People Incorporated Financial Services
- Assets
- $9.8m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Abingdon, VA
- Founding
- 11/2002
- Data as of
- 06/2022
- EIN
- 54-1989160
Organization Overview
People Incorporated Financial Services is located in Abingdon, VA. The organization was established in 2002. According to its NTEE Classification (S22) the organization is classified as: Neighborhood & Block Associations, 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. People Incorporated Financial Services 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, People Incorporated Financial Services generated $4.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $4.2m 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
TO PROMOTE THE ECONOMIC SELF-SUFFICIENCY AND A BETTER QUALITY OF LIFE FOR THE CITIZENS OF THE REGION THROUGH SMALL BUSINESS OWNERSHIP, JOB CREATION, AND ASSET DEVELOPMENT. IN SUPPORT OF THIS GOAL, PEOPLE FINANCIAL SERVICES PROVIDES BUSINESS AND FINANCIAL LITERACY TRAINING, INDIVIDUAL TECHNICAL ASSISTANCE, AND MARKETING SERVICES TO ENTREPRENEURS AND OTHERS THROUGHOUT THE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS LENDING: 58 ENTREPRENEURS RECEIVED SMALL BUSINESS DEVELOPMENT LENDING AND TRAINING SERVICES TO SUCCESSFULLY MANAGE THEIR OWN BUSINESS.
CONSUMER LENDING: 66 INDIVIDUALS RECEIVED FINANCIAL LITERACY TRAINING AND ACCESS TO AFFORDABLE FINANCING TO MEET THEIR SHORT TERM NEEDS.
BUSINESS AND FINANCIAL LITERACY TRAINING, INDIVIDUAL TECHNICAL ASSISTANCE, AND MARKETING SERVICES TO ENTREPRENEURS AND OTHERS THROUGHOUT THE REGION. 233 JOBS WERE CREATED OR RETAINED AS A RESULT OF COMMUNITY ECONOMIC DEVELOPMENT PROGRAM ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Mccracken Secretary | OfficerTrustee | $0 | |
Brian Phipps CEO | Officer | $0 | |
Janet Shrader VP Of Financ | Officer | $0 | |
Blly Taylor Vice-Chair | Trustee | $0 | |
Chris Shortridge Director | Trustee | $0 | |
Alice Meade Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,305,258 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,163,392 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,468,650 |
| Total Program Service Revenue | $0 |
| Investment income | $194,407 |
| 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 | $4,663,057 |
| 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 | $746,782 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $333,445 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,853 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,152,341 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,741,051 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $519,178 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,228,381 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $261 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $15,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,326,247 |
| Total assets | $9,830,118 |
| Accounts payable and accrued expenses | $190,803 |
| 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 | $2,120,637 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $49,496 |
| Total liabilities | $2,360,936 |
| Net assets without donor restrictions | $2,694,760 |
| Net assets with donor restrictions | $4,774,422 |
| 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 | $9,830,118 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that People Incorporated Financial Services has recieved totaling $215,000.
| Awarding Organization | Amount |
|---|---|
Appalachian Community Capital Corporation Christiansburg, VA PURPOSE: EMERGENCY BUSINESS ASSISTANCE GRANT | $115,000 |
Opportunity Finance Network Philadelphia, PA PURPOSE: COVID-19 GRANT | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Associations Institute Falls Church, VA | $13,548,237 | $18,621,219 |
Lake Linganore Association Inc New Market, MD | $10,199,975 | $5,995,596 |
People Incorporated Financial Services Abingdon, VA | $9,830,118 | $4,663,057 |
Little Rocky Run Homeowners Association Clifton, VA | $4,843,558 | $3,483,958 |
H Street Community Development Corp Washington, DC | $18,054,193 | $5,307,629 |
Marshall Heights Community Development Organization Washington, DC | $2,891,377 | $2,136,005 |
Community Association Managers Intl Certification Board Inc Falls Church, VA | $3,242,861 | $1,625,853 |
Cheers Richmond, VA | $869,139 | $1,586,686 |
Community Associations Institute Falls Church, VA | $1,258,940 | $1,448,607 |
Overlee Community Association Inc Arlington, VA | $5,817,642 | $1,366,825 |
Owl Creek Community Association Inc Louisville, KY | $2,501,043 | $840,293 |
Long Reach Community Association Inc Columbia, MD | $852,759 | $852,995 |