Carolina Community Impact Inc
- Assets
- $1.5m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 02/2019
- Data as of
- 06/2022
- EIN
- 82-3990062
Organization Overview
Carolina Community Impact Inc is located in Raleigh, NC. The organization was established in 2019. According to its NTEE Classification (P50) the organization is classified as: Personal Social Services, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolina Community Impact 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 06/2022, Carolina Community Impact Inc generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 43.5% each year . All expenses for the organization totaled $554.6k during the year ending 06/2022. 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
CAROLINA COMMUNITY IMPACT, INC. (CCI) IS A NON-PROFIT ORGANIZATION THAT PROVIDES ACCESS TO CREDIT AND ASSET-BUILDING TECHNIQUES FOR INDIVIDUALS AND SMALL BUSINESSES. OUR MISSION IS TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT BY PROVIDING FINANCIAL PROGRAMS AND SERVICES FOR LOW AND MODERATE-INCOME CLIENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING FY 2022, CCI ORIGINATED MORE THAN $4.87 MILLION IN LOANS TO SMALL BUSINESSES THAT WERE FINANCIALLY DEVASTATED BY THE COVID-19 PANDEMIC, USING LEAD FUNDING FROM THE STATE OF NORTH CAROLINA'S RAPID RESPONSE PROGRAM (RRP). WE USED OUR PARTICIPATION IN NORTH CAROLINA'S RRP TO CATALYZE CCI'S TRANSFORMATION FROM A REGIONAL CDFI INTO A STATEWIDE LENDER.WE ALSO RECOGNIZED THE NECESSITY OF PROVIDING MINORITY ENTREPRENEURS AND SMALL BUSINESS OWNERS WITH ANOTHER SOURCE OF LOANS AT A 0% INTEREST RATE AS WELL AS EXTENSIVE TECHNICAL ASSISTANCE SERVICES, TO HELP STRENGTHEN THEIR FIRM IN THE AFTERMATH OF COVID-19.OF THE 93 SMALL BUSINESS LOANS THAT WE ORIGINATED IN FY 2022, 55 (OR 59%) WERE PROVIDED TO MINORITY-OWNED OR CONTROLLED FIRMS. HOWEVER, THE DOLLAR AMOUNT OF THESE ORIGINATIONS TOTALED $1.15 MILLION OR 23% OF CCI'S SMALL BUSINESS LOANS IN FY 2022, WHICH WAS $4,936,550.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alexis Nelson Chairman | OfficerTrustee | 5 | $0 |
Michael Croxson President/ceo | Officer | 10 | $0 |
Tim Catlett Board Member | Trustee | 5 | $0 |
Ron Fischer Board Member | Trustee | 5 | $0 |
Jennifer Simpson Board Member | Trustee | 5 | $0 |
Amy Blackwell Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $344,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $610,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $954,000 |
| Total Program Service Revenue | $73,189 |
| Investment income | $33,333 |
| 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 | $1,063,640 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $383,538 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $135,031 |
| Advertising and promotion | $8,754 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $706 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,289 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $554,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $461,597 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $24,651 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $949,495 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,500 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,458,243 |
| Accounts payable and accrued expenses | $43,279 |
| Grants payable | $0 |
| Deferred revenue | $250,000 |
| 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 | $199,754 |
| Total liabilities | $493,033 |
| Net assets without donor restrictions | $965,210 |
| 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 | $1,458,243 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Carolina Community Impact Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Texas Community Capital Austin, TX PURPOSE: INCREASE CLC NETWORK | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lumbee Land Development Inc Pembroke, NC | $104,644,049 | $36,954,542 |
Georgia Investor Action Fund Inc Atlanta, GA | $1,202,318 | $9,887,043 |
E C Canada & Associates Inc Greensboro, NC | $229,550 | $4,504,238 |
Narrow Gate Foundation Duck River, TN | $1,833,553 | $2,973,441 |
Intown Collaborative Ministries Atlanta, GA | $816,682 | $2,226,002 |
Hunter Lewis Foundation Edinburg, VA | $11,546,934 | $10,116 |
Easter Seals East Georgia Inc Augusta, GA | $1,886,077 | $733,248 |
The Path Project Inc Monroe, GA | $774,045 | $1,370,431 |
Partners For Children & Families Inc Carthage, NC | $127,115 | $1,146,868 |
Dress For Success Triangle Nc Raleigh, NC | $1,069,015 | $1,461,696 |
Atlas Ministry Inc Greensboro, GA | $5,570,010 | $1,405,674 |
Family Justice Center Of Georgetown And Horry Counties Georgetown, SC | $3,265,954 | $2,554,337 |