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. All expenses for the organization totaled $554.6k during the year ending 06/2022. While expenses have increased by 73.9% per year over the past 3 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
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Michael Croxson President/ceo | Officer | 10 | $0 |
Alexis Nelson Chairman | OfficerTrustee | 5 | $0 |
Tim Catlett Board Member | Trustee | 5 | $0 |
Ron Fischer Board Member | Trustee | 5 | $0 |
Doug Miskew Board Member | Trustee | 5 | $0 |
Amy Blackwell Board Member | Trustee | 5 | $0 |
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 |