Civic Intelligence

The Cares Project Inc

990 • Fiscal year 2024 • EIN 81-2944362

Jan 01, 2024 to Dec 31, 2024 • Filed on Feb 11, 2025

3410 Healy DriveWinstonsalem, NC 27103

(336) 840-1555

Siviq Scores

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

Liabilities / Assets

77th percentile

0.31x

Higher debt load relative to assets than 77% of similar nonprofits.

2024 filings • NTEE P • $500k-$1M nonprofits • Source year 2024

Liabilities / Revenue

90th percentile

0.73x

Higher debt load relative to revenue than 90% of similar nonprofits.

2024 filings • NTEE P • $500k-$1M nonprofits • Source year 2024

Net Margin

67th percentile

15%

Higher net margin than 67% of similar nonprofits.

2024 filings • NTEE P • $500k-$1M nonprofits • Source year 2024

Top Officer Pay

77th percentile

$81,640

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 27.5% of source-year revenue.

2024 filings • NTEE P • $500k-$1M nonprofits • Source year 2024

Asset Growth

76th percentile

39%

Faster asset growth than 76% of similar nonprofits.

2024 filings • NTEE P • $500k-$1M nonprofits • Annualized from 2023 to 2024

Revenue Growth

12th percentile

-30%

Faster revenue growth than 12% of similar nonprofits.

2024 filings • NTEE P • $500k-$1M nonprofits • Annualized from 2023 to 2024

Assets

Up

$701,830

Up $197,278 (+39%) from 2023

Net Assets

Up

$485,889

Up $43,963 (+9.9%) from 2023

Liabilities

Up

$215,941

Up $153,315 (+245%) from 2023

Revenue

Down

$296,908

Down $127,656 (-30%) from 2023

Expenses

Up

$252,945

Up $10,998 (+4.5%) from 2023

Net Income

Down

$43,963

Down $138,654 (-76%) from 2023

Historical Trend

Balance Sheet Trend

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

$800K$600K$400K$200K$0Assets 2016: $4,350Liabilities 2016: $02016Assets 2017: $39,402Liabilities 2017: $02017Assets 2018: $125,693Liabilities 2018: $4,713Net Assets 2018: $120,9802018Assets 2019: $165,320Liabilities 2019: $3,872Net Assets 2019: $161,4482019Assets 2020: $218,878Liabilities 2020: $2,382Net Assets 2020: $216,4962020Assets 2021: $342,424Liabilities 2021: $3,763Net Assets 2021: $338,6612021Assets 2022: $267,914Liabilities 2022: $8,605Net Assets 2022: $259,3092022Assets 2023: $504,552Liabilities 2023: $62,626Net Assets 2023: $441,9262023Assets 2024: $701,830Liabilities 2024: $215,941Net Assets 2024: $485,8892024Assets 2025: $678,502Liabilities 2025: $165,233Net Assets 2025: $513,2692025

Highlighted filing

2024

Assets$701,830
Liabilities$215,941
Net Assets$485,889

Operations Trend

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

$600K$400K$200K$0-$200KRevenue 2016: $4,350Expenses 2016: $0Net Income 2016: $4,3502016Revenue 2017: $44,400Expenses 2017: $9,348Net Income 2017: $35,0522017Revenue 2018: $164,719Expenses 2018: $83,141Net Income 2018: $81,5782018Revenue 2019: $213,683Expenses 2019: $173,215Net Income 2019: $40,4682019Revenue 2020: $258,904Expenses 2020: $203,856Net Income 2020: $55,0482020Revenue 2021: $352,040Expenses 2021: $229,875Net Income 2021: $122,1652021Revenue 2022: $120,589Expenses 2022: $199,941Net Income 2022: -$79,3522022Revenue 2023: $424,564Expenses 2023: $241,947Net Income 2023: $182,6172023Revenue 2024: $296,908Expenses 2024: $252,945Net Income 2024: $43,9632024Revenue 2025: $363,037Expenses 2025: $335,657Net Income 2025: $27,3802025

Highlighted filing

2024

Revenue$296,908
Expenses$252,945
Net Income$43,963
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Feb 11, 2025
Return Version
2024v5.0
Gross Receipts
$296,908
Mission and Program Overview

Mission

The cares project, inc. Is a non-profit certified community development financial institution serving people with incomes at or below eight percent of the area median family income who live in forsyth, davie, and davidson counties. The organization's mission is to help low income individuals and families become financially secure through car ownership by making community-funded vehicle loans and by building skills through financial and credit coaching.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$387,075$486,873▲ $99,798
Cash and Non-Interest-Bearing Accounts$42,811$157,844▲ $115,033
Pledges and Grants Receivable$28,055$29,360▲ $1,305
Land, Buildings, and Equipment, Net$4,674$3,413▼ $1,261
Accounts Receivable$426$228▼ $198
Total Assets$504,552$701,830▲ $197,278
Other Assets Total$41,511$24,112▼ $17,399
Liabilities
Other Liabilities$58,311$212,300▲ $153,989
Accounts Payable and Accrued Expenses$4,315$3,641▼ $674
Total Liabilities$62,626$215,941▲ $153,315
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$389,871$469,316▲ $79,445
Net Assets With Donor Restrictions$52,055$16,573▼ $35,482
Total Net Assets Fund Balance$441,926$485,889▲ $43,963
Total Liabilities and Net Assets / Fund Balance$504,552$701,830▲ $197,278

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,413$2,897$6,310
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Scott MclaughlinCEOFT$81,640$81,640

Board Members and Trustees

NameTitle
Rick HallPresident
Andrew LaroweVice President
Fred BazemoreDirector
Neal CheekDirector
Shawan GabrielDirector
Marcia PhillipsSecretary
Renee GriffinSecretary
Michelle YountsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$258,086
Program Service Revenue
$37,892
Investment Income
$0
Other Revenue
$930
All Other Contributions
$50,377
Change in Net Assets
$43,963

Audited Revenue Reconciliation

Revenue per Audited Statements
$296,908
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$296,908
Total Revenue per Form 990
$296,908
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$156,477
Other Expenses$96,468
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$65,312$16,328-$81,640
Other Salaries and Wages$50,240$5,766-$56,006
Insurance$17,223$3,293-$20,516
Fees for Services Other$4,059$13,079-$17,138
Payroll Taxes$8,875$1,697-$10,572
Other Employee Benefits$6,933$1,326-$8,259
All Other Expenses$3,717$827-$4,544
Other Expenses$2,868$17-$2,885
Travel$2,482--$2,482
Office Expenses$2,471--$2,471
Depreciation Depletion-$1,262-$1,262
Advertising$100--$100
Total Functional Expenses$206,086$46,859$0$252,945

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$252,945
Total Expenses per Audited Statements$252,945
Total Expenses per Form 990$252,945
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advances$187,705
Operating Lease Obligation, Current$16,017
Operating Lease Obligation, Noncurrent$8,578
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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, Part VI, Section B, Line 11B

The 990 will be reviewed by the ceo and treasurer (or chairman of the board) prior to being filed.

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

Annually, board members are required to approve the conflict of interest policy and complete a disclosure form for any actual or potential conflicts of interest. Any conflicts of interest are discussed by the board and provisions are made for resolving the conflict, either by recusing the member from voting on issues related to the conflict, or by requiring resignation of the board member, if necessary.

Form 990, Part VI, Section B, Line 15

Compensation process for top official: comparability data is used to obtain a range of compensation for other local organizations of similar asset size and number of employees. The board uses this range of compensation, together with performance goals and objectives expected of the ceo for the program year, to determine compensation for the next twelve months. Compensation process for officers: the ceo sets all other wage ranges based on comparability data for specific jobs in the local area and performance goals and objectives of the key employee for the program year.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents and financial statements available to the public by request.

Filing and Contact Details

Filer

Filer Name
The Cares Project Inc
EIN
81-2944362
Phone
3368401555
Address
3410 HEALY DRIVE, WINSTONSALEM, NC 27103

Signing Officer

Name
Scott Mclaughlin
Title
CEO
Phone
3368401555
Signed
2025-02-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rick Hall
Formed
2016
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
4
Volunteers
8

Preparer

Firm
Turlington and Company Llp
Address
1338 WESTGATE CENTER DRIVE, WINSTONSALEM, NC 27103
Preparer
Dexter a Garner
Phone
3367652410
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The organization has determined that it has no uncertain income tax positions as of december 31, 2024. Also, the organization does not anticipate any increase or decrease in unrecognized tax benefits during the next twelve months that would result in a material change in its financial position. The organization's income tax returns for the years ended after december 31, 2021 remain open for examination.

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IRS990/PYProgramServiceRevenueAmt019871
IRS990/PYRevenuesLessExpensesAmt0182617
IRS990/PYSalariesCompEmpBnftPaidAmt0143715
IRS990/PYTotalExpensesAmt0241947
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0424564
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt043963
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt038822
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0258086
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0404650
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0108593
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0343806
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0252979
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01368114
IRS990ScheduleA/PublicOrganization170Ind0X
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IRS990ScheduleA/PublicSupportPY170Pct01.00000
IRS990ScheduleA/PublicSupportTotal170Amt01368114
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0258086
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0404650
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0108593
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0343806
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0252979
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01368114
IRS990ScheduleA/TotalSupportAmt01368114
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt03413
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02897
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt06310
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0252945
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt016017
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1187705
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt28578
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OPERATING LEASE OBLIGATION, CURRENT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1REFUNDABLE ADVANCES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2OPERATING LEASE OBLIGATION, NONCURRENT
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0296908
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS DETERMINED THAT IT HAS NO UNCERTAIN INCOME TAX POSITIONS AS OF DECEMBER 31, 2024. ALSO, THE ORGANIZATION DOES NOT ANTICIPATE ANY INCREASE OR DECREASE IN UNRECOGNIZED TAX BENEFITS DURING THE NEXT TWELVE MONTHS THAT WOULD RESULT IN A MATERIAL CHANGE IN ITS FINANCIAL POSITION. THE ORGANIZATION'S INCOME TAX RETURNS FOR THE YEARS ENDED AFTER DECEMBER 31, 2021 REMAIN OPEN FOR EXAMINATION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalExpensesPerForm990Amt0252945
IRS990ScheduleD/TotalLiabilityAmt0212300
IRS990ScheduleD/TotalRevenuePerForm990Amt0296908
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0296908
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0252945
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 WILL BE REVIEWED BY THE CEO AND TREASURER (OR CHAIRMAN OF THE BOARD) PRIOR TO BEING FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANNUALLY, BOARD MEMBERS ARE REQUIRED TO APPROVE THE CONFLICT OF INTEREST POLICY AND COMPLETE A DISCLOSURE FORM FOR ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST. ANY CONFLICTS OF INTEREST ARE DISCUSSED BY THE BOARD AND PROVISIONS ARE MADE FOR RESOLVING THE CONFLICT, EITHER BY RECUSING THE MEMBER FROM VOTING ON ISSUES RELATED TO THE CONFLICT, OR BY REQUIRING RESIGNATION OF THE BOARD MEMBER, IF NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION PROCESS FOR TOP OFFICIAL: COMPARABILITY DATA IS USED TO OBTAIN A RANGE OF COMPENSATION FOR OTHER LOCAL ORGANIZATIONS OF SIMILAR ASSET SIZE AND NUMBER OF EMPLOYEES. THE BOARD USES THIS RANGE OF COMPENSATION, TOGETHER WITH PERFORMANCE GOALS AND OBJECTIVES EXPECTED OF THE CEO FOR THE PROGRAM YEAR, TO DETERMINE COMPENSATION FOR THE NEXT TWELVE MONTHS. COMPENSATION PROCESS FOR OFFICERS: THE CEO SETS ALL OTHER WAGE RANGES BASED ON COMPARABILITY DATA FOR SPECIFIC JOBS IN THE LOCAL AREA AND PERFORMANCE GOALS AND OBJECTIVES OF THE KEY EMPLOYEE FOR THE PROGRAM YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt0701830
IRS990/TotalAssetsGrp/BOYAmt0504552
IRS990/TotalAssetsGrp/EOYAmt0701830
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0258086
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt046859
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0206086
IRS990/TotalFunctionalExpensesGrp/TotalAmt0252945
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt0215941
IRS990/TotalLiabilitiesGrp/BOYAmt062626
IRS990/TotalLiabilitiesGrp/EOYAmt0215941
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0441926
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0485889
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0206086
IRS990/TotalProgramServiceRevenueAmt037892
IRS990/TotalReportableCompFromOrgAmt081640
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt038822
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0296908
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt08
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IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt02482
IRS990/TravelGrp/TotalAmt02482
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
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IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027103
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.THECARESPROJECT.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0SCOTT MCLAUGHLIN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03368401555
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-02-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE CARES PROJECT INC
ReturnHeader/Filer/BusinessNameControlTxt0CARE
ReturnHeader/Filer/EIN0812944362
ReturnHeader/Filer/PhoneNum03368401555
ReturnHeader/Filer/USAddress/AddressLine1Txt03410 HEALY DRIVE
ReturnHeader/Filer/USAddress/CityNm0WINSTONSALEM
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