Form 990 for tax year 2024
Filed by BUSINESS EXPANSION FUNDING CORP.
Totals
- Total revenue
- $4,049,362
- Total expenses
- $3,713,914
- Contributions and grants received
- $264,261
- Grants paid
- $0
- Program service revenue
- $3,667,522
- Investment income
- $117,579
- Other revenue
- $0
- Total assets, end of year
- $7,840,079
- Total liabilities, end of year
- $1,973,935
- Net assets or fund balances, end of year
- $5,866,144
- Program services expenses (Part IX)
- $2,987,880
- Management and general expenses
- $726,034
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $2,987,880
Program services were 80.5% 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
$264,261
-
2a · Program service revenue: 504 Escrow Interest
total $346,964 · related or exempt $346,964
-
2b · Program service revenue: 504 Monthly Servicing Fee
total $1,753,160 · related or exempt $1,753,160
-
2c · Program service revenue: 504 Processing Fees
total $1,107,286 · related or exempt $1,107,286
-
2d · Program service revenue: Miscellaneous Fees
total $22,400 · related or exempt $22,400
-
2e · Program service revenue: Rapid Recovery Loan Proce
total $437,712 · related or exempt $437,712
-
3 · Investment income
total $117,579 · excluded $117,579
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
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 $314,221 · program services $188,533 · management and general $125,688
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $2,275,306 · program services $1,962,846 · management and general $312,460
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $414,468 · program services $344,340 · management and general $70,128
-
10 · Payroll taxes
total $186,685 · program services $155,098 · management and general $31,587
-
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 $27,949 · program services $12,598 · management and general $15,351
-
12 · Advertising and promotion
total $77,115 · management and general $77,115
-
13 · Office expenses
total $14,321 · program services $11,898 · management and general $2,423
-
14 · Information technology
total $136,632 · program services $113,514 · management and general $23,118
-
15 · Royalties
total $0
-
16 · Occupancy
total $122,174 · program services $101,502 · management and general $20,672
-
17 · Travel
total $20,542 · program services $17,066 · management and general $3,476
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $0
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $24,600 · program services $20,438 · management and general $4,162
-
23 · Insurance
total $24,337 · management and general $24,337
-
24a · Other expenses: Miscellaneous
total $32,935 · program services $24,631 · management and general $8,304
-
24b · Other expenses: Telephone
total $20,785 · program services $17,268 · management and general $3,517
-
24c · Other expenses: Dues and Subscriptions
total $13,439 · program services $11,165 · management and general $2,274
-
24d · Other expenses: Printing and Publications
total $8,405 · program services $6,983 · management and general $1,422
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $4,574,013 · end of year $4,076,013
-
2 · Savings and temporary cash investments
beginning of year $135,736 · end of year $751,194
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
beginning of year $563,308 · end of year $649,191
-
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 $1,254,533 · end of year $2,048,947
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $26,728 · end of year $27,261
-
10a · Land, buildings and equipment: cost or other basis
$220,394
-
10b · Land, buildings and equipment: accumulated depreciation
$166,980
-
10c · Land, buildings and equipment, net
beginning of year $54,748 · end of year $53,414
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $339,028 · end of year $234,059
-
17 · Accounts payable and accrued expenses
beginning of year $387,687 · end of year $359,884
-
19 · Deferred revenue
beginning of year $99,063 · end of year $115,113
-
23 · Secured mortgages and notes payable
beginning of year $60,000 · end of year $1,000,000
-
25 · Other liabilities
beginning of year $870,648 · end of year $498,938
-
27 · Net assets without donor restrictions
beginning of year $4,196,728 · end of year $4,805,376
-
28 · Net assets with donor restrictions
beginning of year $1,333,968 · end of year $1,060,768
Mission and programs · 2024
Mission
BEFCOR is a nonprofit organization that promotes economic development by assistingsmall businesses. A US Small Business Administration certified development company(CDC) and Department of Treasury CDFI, BEFCOR is authorized to market, underwrite, close and service CDC/504 and CDFI loans and other programs that are consistent with the economic development purposes set forth in BEFCORs Articles of Incorporation, in North Carolina, and other areas as permitted by SBA, Department of Treasury or other sources.BEFCOR enables small business to purchase owner-occupied commercial realestate and other fixed assets that promote business expansion and job creation. CDFI programs permit more extensive uses of loans in an effort to assist rural, micro and small businesses.
Activities or mission (Part I)
See Schedule O
-
SBA 504 Loans and Community Development Financal Institution (CDFI) Loans. BEFCOR received SBA approval for 59 504 loans with a total loan amount of $88,350,000. BEFCOR approved 13 new loans for CDFI with a total loan amount of $1,205,300. BEFCOR continues to partner with the NC Rural Center servicing Rapid Recovery loans that were funded in response to COVID-19.
Expenses $2,987,880 · Revenue $3,667,522
As filed on the 2024 return.
Listed in Part VII
-
Elaine Fairman
Executive Dir.
- Total calculated
- $314,221
- From this org
- $286,018
- From related orgs
- $0
- Other
- $28,203
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $200,518
- Bonus
- $85,500
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $28,203
- Filer's total
- $314,221
-
Louis Rogers III
Busines Dev. Off.
- Total calculated
- $227,751
- From this org
- $204,703
- From related orgs
- $0
- Other
- $23,048
- Hours/week
- 54
Schedule J breakdown matched by us
- Base
- $131,266
- Bonus
- $73,437
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $23,048
- Filer's total
- $227,751
-
Greg Simmons
Busines Dev. Off.
- Total calculated
- $214,044
- From this org
- $184,187
- From related orgs
- $0
- Other
- $29,857
- Hours/week
- 54
Schedule J breakdown matched by us
- Base
- $131,266
- Bonus
- $52,921
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $29,857
- Filer's total
- $214,044
-
Cynthia Kiker
Closing Manager
- Total calculated
- $144,973
- From this org
- $121,181
- From related orgs
- $0
- Other
- $23,792
- Hours/week
- 50
-
Heather L Newgreen
Portfolio Manager
- Total calculated
- $129,105
- From this org
- $114,193
- From related orgs
- $0
- Other
- $14,912
- Hours/week
- 50
-
Joe Mynatt
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Kelly Love-Sayasithsena
Secretary
- Total calculated
- $0
- Hours/week
- 0.5
-
Sheldon Hilaire
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Brian Huber
Treasurer
- Total calculated
- $0
- Hours/week
- 0.5
-
Tim Key
Board Chair
- Total calculated
- $0
- Hours/week
- 1
-
Fernando Ycaza
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Thomas McTier
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Tamara Bryant
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Mitch Sells
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Tom Davis
Director
- Total calculated
- $0
- Hours/week
- 0.5
-
Tracie Sells
Director
- Total calculated
- $0
- Hours/week
- 0.5
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
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
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
- 24 February 2026
- IRS schema version
- 2024v5.2
- Source object
- 202610559349301006
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