Carolina Small Business Development Fund
- Assets
- $42.8m
- Revenue
- $6.4m
- Investments
- $0.0
- Employees
- 34
- Location
- Raleigh, NC
- Founding
- 11/1990
- Data as of
- 06/2022
- EIN
- 58-1903219
Organization Overview
Carolina Small Business Development Fund is located in Raleigh, NC. The organization was established in 1990. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2022, Carolina Small Business Development Fund employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolina Small Business Development 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 06/2022, Carolina Small Business Development Fund generated $6.4m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $6.3m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.3%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Carolina Small Business Development Fund has awarded 123 individual grants totaling $1,023,055. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES BY PROVIDING CAPITAL, BUSINESS SERVICES, AND POLICY RESEARCH TO SUPPORT SMALL BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CAROLINA SMALL BUSINESS DEVELOPMENT FUND IS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). IN 2010, THE ORGANIZATION LAUNCHED ITS SMALL BUSINESS REVOLVING LOAN FUND PROGRAM (SBRLF), TARGETING UNDERSERVED COMMUNITIES AND POPULATIONS THAT FIND IT DIFFICULT TO ACCESS CAPITAL. THE ORGANIZATION ALSO PROVIDES FINANCIAL TRAINING AND TECHNICAL ASSISTANCE TO START-UPS AND EXISTING BUSINESSES AND LENDING SERVICES TO COMMUNITY-BASED ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Dick President & | Officer | 40 | $144,188 |
Mark Royster Chief Credit | Officer | 40 | $119,618 |
Krystin Jorgenson Former CFO | Officer | 40 | $102,993 |
John Sabiston CFO | Officer | 40 | $10,050 |
Ted Archer Board Vice C | OfficerTrustee | 1 | $0 |
Arnold Alston Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,828,804 |
| All other contributions, gifts, grants, and similar amounts not included above | $277,968 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,106,772 |
| Total Program Service Revenue | $2,243,745 |
| Investment income | $10,887 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $55,176 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,416,650 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,000 |
| 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. | $450,405 |
| Compensation of current officers, directors, key employees. | $138,471 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,727,644 |
| Pension plan accruals and contributions | $80,567 |
| Other employee benefits | $190,352 |
| Payroll taxes | $174,769 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $202,611 |
| Fees for services: Accounting | $158,119 |
| Fees for services: Lobbying | $164,764 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $419,359 |
| Advertising and promotion | $21,199 |
| Office expenses | $88,530 |
| Information technology | $132,611 |
| Royalties | $0 |
| Occupancy | $170,829 |
| Travel | $49,627 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,301 |
| Interest | $580,217 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,349 |
| Insurance | $50,045 |
| All other expenses | $70,627 |
| Total functional expenses | $6,271,251 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,641,465 |
| Savings and temporary cash investments | $1,033,300 |
| Pledges and grants receivable | $2,091,149 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,257,397 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $87,330 |
| Net Land, buildings, and equipment | $2,302 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $27,703,356 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,816,299 |
| Accounts payable and accrued expenses | $185,926 |
| Grants payable | $0 |
| Deferred revenue | $377,046 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $9,259,045 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $18,532,515 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $28,354,532 |
| Net assets without donor restrictions | $12,120,465 |
| Net assets with donor restrictions | $2,341,302 |
| 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 | $42,816,299 |
Grants Awarded
Over the last fiscal year, Carolina Small Business Development Fund has awarded $1,023,055 in support to 123 organizations.
| Grant Recipient | Amount |
|---|---|
36 CHAMBERS MARTIAL ARTS & FITNESS PURPOSE: CSBDF BORROWER GRANT | $8,000 |
919 ISLAND CUISINE INC PURPOSE: CSBDF BORROWER GRANT | $8,000 |
A STEP ABOVE CLEANING SERVICE LLC PURPOSE: CSBDF BORROWER GRANT | $8,000 |
A1 SHARPER IMAGE TRUCKIN LLC PURPOSE: CSBDF BORROWER GRANT | $8,000 |
AMELIORON CORPORATION PURPOSE: CSBDF BORROWER GRANT | $8,000 |
ANDRE DEVONN MARTIN PURPOSE: CSBDF BORROWER GRANT | $8,000 |