Civic Intelligence

Climb Fund

EIN 57-0707663 • 501(c)3 • Charleston, SC

View Organization Page

Profile

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

2 Race StreetCharleston, SC 29403

climbfund.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

67th percentile

0.32x

Higher debt load relative to assets than 67% of similar nonprofits.

501(c)4 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

88th percentile

3.60x

Higher debt load relative to revenue than 88% of similar nonprofits.

501(c)4 • $25M-$50M nonprofits • Source year 2024

Net Margin

71st percentile

25%

Higher net margin than 71% of similar nonprofits.

501(c)4 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

52nd percentile

$208,335

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 6.1% of source-year revenue.

501(c)4 • $25M-$50M nonprofits • Source year 2024

Asset Growth

62nd percentile

8.4%

Faster asset growth than 62% of similar nonprofits.

501(c)4 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

12th percentile

-34%

Faster revenue growth than 12% of similar nonprofits.

501(c)4 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets67th percentile

Assets

Up

$38,484,414

Up $2,968,336 (+8.4%) from 2023

Liabilities

Up

$12,206,705

Up $1,249,006 (+11%) from 2023

Net Assets

Up

$26,277,709

Up $1,719,330 (+7.0%) from 2023

Operations
Liabilities / Revenue88th percentileNet Margin71st percentile

Revenue

Down

$3,390,070

Down $1,747,616 (-34%) from 2023

Expenses

Up

$2,558,387

Up $495,516 (+24%) from 2023

Net Income

Down

$831,683

Down $2,243,132 (-73%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth62nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2010: $31,425,645Liabilities 2010: $2,031,533Net Assets 2010: $29,394,1122010Assets 2011: $33,559,793Liabilities 2011: $4,242,617Net Assets 2011: $29,317,1762011Assets 2012: $34,713,149Liabilities 2012: $4,711,169Net Assets 2012: $30,001,9802012Assets 2013: $35,121,621Liabilities 2013: $4,510,602Net Assets 2013: $30,611,0192013Assets 2014: $34,873,890Liabilities 2014: $3,787,985Net Assets 2014: $31,085,9052014Assets 2015: $35,206,201Liabilities 2015: $3,554,518Net Assets 2015: $31,651,6832015Assets 2016: $32,808,879Liabilities 2016: $4,724,324Net Assets 2016: $28,084,5552016Assets 2017: $32,865,019Liabilities 2017: $4,939,563Net Assets 2017: $27,925,4562017Assets 2018: $33,768,950Liabilities 2018: $5,550,377Net Assets 2018: $28,218,5732018Assets 2019: $23,942,089Liabilities 2019: $5,581,622Net Assets 2019: $18,360,4672019Assets 2020: $25,015,035Liabilities 2020: $7,213,818Net Assets 2020: $17,801,2172020Assets 2021: $28,483,157Liabilities 2021: $7,420,289Net Assets 2021: $21,062,8682021Assets 2022: $29,703,235Liabilities 2022: $7,705,651Net Assets 2022: $21,997,5842022Assets 2023: $35,516,078Liabilities 2023: $10,957,699Net Assets 2023: $24,558,3792023Assets 2024: $38,484,414Liabilities 2024: $12,206,705Net Assets 2024: $26,277,7092024

Highlighted filing

2024

Assets$38,484,414
Liabilities$12,206,705
Net Assets$26,277,709
Open 2024 Filing

Operations Trend

Revenue Growth12th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$10M$0-$10MExpenses 2010: $300,7662010Revenue 2011: $1,031,066Expenses 2011: $408,622Net Income 2011: $622,4442011Expenses 2012: $471,5142012Expenses 2013: $722,4452013Revenue 2014: $1,356,570Expenses 2014: $698,180Net Income 2014: $658,3902014Revenue 2015: $1,403,287Expenses 2015: $641,180Net Income 2015: $762,1072015Revenue 2016: $1,150,012Expenses 2016: $597,262Net Income 2016: $552,7502016Revenue 2017: $944,632Expenses 2017: $906,353Net Income 2017: $38,2792017Revenue 2018: $1,368,834Expenses 2018: $804,378Net Income 2018: $564,4562018Revenue 2019: $1,817,594Expenses 2019: $11,101,558Net Income 2019: -$9,283,9642019Revenue 2020: $1,962,961Expenses 2020: $1,176,022Net Income 2020: $786,9392020Revenue 2021: $3,819,413Expenses 2021: $1,117,680Net Income 2021: $2,701,7332021Revenue 2022: $3,082,260Expenses 2022: $1,767,939Net Income 2022: $1,314,3212022Revenue 2023: $5,137,686Expenses 2023: $2,062,871Net Income 2023: $3,074,8152023Revenue 2024: $3,390,070Expenses 2024: $2,558,387Net Income 2024: $831,6832024

Highlighted filing

2024

Revenue$3,390,070
Expenses$2,558,387
Net Income$831,683
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,484,414
Liabilities
$12,206,705
Net assets
$26,277,709
Revenue
$3,390,070
Expenses
$2,558,387
Net income
$831,683
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$38.5$12.2$26.3$3.39$2.56$0.83
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$35.5$11.0$24.6$5.14$2.06$3.07
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.7$7.71$22.0$3.08$1.77$1.31
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.5$7.42$21.1$3.82$1.12$2.70
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$25.0$7.21$17.8$1.96$1.18$0.79
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.9$5.58$18.4$1.82$11.1$9.28
2018Summary only. Only limited summary data is available for this year.$33.8$5.55$28.2$1.37$0.80$0.56
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.9$4.94$27.9$0.94$0.91$0.04
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.8$4.72$28.1$1.15$0.60$0.55
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$35.2$3.55$31.7$1.40$0.64$0.76
2014Detailed filing. Detailed filing data is available for this year.$34.9$3.79$31.1$1.36$0.70$0.66
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.1$4.51$30.6$0.72
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.7$4.71$30.0$0.47
2011Summary only. Only limited summary data is available for this year.$33.6$4.24$29.3$1.03$0.41$0.62
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.4$2.03$29.4$0.30
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
May 6, 2025
Return Version
2023v6.0
Gross Receipts
$5,007,175
Mission and Program Overview

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$13,530,391$23,932,734▲ $10,402,343
Cash and Non-Interest-Bearing Accounts$16,176,044$7,849,337▼ $8,326,707
Investments Other Securities$4,585,372$4,423,479▼ $161,893
Land, Buildings, and Equipment, Net$725,472$1,543,253▲ $817,781
Pledges and Grants Receivable$498,799$727,537▲ $228,738
Prepaid Expenses and Deferred Charges-$8,074-
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$35,516,078$38,484,414▲ $2,968,336
Other Assets Total-$0-
Liabilities
Unsecured Notes Loans Payable$8,606,182$9,960,040▲ $1,353,858
Other Liabilities$1,952,242$1,973,175▲ $20,933
Deferred Revenue$240,576$143,031▼ $97,545
Accounts Payable and Accrued Expenses$158,699$130,459▼ $28,240
Total Liabilities$10,957,699$12,206,705▲ $1,249,006
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,575,450$15,974,601▲ $2,399,151
Net Assets With Donor Restrictions$10,982,929$10,303,108▼ $679,821
Total Net Assets Fund Balance$24,558,379$26,277,709▲ $1,719,330
Total Liabilities and Net Assets / Fund Balance$35,516,078$38,484,414▲ $2,968,336

Asset Categories

AssetBook ValueDepreciationBasis
Land$930,912-$930,912
Buildings$408,887$329,725$738,612
Leasehold Improvements$167,111$58,947$226,058
Other Land Buildings$31,160$69,604$100,764
Equipment$5,183$22,902$28,085
Compensation and Service Providers
Top Officer Pay52nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cynthia RourkCEOFT$181,641$26,694$208,335

Board Members and Trustees

NameTitle
Grant A McAnultyPast President
Casdell E SingletonPresident
Kerri ChisholmVice President
Carol JacksonDirector
David HarperDirector
Jamilla HarperDirector
Nina Cano RichardsDirector
Paul JonesDirector
Stephanie PritchettDirector
Bryan Mcneal JrAsst Secretary
William Thompson JrSecretary
Clay MiddletonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,026,327
Program Service Revenue
$1,847,783
Investment Income
$515,960
Other Revenue
$0
Change in Net Assets
$831,683

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,390,070
Revenue Not Reported on Form 990
$330,909
Total Revenue per Audited Statements
$3,720,979
Total Revenue per Form 990
$3,390,070
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,799,803
Other Expenses$758,584
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,119,068$197,482-$1,316,550
Payroll Taxes$276,937$30,771-$307,708
Fees for Services Other$185,630$67,844-$253,474
Current Officers, Directors, Trustees, and Key Employees$149,213$26,332-$175,545
Interest$156,760--$156,760
Other Expenses$51,278$20,290-$51,278
Insurance-$50,139-$50,139
Depreciation Depletion$33,131--$33,131
Travel$26,211--$26,211
Total Functional Expenses$2,165,529$392,858$0$2,558,387

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,133,867
Expenses per Audited Statements$2,558,387
Total Expenses per Form 990$2,558,387
Expenses Not Reported on Form 990$575,480
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
City of Charleston$1,908,453
Contingent Liability$64,722
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The corporation has general members that elect board members in the organization's annual meeting each April. The nominating committee accepts applications from interested individuals and works to solicit and review the experience of potential candidates and presents a proposed slate to the general membership at the annual meeting. In May 2018, the organization iled 501(c)(3) application with the IRS and the required filings with the State of South Carolina to amend the Articles and Bylaws omitting membership.”

Form 990, Part VI, Section A, Line 7A

“Only electing members of the board”

Form 990, Part VI, Section A, Line 7B

“The corporation has general members that elect board members in the organization's annual meeting each April.”

Form 990, Part VI, Section B, Line 11B

“Draft of 990 is emailed to the audit committee for their review and then presented and discussed at the board meeting.”

Form 990, Part VI, Section B, Line 12C

“The organization discusses any conflicts of interests in the monthly board meetings.”

Form 990, Part VI, Section B, Line 15A

“Comparative analysis is completed utilizing assessment tools through Economic Research Institute.”

Form 990, Part VI, Section C, Line 19

“Yes through a freedom of information request”

Filing and Contact Details

Filer

Filer Name
CLIMB Fund
EIN
57-0707663
Phone
8439737298
Address
2 Race Street, Charleston, SC 29403

Signing Officer

Name
Cynthia Rourk
Title
CEO
Signed
2025-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cynthia Rourk
Formed
1979
Legal Domicile
Sc
Voting Board Members
12
Independent Board Members
12
Employees
30
Volunteers
20

Preparer

Firm
The Hobbs Group PA
Address
1704 Laurel Street, Columbia, SC 29201
Preparer
Will Stevens CPA
Phone
8037990555
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Adjustment from Adoption of CECL = $1132218”

Form 990, Part XI, Line 9

“Bad debt expense net of interest income = -$575480”

Form 990, Part XII, Line 2C

“The process has not changed from the prior year”

Form 990 Part V Line 1C

“The organization had no reportable payments to a vendor requiring compliance with backup withholding rules, nor did they provide any reportable gaming, gambling, or winnings to a prize winner during the calendar year.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization has received a determination letter from the Internal Revenue Service indicating it is a tax exempt Organization under section 501(c)(3) of the Internal Revenue Code and is exempt from federal and state income taxes, unless income is generated from unrelated business activities. There is no unrelated business income for the fiscal year ending September 30, 2024. Management is not aware of any transactions which would jeopardize their tax exempt status. Accounting principles generally accepted in the United States of America requires management to evaluate tax positions taken by the Organization and recognize a tax liability (or asset) if the Organization has taken an uncertain position that more likely than not would not be substantiated upon examination by the IRS. Management has analyzed the tax positions taken by the Organization and has concluded that as of September 30, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. U.S. state jurisdictions have statutes of limitations that generally range from three to five years.”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Bad Debt Expense Reported on AFS $575480”

Raw XML AppendixShowing 400 of 568 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Cynthia Rourk
IRS990/Form990PartVIISectionAGrp/PersonNm1Nina Cano Richards
IRS990/Form990PartVIISectionAGrp/PersonNm2David Harper
IRS990/Form990PartVIISectionAGrp/PersonNm3Jamilla Harper
IRS990/Form990PartVIISectionAGrp/PersonNm4Paul Jones
IRS990/Form990PartVIISectionAGrp/PersonNm5Carol Jackson
IRS990/Form990PartVIISectionAGrp/PersonNm6Stephanie Pritchett
IRS990/Form990PartVIISectionAGrp/PersonNm7Clay Middleton
IRS990/Form990PartVIISectionAGrp/PersonNm8Kerri Chisholm
IRS990/Form990PartVIISectionAGrp/PersonNm9Casdell E Singleton
IRS990/Form990PartVIISectionAGrp/PersonNm10Grant A McAnulty
IRS990/Form990PartVIISectionAGrp/PersonNm11Bryan Mcneal Jr
IRS990/Form990PartVIISectionAGrp/PersonNm12William Thompson Jr
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt8Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt9President
IRS990/Form990PartVIISectionAGrp/TitleTxt10Past President
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IRS990/InterestGrp/ProgramServicesAmt0156760
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IRS990/MissionDesc0The 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
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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt015974601
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IRS990/OtherExpensesGrp/TotalAmt151278
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IRS990/OthNotesLoansReceivableNetGrp/BOYAmt013530391
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt023932734
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IRS990/PrincipalOfficerNm0Cynthia Rourk
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IRS990/ProgSrvcAccomActy2Grp/Desc0Technical 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 1,500 entrepreneurs some level of technical assistance at more than 150 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, 371 businesses have received almost 6,000 hours of specialized training.
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