Forge Financing Ozark Rural Growth And Economy
- Assets
- $10.0m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 8
- Location
- Huntsville, AR
- Founding
- 04/1990
- Data as of
- 09/2021
- EIN
- 71-0674001
Organization Overview
Forge Financing Ozark Rural Growth And Economy is located in Huntsville, AR. The organization was established in 1990. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Forge Financing Ozark Rural Growth And Economy employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Forge Financing Ozark Rural Growth And Economy 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 09/2021, Forge Financing Ozark Rural Growth And Economy generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 24.2% each year . All expenses for the organization totaled $1.1m during the year ending 09/2021. While expenses have increased by 23.5% 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
TO ASSIST IN LONG TERM ECONOMIC GROWTH AND REVITALIZATION OF RURAL COMMUNITIES AND FARM RELATED ENTERPRISES IN THE OZARK REGION OF ARKANSAS, MISSOURI, AND OKLAHOMA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED LOANS TO SMALL BUSINESSES AND AGRICULTURAL ENTERPRISES IN ACCORDANCE WITH THE EXEMPT FUNCTION AND MISSION OF THE ORGANIZATION: PROVIDED EDUCATIONAL ASSISTANCE AND TRAINING TO SMALL BUSINESSES AND AGRICULTURAL ENTERPRISES IN ACCORDANCE WITH THE EXEMPT FUNCTION AND MISSION OF THE ORGANIZATION.FORGE CLOSED 88 LOANS VALUED AT 1,754,895 AND WAS RECOGNIZED AS THE ARKANSAS MICROLENDER OF THE YEAR. 37 LOANS WERE TO MINORITY ENTREPRENEURS, 35 LOANS WERE TO WOMEN, 12 LOANS WERE TO VETERANS, AND 49 LOANS WERE TO LOW-INCOME BORROWERS. 47 LOANS WERE IN RURAL CENSUS TRACTS AND 41 LOANS WERE IN URBAN CENSUS TRACTS. THE FORGE LOAN PORTFOLIO CONSISTS OF 341 INDIVIDUAL LOANS VALUED AT 6,133,714. FORGE PROVIDED 2,357 HOURS OF TECHNICAL ASSISTANCE AND TRAINING TO 1226 PROSPECTIVE BORROWERS DURING THE YEAR. FORGE PROVIDED 2892 HOURS OF TECHNICAL ASSISTANCE AND TRAINING TO 253 ACTIVE BORROWERS DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Fritts Secretary/tr | OfficerTrustee | 3 | $0 |
James Morgan President | OfficerTrustee | 3 | $0 |
Mary Sanchez Vice Preside | OfficerTrustee | 2 | $0 |
Greg Modica Director | Trustee | 2 | $0 |
Herb Culver Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,762,638 |
| All other contributions, gifts, grants, and similar amounts not included above | $90,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,852,638 |
| Total Program Service Revenue | $0 |
| Investment income | $369,475 |
| 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 | $2,246,755 |
| 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 | $388,698 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $78,108 |
| Payroll taxes | $29,329 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,987 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,000 |
| Advertising and promotion | $14,848 |
| Office expenses | $7,178 |
| Information technology | $21,075 |
| Royalties | $0 |
| Occupancy | $7,833 |
| Travel | $700 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $84,410 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,632 |
| Insurance | $21,477 |
| All other expenses | $11,338 |
| Total functional expenses | $1,110,220 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,744,499 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $473,519 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,523,863 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,495 |
| Net Land, buildings, and equipment | $234,076 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,905 |
| Total assets | $10,015,357 |
| Accounts payable and accrued expenses | $52,383 |
| Grants payable | $0 |
| Deferred revenue | $66,918 |
| 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 | $4,783,854 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,039,315 |
| Total liabilities | $5,942,470 |
| Net assets without donor restrictions | $3,287,997 |
| Net assets with donor restrictions | $784,890 |
| 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 | $10,015,357 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Forge Financing Ozark Rural Growth And Economy has recieved totaling $54,000.
| Awarding Organization | Amount |
|---|---|
Arkansas Community Foundation Inc Little Rock, AR PURPOSE: SUPPORT TECHNICAL ASSISTANCE FOR IMANI FUND BORROWERS AND PROSPECTIVE BORROWERS AND TO OFFSET THE COST OF CAPITAL FOR LENDING RELATED TO THE SOUTHERN CAPITAL PROJECT | $29,000 |
Arkansas Community Foundation Inc Little Rock, AR PURPOSE: TO SUPPORT TECHNICAL ASSISTANCE FOR BORROWERS OF THE IMANI FUND | $15,000 |
Arkansas Community Foundation Inc Little Rock, AR PURPOSE: TO SUPPORT TECHNICAL ASSISTANCE FOR BORROWERS OF THE IMANI FUND | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rural Enterprises Of Oklahoma Inc Durant, OK | $41,908,355 | $15,173,432 |
Black River Area Development Corporation Pocahontas, AR | $9,485,787 | $11,077,041 |
Missouri Incutech Foundation Rolla, MO | $1,463,624 | $4,973,546 |
Central Oklahoma Economic Development District Shawnee, OK | $5,863,107 | $4,724,858 |
Coordinating & Development Corp Louisiana Inc Bossier City, LA | $518,798 | $4,124,909 |
Urban Partnerships Community Development Corporation Pearland, TX | $13,389,393 | $5,000,952 |
Western Arkansas Planning And Fort Smith, AR | $1,883,659 | $2,141,077 |
Little Rock Workforce Development Board Little Rock, AR | $359,522 | $1,935,959 |
Pulaski County Growth Alliance Saint Robert, MO | $34,130 | $1,396,256 |
Southern Mutual Help Association Inc New Iberia, LA | $8,015,178 | $898,903 |
Forge Financing Ozark Rural Growth And Economy Huntsville, AR | $10,015,357 | $2,246,755 |
Texas Rural Funders Austin, TX | $461,661 | $1,275,314 |