First Rung Partners
- Assets
- $92.2k
- Revenue
- $29.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Beaufort, NC
- Founding
- Data as of
- 12/2022
- EIN
- 84-4692633
Organization Overview
First Rung Partners is located in Beaufort, NC. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Rung Partners 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 12/2022, First Rung Partners generated $29.6k in total revenue. All expenses for the organization totaled $10.5k during the year ending 12/2022. While expenses have increased by 61.4% 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTINUED COLLABORATION WITH CARTERET COMMUNITY COLLEGE'S SMALL BUSINESS CENTER TO ENHANCE PIPELINE OF ELIGIBLE APPLICANTS.
REVIEWED AND INTERVIEWED 8 APPLICANTS. APPROVED AND PROCESSED 4 LOANS; 1 WAS PENDING ON 12/31/2022. 1 APPROVED RECIPIENT WITHDREW APPLICATION; 2 APPLICANTS WERE DEFERRED FOR LACK OF ELIGIBILITY AND/OR QUALIFICATIONS. MET WITH 4 LOAN RECIPIENTS AT 6-MONTH MILESTONE AS LOAN REPAYMENT SCHEDULE BEGAN.
MET WITH RETIRED BUSINESS LEADERS, OTHER NONPROFIT ECONOMIC DEVELOPMENT AGENCIES, AND LOCAL SMALL BUSINESSES WITH APPLICABLE SKILLS IN ORDER TO CREATE REFERRALS AND ADVISORY TEAMS FOR LOAN RECIPIENTS IN THE EARLY STAGES OF THEIR BUSINESS DEVELOPMENT. INTRODUCED PROFESSIONALS TO RECIPIENTS (E.G. ACCOUNTING, MARKETING, RETAIL DESIGN).
ATTENDED DAY-LONG VIRTUAL CONFERENCE HELD BY NORTH CAROLINA SMALL BUSINESS DEVELOPMENT FUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura J S Benson President | 20 | $0 | |
Walter J Sliva Jr Vice President | 15 | $0 | |
Kendall E Sliva Secretary/treasurer | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $29,633 |
| Interest on Savings | $2 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $29,635 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $470 |
| Other expenses | $9,991 |
| Total operating and administrative expenses | $10,461 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $10,461 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,400 |
| Savings and temporary cash investments | $23,000 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $65,838 |
| Total assets | $92,238 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |