Civic Intelligence

Carolina Small Business Development Fund

990 • Fiscal year 2018 • EIN 58-1903219

Jul 01, 2017 to Jun 30, 2018 • Filed on Apr 27, 2019

Organization ProfileWWW.CAROLINASMALLBUSINESS.ORG

View Organization Page

3128 Highwoods Blvd Suite 170Raleigh, NC 27604

(919) 803-1437

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

79th percentile

0.63x

Higher debt load relative to assets than 79% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

91st percentile

3.52x

Higher debt load relative to revenue than 91% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

22nd percentile

-3.1%

Higher net margin than 22% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

32nd percentile

$186,062

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

82nd percentile

15%

Faster asset growth than 82% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

23rd percentile

-4.7%

Faster revenue growth than 23% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$38,007,117

Up $5,021,491 (+15%) from 2017

Net Assets

Down

$13,952,370

Down $212,783 (-1.5%) from 2017

Liabilities

Up

$24,054,747

Up $5,234,274 (+28%) from 2017

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin22nd percentile

Revenue

Down

$6,835,372

Down $338,328 (-4.7%) from 2017

Expenses

Up

$7,048,155

Up $675,247 (+11%) from 2017

Net Income

Down

-$212,783

Down $1,013,575 (-127%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth82nd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2011: $10,023,542Liabilities 2011: $1,523,235Net Assets 2011: $8,500,3072011Assets 2012: $12,411,755Liabilities 2012: $3,386,918Net Assets 2012: $9,024,8372012Assets 2013: $14,198,461Liabilities 2013: $4,355,747Net Assets 2013: $9,842,7142013Assets 2014: $16,935,894Liabilities 2014: $4,581,395Net Assets 2014: $12,354,4992014Assets 2015: $20,879,394Liabilities 2015: $8,188,249Net Assets 2015: $12,691,1452015Assets 2016: $29,790,758Liabilities 2016: $16,426,397Net Assets 2016: $13,364,3612016Assets 2017: $32,985,626Liabilities 2017: $18,820,473Net Assets 2017: $14,165,1532017Assets 2018: $38,007,117Liabilities 2018: $24,054,747Net Assets 2018: $13,952,3702018Assets 2019: $40,644,527Liabilities 2019: $25,876,194Net Assets 2019: $14,768,3332019Assets 2020: $42,296,968Liabilities 2020: $28,793,978Net Assets 2020: $13,502,9902020Assets 2021: $38,671,185Liabilities 2021: $24,354,817Net Assets 2021: $14,316,3682021Assets 2022: $42,816,299Liabilities 2022: $28,354,532Net Assets 2022: $14,461,7672022Assets 2023: $34,372,780Liabilities 2023: $18,763,064Net Assets 2023: $15,609,7162023Assets 2024: $36,552,890Liabilities 2024: $19,888,458Net Assets 2024: $16,664,4322024Assets 2025: $39,156,291Liabilities 2025: $22,126,442Net Assets 2025: $17,029,8492025

Highlighted filing

2018

Assets$38,007,117
Liabilities$24,054,747
Net Assets$13,952,370
Open 2018 Filing

Operations Trend

Revenue Growth23rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2011: $4,207,672Expenses 2011: $3,341,394Net Income 2011: $866,2782011Revenue 2012: $3,384,033Expenses 2012: $2,859,503Net Income 2012: $524,5302012Expenses 2013: $3,532,5362013Revenue 2014: $5,052,206Expenses 2014: $2,540,421Net Income 2014: $2,511,7852014Revenue 2015: $2,591,674Expenses 2015: $2,255,028Net Income 2015: $336,6462015Revenue 2016: $5,109,835Expenses 2016: $4,436,619Net Income 2016: $673,2162016Revenue 2017: $7,173,700Expenses 2017: $6,372,908Net Income 2017: $800,7922017Revenue 2018: $6,835,372Expenses 2018: $7,048,155Net Income 2018: -$212,7832018Revenue 2019: $8,969,393Expenses 2019: $8,153,430Net Income 2019: $815,9632019Revenue 2020: $5,600,963Expenses 2020: $6,866,306Net Income 2020: -$1,265,3432020Revenue 2021: $7,982,393Expenses 2021: $7,169,015Net Income 2021: $813,3782021Revenue 2022: $6,416,650Expenses 2022: $6,271,251Net Income 2022: $145,3992022Revenue 2023: $10,484,327Expenses 2023: $9,336,378Net Income 2023: $1,147,9492023Revenue 2024: $7,993,989Expenses 2024: $6,939,273Net Income 2024: $1,054,7162024Revenue 2025: $7,889,556Expenses 2025: $7,524,139Net Income 2025: $365,4172025

Highlighted filing

2018

Revenue$6,835,372
Expenses$7,048,155
Net Income-$212,783
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Apr 27, 2019
Return Version
2017v2.3
Gross Receipts
$6,895,421
Mission and Program Overview

Mission

Our mission is to foster economic development in underserved communities by providing capital, business services, and policy research to support small businesses.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$28,368,110$33,921,735▲ $5,553,625
Savings and Temporary Cash Investments$2,412,368$2,376,834▼ $35,534
Pledges and Grants Receivable$1,158,565$688,178▼ $470,387
Cash and Non-Interest-Bearing Accounts$723,784$687,695▼ $36,089
Other Notes and Loans Receivable, Net$161,041$175,253▲ $14,212
Land, Buildings, and Equipment, Net$112,467$84,479▼ $27,988
Prepaid Expenses and Deferred Charges$49,291$72,943▲ $23,652
Total Assets$32,985,626$38,007,117▲ $5,021,491
Liabilities
Mortgage Notes Payable Secured by Investment Property$18,711,909$23,855,492▲ $5,143,583
Accounts Payable and Accrued Expenses$100,675$193,025▲ $92,350
Other Liabilities$7,889$6,230▼ $1,659
Total Liabilities$18,820,473$24,054,747▲ $5,234,274
Net Assets / Fund Balance
Unrestricted Net Assets$11,566,779$11,311,969▼ $254,810
Temporarily Rstr Net Assets$2,598,374$2,640,401▲ $42,027
Total Net Assets Fund Balance$14,165,153$13,952,370▼ $212,783
Total Liabilities and Net Assets / Fund Balance$32,985,626$38,007,117▲ $5,021,491

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$84,479$206,082$290,561
Investment Program Related Org$-2,404,592--
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lenwood LongPresident/ceFT$186,062-$186,062
Lenwood LongPresident/CEO-$157,062$29,000$186,062
Awamary Lowe-khanCFOFT$125,918$18,509$144,427
Walter D HarringtonChief CreditFT$111,796$17,168$128,964
Amber BanksVP StrategicFT$102,358$16,711$119,069

Board Members and Trustees

NameTitle
William HayesBoard Chair
Stephanie Swepson-twittyVice Chair
Barbara LeeDirector
Dr Paulette DillardDirector
Dr Tashni-ann DubroyDirector
Garrett TaylorDirector
Henry MckoyDirector
Jada Grandy-mockDirector
James H Sills IiiDirector
Jeff RoeggeDirector
John Holdsclaw IvDirector
Ken ReeceDirector
Lori Jones-gibbsDirector
Ted ArcherDirector
Willy StewartDirector
Dr Cammie HuntSecretary
Nancy Patrick StroudSecretary
Cheryl DiuguidTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Vann AttorneysLegal Services1720 HILLSBOROUGH ST, Raleigh, NC 27605$140,808
Revenue and Support

Revenue Composition

Contributions and Grants
$4,860,333
Program Service Revenue
$1,978,153
Investment Income
$43,158
Other Revenue
$-46,272
All Other Contributions
$1,404,743
Change in Net Assets
$-212,783

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,835,372
Revenue Not Reported on Form 990
$60,049
Total Revenue per Audited Statements
$6,895,421
Total Revenue per Form 990
$6,835,372
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,626,497
Salaries, Compensation, and Employee Benefits$3,421,658
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,785,986$503,740-$2,289,726
Fees for Services Other$503,270$193,832-$697,102
Interest$594,090--$594,090
Current Officers, Directors, Trustees, and Key Employees$414,694$115,204-$529,898
Other Employee Benefits$227,406$64,141-$291,547
Travel$178,145$50,244-$228,389
Payroll Taxes$166,170$46,866-$213,036
Fees for Services Lobbying$210,893--$210,893
Occupancy$159,406$45,317-$204,723
Fees for Services Legal$140,325$39,581-$179,906
Fees for Services Accounting$69,353$28,922-$98,275
Pension Plan Contributions$76,012$21,439-$97,451
Conferences and Meetings$72,452$18,110-$90,562
Office Expenses$67,218$18,452-$85,670
Other Expenses$57,843$16,313-$74,156
All Other Expenses$59,619$11,428-$71,047
Advertising$54,650$15,416-$70,066
Depreciation Depletion$39,841$11,239-$51,080
Information Technology$38,916$10,963-$49,879
Insurance$13,590$3,834-$17,424
Total Functional Expenses$5,808,391$1,239,764$0$7,048,155

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,108,204
Expenses per Audited Statements$7,048,155
Total Expenses per Form 990$7,048,155
Expenses Not Reported on Form 990$60,049
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$80,857
Fundraising Direct Expenses$60,049
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Bew$38,315$38,315$2,206$36,109
Sba Luncheon$73,129$20,619$7,867$12,752
Total Events$154,122$80,307$60,049$20,258
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Accrued Expenses$6,230
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 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
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“The organization's ceo is employed via a management company, bv & l associates.”

Form 990, Page 6, Part VI, Line 11B

“The finance committee of the board of directors reviews the form 990 prior to its filing and reports the results to the full board.”

Form 990, Page 6, Part VI, Line 12C

“Board members are required to disclose conflicts of interest. This policy is monitored on an annual basis and documented in the minutes.”

Form 990, Page 6, Part VI, Line 15A

“Compensation is reviewed by the executive committee and comparables are considered among like agencies and other nonprofit entities. Each year a performance appraisal is done and any increase in salary is recommended by the executive committee and approved by the board.”

Form 990, Page 6, Part VI, Line 15B

“Each year, a performance appraisal is done and any increase in salary is recommended by the president/ceo and finance committee, and approved by the board.”

Form 990, Page 6, Part VI, Line 19

“The organization makes its governing documents available upon request to the organization's office.”

Filing and Contact Details

Filer

Filer Name
Carolina Small Business Development
EIN
58-1903219
Phone
9198031437
Address
3128 HIGHWOODS BLVD SUITE 170, RALEIGH, NC 27604

Signing Officer

Name
Lenwood Long
Title
President/CEO
Phone
9195301683
Signed
2019-04-27

Organization Details

Principal Officer
Lenwood Long
Formed
1990
Legal Domicile
Nc
Voting Board Members
16
Independent Board Members
16
Employees
51

Preparer

Firm
Romeo Wiggins & Company Llp
Address
8210 CREEDMOOR RD 202, RALEIGH, NC 27613
Preparer
J Kelly Lanier
Phone
9198705151
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Special event expenses 60,049 special event expenses -60,049”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“Special event expenses 60,049”

Schedule D, Page 4, Part XII, Line 2D

“Special event expenses 60,049”

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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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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,007,117
Liabilities
$24,054,747
Net assets
$13,952,370
Revenue
$6,835,372
Expenses
$7,048,155
Net income
-$212,783
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$39.2$22.1$17.0$7.89$7.52$0.37
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.6$19.9$16.7$7.99$6.94$1.05
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.4$18.8$15.6$10.5$9.34$1.15
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$42.8$28.4$14.5$6.42$6.27$0.15
2021Detailed filing. Detailed filing data is available for this year.$38.7$24.4$14.3$7.98$7.17$0.81
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$42.3$28.8$13.5$5.60$6.87$1.27
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$40.6$25.9$14.8$8.97$8.15$0.82
2018Detailed filing. Detailed filing data is available for this year.$38.0$24.1$14.0$6.84$7.05$0.21
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.0$18.8$14.2$7.17$6.37$0.80
2016Summary only. Only limited summary data is available for this year.$29.8$16.4$13.4$5.11$4.44$0.67
2015Detailed filing. Detailed filing data is available for this year.$20.9$8.19$12.7$2.59$2.26$0.34
2014Detailed filing. Detailed filing data is available for this year.$16.9$4.58$12.4$5.05$2.54$2.51
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.2$4.36$9.84$3.53
2012Summary only. Only limited summary data is available for this year.$12.4$3.39$9.02$3.38$2.86$0.52
2011Summary only. Only limited summary data is available for this year.$10.0$1.52$8.50$4.21$3.34$0.87