Overview
What is Shared Interest Inc?
Shared Interest Inc is a nonprofit organization situated in New York, with a mission to foster equitable development in post-apartheid South Africa and its neighboring countries. They achieve this by guaranteeing bank loans to low-income borrowers, enabling them to support their families, build or expand homes, or establish businesses. This, in turn, generates employment opportunities within their communities. The organization's activities are backed by outstanding agreements, securing commercial loans for small and growing businesses, agricultural enterprises, and micro-finance institutions in the Southern Africa region. This risk-sharing initiative encourages local non-bank financial institutions and alternative lenders to invest in small business finance and lending to economically disadvantaged individuals. Shared Interest Inc relies on US-custodied investments, funded by loans and donations from American individuals, family foundations, faith-based institutions, healthcare systems, and other investors, who accept concessionary financial returns in exchange for the social impact created by the organization. The organization currently employs 6 individuals.
Official website here: www.sharedinterest.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 85% (Three-Star out of Four Star rating)
Shared Interest Inc has received an 85% score from Charity Navigator, indicating a solid level of accountability and finance management. The rating is based entirely on their performance in the Accountability & Finance category, which they excelled in, demonstrating a commitment to transparency and responsible financial practices.
The organization stands out for having a fully independent board, with all 21 members meeting the independence criteria, and it shows strong governance practices, including a comprehensive conflict of interest policy and whistleblower policy. Their program expense ratio is impressive at 79.11%, reflecting a focus on directing funds toward their mission-related activities.
While the financial health indicators are strong, specific limitations or areas for improvement were not highlighted in the data. Generally, Shared Interest Inc appears to maintain a robust operational structure that prioritizes accountability, although further insights into program impact and outcomes would provide a more comprehensive view of their overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Shared Interest Inc legitimate?
Shared Interest Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Shared Interest Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $185,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $414,228
For more financial information, click here
Official website here: www.sharedinterest.org
What is the mission statement of Shared Interest Inc?
Shared Interest Inc's mission is centered around the equitable development of post-apartheid South Africa and neighboring countries. The organization achieves this by guaranteeing bank loans to low-income borrowers, enabling them to support their families, construct or expand their homes, or start businesses. This, in turn, generates employment opportunities within their communities. Shared Interest Inc's primary objective is to promote social reconstruction in the region by facilitating access to credit for individuals who have traditionally been considered unbankable by mainstream financial institutions. Without their loan guarantees, a significant portion of the population in Southern Africa would continue to be economically marginalized.
Official website here: www.sharedinterest.org
Who is the CEO of Shared Interest Inc?
Amye Jameson is the Director of Shared Interest Inc.
Official website here: www.sharedinterest.org
What is the revenue of Shared Interest Inc?
Shared Interest Inc's revenue in 2022 was $1,239,659.
Official website here: www.sharedinterest.org
Who are the executives of Shared Interest Inc and what are their salaries?
The average compensation at Shared Interest Inc during 2022 was $99,871. There are 6 employees and 6 volunteers at Shared Interest Inc.
Here are 22 key members and their salaries:
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Official website here: www.sharedinterest.org
Where can I find the form 990 for Shared Interest Inc?
Shared Interest Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sharedinterest.org
Learn more at the official website: www.sharedinterest.org
Mission Statement of Shared Interest Inc
Shared Interest Inc, a nonprofit organization, aims to foster equitable development in post-apartheid South Africa and neighboring countries. Their mission is to guarantee bank loans for low-income borrowers, enabling them to support their families, construct or expand their dwellings, or establish businesses. These ventures, in turn, generate employment opportunities for others within their communities.
The organization recognizes the historical reluctance of mainstream banks and financial institutions to extend credit to a segment of the population they deem 'un-bankable'. This majority of Southern African citizens would continue to be economically marginalized without the loan guarantees provided by Shared Interest Inc. By facilitating access to credit through these guarantees, the organization plays a significant role in promoting social reconstruction in the region.
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Impact
October, 2024
Shared Interest Inc significantly contributes to the equitable development of post-apartheid South Africa and neighboring countries by facilitating access to credit for low-income borrowers. By guaranteeing bank loans, the organization empowers individuals to support their families, build or expand their homes, and start businesses, ultimately generating employment opportunities within their communities.
With an aggregate exposure of approximately $3.86 million in loan guarantees, Shared Interest Inc has enabled a considerable increase in lending. Since the guarantees are structured to cover no more than 75% of the loans, they have successfully unlocked additional capital, resulting in total lending that exceeds the initial amount guaranteed. This risk-sharing model has provided critical confidence to local financial institutions, encouraging them to invest in small businesses and economically disenfranchised individuals.
The organization employs a reliable trans-border mechanism of standby bank letters of credit to execute its guarantee program. Through this approach, Shared Interest Inc forms partnerships with southern African non-bank financial institutions and alternative lenders, fostering a supportive environment for small business finance. Additionally, its funding structure—sourced from loans and donations from American individuals, family foundations, faith-based institutions, and other investors—reinforces its mission to create social impact while accepting concessionary financial returns.
By bridging the gap between traditional lending institutions and underserved populations, Shared Interest Inc plays a vital role in promoting social reconstruction and improving the socioeconomic landscape in the regions it serves.
This information is meant to be a general summary of Shared Interest Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $190,588
- Program Service Revenue: $182,913
- Gross Receipts: $1,260,626
Assets and Liabilities:
- Total Assets: $14,330,122
- Total Liabilities: $12,282,917
- Net Assets: $2,047,205
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EARNED INTEREST RETURN
Revenue
$182,913
Organization Details
Founding Year
1995
Phone
(212) 337-8547Principal Officer
Amye Jameson
Main Address
1412 BROADWAY 21ST FLOOR MA 126, NEW YORK, NY, 10018
Website
www.sharedinterest.orgNTEE Category
Code: Q320 - International
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