Nonprofit · EIN 01-0793507
SOUTH CAROLINA COMMUNITY LOAN FUND
Tax-exempt · CHARLESTON, SC 29407
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $6,915,848 | $4,240,305 | $2,675,543 | $49,607,336 | $33,987,519 | $15,619,817 |
| December 31, 2023 | 990 | $6,646,393 | $4,392,494 | $2,253,899 | $42,236,648 | $29,337,981 | $12,898,667 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $2,700,593
- of which government grants
- $2,277,807
- Program service revenue
- $3,865,498
- Investment income
- $323,300
- Other revenue
- $26,457
Expenses
- Grants and similar amounts paid
- $59,000
- Compensation of officers, directors and key employees
- $561,458
- Other salaries and wages
- $762,428
- Salaries, compensation and benefits (total)
- $1,494,565
- Professional fundraising fees
- $0
- Occupancy
- $36,592
- Travel
- $44,915
- Depreciation
- $48,778
- Program services (functional)
- $2,907,053
- Management and general (functional)
- $1,267,215
- Fundraising (functional)
- $66,037
Balance sheet and other
- Total assets, start of year
- $42,236,648
- Total assets, end of year
- $49,607,336
- Total liabilities, end of year
- $33,987,519
- Net assets, end of year
- $15,619,817
- Land, buildings and equipment
- $697,217
- Publicly traded securities
- $831,432
- Net assets without donor restrictions
- $11,210,617
- Net assets with donor restrictions
- $4,409,200
- Gross receipts
- $6,915,848
- Employees
- 19
- Year formed
- 2003
- State of legal domicile
- SC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Nathaniel Barber | CEO Officer | 40 | $165,000 |
| Deborah MCKETTY | President Officer | 40 | $160,000 |
| Nancy Leon | CFO Officer | 40 | $146,858 |
| Wilhelmenia Dunn Lee | COO Officer | 40 | $124,800 |
| Brian Colclough | CLO Officer | 40 | $124,800 |
| Benjamin Brams | Director Trustee or director | 1 | $0 |
| Shauna Cooper | Director Trustee or director | 1 | $0 |
| Charles Dew | At Large Trustee or director | 1 | $0 |
| Shaunte Evans | Director Trustee or director | 1 | $0 |
| Walter Gayle | Director Trustee or director | 1 | $0 |
| Drew Harrison | Director Trustee or director | 1 | $0 |
| Melanie Huggins | Director Trustee or director | 1 | $0 |
| Adolphus Johnson | Director Trustee or director | 1 | $0 |
| Corey McClary | Director Trustee or director | 1 | $0 |
| Cortney Nick Thomas | Director Trustee or director | 1 | $0 |
8 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Selena Pickens | Director Trustee or director | 1 | $0 |
| Nilsy Rapalo | Director Trustee or director | 1 | $0 |
| Ginny Stroud | Director Trustee or director | 1 | $0 |
| Torrey Rush | Chair Officer | 1 | $0 |
| Martin Livingston | Vice Chair Officer | 1 | $0 |
| Thomas Anderson | Immed Past Chai Officer | 1 | $0 |
| Dorothea Bernique | Secretary Officer | 1 | $0 |
| Nathan Harrison | Treasurer Officer | 1 | $0 |
990 for the year ended December 31, 2023: 23 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DEBORAH MCKETTY | PRESIDENT Officer | 40 | $189,860 | $5,913 |
| NATHANIEL BARBER | CHIEF EXECUTIVE OFFICER Officer | 40 | $179,690 | $5,595 |
| NANCY LEON | CHIEF FINANCIAL OFFICER Officer | 40 | $146,593 | $4,841 |
| WILHELMENIA DUNN LEE | CHIEF OPERATING OFFICER Officer | 40 | $105,367 | $3,113 |
| BRIAN COLCLOUGH | CHIEF LENDING OFFICER Officer | 40 | $55,500 | $275 |
| SANJIV DORESWAMY | CHIEF LENDING OFFICER Officer | 40 | $53,552 | $1,514 |
| SHAUNA COOPER | MEMBER Trustee or director | 1 | $0 | $0 |
| DREW HARRISON | MEMBER Trustee or director | 1 | $0 | $0 |
| SHAUNTE EVANS | MEMBER Trustee or director | 1 | $0 | $0 |
| WALTER GAYLE | MEMBER Trustee or director | 1 | $0 | $0 |
| CORTNEY NICK THOMAS | MEMBER Trustee or director | 1 | $0 | $0 |
| CHARLES DEW | MEMBER Trustee or director | 1 | $0 | $0 |
| ADOLPHUS JOHNSON | MEMBER Trustee or director | 1 | $0 | $0 |
| COREY MCCLARY | MEMBER Trustee or director | 1 | $0 | $0 |
| GINNY STROUD | MEMBER Trustee or director | 1 | $0 | $0 |
| MELANIE HUGGINS | MEMBER Trustee or director | 1 | $0 | $0 |
| NILSY RAPALO | MEMBER Trustee or director | 1 | $0 | $0 |
| SELENA PICKENS | MEMBER Trustee or director | 1 | $0 | $0 |
| TORREY RUSH | CHAIR Officer | 1 | $0 | $0 |
| MARTIN LIVINGSTON | VICE CHAIR Officer | 1 | $0 | $0 |
| THOMAS ANDERSON | PAST CHAIR Officer | 1 | $0 | $0 |
| NATHAN HARRISON | TREASURER Officer | 1 | $0 | $0 |
| DOROTHEA BERNIQUE | SECRETARY Officer | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1051 GARDNER RD STE A, CHARLESTON, SC 29407-5747
- In care of
- % MICHELLE MAPP
- Principal officer (990 for 2024)
- Nancy Leon, 1051 Gardner Road A, Charleston, SC 29407
- Signed the 990
- Nancy Leon, CFO
- Phone
- (843) 973-7285
- Website
- www.sccommunityloanfund.org
- Return prepared by
- The Hobbs Group PA
Mission
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.
Program accomplishments
- 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.Expenses $2,907,053 · grants $59,000 · revenue $3,865,498
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 01-0793507
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2004
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L99)
- Assets (IRS master file)
- $49,607,336
- Income (IRS master file)
- $6,915,848
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $6,915,848 | $4,240,305 | $49,607,336 | XML |
| 990 | December 2023 | $6,646,393 | $4,392,494 | $42,236,648 | XML |
| 990 | December 2022 | $3,563,181 | $2,987,456 | $41,580,650 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 01-0793507).
Questions about SOUTH CAROLINA COMMUNITY LOAN FUND
- What is the EIN of SOUTH CAROLINA COMMUNITY LOAN FUND?
- The employer identification number (EIN) of SOUTH CAROLINA COMMUNITY LOAN FUND is 01-0793507.
- Is SOUTH CAROLINA COMMUNITY LOAN FUND tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2004.
- Are donations to SOUTH CAROLINA COMMUNITY LOAN FUND tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does SOUTH CAROLINA COMMUNITY LOAN FUND file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of SOUTH CAROLINA COMMUNITY LOAN FUND due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did SOUTH CAROLINA COMMUNITY LOAN FUND last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of SOUTH CAROLINA COMMUNITY LOAN FUND?
- The 990 for the year ended December 31, 2024 names Nancy Leon.
- Who are the officers and directors of SOUTH CAROLINA COMMUNITY LOAN FUND?
- The 990 for the year ended December 31, 2024 lists 23 people; 5 received compensation from the organization, the highest $165,000 (Nathaniel Barber, CEO).
- How much revenue does SOUTH CAROLINA COMMUNITY LOAN FUND have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $6,915,848, expenses of $4,240,305 and total assets of $49,607,336 at year end.
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