Civic Intelligence

Carolina Small Business Development Fund

990 • Fiscal year 2019 • EIN 58-1903219

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 11, 2020

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

0.64x

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

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

89th percentile

2.88x

Higher debt load relative to revenue than 89% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Net Margin

67th percentile

9.1%

Higher net margin than 67% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

35th percentile

$197,031

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 2.2% of source-year revenue.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Asset Growth

60th percentile

6.9%

Faster asset growth than 60% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Revenue Growth

86th percentile

31%

Faster revenue growth than 86% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$40,644,527

Up $2,637,410 (+6.9%) from 2018

Net Assets

Up

$14,768,333

Up $815,963 (+5.8%) from 2018

Liabilities

Up

$25,876,194

Up $1,821,447 (+7.6%) from 2018

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin67th percentile

Revenue

Up

$8,969,393

Up $2,134,021 (+31%) from 2018

Expenses

Up

$8,153,430

Up $1,105,275 (+16%) from 2018

Net Income

Up

$815,963

Up $1,028,746 (+483%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth60th 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

2019

Assets$40,644,527
Liabilities$25,876,194
Net Assets$14,768,333
Open 2019 Filing

Operations Trend

Revenue Growth86th 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

2019

Revenue$8,969,393
Expenses$8,153,430
Net Income$815,963
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 11, 2020
Return Version
2018v3.2
Gross Receipts
$9,048,970
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$33,921,735$35,376,609▲ $1,454,874
Other Notes and Loans Receivable, Net$175,253$2,307,836▲ $2,132,583
Savings and Temporary Cash Investments$2,376,834$1,951,603▼ $425,231
Pledges and Grants Receivable$688,178$688,145▼ $33
Cash and Non-Interest-Bearing Accounts$687,695$222,535▼ $465,160
Prepaid Expenses and Deferred Charges$72,943$55,348▼ $17,595
Land, Buildings, and Equipment, Net$84,479$42,451▼ $42,028
Total Assets$38,007,117$40,644,527▲ $2,637,410
Liabilities
Mortgage Notes Payable Secured by Investment Property$23,855,492$25,583,241▲ $1,727,749
Accounts Payable and Accrued Expenses$193,025$289,853▲ $96,828
Other Liabilities$6,230$3,100▼ $3,130
Total Liabilities$24,054,747$25,876,194▲ $1,821,447
Net Assets / Fund Balance
Unrestricted Net Assets$11,311,969$10,059,114▼ $1,252,855
Temporarily Rstr Net Assets$2,640,401$4,709,219▲ $2,068,818
Total Net Assets Fund Balance$13,952,370$14,768,333▲ $815,963
Total Liabilities and Net Assets / Fund Balance$38,007,117$40,644,527▲ $2,637,410

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$42,451$254,092$296,543
Investment Program Related Org$-2,054,576--
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lenwood LongPresident/ceFT$197,031-$197,031
Lenwood LongPresident/CEO-$171,662$25,369$197,031
Walter D HarringtonChief CreditFT$113,486$20,998$134,484
Amber BondCOOFT$118,479$14,083$132,562
Awamary Lowe-khanCFOFT$92,909$20,542$113,451
Krystin JorgensonCFOFT$84,424$13,302$97,726
Mark RoysterChief CreditFT$65,440$7,383$72,823

Board Members and Trustees

NameTitle
William HayesBoard Chair
Kevin DickPresident &
Stephanie Swepson-twittyBoard Vice C
Dr Paulette DillardDirector
Frank PollockDirector
Garrett TaylorDirector
Henry MckoyDirector
Jada Grandy-mockDirector
James H Sills IiiDirector
Jeff RoeggeDirector
John Holdsclaw IvDirector
Ken ReeceDirector
Lori Jones-gibbsDirector
Ted ArcherDirector
Nancy Patrick StroudSecretary
Cheryl DiuguidTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Vann AttorneysLegal Services1720 HILLSBOROUGH ST, Raleigh, NC 27605$121,778
Revenue and Support

Revenue Composition

Contributions and Grants
$6,535,770
Program Service Revenue
$2,101,164
Investment Income
$116,292
Other Revenue
$216,167
All Other Contributions
$2,293,624
Change in Net Assets
$815,963

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,969,393
Revenue Not Reported on Form 990
$79,577
Total Revenue per Audited Statements
$9,048,970
Total Revenue per Form 990
$8,969,393
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,790,551
Salaries, Compensation, and Employee Benefits$3,362,879
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,674,913$490,156-$2,165,069
Interest$865,018--$865,018
Fees for Services Other$362,315$316,867-$679,182
Current Officers, Directors, Trustees, and Key Employees$463,842$177,429-$641,271
Other Employee Benefits$193,842$57,901-$251,743
Fees for Services Lobbying$215,766--$215,766
Occupancy$163,870$46,220-$210,090
Payroll Taxes$157,621$47,081-$204,702
Travel$157,655$44,465-$202,120
Fees for Services Accounting$112,789$31,812-$144,601
Fees for Services Legal$96,406$27,193-$123,599
Pension Plan Contributions$77,072$23,022-$100,094
Information Technology$76,568$16,145-$92,713
All Other Expenses$67,231$13,265-$80,496
Conferences and Meetings$64,183$12,795-$76,978
Other Expenses$48,781$13,760-$62,541
Office Expenses$47,890$13,038-$60,928
Depreciation Depletion$37,447$10,563-$48,010
Insurance$30,753$8,676-$39,429
Advertising$28,742$8,108-$36,850
Total Functional Expenses$6,778,650$1,374,780$0$8,153,430

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$8,233,007
Expenses per Audited Statements$8,153,430
Total Expenses per Form 990$8,153,430
Expenses Not Reported on Form 990$79,577
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$162,983
Fundraising Direct Expenses$79,577
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Sba Luncheon$83,786$76,839$38,796$38,043
Bew$39,255$39,255$5,133$34,122
Total Events$167,642$160,695$79,577$81,118
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Stephanie Swepson-twittyBoard RelationsLoan to OrgNo$1,700,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Accrued Expenses$3,100
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
Kevin Dick
Title
President & CEO
Phone
9195301683
Signed
2020-07-11

Organization Details

Principal Officer
Kevin Dick
Formed
1990
Legal Domicile
Nc
Voting Board Members
15
Independent Board Members
15
Employees
54

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 79,577 special event expenses -79,577”

Financial Statement Notes

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

“Special event expenses 79,577”

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

“Special event expenses 79,577”

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15PRESIDENT/CE
IRS990/Form990PartVIISectionAGrp/TitleTxt16COO
IRS990/Form990PartVIISectionAGrp/TitleTxt17CHIEF CREDIT
IRS990/Form990PartVIISectionAGrp/TitleTxt18CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt19CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt20CHIEF CREDIT
IRS990/Form990PartVIISectionAGrp/TitleTxt21PRESIDENT &
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IRS990/InsuranceGrp/ManagementAndGeneralAmt08676
IRS990/InsuranceGrp/ProgramServicesAmt030753
IRS990/InsuranceGrp/TotalAmt039429
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IRS990/LobbyingActivitiesInd0true
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0OUR MISSION IS TO FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES BY PROVIDING CAPITAL, BUSINESS SERVICES, AND POLICY RESEARCH TO SUPPORT SMALL BUSINESSES.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt083406
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IRS990/OfficeExpensesGrp/ProgramServicesAmt047890
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
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IRS990/OtherExpensesGrp/Desc1GRANT REPAYMENT
IRS990/OtherExpensesGrp/Desc2TELEPHONE
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IRS990/OtherExpensesGrp/ProgramServicesAmt257742
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IRS990/ProgramServiceRevenueGrp/Desc1LOAN ORIGINATION/CLOSING FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1189077
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt28869
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1189077
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt28869
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt35000
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IRS990/PYOtherExpensesAmt03626497
IRS990/PYOtherRevenueAmt0-46272

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$40,644,527
Liabilities
$25,876,194
Net assets
$14,768,333
Revenue
$8,969,393
Expenses
$8,153,430
Net income
$815,963
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
2019Detailed filing. Detailed filing data is available for this year.$40.6$25.9$14.8$8.97$8.15$0.82
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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