True Access Capital Corporation
- Assets
- $24.4m
- Revenue
- $3.8m
- Investments
- $48.6k
- Employees
- 19
- Location
- Wilmington, DE
- Founding
- 03/1993
- Data as of
- 12/2023
- EIN
- 51-0345258
Organization Overview
True Access Capital Corporation is located in Wilmington, DE. The organization was established in 1993. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, True Access Capital Corporation employed 19 individuals. This organization is the central organization for a national or regional group of organizations. True Access Capital Corporation 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, True Access Capital Corporation generated $3.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.9% each year . All expenses for the organization totaled $3.4m during the year ending 12/2023. While expenses have increased by 13.5% per year over the past 8 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.
Since 2017, True Access Capital Corporation has awarded 32 individual grants totaling $715,850. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
BUILDING A THRIVING COMMUNITY BY EMPOWERING A DIVERSE BASE OF ENTREPRENEURS AND BUSINESSES THROUGH ACCESS TO CAPITAL, EDUCATION, ADVOCACY AND OPPORTUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2023, TRUE ACCESS CAPITAL CORPORATION MADE NEW LOANS AS FOLLOWS: MICRO LOAN FUND - $299,500, BUSINESS GROWTH FUND - $1,739,500, COMMUNITY DEVELOPMENT LOAN FUND - $1,109,000. SMALL BUSINESS LOANS - ONE OF TACC'S PRIMARY OBJECTIVES IS PROVIDING FINANCING AND SUPPORT SERVICES FOR SMALL BUSINESS ENTERPRISES. THROUGH THIS PROGRAM, TACC CREATES JOBS AND BUILDS WEALTH IN EMERGING MARKETS THROUGHOUT THE STATE OF DELAWARE AND SOUTHEASTERN PENNSYLVANIA. TACC HAS TWO PRIMARY SMALL BUSINESS LENDING PROGRAMS - THE MICRO LOAN FUND AND THE BUSINESS GROWTH FUND. THE COMMUNITY DEVELOPMENT FUND FOCUSES ON PROVIDING CAPITAL FOR COMMUNITY-BASED PROJECTS, SUCH AS MIXED-USE PROPERTIES (RESIDENTIAL & RETAIL), NOT-FOR-PROFIT ORGANIZATIONS OTHER THAN HOUSING DEVELOPERS,CHILD CARE CENTERS AND OTHER COMMUNITY FACILITIES. THIS FUND PROVIDES UP TO $500,000 PER OBLIGOR WITH A MAXIMUM TERM OF FIVE YEARS. THE OBJECTIVE OF THE COMMUNITY DEVELOPMENT LOAN PROGRAM IS TO ADDRESS ALL OTHER LENDING THAT DOES NOT FALL SPECIFICALLY WITHIN THE PARAMETERS OF THE AFFORDABLE HOUSING OR SMALL BUSINESS LENDING PRODUCTS. THROUGH THE COMMUNITY DEVELOPMENT LENDING PRODUCT TACC IS EMPOWERED TO BRING SOME BENEFIT TO A PARTICULAR COMMUNITY IN THE FORM OF, FOR EXAMPLE, A NEW CHILD CARE CENTER, A HEALTH CARE PROVIDER, OR BY ASSISTING WITH THE PURCHASE OR REHABILITATION OF OFFICE SPACE FOR A NON-PROFIT ORGANIZATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul B Hughes III Chair | OfficerTrustee | 1 | $0 |
Rachael Mears Treasurer | OfficerTrustee | 1 | $0 |
Pedro Viera Jr Board Member | Trustee | 1 | $0 |
Judith M Scarborough CPA CVA Cff Vice Chair | OfficerTrustee | 1 | $0 |
Sheryl Scanlon Edd Board Member | Trustee | 1 | $0 |
Emanuel V Deshields Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $20,350 |
| Related organizations | $0 |
| Government grants | $1,784,702 |
| All other contributions, gifts, grants, and similar amounts not included above | $526,386 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,331,438 |
| Total Program Service Revenue | $1,380,301 |
| Investment income | $96,480 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,746 |
| Net Gain/Loss on Asset Sales | -$13,875 |
| Net Income from Fundraising Events | -$32,215 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,780,450 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $117,148 |
| 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. | $184,061 |
| Compensation of current officers, directors, key employees. | $15,606 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,021,783 |
| Pension plan accruals and contributions | $12,336 |
| Other employee benefits | $87,504 |
| Payroll taxes | $90,965 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $55,038 |
| Fees for services: Accounting | $39,626 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $517,558 |
| Advertising and promotion | $10,707 |
| Office expenses | $79,490 |
| Information technology | $67,293 |
| Royalties | $0 |
| Occupancy | $42,287 |
| Travel | $19,826 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,992 |
| Interest | $374,234 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,777 |
| Insurance | $39,728 |
| All other expenses | $7,450 |
| Total functional expenses | $3,391,054 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $617,316 |
| Savings and temporary cash investments | $9,850,458 |
| Pledges and grants receivable | $58,562 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,463,589 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $55,654 |
| Net Land, buildings, and equipment | $50,382 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $48,571 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $254,247 |
| Total assets | $24,398,779 |
| Accounts payable and accrued expenses | $140,574 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $201,721 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,204,367 |
| Unsecured mortgages and notes payable | $1,000,000 |
| Other liabilities | $155,438 |
| Total liabilities | $13,702,100 |
| Net assets without donor restrictions | $5,462,631 |
| Net assets with donor restrictions | $5,234,048 |
| 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 | $24,398,779 |
Grants Awarded
Over the last fiscal year, True Access Capital Corporation has awarded $116,800 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
TACO HOUSE PURPOSE: CORRIDOR REVITALIZATION FUND GRANT | $16,800 |
JUMPING JACKS PURPOSE: EMPOWERMENT FUND | $10,000 |
OSARO & DADDYS PURPOSE: EMPOWERMENT FUND GRANT | $20,000 |
CORNERSTONE WEST CDC PURPOSE: CORRIDOR REVITALIZATION FUND GRANT | $50,000 |
THE POST WILMINGTON PURPOSE: EMPOWERMENT FUND GRANT | $20,000 |