Cares Project Inc
- Assets
- $504.6k
- Revenue
- $424.6k
- Investments
- $0.0
- Employees
- 4
- Location
- Winstonsalem, NC
- Founding
- 09/2016
- Data as of
- 12/2023
- EIN
- 81-2944362
Organization Overview
Cares Project Inc is located in Winstonsalem, NC. The organization was established in 2016. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 12/2023, Cares Project Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cares Project 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, Cares Project Inc generated $424.6k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.1% each year . All expenses for the organization totaled $241.9k during the year ending 12/2023. While expenses have increased by 19.5% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CARES PROJECT, INC. IS A NON-PROFIT CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION SERVING PEOPLE WITH INCOMES AT OR BELOW EIGHT PERCENT OF THE AREA MEDIAN FAMILY INCOME WHO LIVE IN FORSYTH, DAVIE, AND DAVIDSON COUNTIES. THE ORGANIZATION'S MISSION IS TO HELP LOW INCOME INDIVIDUALS AND FAMILIES BECOME FINANCIALLY SECURE THROUGH CAR OWNERSHIP BY MAKING COMMUNITY-FUNDED VEHICLE LOANS AND BY BUILDING SKILLS THROUGH FINANCIAL AND CREDIT COACHING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION MADE COMMUNITY-FUNDED VEHICLE LOANS TO 25 LOW INCOME, CREDIT-CHALLENGED WORKING ADULTS, WHICH ASSISTED THEM AND THEIR FAMILIES IN BECOMING FINANCIALLY SECURE THROUGH CAR OWNERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Larowe President | OfficerTrustee | 2 | $0 |
Tamara Taylor Vice President | OfficerTrustee | 2 | $0 |
Michelle Younts Treasurer | OfficerTrustee | 2 | $0 |
Rick Hall Secretary | OfficerTrustee | 2 | $0 |
Fred Bazemore Director | Trustee | 1 | $0 |
Neal Cheek Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $57,263 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $275,619 |
| All other contributions, gifts, grants, and similar amounts not included above | $71,768 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $404,650 |
| Total Program Service Revenue | $19,871 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $424,564 |
| 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. | $78,630 |
| Compensation of current officers, directors, key employees. | $15,726 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $47,849 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,576 |
| Payroll taxes | $9,660 |
| 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 | $12,705 |
| Advertising and promotion | $695 |
| Office expenses | $964 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,709 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,123 |
| Insurance | $24,530 |
| All other expenses | $2,992 |
| Total functional expenses | $241,947 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,811 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $28,055 |
| Accounts receivable, net | $426 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $387,075 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,674 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $41,511 |
| Total assets | $504,552 |
| Accounts payable and accrued expenses | $4,315 |
| 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 | $58,311 |
| Total liabilities | $62,626 |
| Net assets without donor restrictions | $389,871 |
| Net assets with donor restrictions | $52,055 |
| 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 | $504,552 |