Carolina Farm Trust Inc
- Assets
- $8.1m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 22
- Location
- Cornelius, NC
- Founding
- 06/2015
- Data as of
- 12/2023
- EIN
- 47-4089099
Organization Overview
Carolina Farm Trust Inc is located in Cornelius, NC. The organization was established in 2015. According to its NTEE Classification (K25) the organization is classified as: Farmland Preservation, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 12/2023, Carolina Farm Trust Inc employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolina Farm Trust Inc 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 12/2023, Carolina Farm Trust Inc generated $5.5m in total revenue. All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 46.8% per year over the past 5 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
CAROLINA FARM TRUST WORKS TO BRING FRESH, BOUNTIFUL, LOCALLY-GROWN FOOD TO YOUR PLATE. OUR APPROACH IS COMPREHENSIVE AND COLLABORATIVE. WE WORK ALONGSIDE OUR PARTNERS, FARMERS AND GROWERS, FARMS, MARKETS, AND CONSUMERS AS WE STRIVE TO MAKE OUR REGION A GLOBAL LEADER IN LOCAL FOOD PRODUCTION AND CONSUMPTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CAROLINA FARM TRUST HELPS FARMERS OVERCOME THEIR CHALLENGES TO BRING BOUNTIFUL, BEAUTIFUL FOOD TO OUR PLATES. CAROLINA FARM TRUST SUPPORTS SMALL, COMMUNITY FARMERS IN A DIRECT MANNER BY HELPING THEM PURCHASE EQUIPMENT, LEASE OR PURCHASE LAND, AND REACH CUSTOMERS THROUGH CREATIVE MARKETING CAMPAIGNS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Zack Wyatt CEO | OfficerTrustee | 40 | $125,000 |
Erin Barbee Past Immediate Board Chair | Trustee | 1 | $0 |
Jaylon Herbin Member | Trustee | 1 | $0 |
Elizabeth Anne Dover Member | Trustee | 1 | $0 |
Tori Kaplan Interm Board Chair | Trustee | 1 | $0 |
Jennifer Morgan Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,125,321 |
| All other contributions, gifts, grants, and similar amounts not included above | $310,903 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,436,224 |
| Total Program Service Revenue | $186,677 |
| Investment income | $708 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$113,942 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,509,667 |
| 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. | $125,000 |
| Compensation of current officers, directors, key employees. | $62,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $488,234 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,692 |
| Payroll taxes | $45,191 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,280 |
| Fees for services: Accounting | $43,235 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $211,669 |
| Advertising and promotion | $62,756 |
| Office expenses | $11,217 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $64,369 |
| Travel | $58,507 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,900 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $96,907 |
| Insurance | $41,496 |
| All other expenses | $99,643 |
| Total functional expenses | $1,651,450 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $991,217 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,756 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,976,173 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,160,493 |
| Total assets | $8,134,639 |
| Accounts payable and accrued expenses | $1,321,074 |
| 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 | $157,817 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,069,117 |
| Total liabilities | $3,548,008 |
| Net assets without donor restrictions | $4,538,729 |
| Net assets with donor restrictions | $47,902 |
| 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 | $8,134,639 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Carolina Farm Trust Inc Cornelius, NC | $8,134,639 | $5,509,667 |
Operation Spring Plant Oxford, NC | $540,635 | $561,005 |
Georgia Agricultural Land Trust Inc Bremen, GA | $16,846,058 | $290 |
Southern Sustainable Agriculture Working Group Inc Jonesborough, TN | $0 | $10,226 |
South Carolina Farm Bureau Land Trust Inc Columbia, SC | $125,149 | $0 |