Mississippi Business Finance Corporation
- Assets
- $17.6m
- Revenue
- $236.4k
- Investments
- $0.0
- Employees
- 5
- Location
- Jackson, MS
- Founding
- 10/1983
- Data as of
- 06/2022
- EIN
- 64-0679132
Organization Overview
Mississippi Business Finance Corporation is located in Jackson, MS. The organization was established in 1983. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Mississippi Business Finance Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mississippi Business Finance Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Mississippi Business Finance Corporation generated $236.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (22.0%) each year. All expenses for the organization totaled $878.2k during the year ending 06/2022. 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
MAKING LOANS TO QUALIFIED SMALL BUSINESSES TO STIMULATE, PROMOTE & DEVELOP, AND ADVANCE SMALL BUSINESS ACTIVITY IN THE STATE OF MISSISSIPPI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAKING LOANS TO QUALIFIED SMALL BUSINESSES TO STIMULATE, PROMOTE & DEVELOP, AND ADVANCE SMALL BUSINESS ACTIVITY IN THE STATE OF MISSISSIPPI.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ef Buddy Mitcham Executive Di | Officer | 40 | $192,474 |
Larry W Mobley Executive Di | Officer | 40 | $131,087 |
Debbie W Mccollum Assistant Se | Officer | 40 | $80,988 |
Michael Boerner Director | Trustee | $0 | |
Carolyn Boteler Director | Trustee | $0 | |
Noel Daniels Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | -$718,588 |
| 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 | $236,406 |
| Statement of Expenses | |
|---|---|
| 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. | $428,807 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $101,655 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $53,305 |
| Payroll taxes | $35,770 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $100,000 |
| Fees for services: Accounting | $17,125 |
| 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 | $0 |
| Royalties | $0 |
| Occupancy | $43,908 |
| Travel | $10,486 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $833 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $17,755 |
| All other expenses | $0 |
| Total functional expenses | $878,188 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $807,652 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $89,900 |
| 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 | $0 |
| Investments—publicly traded securities | $16,480,139 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $256,516 |
| Total assets | $17,634,207 |
| Accounts payable and accrued expenses | $77,840 |
| 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 | $0 |
| Other liabilities | $1,575,335 |
| Total liabilities | $1,653,175 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $15,981,032 |