River City Capital Investment Corp
- Assets
- $3.9m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 04/2013
- Data as of
- 06/2021
- EIN
- 27-3941432
Organization Overview
River City Capital Investment Corp is located in Memphis, TN. The organization was established in 2013. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. River City Capital Investment Corp 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 06/2021, River City Capital Investment Corp generated $2.3m in total revenue. All expenses for the organization totaled $2.0m during the year ending 06/2021. While expenses have increased by 107.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
RIVER CITY CAPITAL INVESTMENT CORPORATION IS COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT OFFERS SMALL BUSINESS,HOUSING DEVELOPMENT LOANS, AND TECHNICAL
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN FUNDING AND FINANCIAL SERVICES IN DISTRESSED, LOWER-INCOME COMMUNITIES.
LOAN FUNDING AND FINANCIAL SERVICES IN DISTRESSED, LOWER-INCOME COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Robertson President | Officer | 4 | $0 |
Luther Mercer President | Officer | 4 | $0 |
Whitney Hardy Board Member | Trustee | 2 | $0 |
William Stemmler Jr Vice Chairman | Trustee | 2 | $0 |
Gwyn Fisher Board Member | Trustee | 2 | $0 |
Mr Matthew Prince Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,245,344 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,245,344 |
| Total Program Service Revenue | $0 |
| Investment income | $55,125 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,300,469 |
| 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. | $178,778 |
| Compensation of current officers, directors, key employees. | $178,778 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $43,956 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $802 |
| Insurance | $12,825 |
| All other expenses | $55,726 |
| Total functional expenses | $1,972,595 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,514,590 |
| Savings and temporary cash investments | $133,876 |
| Pledges and grants receivable | $319,500 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $123,614 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $815,405 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,937 |
| Net Land, buildings, and equipment | $2,676 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,924,598 |
| Accounts payable and accrued expenses | $32,373 |
| 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 | $150,000 |
| Unsecured mortgages and notes payable | $1,875,000 |
| Other liabilities | $0 |
| Total liabilities | $2,057,373 |
| Net assets without donor restrictions | $169,090 |
| Net assets with donor restrictions | $1,698,135 |
| 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 | $3,924,598 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that River City Capital Investment Corp has recieved totaling $753,830.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Greater Memphis Inc Memphis, TN PURPOSE: GENERAL OPERATIONAL SUPPORT | $400,000 |
Kresge Foundation Troy, MI PURPOSE: SUPPORTING RIVER CITY CAPITAL'S STRATEGIC GROWTH PLAN | $150,000 |
Kresge Foundation Troy, MI PURPOSE: SUPPORTING RIVER CITY CAPITAL'S STRATEGIC GROWTH PLAN | $150,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $3,830 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Macon Bibb County Economic Opportunity Council Inc Macon, GA | $9,862,743 | $18,330,804 |
Economic Opportunity For Savannah Chatham County Area Inc Savannah, GA | $8,523,279 | $14,850,530 |
Coastal Plain Area Economic Opportunity Authority Inc Valdosta, GA | $6,623,534 | $13,801,263 |
Northwest Arkansas Council Foundation Springdale, AR | $9,473,428 | $13,530,717 |
Coastal Community Action Inc Newport, NC | $6,264,251 | $13,623,681 |
South Central Missouri Community Action Agency Winona, MO | $9,962,741 | $13,195,865 |
Community Action Agency Of St Louis County Inc Overland, MO | $8,798,142 | $11,519,810 |
Golden Triangle Planning & Development District Inc Starkville, MS | $16,192,589 | $11,220,298 |