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Nonprofiteer
← THREAD CAPITAL

Form 990 for tax year 2024

Filed by THREAD CAPITAL.

Totals

Total revenue
$1,612,726
Total expenses
$4,458,425
Contributions and grants received
$45,000
Grants paid
$3,276,208
Program service revenue
$1,446,951
Investment income
$120,775
Other revenue
$0
Total assets, end of year
$11,672,551
Total liabilities, end of year
$2,952,788
Net assets or fund balances, end of year
$8,719,763
Program services expenses (Part IX)
$4,201,016
Management and general expenses
$257,409
Fundraising expenses
$0
Program service expenses (Part III)
$4,201,016

Program services were 94.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $45,000

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $1,420,931 · related or exempt $1,420,931

  • 2b · Program service revenue: ADMINISTRATIVE FEES

    total $26,020 · related or exempt $26,020

  • 3 · Investment income

    total $120,775 · excluded $120,775

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,276,208 · program services $3,276,208

  • 7 · Other salaries and wages

    total $250,666 · program services $250,666

  • 8 · Pension plan contributions

    total $22,737 · program services $22,737

  • 9 · Other employee benefits

    total $19,951 · program services $19,951

  • 10 · Payroll taxes

    total $17,419 · program services $17,419

  • 11a · Fees: management

    total $257,409 · management and general $257,409

  • 11b · Fees: legal

    total $3,570 · program services $3,570

  • 11c · Fees: accounting

    total $51,150 · program services $51,150

  • 11g · Fees: other

    total $497,836 · program services $497,836

  • 12 · Advertising and promotion

    total $1,500 · program services $1,500

  • 13 · Office expenses

    total $2,685 · program services $2,685

  • 14 · Information technology

    total $11,288 · program services $11,288

  • 16 · Occupancy

    total $715 · program services $715

  • 17 · Travel

    total $4,528 · program services $4,528

  • 19 · Conferences, conventions and meetings

    total $5,934 · program services $5,934

  • 20 · Interest

    total $30,278 · program services $30,278

  • 24a · Other expenses: DUES AND MEMBERSHIPS

    total $3,000 · program services $3,000

  • 24b · Other expenses: LOAN ORIGINATION EXPENS

    total $1,551 · program services $1,551

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,471,937 · end of year $4,603,862

  • 2 · Savings and temporary cash investments

    beginning of year $4,200,386 · end of year $2,321,161

  • 3 · Pledges and grants receivable

    beginning of year $2,068,872 · end of year $2,068,872

  • 4 · Accounts receivable

    beginning of year $1,340,451 · end of year $94,686

  • 7 · Other notes and loans receivable

    beginning of year $3,866,869 · end of year $2,583,246

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,992 · end of year $724

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,256,501 · end of year $372,424

  • 19 · Deferred revenue

    beginning of year $95,710 · end of year $80,364

  • 24 · Unsecured notes and loans payable

    beginning of year $2,500,000 · end of year $2,500,000

  • 27 · Net assets without donor restrictions

    beginning of year $1,394,398 · end of year $2,627,394

  • 28 · Net assets with donor restrictions

    beginning of year $10,712,898 · end of year $6,092,369

Mission and programs · 2024

Mission

THREAD CAPITAL BELIEVES EVERYONE DESERVES THE CHANCE TO BE SUCCESSFUL. WE GIVE PEOPLE THE TOOLS THEY NEED TO PURSUE THEIR SMALL-BUSINESS DREAMS, AND CREATE A BETTER TOMORROW FOR THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES.

Activities or mission (Part I)

ENSURING NC'S SMALL BUSINESSES AND ENTREPRENEURS HAVE ACCESS TO THE RESOURCES THEY NEED TO THRIVE.

  • LENDING PROGRAM - IN MAY OF 2024, MANAGEMENT OF THREAD CAPITAL BEGAN A STRATEGIC ASSESSMENT OF OPERATIONS, INCLUDING TEMPORARILY CEASING LOAN ORIGINATIONS WHILE CONTINUING TO SERVICE EXISTING LOANS OUTSTANDING. THIS ASSESSMENT CULMINATED IN A NEW CAPITAL ACCESS FRAMEWORK WHERE THREAD WILL SUPPORT SMALL BUSINESS LENDING IN AN INTERMEDIARY ROLE INSTEAD OF A DIRECT LENDING ROLE. CURRENTLY, THREAD IS PLANNING AND INIATING THIS NEW FRAMEWORK. IT WILL CONTINUE TO SERVICE LOANS THAT HAD ALREADY BEEN ORIGINATED. PRIOR TO THIS ASSESSMENT, THREAD CAPITAL OFFERED SMALL BUSINESS LOANS FROM $500 TO $250,000 TO BUSINESSES THAT WERE NOT EFFECTIVELY SERVED BY THE TRADITIONAL FINANCIAL SYSTEM. IT ALSO PROVIDED LOANS TO BUSINESSES THAT HAVE BEEN IMPACTED BY EITHER NATURAL DISASTERS OR THE GLOBAL PANDEMIC. IN ADDITION TO CAPITAL ACCESS, THREAD CAPITAL ALSO PROVIDED COACHING AND CONNECTIONS TO SMALL BUSINESSES AND ENTREPRENEURS.

    Expenses $4,201,016 · Grants $3,276,208 · Revenue $1,446,951

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Patrick Woodie

    DIRECTOR

    Total calculated
    $435,546
    From this org
    $0
    From related orgs
    $384,462
    Other
    $51,084
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $328,929 related
    Bonus
    $0 + $26,933 related
    Other
    $0 + $28,600 related
    Deferred
    $0 + $35,019 related
    Nontaxable benefits
    $0 + $16,065 related
    Filer's total
    $0 + $435,546 related

  • Andy Anderson

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Joseph Stanley

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Kim Graham

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ryan Ammann

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jose Alvarez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Al Bass

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Grant Godwin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Juvencio Rocha-Peralta

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Stokes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brittany Bennett Weston

    DIRECTOR (TO DEC '24)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Carolyn Rhodes

    COO

    Total calculated
    $340,237
    From this org
    $0
    From related orgs
    $303,879
    Other
    $36,358
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $253,900 related
    Bonus
    $0 + $24,239 related
    Other
    $0 + $25,740 related
    Deferred
    $0 + $27,198 related
    Nontaxable benefits
    $0 + $9,160 related
    Filer's total
    $0 + $340,237 related

  • Franklin Roberts

    CFO & ASST TREASURER

    Total calculated
    $275,309
    From this org
    $0
    From related orgs
    $235,999
    Other
    $39,310
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $214,453 related
    Bonus
    $0 + $21,546 related
    Other
    $0
    Deferred
    $0 + $24,483 related
    Nontaxable benefits
    $0 + $14,827 related
    Filer's total
    $0 + $275,309 related

  • Jonathan Brereton

    EXECUTIVE DIRECTOR (TO AUG '23)

    Total calculated
    $237,735
    From this org
    $0
    From related orgs
    $237,735
    Other
    $0
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $237,735 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $237,735 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINES 4A-B
SEVERANCE: JONATHAN BRERETON $237,735 CONTRIBUTIONS TO SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLANS: PATRICK WOODIE $28,600 CAROLYN RHODES $25,740

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

Provenance

Return type
form_990
Tax year
2024
Filed
13 February 2026
IRS schema version
2024v5.5
Source object
202640449349301594

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