Prince Georges Financial Services Corporation
- Assets
- $6.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 12
- Location
- Largo, MD
- Founding
- 06/1985
- Data as of
- 06/2022
- EIN
- 52-1305988
Organization Overview
Prince Georges Financial Services Corporation is located in Largo, MD. The organization was established in 1985. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Prince Georges Financial Services Corporation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prince Georges Financial Services Corporation 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 06/2022, Prince Georges Financial Services Corporation generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.2% each year . All expenses for the organization totaled $2.5m during the year ending 06/2022. While expenses have increased by 11.7% per year over the past 7 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.
Since 2021, Prince Georges Financial Services Corporation has awarded 145 individual grants totaling $905,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE NON-TRADITIONAL FUNDING SOURCES TO BUSINESSES IN UNDERSERVED MARKETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COVID-19 RELIEF:THE ORGANIZATION IS THE LENDER SERVICE PROVIDER (LSP) IN SUPPORT OF THE PRINCE GEORGE'S COUNTY AND THE STATE OF MARYLAND COVID19 RELATED TO SMALL BUSINESSESAND IS CHARGED TO DELIVER TECHNICAL ASSISTANCE, COMPLIANCE, PORTFOLIO MANAGEMENT AND RELATED SERVICES.
SBGF:THE ORGANIZATION SERVICES AND ADMINISTERS LOANS UNDER THE PRINCE GEORGE'S COUNTY SMALL BUSINESS GROWTH FUND. THIS IS A REVOLVING LOAN FUND, CAPITALIZED WITH LINES OF CREDIT FROM 12-15 FDIC-INSURED LENDING INSTITUTIONS. THE PROGRAM PROVIDES DIRECT LOANS TO SMALL AND MINORITY BUSINESSES IN PRINCE GEORGE'S COUNTY. THE PROGRAM WAS RECENTLY EXPANDED TO CALVERT, CHARLES, HOWARD, AND MONTGOMERY COUNTIES. TYPICALLY, THESE LOANS MUST QUALIFY FOR THE SBA 7 (A)/COMMUNITY ADVANTAGE GUARANTEE. THE ORGANIZATION IS A DESIGNATED SBA 7(A) COMMUNITY ADVANTAGE LENDER, WHICH UTILIZES A $5.5 MILLION REVOLVING LOAN FUND TO MAKE DIRECT LOANS.
SBA 504:THE ORGANIZATION MARKETS, ANALYZES, UNDERWRITES, AND SERVICES THE SBA 504 PROGRAM AS AN AGENT OF THE SBA IN THE STATE OF MARYLAND. THE SBA 504 PROGRAM PROVIDES LONG-TERM, BELOW MARKET FIXED-RATE FINANCING FOR THE PURCHASE AND IMPROVEMENTS OF COMMERCIAL REAL ESTATE OR MACHINERY AND EQUIPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Brown Chair | Trustee | 5 | $0 |
John Hale III Vice Chair | Trustee | 4 | $0 |
Terrence A Beverly Treasurer | Trustee | 4 | $0 |
Eben Smith Secretary | Trustee | 2 | $0 |
John Halley Director | Trustee | 2 | $0 |
Valarie Dock Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,094,800 |
| All other contributions, gifts, grants, and similar amounts not included above | $707,187 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,801,987 |
| Total Program Service Revenue | $857,778 |
| Investment income | $2,374 |
| 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 | $2,663,412 |
| 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. | $325,837 |
| Compensation of current officers, directors, key employees. | $65,168 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $975,020 |
| Pension plan accruals and contributions | $95,130 |
| Other employee benefits | $89,004 |
| Payroll taxes | $77,519 |
| Fees for services: Management | $289,444 |
| Fees for services: Legal | $211 |
| Fees for services: Accounting | $100,007 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $40,960 |
| Office expenses | $27,919 |
| Information technology | $113,945 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,703 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $23,249 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,564 |
| Insurance | $20,064 |
| All other expenses | $165,992 |
| Total functional expenses | $2,457,718 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,066,794 |
| Savings and temporary cash investments | $1,975,344 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $55,913 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,019,530 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $49,435 |
| Net Land, buildings, and equipment | $24,525 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,191,541 |
| Accounts payable and accrued expenses | $156,069 |
| 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 | $3,113,177 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,307,435 |
| Total liabilities | $4,576,681 |
| Net assets without donor restrictions | $1,185,608 |
| Net assets with donor restrictions | $429,252 |
| 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 | $6,191,541 |
Grants Awarded
Over the last fiscal year, Prince Georges Financial Services Corporation has awarded $905,000 in support to 145 organizations.
| Grant Recipient | Amount |
|---|---|
FRONT STREET MANAGEMENT LLC PURPOSE: ASSISTANCE FOR COVID IMPACT | $6,000 |
THE WATERHOLE LLC PURPOSE: ASSISTANCE FOR COVID IMPACT | $5,000 |
FLAVORS CULINARY GROUP LLC PURPOSE: ASSISTANCE FOR COVID IMPACT | $5,000 |
JIIVANA-LIFE YOGA & WELLNESS LLC DBA SPIRITUAL ESSENCE YOGA PURPOSE: ASSISTANCE FOR COVID IMPACT | $5,000 |
EXECUTIVE ELECTROLYSIS INC PURPOSE: ASSISTANCE FOR COVID IMPACT | $5,000 |
TURNING POINT SOLUTIONS PURPOSE: ASSISTANCE FOR COVID IMPACT | $5,000 |