PEOPLE INCORPORATED FINANCIAL SERVICES INC

EIN: 541989160 501(c)(3) Community Improvement

ABINGDON, VA

Total Revenue
$3,542,230
Total Expenses
$2,623,189
Total Assets
$8,083,485
Net Assets
$5,605,631
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
2000
Legal Domicile
VA
Principal Officer
BRYAN PHIPPS
Phone
2766239000
Tax Period
2024-07-01 to 2025-06-30

PEOPLE INCORPORATED FINANCIAL SERVICES INC, founded in 2000, is a community nonprofit in the Community Improvement sector that reported $3.4M in total revenue in fiscal year 2017. Revenue surged 75% from the prior year, signaling strong growth momentum.

Mission

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.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,155,175
Program Service Revenue $1,960,786
Investment Income $373,430
Other Revenue $52,839
TOTAL REVENUE $3,542,230

Expense Breakdown

Grants Paid $0
Salaries & Benefits $980,224
Fundraising Expenses $0
Program Expenses $2,492,477
Other Expenses $1,642,965
TOTAL EXPENSES $2,623,189

Year-over-Year Comparison

2024 2023 Change
Revenue $3,542,230 $2,174,921 +0.6%
Expenses $2,623,189 $2,297,356 +0.1%
Net Income $919,041 $-122,435 -8.5%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
7
Independent Members
7
Employees
N/A
Volunteers
10

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$200,696
Total Directors
9
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BRYAN PHIPPS PRESIDENT/CEO 1.00
Officer
$0 $3,634 $200,696
CHARLOTTE MULLINS CHAIR 1.00
Officer Director
$0 $0 $0
BILLY TAYLOR VICE-CHAIR 1.00
Officer Director
$0 $0 $0
SHELIA COMBS TUGGLE TREASURER (THRU 05/2025) 1.00
Officer Director
$0 $0 $0
DAVID MCCRACKEN SECRETARY 1.00
Officer Director
$0 $0 $0
WILLIAM BUTLER DIRECTOR 1.00
Director
$0 $0 $0
PEGGY KISER DIRECTOR 1.00
Director
$0 $0 $0
ALICE MEADE DIRECTOR 1.00
Director
$0 $0 $0
JAN SELBO DIRECTOR 1.00
Director
$0 $0 $0
CHRIS SHORTRIDGE DIRECTOR (THRU 07/2025) 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $3,542,230 $2,623,189 $8,083,485 $919,041
2024 $2,174,921 $2,297,356 $8,688,506 $-122,435
2023 $3,189,156 $2,848,713 $11,055,198 $340,443
2022 $4,663,057 $4,152,341 $9,830,118 $510,716
2021 $2,723,664 $2,140,388 $9,480,957 $583,276
2020 $2,329,666 $2,059,639 $8,772,148 $270,027
2019 $1,662,856 $1,591,052 $7,935,513 $71,804
2018 $3,441,153 $3,401,759 $8,130,113 $39,394
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