISORY SERVICES TO SMALL AND EMERGING BUSINESSES THAT CREATE EMPLOYMENT. THROUGH ITS BUSINESS SUPPORT, FIELD BUILDING AND POLICY ACTIVITIES, PCAP EMPLOYS A HOLISTIC APPROACH TO ADDRESS THE COMPLEX, INTERWOVEN ISSUES INHERENT IN POVERTY ALLEVIATION, RURAL DEVELOPMENT AND ENVIRONMENTAL SUSTAINABILITY. AS A PRACTITIONER OF SUSTAINABLE DEVELOPMENT, PCAP DEMONSTRATES METHODS THAT HELP BUSINESSES, INDIVIDUALS AND COMMUNITIES ACHIEVE TANGIBLE CHANGES THAT RESULT IN ENHANCED PERSONAL OR COMMUNITY ASSETS. 0 0 4626078 4768605 LENDING PROGRAM: PCAP IS A SPECIALIZED, NICHE LENDER FOR START-UP AND EARLY STAGE SMALL BUSINESSES IN UNDERSERVED MARKETS. THE PRIMARY GOAL OF ITS LOAN PROGRAMS IS TO CREATE OR RETAIN FULL-TIME PRIVATE SECTOR JOBS. PCAP PROVIDES MICROLOANS IN AMOUNTS FROM $1,000 TO $50,000 AND BUSINESS LOANS SIZED FROM $50,000 TO $1,500,000. PCAP IS APPROVED AS A UNITED STATES DEPARTMENT OF AGRICULTURE (USDA) BUSINESS & INDUSTRY (B & I) GUARANTEED LENDER, GIVING IT THE ABILITY TO PARTICIPATE IN TRANSACTIONS UP TO $2.5 MILLION.PCAP'S BUSINESS CLIENTS ARE PREDMOMINATELY LOCATED IN ECONOMICALLY DISTRESSED RURAL COMMUNITIES AND ARE UNABLE TO ACCESS CAPITAL FROM TRADITIONAL SOURCES. TARGET SECTORS INCLUDE, BUT ARE NOT LIMITED TO: ENVIRONMENTAL SERVICES, LOCAL FOOD SYSTEM INFRASTRUCTURE, HERITAGE AND RECREATION-BASED TOURISM, VALUE-ADDED AGRICULTURE, RENEWABLE ENERGY, ENERGY EFFICIENCY, RECYCLING, WATER CONSERVATION AND TREATMENT, SECONDARY FOREST PRODUCTS, NATURAL MEDICINES, GREEN BUILDING, CRITICAL COMMUNITY SERVICES, AND TECHNOLOGIES THAT SUPPORT THE SUSTAINABLE USE OF NATURAL RESOURCES. PCAP PURSUES TRIPLE BOTTOM LINE (TBL) SMALL BUSINESS DEVELOPMENT AS A MEANS TO RESPONSIBLY CREATE WEALTH IN DISTRESSED COMMUNITIES. SMALL AND MID-SIZED BUSINESSES CAN DEMONSTRATE THE VIABILITY OF UTILIZING NATURAL ASSETS RESPONSIBLY, WHILE OFFERING OPPORTUNITIES IN LOW INCOME COMMUNITIES TO BUILD WEALTH THROUGH THE CREATION OF LIVING WAGE JOBS WITH BENEFITS AND SKILL BUILDING OPPORTUNITIES. 2124134 53211 STRATEGIC INITIATIVES PROGRAM: PCAP'S STRATEGIC INITIATIVES USE TARGETED FUNDING AND PARTNERSHIPS WITH SMALL BUSINESS-RELATED OR SECTOR-SPECIFIC COMMUNITY PARTNERS TO DEVOTE ADDED RESOURCES TO PARTICULAR SECTORS OR CONSTITUENCIES WITHIN PCAP'S STATED MISSION. THESE INITIATIVES FREQUENTLY COMBINE PCAP'S LOAN CAPITAL WITH TARGETED BUSINESS ADVISORY SERVICES IN ORDER TO ENSURE BORROWER SUCCESS. 6750212 1 1 0 0 0 0 0 0 0 0 0 0 1 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 1 108 0 1 33 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 WV NC SC MD VA TN OH KY X X ROSALIND BLACK 6812524306 PO BOX 839 CHARLES TOWN WV 25414 JEFFREY LUSK CHAIRMAN 3.00 X X 0 0 0 KAREN JACOBSON VICE CHAIR 3.00 X X 0 0 0 ROBERTA MCCULLOUGH TREASURER 3.00 X X 0 0 0 VICKI LEE PARKER-HIGH SECRETARY 1.00 X X 0 0 0 JEFFREY A AUSTIN DIRECTOR, START 7/1/2023 1.00 X 0 0 0 AMY KING CONDARAS DIRECTOR 1.00 X 0 0 0 JENNIFER CURTIS DIRECTOR 1.00 X 0 0 0 RAY DAFFNER DIRECTOR 2.00 X 0 0 0 JERRELL J DEAVER JR DIRECTOR 3.00 X 0 0 0 MINAL PATEL DIRECTOR, START 7/1/2023 1.00 X 0 0 0 MARTEN R JENKINS JR PRESIDENT AND CEO 37.50 X 221990 0 44235 ROSALIND BLACK EXECUTIVE VICE PRESIDENT & CFO 37.50 X 171183 0 16066 CAROLYN KOLDOS ASSISTANT SECRETARY, OFFICER 37.50 X 58254 0 6047 ANNA TEFFT EXECUTIVE VICE PRESIDENT 37.50 X 165961 0 27562 ERIKA MCGILLEY SENIOR VICE PRESIDENT 37.50 X 144501 0 26282 KEVIN O'CONNOR SENIOR VICE PRESIDENT 37.50 X 120784 0 21767 JESSIE MAXWELL VICE PRESIDENT 37.50 X 128424 0 13946 NICHOLAS ALLEN CONTROLLER 37.50 X 102053 0 9467 1113150 0 165372 7 0 1 0 0 7531168 4602108 12133276 INTEREST INCOME FROM N/R 522299 4465045 4465045 FEE INCOME ON LOANS 541900 303560 303560 PROJECT INCOME 541900 53211 53211 4821816 676791 676791 17631883 4821816 0 676791 X 711298 491702 192973 26623 1858715 1856153 2562 135352 135314 38 271964 255974 15440 550 218116 200667 15268 2181 96926 74980 21946 51589 1466 50123 15146 15146 868914 868914 63834 58727 4469 638 100549 92505 7039 1005 173231 159372 12127 1732 135035 124233 9452 1350 78945 72630 5526 789 19530 17968 1367 195 1733786 1733786 34560 34560 CHANGE IN PROVISION FOR 442634 442634 LOAN WORKOUT AND OTHER 73177 73177 LOAN ORIGINATION 40950 40950 PAYROLL PROCESSING FEES 33702 31006 2359 337 18328 18054 240 34 7176281 6750212 388035 38034 3886051 4670471 13639876 22228947 1132790 2325462 321350 523010 54355 57716 59845290 68222154 27791 111955 47634 78991667 98103185 624282 848391 3322307 3479727 47478031 55442640 1450826 1760604 52875446 61531362 X 15636722 22027859 10479499 14543964 26116221 36571823 78991667 98103185 10455602 0 X X 0 1 X 1 1 1 X 1746207 4019389 5275026 4522585 12133276 27696483 1746207 4019389 5275026 4522585 12133276 27696483 1272892 26423591 185205 53077 6329 155822 676791 1077224 28773707 13108664 0.91830 0.86960 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 NOTES RECEIVABLE - LENDING PROGRAM 68122159 C SC FUEL DEPOT 99995 C 68222154 FUNDS HELD FOR OTHER 42139 REFUNDABLE ADVANCE 1669843 LEASE LIABILITY 48622 1760604 X 17631883 0 17631883 0 17631883 7176281 0 7176281 0 7176281 PART X, LINE 2: PCAP IS ORGANIZED AS A MARYLAND NONSTOCK CORPORATION AND HAS RECEIVED A DETERMINATION LETTER FROM THE U.S. INTERNAL REVENUE SERVICES (IRS) GRANTING IT TAX-EXEMPT STATUS AS A CHARITABLE NON-PROFIT ORGANIZATION UNDER IRC SECTIONS 501(C)(3) AND 170(B)(1)(A)(VI). INCOME WHICH IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE CORPORATE INCOME TAXES. PCAP HAD NO NET UNRELATED BUSINESS INCOME TAX FOR THE YEAR ENDED DECEMBER 31, 2023. MANAGEMENT EVALUATED PCAP'S TAX POSITIONS AND CONCLUDED THAT PCAP HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. PCAP FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. GENERALLY, PCAP IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR THE YEARS BEFORE 2020. PART VIII: PCAP MAKES SMALL BUSINESS LOANS TO CUSTOMERS. THESE LOANS ARE MADE IN WEST VIRGINIA, NORTH CAROLINA AND THE APPALACHIAN AND RURAL AREAS OF MARYLAND, OHIO, KENTUCKY, TENNESSEE, VIRGINIA AND SOUTH CAROLINA. THE TOTAL AMOUNT OF THE NOTES RECEIVABLE, NET OF ALLOWANCE FOR POSSIBLE LOSSES AT DECEMBER 31, 2023 IS $68,122,159. ALL LOANS REQUIRE BOARD APPROVAL. THE NOTES HAVE VARIOUS INTEREST RATES AND MATURITY DATES, WITH THE LATEST NOTE MATURING IN 2040. 1 X X 0 0 0 0 0 0 0 0 0 MARTEN R JENKINS JR PRESIDENT AND CEO 196990 0 25000 0 0 0 18500 0 25735 0 266225 0 0 0 ANNA TEFFT EXECUTIVE VICE PRESIDENT 155961 0 10000 0 0 0 14940 0 12622 0 193523 0 0 0 ROSALIND BLACK EXECUTIVE VICE PRESIDENT & CFO 156183 0 15000 0 0 0 14500 0 1566 0 187249 0 0 0 ERIKA MCGILLEY SENIOR VICE PRESIDENT 129501 0 15000 0 0 0 12540 0 13742 0 170783 0 0 0 PART I, LINE 3: PARTNER COMMUNITY CAPITAL ENGAGED IN AN INDEPENDENT COMPENSATION CONSULTANT TO ESTABLISH THE CEO/PRESIDENT COMPENSATION. THE PARTNER COMMUNITY CAPITAL BOARD OF DIRECTORS APPROVES THE COMPENSATION RECOMMENDATION. FORM 990, PART VI, SECTION B, LINE 11B THE INDEPENDENT AUDITING FIRM ENGAGED TO CONDUCT AN ANNUAL AUDIT OF THE FINANCIAL STATEMENTS OF PCAP IS ENGAGED TO ASSIST IN THE PREPARATION OF THE FORM 990. THE PCAP EXECUTIVE VICE PRESIDENT/CFO DIRECTLY PARTICIPATES IN THE PREPARATION OF THE FORM, DRAFTING RESPONSES TO QUESTIONS AND REVIEWING THE FORM 990 IN DRAFT FORM. A DRAFT COPY OF THE FORM 990 IS SENT TO THE MEMBERS OF THE PCAP BOARD OF DIRECTORS, REQUESTING COMMENTS AND QUESTIONS FROM THEM. SUBSEQUENT TO THE REVIEW AND REVISION PROCESS OF THE PCAP BOARD AND MANAGEMENT, THE FORM 990 IS FINALIZED AND FILED WITH THE IRS. COPIES OF THE FORM ARE THEN MADE AVAILABLE FOR PUBLIC INSPECTION. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PROVIDED TO EACH DIRECTOR, OFFICER, OR MEMBER OF A COMMITTEE AT A REGULAR BOARD MEETING EACH YEAR. EACH INTERESTED PERSON SHALL ANNUALLY SIGN A STATEMENT THAT AFFIRMS THAT SUCH PERSON (A) HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY, (B) HAS READ AND UNDERSTANDS THE POLICY, (C) HAS AGREED TO COMPLY WITH THE POLICY, AND (D) UNDERSTANDS THAT THE CORPORATION IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. IF THERE IS A DISCLOSURE OF A FINANCIAL INTEREST, THE INTERESTED PERSON SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE FINANCIAL INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING DIRECTORS OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15 PCAP USES AND OUTSIDE THIRD PARTY COMPENSATION STUDY TO EVALUATE COMPENSATION LEVELS FOR ITS PRESIDENT AND OFFICERS. THE PCAP BOD APPROVES COMPENSATION AMOUNTS FOR THE PRESIDENT AND OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 PCAP MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G TECHNICAL ASSISTANCE: PROGRAM SERVICE EXPENSES 731,973. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 731,973. CONTRACT EXPENSE: PROGRAM SERVICE EXPENSES 136,941. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 136,941. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR