Shared Interest Inc
- Assets
- $14.3m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 6
- Location
- New York, NY
- Founding
- 09/1995
- Data as of
- 12/2022
- EIN
- 13-3836581
Organization Overview
Shared Interest Inc is located in New York, NY. The organization was established in 1995. According to its NTEE Classification (Q32) the organization is classified as: International Economic Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2022, Shared Interest Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shared Interest Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Shared Interest Inc generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE EQUITABLE DEVELOPMENT OF POST-APARTHEID SOUTH AFRICA AND NEIGHBORING COUNTRIES BY GUARANTEEING BANK LOANS TO LOW-INCOME BORROWERS SO THAT THEY MAYSUPPORT THEIR FAMILIES, BUILD OR EXPAND THEIR DWELLINGS OR STARTBUSINESSES WHICH IN TURN GENERATE EMPLOYMENT FOR OTHERS IN THEIRCOMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION HAD OUTSTANDING AGREEMENTS GUARANTEEING COMMERCIAL LOANS TO SMALL AND GROWING BUSINESSES, AGRICULTURAL ENTERPRISES AND MICRO-FINANCE INSTITUTIONS IN THE SOUTHERN AFRICA REGION. THE AGGREGATE EXPOSURE INVOLVED IN THE GUARANTEES TOTALED $3,859,163. BECAUSE THE CREDIT FACILITIES ARRANGED BY SHARED INTEREST WERE LIMITED TO NO MORETHAN 75% OF THE LOANS THEY BACKED, THE GUARANTEES ULTIMATELY UNLOCKED TOTAL LENDING OF SUMS IN EXCESS OF THE STATED AMOUNT BY VIRTUE OF THE RISK-SHARING AGREED IN THE CONTRACTS BETWEEN LOCAL INSTITUTIONS AND THE ORGANIZATIONS. ADDITIONALLY, THE GUARANTEE PROGRAM, IMPLEMENTED BY MEANS OF THE PROVEN TRANS-BORDER MECHANISM OF STANDBY BANK LETTERS OF CREDIT, CONTINUED TO GIVE THE CONFIDENCE TO SOUTHERN AFRICAN NON-BANK FINANCIALS INSTITUTIONS AND OTHER ALTERNATIVE LENDERS TO PUT CAPITAL AT RISK IN THE SPHERE OF SMALL BUSINESS FINANCE AND LENDING TO ECONOMICALLY-DISENFRANCHISED INDIVIDUALS. COLLATERALIZING THE LETTERS OF CREDIT, WERE THE US-CUSTODIED INVESTMENTS OF THE ORGANIZATION, FUNDED BY LOANS AND DONATIONS BY AMERICAN INDIVIDUALS, FAMILY FOUNDATIONS, FAITH-BASED INSTITUTIONS. HEALTHCARE SYSTEMS AND OTHER INVESTORS ACCEPTING CONCESSIONARY FINANCIAL RETURNS IN EXCHANGE FOR THE SOCIAL IMPACT THAT THE ORGANIZATION HELPS TO CREATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Patsky Director | Trustee | 1 | $0 |
Alonzo Fulgham Director | Trustee | 2 | $0 |
Sarah Leshner Director | Trustee | 3 | $0 |
Linnie Mclean Director | Trustee | 3 | $0 |
Ricardo Michel Director | Trustee | 2 | $0 |
Ron Shiffman Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $49,445 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $687,820 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $737,265 |
| Total Program Service Revenue | $182,913 |
| Investment income | $190,588 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $121,198 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,239,659 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $185,000 |
| Compensation of current officers, directors, key employees. | $10,280 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $414,228 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $76,788 |
| Payroll taxes | $50,855 |
| Fees for services: Management | $26,835 |
| Fees for services: Legal | $4,049 |
| Fees for services: Accounting | $51,847 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $373,734 |
| Advertising and promotion | $116,734 |
| Office expenses | $21,679 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,338 |
| Travel | $36,382 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $182,913 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,842 |
| Insurance | $13,630 |
| All other expenses | $0 |
| Total functional expenses | $1,629,760 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $327,626 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,600 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,606 |
| Net Land, buildings, and equipment | $10,201 |
| Investments—publicly traded securities | $13,762,113 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $166,976 |
| Total assets | $14,330,122 |
| Accounts payable and accrued expenses | $137,895 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $12,102,500 |
| Other liabilities | $42,522 |
| Total liabilities | $12,282,917 |
| Net assets without donor restrictions | $2,037,205 |
| Net assets with donor restrictions | $10,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $14,330,122 |