Climb Fund
- Assets
- $29.7m
- Revenue
- $3.1m
- Investments
- $4.4m
- Employees
- 21
- Location
- Charleston, SC
- Founding
- 06/2019
- Data as of
- 09/2022
- EIN
- 57-0707663
Organization Overview
Climb Fund is located in Charleston, SC. The organization was established in 2019. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Climb Fund employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Climb Fund 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 09/2022, Climb Fund generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.9% each year . All expenses for the organization totaled $1.8m during the year ending 09/2022. While expenses have increased by 19.8% per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE CORPORATION IS TO FURTHER ECONOMIC DEVELOPMENT TO PROMOTE AND ASSIST IN THE GROWTH AND DEVELOPMENT OF BUSINESS CONCERNS AND TO ENGAGE IN THOSE ACTIVITIES WHICH ARE IN FURTHERANCE OF OR RELATED TO THOSE PURPOSES
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING PROGRAMSBUSINESS BUILDER LOANS, SBA MICROLOAN PROGRAM, SMALL BUSINESS LOAN PROGRAM, REAL ESTATE LOANS, LINE OF CREDIT, AND QUICK RECOVERY LOAN PROGRAMS PROVIDE FUNDING TO ELIGIBLE BUSINESSES WITHIN THE ORGANIZATION'S SERVICE AREA TO MEET MOST NEEDS THAT THOSE BUSINESSES MAY HAVE. ALTHOUGH THE FUND DOES NOT COMPETE WITH THE COMMERCIAL LENDERS, IT WORKS IN COLLABORATION WITH THE LOCAL BANKS AND ALL SMALL BUSINESS RESOURCES IN THE COMMUNITY.
TECHNICAL ASSISTANCE PROGRAMTECHNICAL ASSISTANCE PROGRAMCOUPLED WITH ITS LOAN PRODUCTS, THE ORGANIZATION PROVIDES BOTH PRE-LOAN COUNSELING TO PROSPECTIVE APPLICANTS AND INTENSIVE POST-LOAN DEVELOPMENTAL SERVICES TO ITS BORROWERS. SUCH ASSISTANCE OCCURS IN VARIOUS FORUMS: ONE-ON-ONE COUNSELING, GROUP SESSIONS, WORKSHOPS, SEMINARS, CLASSES, EXHIBITIONS, AND SITE VISITS. MANY OF THE GROUP SESSIONS ARE CONDUCTED IN COLLABORATION WITH LOCAL COMMUNITY RESOURCES SUCH AS SBDC, SCORE, OR THE SBA, JUST TO NAME A FEW. THROUGHOUT THE YEAR, THE ORGANIZATION PROVIDED OVER 1,700 ENTREPRENEURS SOME LEVEL OF TECHNICAL ASSISTANCE AT MORE THAN 130 SEMINARS, WORKSHOPS, OR NETWORKING EVENTS.THE ORGANIZATION VIEWS ITS ONE-ON-ONE TECHNICAL ASSISTANCE AS CRITICAL TO PROVIDING A FOUNDATION FOR SUCCESS AND OFFERS SUCH ASSISTANCE THROUGH SEVERAL VEHICLES OF DELIVERY TO INCLUDE CONSULTANT TEAM, STAFF, AND ITS COMMUNITY RESOURCES. THE CONSULTANT TEAM ALLOWS THE ORGANIZATION TO PROVIDE SPECIALIZED TRAINING BY OFFERING BOOKKEEPING AND QUICKBOOKS TRAINING AND BUSINESS COUNSELING THROUGH ITS SITE VISIT PROGRAM. DURING THE YEAR, 248 BUSINESSES HAVE RECEIVED ALMOST 4,000 HOURS OF SPECIALIZED TRAINING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cynthia Rourk CEO | Officer | 40 | $145,103 |
Cary Middleton Director | Trustee | 5 | $0 |
Chad Yonce Director | OfficerTrustee | 5 | $0 |
Kerri Chisholm Director | OfficerTrustee | 5 | $0 |
David Harper Director | Trustee | 5 | $0 |
Casdell E Singleton Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,497,425 |
| 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 | $2,497,425 |
| Total Program Service Revenue | $1,080,729 |
| Investment income | $177,871 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$673,765 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,082,260 |
| 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. | $137,500 |
| Compensation of current officers, directors, key employees. | $20,625 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $669,301 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $165,984 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $202,117 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $73,991 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,885 |
| Insurance | $25,424 |
| All other expenses | $0 |
| Total functional expenses | $1,767,939 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,218,094 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $254,731 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,056,859 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,063 |
| Net Land, buildings, and equipment | $759,485 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,391,003 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $29,703,235 |
| Accounts payable and accrued expenses | $98,078 |
| 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 | $5,698,101 |
| Other liabilities | $1,909,472 |
| Total liabilities | $7,705,651 |
| Net assets without donor restrictions | $12,649,158 |
| Net assets with donor restrictions | $9,348,426 |
| 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 | $29,703,235 |