Totals
- Total revenue
- $5,137,686
- Total expenses
- $2,062,871
- Contributions and grants received
- $3,407,752
- Grants paid
- $0
- Program service revenue
- $1,316,604
- Investment income
- $413,330
- Other revenue
- $0
- Total assets, end of year
- $35,516,078
- Total liabilities, end of year
- $10,957,699
- Net assets or fund balances, end of year
- $24,558,379
- Program services expenses (Part IX)
- $1,705,067
- Management and general expenses
- $357,804
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,705,067
Program services were 82.7% 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.
-
1e · Government grants (contributions)
$3,407,752
-
2a · Program service revenue: Interest Income-Loan
total $872,326 · related or exempt $872,326
-
2b · Program service revenue: Loan Applications & SE
total $367,478 · related or exempt $367,478
-
2c · Program service revenue: Other Income
total $51,600 · related or exempt $51,600
-
2d · Program service revenue: Rental Income
total $25,200 · related or exempt $25,200
-
2e · Program service revenue: SBA & USDA Income
-
3 · Investment income
total $398,191 · related or exempt $398,191
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7a · Gross sales of assets other than inventory
securities $15,139
-
7c · Gain or loss
securities $15,139
-
7d · Net gain or loss
total $15,139 · related or exempt $15,139
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $166,346 · program services $141,394 · management and general $24,952
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $987,544 · program services $839,413 · management and general $148,131
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $0
-
10 · Payroll taxes
total $216,555 · program services $194,899 · management and general $21,656
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $0
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $221,876 · program services $130,182 · management and general $91,694
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $0
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $0
-
17 · Travel
total $35,340 · program services $35,340
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $110,877 · program services $110,877
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $34,013 · program services $34,013
-
23 · Insurance
total $61,451 · management and general $61,451
-
24a · Other expenses: Other Expense
total $198,775 · program services $188,855 · management and general $9,920
-
24b · Other expenses: Property Expense
total $30,094 · program services $30,094
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $14,218,094 · end of year $16,176,044
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
beginning of year $254,731 · end of year $498,799
-
4 · Accounts receivable
end of year $0
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $10,056,859 · end of year $13,530,391
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $23,063 · end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$1,173,519
-
10b · Land, buildings and equipment: accumulated depreciation
$448,047
-
10c · Land, buildings and equipment, net
beginning of year $759,485 · end of year $725,472
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
beginning of year $4,391,003 · end of year $4,585,372
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
end of year $0
-
17 · Accounts payable and accrued expenses
beginning of year $98,078 · end of year $158,699
-
19 · Deferred revenue
end of year $240,576
-
24 · Unsecured notes and loans payable
beginning of year $5,698,101 · end of year $8,606,182
-
25 · Other liabilities
beginning of year $1,909,472 · end of year $1,952,242
-
27 · Net assets without donor restrictions
beginning of year $12,649,158 · end of year $13,575,450
-
28 · Net assets with donor restrictions
beginning of year $9,348,426 · end of year $10,982,929
Mission and programs · 2022
Mission
The purpose of the corporation is to further economic development to promote and assist in the growth and development of business concerns and to engage in those activities which are in furtherance of or related to those purposes
-
Lending ProgramsThe Organizations loan programs Next Level Lending Loan, Microloan, Small Business Loan,Real Estate Loan, and Line of Credit can provide funding for most business capital needs to eligible businesses within the Organizations service area. Although the Organization provides assistance to thoseunderserved by the traditional financial institutions, it collaborates regularly with local commerciallenders and small business community resources.For the year ended September 30, 2023, the Organization approved 111 loans totaling $9,064,635 which resulted in closing 110 loans for a total of $5,857,995 in funding. These loans, including those refinanced,and both new and existing micro and small businesses which provided a positive impact on employment opportunities through the creation and retention of 275 jobs.
Expenses $1,278,800 · Revenue $1,316,604
-
Technical Assistance ProgramTechnical Assistance ProgramCoupled with its loan products, the organization provides both pre-loan counseling to prospective applicants and intensive post-loan developmental services to its borrowers. Such assistance occurs in various forums: one-on-one counseling, group sessions, workshops, seminars, classes, exhibitions, and site visits. Many of the group sessions are conducted in collaboration with local community resources such as SBDC, SCORE, or the SBA, just to name a few. Throughout the year, the Organization provided over 1,700 entrepreneurs some level of technical assistance at more than 130 seminars, workshops, or networking events.The organization views its one-on-one technical assistance as critical to providing a foundation for success and offers such assistance through several vehicles of delivery to include consultant team, staff, and its community resources. The consultant team allows the Organization to provide specialized training by offering bookkeeping and QuickBooks training and business counseling through its site visit program. During the year, 385 businesses have received almost 6,000 hours of specialized training.
Expenses $426,267
As filed on the 2022 return.
Listed in Part VII
-
Cynthia Rourk
CEO
- Total calculated
- $188,400
- From this org
- $163,253
- From related orgs
- $0
- Other
- $25,147
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $161,753
- Bonus
- $1,500
- Other
- not reported
- Deferred
- $11,812
- Nontaxable benefits
- $13,335
- Filer's total
- $188,400
-
Richad Yonce
Past President
- Total calculated
- $0
- Hours/week
- 5
-
David Harper
Director
- Total calculated
- $0
- Hours/week
- 5
-
Jamilla Harper
Director
- Total calculated
- $0
- Hours/week
- 5
-
Yvonne D Evans
Past Secretary
- Total calculated
- $0
- Hours/week
- 5
-
Carol Jackson
Director
- Total calculated
- $0
- Hours/week
- 5
-
Stephanie Pritchett
Director
- Total calculated
- $0
- Hours/week
- 5
-
Clay Middleton
Director
- Total calculated
- $0
- Hours/week
- 5
-
Kerri Chisholm
Vice President
- Total calculated
- $0
- Hours/week
- 5
-
Casdell E Singleton
Vice President
- Total calculated
- $0
- Hours/week
- 5
-
Grant A McAnulty
President
- Total calculated
- $0
- Hours/week
- 5
-
Bryan Mcneal Jr
Asst Secretary
- Total calculated
- $0
- Hours/week
- 5
-
William Thompson Jr
Secretary
- Total calculated
- $0
- Hours/week
- 5
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
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 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
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
No itemized grants to organizations on this return.
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
City of Charleston
City Government · SC
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 2 May 2024
- IRS schema version
- 2022v5.0
- Source object
- 202401279349302690
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