2024-05-23T10:18:22-05:00 2023-09-30 630721243 BORLAND BENEFIELD PC 800 SHADES CREEK PARKWAY SUITE 875 BIRMINGHAM AL 35209 990 2022-10-01 630866023 SOUTHERN DEVELOPMENT COUNCIL SOUT 8004993034 200 OFFICE PARK DRIVE 338 MOUNTAIN BROOK AL 35223 YOLANDA MERRIWEATHER EXECUTIVE DIRECTOR 3342441801 2024-05-10 1 YOLANDA MERRIWEATHER 999009999 0 JEFFREY D CHANDLER CPA P00764759 2058027212 2024-05-10 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z YOLANDA MERRIWEATHER 200 OFFICE PARK DRIVE SUITE 338 MOUNTAIN BROOK AL 35223 1384295 0 X WWW.SDCINC.ORG X 1983 AL THE ORGANIZATION'S MISSION IS TO PROMOTE SMALL BUSINESS GROWTH AND DEVELOPMENT BY ASSISTING THEM WITH OBTAINING THE FINANCING THEY NEED IN ORDER TO ACHIEVE THAT GROWTH AND DEVELOPMENT INCLUDING JOB CREATION. 8 9 12 0 0 0 0 0 1084831 1294193 17631 46401 3932 43701 1106394 1384295 0 0 0 0 1038579 798005 0 0 0 327075 507984 1365654 1305989 -259260 78306 5076770 5139101 449294 433319 4627476 4705782 THE ORGANIZATION'S MISSION IS TO PROMOTE SMALL BUSINESS GROWTH AND DEVELOPMENT BY ASSISTING THEM WITH OBTAINING THE FINANCING THEY NEED IN ORDER TO ACHIEVE THAT GROWTH AND DEVELOPMENT INCLUDING JOB CREATION. 0 0 559523 273290 THE ORGANIZATION ASSISTS SMALL BUSINESSES IN OBTAINING FINANCING USING LOAN PROGRAMS OFFERED BY THE US SMALL BUSINESS ADMINISTRATION COMMONLY REFERRED TO AS THE SBA. THE ORGANIZATION ORIGINATES AND SUBSEQUENTLY SERVICES LOANS FOR THE SBA UNDER THEIR 504 PROGRAMS. 100374 107366 IN ADDITION TO THE SBA LOAN PROGRAMS, THE ORGANIZATION PROMOTES SMALL BUSINESS GROWTH AND DEVELOPMENT BY MAKING LOANS DIRECTLY TO SMALL BUSINESSES. UNDER CERTAIN CIRCUMSTANCES, THESE DIRECT LOANS ARE MADE IN CONJUNCTION WITH SBA LOANS AND ARE CONSIDERED "GAP" FINANCING. OTHER DIRECT LOANSARE MADE WHERE LOAN AMOUNTS NEEDED BY THE SMALL BUSINESSES ARE SMALLER OR SHORTER TERM OF WEHRE THE USE OF THE PROCEEDS IS MIXED (I.E. FIXED ASSET ACQUISITION OR WORKING CAPITAL) AND MAY NOT BE A CANDIDATE FOR THE SBA 504 PROGRAM. 176981 913537 ONE OF THE ORGANIZATION'S PROGRAMS IS RELATED TO THE LOAN SERVICING PROCESS. THE ORGANIZATION RECEIVES MONTHLY SERVICING FEES ON ALL LOANS FUNDED BY THE SBA. 836878 1 0 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 9 0 1 12 0 0 0 0 0 0 0 0 0 0 0 X 8 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X YOLANDA MERRIWEATHER 3342441801 200 OFFICE PARK DRIVE SUITE 338 MOUNTAIN BROOK AL 35223 LEE ADCOX PRESIDENT, CEO 10.00 X X 0 0 0 CHARLES EDDY VICE PRESIDENT 3.00 X X 0 0 0 PATRICK HAMNER BOARD MEMBER 3.00 X 0 0 0 MARK CHAMBERS BOARD MEMBER 3.00 X 0 0 0 JOHN KNIGHT BOARD MEMBER 3.00 X 0 0 0 DAVID MATHIS BOARD MEMBER 3.00 X 0 0 0 JO KAREN PARR BOARD MEMBER 3.00 X 0 0 0 JIM SEARCY BOARD MEMBER 3.00 X 0 0 0 SPENCER WIGGINS BOARD MEMBER 3.00 X 0 0 0 YOLANDA MERRIWEATHER EXECUTIVE DIRECTOR 40.00 X 169543 0 8412 169543 0 8412 1 0 1 0 0 LOAN SERVICING FEES 522200 913537 913537 LOAN PACKAGING FEES 522200 216367 216367 LOAN INTEREST 522200 107366 107366 FORFEITTED DEPOSIT INC 522200 56923 56923 1294193 46401 46401 OTHER INCOME 900099 43701 43701 43701 1384295 1294193 0 90102 179418 137700 41718 482648 391997 90651 22291 18928 3363 62082 62082 51566 41361 10205 14400 14400 95951 56311 39640 19624 19624 36080 285 35795 66680 60157 6523 44354 41179 3175 17117 17117 2636 2636 19902 9495 10407 LOAN LOSS PROVISION 114180 114180 REFERRAL FEES 22788 22788 DUES 18723 10131 8592 IMPAIRMENT 17000 17000 18549 9805 8744 1305989 836878 469111 0 20 29 3180616 2059074 520171 442578 1265643 2372660 15980 18043 69144 2636 84330 66508 10010 180209 5076770 5139101 160924 110056 288370 323263 449294 433319 X 3728861 3619782 898615 1086000 4627476 4705782 5076770 5139101 78306 0 X X 0 1 X 1 0 X 1131856 1310952 1336420 1084831 1294193 6158252 1131856 1310952 1336420 1084831 1294193 6158252 0 0 0 6158252 98235 50973 44018 17631 46401 257258 98235 50973 44018 17631 46401 257258 1287 137872 15563 3931 43701 202354 1231378 1499797 1396001 1106393 1384295 6617864 0.93050 0.93230 0.03890 0.04340 X 58600 58600 10544 2636 7908 66508 REFUNDABLE DEPOSITS 255143 ROU LIABILITY 68120 323263 X 1384295 0 1384295 0 1384295 1305989 0 1305989 0 1305989 PART X, LINE 2: THE ORGANIZATION IS A NONPROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. UNRELATED BUSINESS INCOME, OF WHICH THE ORGANIZATION HAD NONE DURING THE YEAR ENDED SEPTEMBER 30, 2023, WOULD BE SUBJECT TO FEDERAL INCOME TAXES. CONSEQUENTLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT ANY PROVISION FOR INCOME TAXES. PART X, LINE 2 THE ORGANIZATION IS A NONPROFIT ORGANIZATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE. UNRELATED BUSINESS INCOME, OF WHICH THE ORGANIZATION HAD NONE DURING THE YEAR ENDED SEPTEMBER 30, 2023, WOULD BE SUBJECT TO FEDERAL INCOME TAXES. CONSEQUENTLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT ANY PROVISION FOR INCOME TAXES. 0 0 0 0 0 0 0 0 0 YOLANDA MERRIWEATHER EXECUTIVE DIRECTOR 169543 0 0 0 0 0 0 0 8412 0 177955 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FORM 990 AND RELATED SCHEDULES ARE PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND REVIEWED AND APPROVED BY THE ORGANIZATION'S PRESIDENT AND CEO AND ITS EXECUTIVE DIRECTOR. ONCE THOSE REVIEWS ARE COMPLETE, THE MEMBERS OF THE BOARD OF DIRECTORS ARE PROVIDED A COMPLETE COPY FOR THEIR REVIEW PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C REGULAR MONITORING OF THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS PERFORMED BY ITS PRESIDENT AND CEO. ENFORCEMENT OF COMPLIANCE RESTS WITH THE ORGANIZATION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 IN DETERMINING THE COMPENSATION PACKAGES FOR THE CEO AND STAFF, THE EXECUTIVE COMPENSATION COMMITTEE, COMPRISED OF MEMBERS OF THE ORGANIZATION'S BOARD OF DIRECTORS MAY RELY ON REVIEWS OF IRS FORM 990 FILINGS FOR SIMILAR SIZED ORGANIZATIONS, COMPENSATION SURVEY REPORTS PREPARED BY INDEPENDENT CONSULTANTS, OR OTHER SUCH REPORTS THAT MIGHT BE AVAILABLE FROM THE NATIONAL ASSOCIATION OF DEVELOPMENT COMPANIES. ADDITIONALLY, COMPENSATION IS COMMENSURATE WITH EACH EMPLOYEES SPECIFIC DUTIES AND RESPONSIBILITIES AS OUTLINED IN THE ORGANIZATIONS INTERNAL CONTROL POLICY. COMPENSATION IS CONSIDERED REASONABLE AND CUSTOMARY FOR THIS ORGANIZATIONS AREA OF CONCERN. FORM 990, PART VI, SECTION C, LINE 19 REGULAR MONITORING OF THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS PERFORMED BY ITS PRESIDENT AND CEO. ENFORCEMENT OF COMPLIANCE RESTS WITH THE ORGANIZTION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 18 THE COUNCIL FILES A COPY OF ITS FORM 990 AND RELATED SCHEDULES WITH THE APPROPRIATE GOVERNMENTAL REGULATORY BODIES WHERE IT BECOMES AVAILABLE FOR PUBLIC INSPECTION. THE COUNCIL ALSO FILES AN ANNUAL REPORT WITH THE U.S. SMALL BUSINESS ADMINISTRATION (SBA) DETAILING ITS ACTIVITIES INCLUDING PROVIDING THE SBA WITH COPIES OF ITS FORM 990, THE MINUTES OF THE MEETINGS OF ITS BOARD OF DIRECTORS, AND A COPY OF THE COUNCIL'S ANNUAL AUDITED FINANCIAL STATEMENTS.