River City Capital Investment Corp
- Assets
- $5.6m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 04/2013
- Data as of
- 06/2023
- 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 06/2023, River City Capital Investment Corp generated $1.7m in total revenue. All expenses for the organization totaled $578.5k during the year ending 06/2023. While expenses have increased by 48.5% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
RIVER CITY CAPITAL LLC IS A CDFI(COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION) WITH A DEDICATED MISSION TO ACCELERATE SHARED PROSPERITY & REVITALIZATION IN UNDERSERVED COMMUNITIES THROUGH THE PROVISIONS OF CAPITAL IN MEMPHIS & SHELBY COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN FUNDING AND FINANCIAL SERVICES IN DISTRESSED, LOWER-INCOME COMMUNITIES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luther Mercer President | Officer | 4 | $51,923 |
Gwyn Fisher Chairperson | Trustee | 2 | $0 |
Michelle Couch Secretary | Trustee | 2 | $0 |
Mr Mark Yates Board Member | Trustee | 2 | $0 |
Mr Phillip May Treasurer | Trustee | 2 | $0 |
Mr Sean Norris Board Member | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,000,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $690,280 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,690,280 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $1,690,280 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $346,155 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $772 |
| 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 | $0 |
| Office expenses | $0 |
| Information technology | $45,129 |
| Royalties | $0 |
| Occupancy | $16,200 |
| 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 | $12,496 |
| Insurance | $14,437 |
| All other expenses | $56,239 |
| Total functional expenses | $578,486 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,216,895 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,250,000 |
| Accounts receivable, net | $194,808 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,882,869 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $47,064 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,591,636 |
| Accounts payable and accrued expenses | $41,368 |
| 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 | $525,000 |
| Unsecured mortgages and notes payable | $1,785,000 |
| Other liabilities | $0 |
| Total liabilities | $2,351,368 |
| Net assets without donor restrictions | $1,160,764 |
| Net assets with donor restrictions | $2,079,504 |
| 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 | $5,591,636 |