Peninsula Industrial Finance Corporation
- Assets
- $1.7m
- Revenue
- $944.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Newport News, VA
- Founding
- 07/1948
- Data as of
- 12/2021
- EIN
- 54-6053130
Organization Overview
Peninsula Industrial Finance Corporation is located in Newport News, VA. The organization was established in 1948. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., 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. Peninsula Industrial Finance Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PENINSULA INDUSTRIAL FINANCE CORPORATION ASSISTS THE ECONOMIC GROWTH IN NEWPORT NEWS AND HAMPTON VA BY FINANCING LOANS THROUGH THE PENINSULA REVOLVING LOAN FUND PROGRAM AND THE PENINSULA CARES ACT FUND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PENINSULA REVOLVING LOAN FUND PROGRAM - TO PROVIDE LOANS TO COMPANIES IN ECONOMIC BASE INDUSTRIES LOCATED IN HAMPTON AND NEWPORT NEWS, VIRGINIA. THE LOANS ARE AVAILABLE TO FINANCE NEW FIXED ASSET INVESTMENTS.
PENINSULA CARES ACT FUND - LOANS TO ASSIST BUSINESSES IN NEWPORT NEWS AND HAMPTON, VIRGINIA TO ALLEVIATE SUDDEN AND SEVERE ECONOMIC DISLOCATION CAUSED BY COVID-19, TO PROVIDE PERMANENT RESOURCES TO SUPPORT ECONOMIC RESILIENCY, AND TO FURTHER THE LONG-TERM ECONOMIC ADJUSTMENT OBJECTIVES OF THE REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Florence Kingston Sec/treasure | OfficerTrustee | 0.5 | $0 |
Joycelyn Spight Roache Crc President & | Trustee | 0.5 | $0 |
Beth W Moore CPA VP & Vice Ch | Trustee | 0.5 | $0 |
Sylvia Weinstein Craft Director | Trustee | 0.5 | $0 |
James Peterson Director | Trustee | 0.5 | $0 |
Laura Sandford Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $895,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $895,000 |
| Total Program Service Revenue | $49,110 |
| Investment income | $79 |
| 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 | $944,189 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,550 |
| 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 | $1,280 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $29,713 |
| Total functional expenses | $43,543 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,987 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,250 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,632,883 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,696,120 |
| Accounts payable and accrued expenses | $12,550 |
| Grants payable | $0 |
| Deferred revenue | $12 |
| 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 | $0 |
| Total liabilities | $12,562 |
| Net assets without donor restrictions | $50,676 |
| Net assets with donor restrictions | $1,632,882 |
| 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 | $1,696,120 |
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