2025-07-22T12:55:06-07:00 2024-12-31 570957419 The Hobbs Group PA 1704 Laurel Street Columbia SC 29201 990 2024-01-01 010793507 South Carolina Community Loan Fund SOUT 8439737285 1051 Gardner Road A Charleston SC 29407 Nancy Leon CFO 2025-07-17 true true Will Stevens CPA P01208094 8037990555 2024 2025-03-06 01:10:19Z Nancy Leon 1051 Gardner Road A Charleston SC 29407 6915848 false X www.sccommunityloanfund.org X 2003 SC SOUTH CAROLINA COMMUNITY LOAN FUND (SCCLF) ADVANCES EQUITABLE ACCESS TO CAPITAL TO BUILD ASSETS AND BENEFIT THE COMMUNITIES AND PEOPLE MOST IN NEED OF ECONOMIC OPPORTUNITY. 18 18 19 0 4462596 2700593 2038537 3865498 131974 323300 13286 26457 6646393 6915848 168500 59000 0 1521861 1494565 0 66037 2702133 2686740 4392494 4240305 2253899 2675543 42236648 49607336 29337981 33987519 12898667 15619817 SOUTH CAROLINA COMMUNITY LOAN FUND (SCCLF) IS A U.S. TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) WHOSE MISSION IS TO ADVANCE EQUITABLE ACCESS TO CAPITAL BY PROVIDING LOANS, TECHNICAL ASSISTANCE, AND ADVOCACY FOR AFFORDABLE HOUSING, HEALTH FOOD, COMMUNITY FACILITIES, AND COMMUNITY BUSINESS ENTERPRISES TO CREATE THRIVING, PROSPEROUS, ECONOMICALLY RESILIENT COMMUNITIES FOR ALL SOUTH CAROLINAINS. false false 2907053 59000 3865498 Loan Program and Other Related Fees: Loan application fees are earned and recorded as revenue at a point in time when the loan application is completed by the applicant with all required documentation and accepted by the Organization. Loan origination fees are earned on loan closings and recorded as revenue at a point in time when the performance obligation is met, i.e., when the loan closes and funds are loaned to the customer.The Organization requires a signed promissory note with all borrowers which constitutes a contract between the Organization and the customer, states the loan terms, and lays out the obligations of the Organization and the borrower. Each individual loan receivable was analyzed separately and has its own specific terms. Under ASC 606, late fee income related to these loan receivables are recognized as revenue at a point in time when the loan payments are due and the customer has not paid these payments per the terms in the signed contract. As the due date passes for the loan payments and the amounts go unpaid, the Organization will recognize late fees for the loan funds at the respective terms per the individual loandocument. The Organization had a home buyer assistance (HBA) program for several years as discussed earlier. Under this program, the Organization was eligible for a portion of sales proceeds for a property that they have previously provided HBA funds on to assist the home buyer. At the time of the original advance of HBA funds, a signed contract was entered into with all customers that received funds from the Organization which stated the terms of repayment of a portion of the net sales proceeds if the property was sold before 20 years from the date of the funds, which constitutes a contract between the Organization and the customer. Under these contracts, the Organization is considered to meet its performance obligation at a point in time when the respective property is determined to be sold in less than 20 years from the advance of funds by the Organization and the sale of the property to a third party has been closed. Under ASC 606, the amount of the revenue is determined at the time of the sale per the closing statement and recognizesrevenue at that point in time. 2907053 true true false false false false false false false false true false false false false true true false false false false false false false false false false false true true false false false false false false false false false false false false true true false false false true X 17 0 true 19 true false false false false false false false 0 false false false false false false false X 18 18 false false false false false false false true true false false true true true true true true true true false SC X Nancy Leon 8439737285 1051 Gardner Road Ste A Charleston SC 29407 Nathaniel Barber CEO 40.00 0.00 X 165000 0 0 Deborah MCKETTY President 40.00 0.00 X 160000 0 0 Nancy Leon CFO 40.00 0.00 X 146858 0 0 Wilhelmenia Dunn Lee COO 40.00 0.00 X 124800 0 0 Brian Colclough CLO 40.00 0.00 X 124800 0 0 Benjamin Brams Director 1.00 0.00 X 0 0 0 Shauna Cooper Director 1.00 0.00 X 0 0 0 Charles Dew At Large 1.00 0.00 X 0 0 0 Shaunte Evans Director 1.00 0.00 X 0 0 0 Walter Gayle Director 1.00 0.00 X 0 0 0 Drew Harrison Director 1.00 0.00 X 0 0 0 Melanie Huggins Director 1.00 0.00 X 0 0 0 Adolphus Johnson Director 1.00 0.00 X 0 0 0 Corey McClary Director 1.00 0.00 X 0 0 0 Cortney Nick Thomas Director 1.00 0.00 X 0 0 0 Selena Pickens Director 1.00 0.00 X 0 0 0 Nilsy Rapalo Director 1.00 0.00 X 0 0 0 Ginny Stroud Director 1.00 0.00 X 0 0 0 Torrey Rush Chair 1.00 0.00 X 0 0 0 Martin Livingston Vice Chair 1.00 0.00 X 0 0 0 Thomas Anderson Immed Past Chai 1.00 0.00 X 0 0 0 Dorothea Bernique Secretary 1.00 0.00 X 0 0 0 Nathan Harrison Treasurer 1.00 0.00 X 0 0 0 721458 5 false true false 0 2277807 422786 2700593 Loan Interest & Fees 624229 3865498 3865498 3865498 323300 323300 0 0 0 0 0 0 0 Other Earned Income 900099 26457 26457 26457 6915848 4215255 X 0 59000 59000 0 0 561458 296450 243167 21841 0 762428 402562 330208 29658 37377 19735 16188 1454 31632 16702 13700 1230 101670 53682 44033 3955 0 0 0 0 0 0 1130568 678341 446574 5653 0 5662 2321 3341 0 0 36592 19760 16832 44915 40872 1797 2246 0 35510 16690 18820 727037 727037 0 48778 24389 24389 105207 105207 Loan Loss Reserve 310143 310143 Communications and Utilities 88995 50727 38268 Other Expenses 77403 57278 20125 Professional Development 29575 3845 25730 46355 22312 24043 4240305 2907053 1267215 66037 13459419 19531453 378981 377889 0 245312 216178 0 0 27280848 27915683 0 122243 37484 1032932 335715 745995 697217 3850 831432 0 0 0 0 42236648 49607336 69442 121391 29268539 33866128 29337981 33987519 X 9306497 11210617 3592170 4409200 12898667 15619817 42236648 49607336 X 2675543 95607 -50000 X false true X true true true X 2571236 2464553 1297997 4462596 2700593 13496975 0 0 2571236 2464553 1297997 4462596 2700593 13496975 0 13496975 81995 349 54784 131974 323000 592102 0 3100 13286 26457 42843 14131920 12859872 0.95510 0.75050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 792635 127287 665348 90906 90906 149391 117522 31869 697217 X 6961455 95607 -50000 45607 6915848 6915848 4240305 4240305 4240305 Part X : FIN48 Footnote The Organization has received a determination letter from the Internal Revenue Service (IRS) indicating it is a tax exempt Organization under section 501(c)(3) of the Internal Revenue Code and is exempt from federal and state income taxes, unless income is generated from unrelated business activities. Management is not aware of any transactions which would jeopardize their tax-exempt status.Accounting principles generally accepted in the United States of America requires management to evaluate tax positions taken by the organization and to recognize a tax liability (or asset) if the Organization has taken an uncertain position that more likely than not would not be substantiated upon examination by the IRS. Management has analyzed the tax positions taken by the Organization and has concluded that as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the consolidated financial statements. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. U.S. state jurisdictions have statutes of limitations that generally range from three to five years. false 0 0 Forgivable Loans 15 59000 X true false X X false false false false false false false false false Deborah MCKETTY President 160000 160000 Nathaniel Barber CEO 165000 165000 Part I, Line 1a: Relevant information in regards to selections on 1a. The compensation for a housing allowance was based on the average rental for a one bedroom apartment in Charleston. Form 990, Part VI, Section B, Line 11b A DRAFT IS PROVIDED TO THE BOARD OF DIRECTORS TO REVIEW AND APPROVE BEFORE FILING THE 990. Form 990, Part VI, Section B, Line 12c THE ORGANIZATION PROVIDES A COPY OF THE POLICY TO THE BOARD MEMBERS AND REQUIRES THEM TO REVIEW ON AN ANNUAL BASIS. IN THE EVENT OF A POTENTIAL CONFLICT DURING THE YEAR, THE INTERESTED PERSON SHALL RECUSE HIMSELF/HERSELF FROM DISCUSSIONS AND VOTE ON THE MATTER. Form 990, Part VI, Section B, Line 15b SALARY SURVEYS ARE USED AS THE BASIS FOR DETERMINING COMPENSATION FOR ALL STAFF MEMBERS. THE SURVEY PROVIDES A MINIMUM, MIDPOINT, AND MAXIMUM FOR EACH POSITION WITHIN SCCLF. SALARY TARGETS ARE SET DURING THE BUDGETING PROCESS AND ARE BASED ON ACHIEVING A MINIMUM PERCENTAGE OF THE MIDPOINT RANGE FOR ALL STAFF POSITIONS. TARGETS FOR EXECUTIVE STAFF ARE REVIEWED BY THE EXECUTIVE COMMITTEE, FINANCE COMMITTEE, AND FULL BOARD DURING THE BUDGET APPROVAL PROCESS. THE COMMITTEE'S DECISIONS ARE DOCUMENTED IN MEETING MINUTES, AND SALARY LETTERS ARE THEN PREPARED FOR EACH STAFF MEMBER AND SIGNED BY THE CEO. THE CEO'S SALARY LETTER IS SIGNED BY THE BOARD CHAIR. Form 990, Part VI, Section C, Line 19 GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND FORM 990 ARE PROVIDED WHEN REQUESTED BY THIRD PARTIES. Form 990, Part XI, Line 9 Loss on Unauthorized Transactions = -$50000 Form 990, Part 5, Line 1c - Reportable Payments The organization had no reportable payments to a vendor requiring compliance with backup withholding rules, nor did they provide any reportable gaming, gambling, or winnings to a prize winner. 1051A Gardner Road LLC 1051A Gardner Road Charleston SC 29407 Real Estate SC South Carolina Community Loan Fund SCCLF SUB-CDE I 1051-A GARDNER ROAD CHARLESTON SC 29407 833479337 PROVIDING INVESTMENT CAPITAL FOR LOW-INC SC N/A EXCLUDED FROM TAX 4 500 false false 0.00010 SCCLF SUB-CDE II LLC 1051-A GARDNER ROAD CHARLESTON SC 29407 833499059 PROVIDING INVESTMENT CAPITAL FOR LOW-INC SC N/A EXCLUDED FROM TAX 42 1242 false false 0.00010 SCCLF SUB-CDE III LLC 1051-A GARDNER ROAD CHARLESTON SC 29407 833522053 PROVIDING INVESTMENT CAPITAL FOR LOW-INC SC N/A EXCLUDED FROM TAX 3 311 false false 0.00010 SCCLF SUB-CDE IV LLC 1051-A GARDNER ROAD CHARLESTON SC 29407 833522054 PROVIDING INVESTMENT CAPITAL FOR LOW-INC SC N/A EXCLUDED FROM TAX 12 450 false false 0.00010 SCCLF SUB-CDE V LLC 1051-A GARDNER ROAD CHARLESTON SC 29407 833522055 PROVIDING INVESTMENT CAPITAL FOR LOW-INC SC N/A EXCLUDED FROM TAX 5 704 false false 0.00010 SCCLF SUB-CDE VI LLC 1051-A GARDNER ROAD CHARLESTON SC 29407 833522056 PROVIDING INVESTMENT CAPITAL FOR LOW-INC SC N/A EXCLUDED FROM TAX 4 354 false false 0.00010 false false false false false false false false false false false false false false false false false false false