Forge Financing Ozark Rural Growth And Economy
- Assets
- $12.9m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 10
- Location
- Huntsville, AR
- Founding
- 04/1990
- Data as of
- 09/2023
- 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 09/2023, Forge Financing Ozark Rural Growth And Economy employed 10 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 09/2023, Forge Financing Ozark Rural Growth And Economy generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.6% each year . All expenses for the organization totaled $2.1m during the year ending 09/2023. While expenses have increased by 27.2% 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
TO ASSIST IN LONG TERM ECONOMIC GROWTH AND REVITALIZATION OF RURAL COMMUNITIES AND FARM RELATED ENTERPRISES IN THE OZARK REGION OF ARKANSAS, MISSOURI, OKLAHOMA, AND LOUISIANA.
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 102 LOANS VALUED AT 3,025,566 AND WAS RECOGNIZED AS THE ARKANSAS MICROLENDER OF THE YEAR. 58 LOANS WERE TO MINORITY ENTREPRENEURS, 60 LOANS WERE TO WOMEN, 5 LOANS WERE TO VETERENS, AND 56 LOANS WERE TO LOW-INCOME BORROWERS. 30 LOANS WERE IN RURAL CENSUS TRACTS AND 69 LOANS WERE IN URBAN CENSUS TRACTS. THE FORGE LOAN PORTOLIO CONSISTS OF 396 INDIVIDUAL LOANS VALUED AT 6,404,060.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Herb Culver Director | Trustee | 2 | $0 |
Jessica Fritts Secretary/tr | OfficerTrustee | 2 | $0 |
Greg Modica Director | Trustee | 2 | $0 |
James Morgan President | OfficerTrustee | 2 | $0 |
Mary Sanchez Vice Preside | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,616,455 |
| All other contributions, gifts, grants, and similar amounts not included above | $166,588 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,783,043 |
| Total Program Service Revenue | $0 |
| Investment income | $409,746 |
| 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 | $2,241,893 |
| 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 | $777,991 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $141,100 |
| Payroll taxes | $58,416 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,732 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,291 |
| Advertising and promotion | $56,336 |
| Office expenses | $27,346 |
| Information technology | $33,235 |
| Royalties | $0 |
| Occupancy | $16,941 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,010 |
| Interest | $89,272 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,825 |
| Insurance | $11,690 |
| All other expenses | $16,087 |
| Total functional expenses | $2,146,255 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,339,184 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $217,843 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,041,527 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,311 |
| Net Land, buildings, and equipment | $226,192 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,966 |
| Total assets | $12,877,023 |
| Accounts payable and accrued expenses | $286,558 |
| 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 | $6,778,395 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,306,023 |
| Total liabilities | $8,370,976 |
| Net assets without donor restrictions | $3,850,411 |
| Net assets with donor restrictions | $655,636 |
| 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 | $12,877,023 |