Civic Intelligence

Carolina Small Business Development Fund

990 • Fiscal year 2022 • EIN 58-1903219

Jul 01, 2021 to Jun 30, 2022 • Filed on May 10, 2023

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

82nd percentile

0.66x

Higher debt load relative to assets than 82% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Liabilities / Revenue

93rd percentile

4.42x

Higher debt load relative to revenue than 93% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Net Margin

38th percentile

2.3%

Higher net margin than 38% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Top Officer Pay

29th percentile

$178,171

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 2.8% of source-year revenue.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2022

Asset Growth

73rd percentile

11%

Faster asset growth than 73% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Revenue Growth

17th percentile

-20%

Faster revenue growth than 17% of similar nonprofits.

2022 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets82nd percentile

Assets

Up

$42,816,299

Up $4,145,114 (+11%) from 2021

Net Assets

Up

$14,461,767

Up $145,399 (+1.0%) from 2021

Liabilities

Up

$28,354,532

Up $3,999,715 (+16%) from 2021

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin38th percentile

Revenue

Down

$6,416,650

Down $1,565,743 (-20%) from 2021

Expenses

Down

$6,271,251

Down $897,764 (-13%) from 2021

Net Income

Down

$145,399

Down $667,979 (-82%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth73rd 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

2022

Assets$42,816,299
Liabilities$28,354,532
Net Assets$14,461,767
Open 2022 Filing

Operations Trend

Revenue Growth17th 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

2022

Revenue$6,416,650
Expenses$6,271,251
Net Income$145,399
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 10, 2023
Return Version
2021v4.0
Gross Receipts
$6,423,224
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$31,809,330$27,703,356▼ $4,105,974
Cash and Non-Interest-Bearing Accounts$3,132,880$9,641,465▲ $6,508,585
Other Notes and Loans Receivable, Net$2,329,110$2,257,397▼ $71,713
Pledges and Grants Receivable$335,487$2,091,149▲ $1,755,662
Savings and Temporary Cash Investments$1,009,398$1,033,300▲ $23,902
Prepaid Expenses and Deferred Charges$47,108$87,330▲ $40,222
Land, Buildings, and Equipment, Net$5,651$2,302▼ $3,349
Accounts Receivable$2,221--
Total Assets$38,671,185$42,816,299▲ $4,145,114
Liabilities
Mortgage Notes Payable Secured by Investment Property$21,741,218$18,532,515▼ $3,208,703
Escrow Account Liability$1,803,540$9,259,045▲ $7,455,505
Other Liabilities$656,900--
Deferred Revenue-$377,046-
Accounts Payable and Accrued Expenses$153,159$185,926▲ $32,767
Total Liabilities$24,354,817$28,354,532▲ $3,999,715
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,396,608$12,120,465▲ $3,723,857
Net Assets With Donor Restrictions$5,919,760$2,341,302▼ $3,578,458
Total Net Assets Fund Balance$14,316,368$14,461,767▲ $145,399
Total Liabilities and Net Assets / Fund Balance$38,671,185$42,816,299▲ $4,145,114

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,302$294,241$296,543
Investment Program Related Org$-1,305,447--
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin DickPresident &FT$144,188$33,983$178,171
Kevin DickPresident & CEO-$144,188$33,983$178,171
Mark RoysterChief CreditFT$119,618$25,900$145,518
Krystin JorgensonFormer CFOFT$102,993$14,820$117,813
John SabistonCFOFT$10,050-$10,050

Board Members and Trustees

NameTitle
Dr Paulette DillardBoard Chair
Nancy Patrick StroudBoard Secret
Huntley GarriottBoard Treasu
Ted ArcherBoard Vice C
Aaron ThomasDirector
Arnold AlstonDirector
Bobby RobinsonDirector
Dr Joseph FoxDirector
Frank PollockDirector
Grace NystrumDirector
Jada Grandy-mockDirector
Jeffrey HastingsDirector
Larry GarciaDirector
Madison PotterDirector
Merrill FloodDirector
Natalie Haskin-englishDirector
Pilar Rocha-goldbergDirector
Rodrick BanksDirector
Steven DilleDirector
Tiffany McneillDirector
Dr Pamela SenegalFormer Treas

Highest Paid Contractors

ContractorServicesLocationCompensation
Vann AttorneysLegal Services1720 HILLSBOROUGH ST, Raleigh, NC 27605$145,785
Revenue and Support

Revenue Composition

Contributions and Grants
$4,106,772
Program Service Revenue
$2,243,745
Investment Income
$10,887
Other Revenue
$55,246
All Other Contributions
$277,968
Change in Net Assets
$145,399

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,416,650
Revenue Not Reported on Form 990
$6,574
Total Revenue per Audited Statements
$6,423,224
Total Revenue per Form 990
$6,416,650
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,618,514
Salaries, Compensation, and Employee Benefits$2,623,737
Grants and Similar Amounts Paid$29,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,196,506$531,138-$1,727,644
Interest$580,217--$580,217
Current Officers, Directors, Trustees, and Key Employees$311,934$138,471-$450,405
Fees for Services Other$290,852$128,507-$419,359
Fees for Services Legal$158,037$44,574-$202,611
Other Employee Benefits$146,571$43,781-$190,352
Payroll Taxes$134,572$40,197-$174,769
Occupancy$133,247$37,582-$170,829
Fees for Services Lobbying$164,764--$164,764
Fees for Services Accounting$123,333$34,786-$158,119
Information Technology$110,067$22,544-$132,611
Office Expenses$69,831$18,699-$88,530
Pension Plan Contributions$62,037$18,530-$80,567
All Other Expenses$57,882$12,745-$70,627
Insurance$39,035$11,010-$50,045
Travel$38,709$10,918-$49,627
Other Expenses$35,103$9,901-$45,004
Conferences and Meetings$35,104$6,197-$41,301
Grants to Domestic Orgs$29,000--$29,000
Advertising$16,959$4,240-$21,199
Depreciation Depletion$2,612$737-$3,349
Total Functional Expenses$5,156,694$1,114,557$0$6,271,251

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$6,277,825
Expenses per Audited Statements$6,271,251
Total Expenses per Form 990$6,271,251
Expenses Not Reported on Form 990$6,574
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Tarheel Contracting IncKernersville, NC--$25,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$61,750
Fundraising Direct Expenses$6,574
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Sba Luncheon$25,750$25,750$2,741$23,009
Other Events$18,500$18,500$1,970$16,530
Total Events$61,750$61,750$6,574$55,176
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
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
No
Management duties delegated
No

Governance Explanations

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

“The form 990 is reviewed by the ceo, cfo and the finance committee chair and is provided to finance committee members for review prior to its filing.”

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
2023-05-10

Organization Details

Principal Officer
Kevin Dick
Formed
1990
Legal Domicile
Nc
Voting Board Members
16
Independent Board Members
16
Employees
34
Volunteers
5

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 6,574 special event expenses -6,574”

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“Funds held in agency: the organization administers certain loan and grant programs on behalf of certain municipalities and a nonprofit organization. Advances of loan or grant funds are recorded as a liability until disbursed.”

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

“Special event expenses 6,574”

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

“Special event expenses 6,574”

Raw XML AppendixShowing 400 of 712 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/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt180
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT &
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHIEF CREDIT
IRS990/Form990PartVIISectionAGrp/TitleTxt2FORMER CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt3CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD VICE C
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD TREASU
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD SECRET
IRS990/Form990PartVIISectionAGrp/TitleTxt23FORMER TREAS
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
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IRS990/FormationYr01990
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IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0true
IRS990/FundraisingDirectExpensesAmt06574
IRS990/FundraisingGrossIncomeAmt061750
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IRS990/GovernmentGrantsAmt03828804
IRS990/GrantAmt029000
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IRS990/IndivRcvdGreaterThan100KCnt03
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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
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IRS990/InformationTechnologyGrp/ProgramServicesAmt0110067
IRS990/InformationTechnologyGrp/TotalAmt0132611
IRS990/InsuranceGrp/ManagementAndGeneralAmt011010
IRS990/InsuranceGrp/ProgramServicesAmt039035
IRS990/InsuranceGrp/TotalAmt050045
IRS990/InterestGrp/ProgramServicesAmt0580217
IRS990/InterestGrp/TotalAmt0580217
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IRS990/LobbyingActivitiesInd0true
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
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IRS990/MinutesOfGoverningBodyInd0true
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt018532515
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IRS990/NetAssetsOrFundBalancesEOYAmt014461767
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IRS990/OtherExpensesGrp/ProgramServicesAmt1289639
IRS990/OtherExpensesGrp/ProgramServicesAmt2230683
IRS990/OtherExpensesGrp/ProgramServicesAmt335103
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IRS990/OtherExpensesGrp/TotalAmt1289639
IRS990/OtherExpensesGrp/TotalAmt2230683
IRS990/OtherExpensesGrp/TotalAmt345004
IRS990/OtherLiabilitiesGrp/BOYAmt0656900
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01196506
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$42,816,299
Liabilities
$28,354,532
Net assets
$14,461,767
Revenue
$6,416,650
Expenses
$6,271,251
Net income
$145,399
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
2022Detailed filing. Detailed filing data is available for this year.$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
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