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Nonprofiteer
← MOUNTAIN BIZCAPITAL INC

Form 990 for tax year 2024

Filed by MOUNTAIN BIZCAPITAL INC.

Totals

Total revenue
$12,872,089
Total expenses
$5,794,853
Contributions and grants received
$8,472,157
Grants paid
$0
Program service revenue
$4,396,607
Investment income
$0
Other revenue
$3,325
Total assets, end of year
$50,593,161
Total liabilities, end of year
$28,109,842
Net assets or fund balances, end of year
$22,483,319
Program services expenses (Part IX)
$4,992,981
Management and general expenses
$667,010
Fundraising expenses
$134,862
Program service expenses (Part III)
$4,992,981

Program services were 86.2% 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.

  • 1e · Government grants (contributions)

    $7,228,439

  • 1f · All other contributions, gifts and grants

    $1,243,718

  • 2a · Program service revenue: INTEREST INCOME

    total $2,529,130 · related or exempt $2,529,130

  • 2b · Program service revenue: LOAN SERVICE FEES

    total $1,867,477 · related or exempt $1,867,477

  • 11a · Other revenue: OTHER INCOME

    total $3,325 · related or exempt $3,325

  • 11e · Other revenue, total

    $3,325

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $153,070 · program services $127,048 · management and general $19,899 · fundraising $6,123

  • 7 · Other salaries and wages

    total $2,272,245 · program services $1,885,963 · management and general $295,392 · fundraising $90,890

  • 9 · Other employee benefits

    total $261,514 · program services $217,057 · management and general $33,997 · fundraising $10,460

  • 10 · Payroll taxes

    total $189,355 · program services $157,165 · management and general $24,616 · fundraising $7,574

  • 11b · Fees: legal

    total $6,155 · program services $5,109 · management and general $800 · fundraising $246

  • 11c · Fees: accounting

    total $20,090 · program services $16,674 · management and general $2,612 · fundraising $804

  • 11g · Fees: other

    total $5,475 · program services $4,544 · management and general $712 · fundraising $219

  • 13 · Office expenses

    total $204,784 · program services $169,971 · management and general $26,621 · fundraising $8,192

  • 14 · Information technology

    total $102,631 · program services $85,184 · management and general $13,342 · fundraising $4,105

  • 16 · Occupancy

    total $59,969 · program services $49,774 · management and general $7,796 · fundraising $2,399

  • 17 · Travel

    total $69,765 · program services $57,905 · management and general $9,070 · fundraising $2,790

  • 20 · Interest

    total $333,421 · program services $133,368 · management and general $200,053

  • 22 · Depreciation, depletion and amortization

    total $28,656 · management and general $28,656

  • 23 · Insurance

    total $26,491 · program services $21,987 · management and general $3,444 · fundraising $1,060

  • 24a · Other expenses: LOAN LOSS EXPENSE

    total $1,119,226 · program services $1,119,226

  • 24b · Other expenses: COACHES & CONTRACTORS

    total $773,916 · program services $773,916

  • 24c · Other expenses: OTHER

    total $168,090 · program services $168,090

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,164,236 · end of year $29,486,964

  • 3 · Pledges and grants receivable

    beginning of year $495,906 · end of year $561,975

  • 4 · Accounts receivable

    beginning of year $126,144 · end of year $26,693

  • 7 · Other notes and loans receivable

    beginning of year $18,651,581 · end of year $19,617,934

  • 8 · Inventories for sale or use

    beginning of year $18,426 · end of year $18,426

  • 9 · Prepaid expenses and deferred charges

    end of year $48,235

  • 10a · Land, buildings and equipment: cost or other basis

    $1,285,881

  • 10b · Land, buildings and equipment: accumulated depreciation

    $656,706

  • 10c · Land, buildings and equipment, net

    beginning of year $657,830 · end of year $629,175

  • 15 · Other assets

    beginning of year $119,648 · end of year $203,759

  • 17 · Accounts payable and accrued expenses

    beginning of year $160,801 · end of year $257,289

  • 22 · Loans and payables to officers and key people

    beginning of year $12,187 · end of year $12,379

  • 23 · Secured mortgages and notes payable

    beginning of year $10,461,944 · end of year $11,235,746

  • 24 · Unsecured notes and loans payable

    beginning of year $4,397,128 · end of year $6,540,943

  • 25 · Other liabilities

    beginning of year $4,795,628 · end of year $10,063,485

  • 27 · Net assets without donor restrictions

    beginning of year $11,426,998 · end of year $17,787,141

  • 28 · Net assets with donor restrictions

    beginning of year $3,979,085 · end of year $4,696,178

Mission and programs · 2024

Mission

MOUNTAIN BIZWORKS ENVISIONS A THRIVING WESTERN NORTH CAROLINA IN WHICH SMALL BUSINESS OWNERS AND ASPIRING ENTREPRENEURS HAVE ACCESS TO THE RESOURCES NEEDED TO MAKE THEIR DREAMS A REALITY - A REGION WHERE COLLABORATION, CREATIVITY, INNOVATION, AND INVESTMENT GENERATE OPPORTUNITY AND PROSPERITY FOR ALL. MOUNTAIN BIZWORKS' MISSION IS TO BUILD A VIBRANT AND INCLUSIVE ENTREPRENEURIAL COMMUNITY IN WESTERN NORTH CAROLINA BY HELPING SMALL BUSINESSES START, GROW, AND THRIVE. WHEN SMALL BUSINESSES SUCCEED, WE ALL PROSPER.

Activities or mission (Part I)

MOUNTAIN BIZWORKS CREATES ECONOMIC OPPORTUNITY FOR THE PEOPLE OF WESTERN NORTH CAROLINA BY HELPING SMALL BUSINESSES START, GROW, AND CREATE JOBS THROUGH SMALL BUSINESS LEARNING AND LENDING.

  • MOUNTAIN BIZCAPITAL (MBC) IS A NOT-FOR-PROFIT CORPORATION ESTABLISHED 34 YEARS AGO. THE PRIMARY PURPOSE OF MBC IS TO PROVIDE DIRECT MICRO AND SMALL BUSINESS LOANS TO EXPAND ECONOMIC OPPORTUNITIES IN LOW INCOME AND OTHER UNDERBANKED COMMUNITIES. SINCE ITS EXISTENCE, MBC HAS PROVIDED 121.4 MILLION IN FINANCING TO OVER 4,004 BUSINESSES WHICH HAVE CREATED 9,759 JOBS ACROSS WESTERN NORTH CAROLINA. IN APRIL 2003, MBC WAS CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION BY THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND OF THE US DEPARTMENT OF TREASURY. THE ORGANIZATION IS CLASSIFIED AS A PUBLICLY- SUPPORTED CHARITABLE ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.

    Expenses $4,992,981 · Revenue $4,396,607

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

Listed in Part VII

  • Matthew Raker

    EXECUTIVE DI

    Total calculated
    $153,070
    From this org
    $153,070
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,070
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $153,070

  • Duane Adams

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Yolanda Adams

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Zane Adams

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Caldwell-Billstrom

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Joshua Carpenter

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jose Infanzon Chavez

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chad Halliday

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tim Herdklotz

    2ND VICE CHA

    Total calculated
    $0
    Hours/week
    1

  • Stephanie Lee

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mitzi Reed

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paula Swepson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Brandon Wallace

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Terry Young

    MEMBER

    Total calculated
    $0
    Hours/week
    1

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.

Provenance

Return type
form_990
Tax year
2024
Filed
9 May 2025
IRS schema version
2024v5.0
Source object
202511299349303431

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