504 Capital Corporation
- Assets
- $3.8m
- Revenue
- $2.4m
- Investments
- $1.8m
- Employees
- 9
- Location
- Chesapeake, VA
- Founding
- 05/1985
- Data as of
- 09/2023
- EIN
- 54-1239624
Organization Overview
504 Capital Corporation is located in Chesapeake, VA. The organization was established in 1985. 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. As of 09/2023, 504 Capital Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 504 Capital 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.
For the year ending 09/2023, 504 Capital Corporation generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $1.9m during the year ending 09/2023. While expenses have increased by 10.0% per year over the past 7 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
TO PROVIDE SMALL BUSINESS ADMINISTRATION SECTION 504 LOANS
Describe the Organization's Program Activity:
Part 3 - Line 4a
504 CAPITAL CORPORATION HAS PROVIDED PERMANENT BELOW MARKET FINANCING TO SMALL BUSINESSES THROUGH US SBA 504 LOAN PROGRAMS. THESE SMALL BUSINESS OWNERS CONSIST OF MINORITY-OWNED, WOMEN-OWNED, AND VETERAN-OWNED BUSINESSES AND SOME WERE LOCATED IN THE FEDERALLY APPROVED REVITALIZATION AREAS WHO COULD NOT OBTAIN PERMANENT FINANCING WITHOUT ASSISTANCE FROM 504 CAPITAL CORPORATION. 504 CAPITAL CORPORATION OBTAINS DOCUMENTATION FROM THE BORROWER'S PRIMARY LENDER EXPLAINING THAT THEY WILL NOT FINANCE PROPOSED PROJECTS. THE DOCUMENTATION ALSO EXPLAINS THAT FINANCING IS REQUIRED FOR THE SMALL BUSINESS TO MOVE FORWARD. THE ASSISTANCE PROVIDED BY 504 CAPITAL CORPORATION RESULTED IN THE REBUILDING OF NEIGHBORHOODS TARGETED FOR PUBLIC INVESTMENT TO IMPROVE AND UPGRADE ECONOMIC CONDITIONS ON DEPRESSED AREAS. IT ALSO RESULTED IN THE CREATION OF NEW JOBS AND RETENTION OF A SIGNIFICANT NUMBER OF JOBS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brent Swanson President | OfficerTrustee | 40 | $254,000 |
Tara F Saunders Secretary | OfficerTrustee | 1 | $0 |
Joseph L Barnes Jr Treasurer | OfficerTrustee | 1 | $0 |
David S Jolley Director | Trustee | 1 | $0 |
Florence G Kingston Director | Trustee | 1 | $0 |
Bruce R Jones Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $2,247,851 |
| Investment income | $181,144 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$37,845 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,391,150 |
| 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. | $297,100 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $785,787 |
| Pension plan accruals and contributions | $116,035 |
| Other employee benefits | $130,310 |
| Payroll taxes | $70,778 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,746 |
| Fees for services: Accounting | $27,533 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,572 |
| Fees for services: Other | $7,500 |
| Advertising and promotion | $31,157 |
| Office expenses | $93,157 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $80,274 |
| Travel | $110,302 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,800 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,824 |
| Insurance | $13,161 |
| All other expenses | $8,335 |
| Total functional expenses | $1,897,942 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $343,827 |
| Savings and temporary cash investments | $1,256,040 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $59,020 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,019 |
| Net Land, buildings, and equipment | $28,854 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,812,513 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $252,705 |
| Total assets | $3,755,978 |
| Accounts payable and accrued expenses | $218,438 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $249,224 |
| Total liabilities | $467,662 |
| Net assets without donor restrictions | $3,288,316 |
| Net assets with donor restrictions | $0 |
| 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 | $3,755,978 |