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Nonprofiteer
← THREAD CAPITAL

Form 990 for tax year 2022

Filed by THREAD CAPITAL.

Totals

Total revenue
$3,034,496
Total expenses
$2,494,891
Contributions and grants received
$980,800
Grants paid
$0
Program service revenue
$117,608
Investment income
$1,936,088
Other revenue
$0
Total assets, end of year
$11,368,374
Total liabilities, end of year
$3,035,125
Net assets or fund balances, end of year
$8,333,249
Program services expenses (Part IX)
$1,841,452
Management and general expenses
$653,439
Fundraising expenses
$0
Program service expenses (Part III)
$1,841,452

Program services were 73.8% 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.

  • 1d · Related organizations

    $250,000

  • 1f · All other contributions, gifts and grants

    $730,800

  • 2a · Program service revenue: ADMINISTRATIVE FEES

    total $117,608 · related or exempt $117,608

  • 3 · Investment income

    total $1,936,088 · related or exempt $1,921,446 · excluded $14,642

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $143,323 · program services $143,323

  • 7 · Other salaries and wages

    total $866,017 · program services $866,017

  • 8 · Pension plan contributions

    total $80,815 · program services $80,815

  • 9 · Other employee benefits

    total $65,934 · program services $65,934

  • 10 · Payroll taxes

    total $74,171 · program services $74,171

  • 11a · Fees: management

    total $653,439 · management and general $653,439

  • 11b · Fees: legal

    total $19,554 · program services $19,554

  • 11c · Fees: accounting

    total $25,000 · program services $25,000

  • 11g · Fees: other

    total $405,167 · program services $405,167

  • 12 · Advertising and promotion

    total $26,807 · program services $26,807

  • 13 · Office expenses

    total $3,911 · program services $3,911

  • 14 · Information technology

    total $36,023 · program services $36,023

  • 16 · Occupancy

    total $1,840 · program services $1,840

  • 17 · Travel

    total $36,097 · program services $36,097

  • 19 · Conferences, conventions and meetings

    total $24,482 · program services $24,482

  • 20 · Interest

    total $27,389 · program services $27,389

  • 24a · Other expenses: LOAN ORIGINATION EXPENS

    total $4,376 · program services $4,376

  • 24b · Other expenses: DUES AND MEMBERSHIPS

    total $500 · program services $500

  • 24e · All other expenses

    total $46 · program services $46

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,810,888 · end of year $3,651,759

  • 2 · Savings and temporary cash investments

    end of year $1,014,642

  • 3 · Pledges and grants receivable

    beginning of year $1,501,190 · end of year $2,501,190

  • 4 · Accounts receivable

    beginning of year $297,189 · end of year $363,836

  • 7 · Other notes and loans receivable

    beginning of year $3,378,974 · end of year $3,814,963

  • 9 · Prepaid expenses and deferred charges

    end of year $21,984

  • 17 · Accounts payable and accrued expenses

    beginning of year $614,960 · end of year $422,249

  • 19 · Deferred revenue

    beginning of year $129,637 · end of year $112,876

  • 24 · Unsecured notes and loans payable

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

  • 27 · Net assets without donor restrictions

    beginning of year $3,309,045 · end of year $2,773,469

  • 28 · Net assets with donor restrictions

    beginning of year $4,934,599 · end of year $5,559,780

Mission and programs · 2022

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 - THREAD CAPITAL, A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, OFFERS SMALL BUSINESS LOANS FROM $500 TO $250,000 TO BUSINESSES THAT ARE NOT EFFECTIVELY SERVED BY THE TRADITIONAL FINANCIAL SYSTEM. IT'S PRIMARY PRODUCT IS A TERM LOAN UP TO $100,000 AND ITS SECONDARY PRODUCT IS A TERM LOAN UP TO $250,000 FOR BUSINESSES THAT HAVE BEEN IMPACTED BY EITHER NATURAL DISASTERS OR THE GLOBAL PANDEMIC. IN ADDITION TO CAPITAL ACCESS, THREAD CAPITAL ALSO PROVIDES COACHING AND CONNECTIONS TO SMALL BUSINESSES AND ENTREPRENEURS.

    Expenses $1,841,452 · Revenue $2,039,054

As filed on the 2022 return.

Listed in Part VII

  • Patrick Woodie

    DIRECTOR

    Total calculated
    $261,235
    From this org
    $0
    From related orgs
    $215,074
    Other
    $46,161
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $215,074 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $33,844 related
    Nontaxable benefits
    $0 + $12,317 related
    Filer's total
    $0 + $261,235 related

  • Andy Anderson

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Joseph Stanley

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Kim Graham

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ryan Ammann

    DIRECTOR (FROM JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jose Alvarez

    DIRECTOR (FROM JUN '23)

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Al Bass

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Grant Godwin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Henry McKoy

    DIRECTOR (TO AUG '22)

    Total calculated
    $0
    Hours/week
    1

  • Juvencio Roch-Peralta

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • John Stokes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brittany Bennett Weston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Franklin Roberts

    CFO & COO/ASST TREASURER (FROM MAR '22)

    Total calculated
    $168,586
    From this org
    $0
    From related orgs
    $143,139
    Other
    $25,447
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $143,139 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,819 related
    Nontaxable benefits
    $0 + $8,628 related
    Filer's total
    $0 + $168,586 related

  • Brandon Rosas

    VP, FINANCE & ADMIN (TO MAR '22)

    Total calculated
    $150,271
    From this org
    $0
    From related orgs
    $138,821
    Other
    $11,450
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $138,821 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,684 related
    Nontaxable benefits
    $0 + $4,766 related
    Filer's total
    $0 + $150,271 related

  • Jonathan Brereton

    EXECUTIVE DIRECTOR

    Total calculated
    $281,828
    From this org
    $0
    From related orgs
    $238,931
    Other
    $42,897
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,931 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $30,570 related
    Nontaxable benefits
    $0 + $12,327 related
    Filer's total
    $0 + $281,828 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

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.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
23 January 2024
IRS schema version
2022v5.0
Source object
202421079349301102

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