Civic Intelligence

Carolina Fintech Hub

990 • Fiscal year 2018 • EIN 82-2880690

Jan 01, 2018 to Dec 31, 2018 • Filed on Oct 25, 2019

Organization Profilewww.carolinafintechhub.org
3320 Sharon RdCharlotte, NC 28211

(704) 604-8610

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • NTEE S • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

22nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2018 filings • NTEE S • $500k-$1M nonprofits • Source year 2018

Net Margin

88th percentile

35%

Higher net margin than 88% of similar nonprofits.

2018 filings • NTEE S • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

94th percentile

$200,000

Higher top officer pay than 94% of similar nonprofits.

Top officer pay equals 20.9% of source-year revenue.

2018 filings • NTEE S • $500k-$1M nonprofits • Source year 2018

Asset Growth

93rd percentile

70%

Faster asset growth than 93% of similar nonprofits.

2018 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

93rd percentile

84%

Faster revenue growth than 93% of similar nonprofits.

2018 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Up

$813,237

Up $334,614 (+70%) from 2017

Net Assets

Up

$813,237

Up $334,614 (+70%) from 2017

Liabilities

Flat

$0

Flat from 2017

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin88th percentile

Revenue

Up

$955,100

Up $435,000 (+84%) from 2017

Expenses

Up

$620,486

Up $579,009 (+1396%) from 2017

Net Income

Down

$334,614

Down $144,009 (-30%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth93rd percentile

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

$1.0M$500K$0Assets 2017: $478,623Liabilities 2017: $0Net Assets 2017: $478,6232017Assets 2018: $813,237Liabilities 2018: $0Net Assets 2018: $813,2372018Assets 2019: $503,011Liabilities 2019: $0Net Assets 2019: $503,0112019Assets 2020: $826,759Liabilities 2020: $0Net Assets 2020: $826,7592020Assets 2021: $895,448Liabilities 2021: $32,617Net Assets 2021: $862,8312021Assets 2022: $103,323Liabilities 2022: $0Net Assets 2022: $103,3232022Assets 2023: $15,200Liabilities 2023: $0Net Assets 2023: $15,2002023

Highlighted filing

2018

Assets$813,237
Liabilities$0
Net Assets$813,237
Open 2018 Filing

Operations Trend

Revenue Growth93rd percentile

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

$2.0M$1.0M$0-$1.0MRevenue 2017: $520,100Expenses 2017: $41,477Net Income 2017: $478,6232017Revenue 2018: $955,100Expenses 2018: $620,486Net Income 2018: $334,6142018Revenue 2019: $910,000Expenses 2019: $1,220,226Net Income 2019: -$310,2262019Revenue 2020: $1,427,921Expenses 2020: $1,104,173Net Income 2020: $323,7482020Revenue 2021: $1,537,414Expenses 2021: $1,501,342Net Income 2021: $36,0722021Revenue 2022: $1,082,602Expenses 2022: $1,842,110Net Income 2022: -$759,5082022Revenue 2023: $277,388Expenses 2023: $365,511Net Income 2023: -$88,1232023

Highlighted filing

2018

Revenue$955,100
Expenses$620,486
Net Income$334,614
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Oct 25, 2019
Return Version
2018v3.1
Gross Receipts
$955,100
Mission and Program Overview

Mission

The Carolina Fintech Hub is a non-profit organization comprised of finance and technology leadership in the Carolinas region focused on fostering the advancement of financial technology and talent in the region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$478,623$813,237▲ $334,614
Rtn Earn Endowment Incm Other Fnds$478,623$813,237▲ $334,614
Total Assets$478,623$813,237▲ $334,614
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$478,623$813,237▲ $334,614
Total Liabilities and Net Assets / Fund Balance$478,623$813,237▲ $334,614
Compensation and Service Providers
Top Officer Pay94th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Tariq BokhariPresidentFT$200,000$200,000

Board Members and Trustees

NameTitle
Thomas DesmondVice President and Director
David MatthewsDirector
Suhas YerraDirector
Vas KodaliDirector
Matt RibbensSecretary and Director
Michael WallaceTreasurer and Director
Revenue and Support

Revenue Composition

Contributions and Grants
$955,100
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$955,100
Change in Net Assets
$334,614
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$324,808
Grants and Similar Amounts Paid$211,500
Other Expenses$84,178
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$211,500--$211,500
Current Officers, Directors, Trustees, and Key Employees$200,000--$200,000
Other Salaries and Wages$75,000--$75,000
Payroll Taxes$49,808--$49,808
Fees for Services Other-$25,168-$25,168
Conferences and Meetings$14,797--$14,797
Advertising-$9,210-$9,210
Travel-$3,479-$3,479
Office Expenses-$736-$736
Other Expenses$27,979$516-$516
Fees for Services Accounting-$475-$475
Total Functional Expenses$580,308$40,178$0$620,486
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
RevTech Labs LLCCharlotte, NC501c3To assist in Fintech innovation$165,000
Center for Entrepren DevtResearch Triangle, NC-Conference sponsor$25,000
Build the Good LLC Blk Tech IntCharlotte, NC-Tech talent recruitment$20,000
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Committee meeting documentation Part VI line 8B

“The Organization has committees that meet weekly and document meetings with notes.”

Form 990 governing body review Part VI line 11

“The Form 990 is reviewed by the officers and Board of Directors.”

CEO executive director top management comp Part VI line 15A

“Annually the Board of Directors evaluates compensation by consulting with Bank of America internal HR resources to do comparisons of the Organizations intended salary for the president versus the job market.”

Governing documents etc available to public Part VI line 19

“The governing documents, conflict of interest policy, and Form 990 are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Carolina Fintech Hub
EIN
82-2880690
Address
3320 SHARON RD, CHARLOTTE, NC 28211

Signing Officer

Name
Brad Wallace
Title
Treasurer
Phone
7046048610
Signed
2019-10-25
Discuss with paid preparer
No

Organization Details

Principal Officer
Tariq Bokhari
Formed
2017
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
6
Employees
2

Preparer

Firm
Edward P Cooper CPA Pc
Address
PO BOX 470741, CHARLOTTE, NC 28247
Preparer
Edward P Cooper CPA
Phone
7043412097
Supplemental Narrative

Additional Explanations

Part III response or note to any other line in Part III

“In Part III the Program Services are generally serving the same service areas as reported in the prior year. For the year 2018 the Program names and descriptions have become more focused into three key service areas as described in Part III.”

General explanation attachment

“Contributions not deductible as charitable contributions (Part V, line 6b)Contributions are from large corporate donors that are aware and informed that Carolina Fintech Hub is a 501(c)6 organization, and therefore contributions are not deductible as charitable contributions. Donations may be deductible as trade or business expenses if ordinary and necessary in the conduct of the taxpayers business.”

Raw XML Appendix352 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/TitleTxt1Vice President and Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary and Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
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IRS990/ProgSrvcAccomActy2Grp/Desc0Talent Development - Through outreach, hackathons, meetups, conferences, and fintech pitch days, Carolina Fintech Hub (the Organization) is creating additional pipelines of talent to augment todays traditional hiring approaches. Our goal is to place exceptional candidates from diverse backgrounds into open positions, and ultimately retain the best talent in the Carolinas.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Outreach - Connecting the Fintech ecosystem through networking events, conferences, monthly meetings, and other communication channels.
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0To assist in Fintech innovation
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2Tech talent recruitment
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0RevTech Labs LLC
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2Build the Good LLC Blk Tech Int
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IRS990ScheduleI/RecipientTable/RecipientEIN1561399587
IRS990ScheduleI/RecipientTable/RecipientEIN2813667794
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0222 S Church St
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1600 Park Office Dr
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt21824 Statesville Ave
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Charlotte
IRS990ScheduleI/RecipientTable/USAddress/CityNm1Research Triangle
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0The organization has a close relationship with RevTech Labs and meets with their people frequently. CFH is a funding mechanism for RevTech Labs technology accelerator.The payment to the Center for Entrepreneurial Development was to assist with a conference, which was a one-time event. Carolina Fintech Hub was involved in the conference.The payment to Build the Good LLC (Blk Tech Interactive) was a one-time sponsorship for their tech talent recruitment program.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Organization has committees that meet weekly and document meetings with notes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Form 990 is reviewed by the officers and Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Annually the Board of Directors evaluates compensation by consulting with Bank of America internal HR resources to do comparisons of the Organizations intended salary for the president versus the job market.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The governing documents, conflict of interest policy, and Form 990 are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4In Part III the Program Services are generally serving the same service areas as reported in the prior year. For the year 2018 the Program names and descriptions have become more focused into three key service areas as described in Part III.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Contributions not deductible as charitable contributions (Part V, line 6b)Contributions are from large corporate donors that are aware and informed that Carolina Fintech Hub is a 501(c)6 organization, and therefore contributions are not deductible as charitable contributions. Donations may be deductible as trade or business expenses if ordinary and necessary in the conduct of the taxpayers business.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Committee meeting documentation Part VI line 8b
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Part III response or note to any other line in Part III
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ReturnHeader/BuildTS02020-01-14 16:20:31Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0Brad Wallace
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum07046048610
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-10-25
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ReturnHeader/Filer/BusinessNameControlTxt0CARO
ReturnHeader/Filer/EIN0822880690
ReturnHeader/Filer/USAddress/AddressLine1Txt03320 SHARON RD
ReturnHeader/Filer/USAddress/CityNm0CHARLOTTE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
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ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02019-11-10
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt071.76.92.245
ReturnHeader/FilingSecurityInformation/IPDt02019-11-10
ReturnHeader/FilingSecurityInformation/IPTm012:00:16
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0263269674
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0EDWARD P COOPER CPA PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 470741
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHARLOTTE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
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ReturnHeader/PreparerPersonGrp/PhoneNum07043412097
ReturnHeader/PreparerPersonGrp/PreparationDt02019-10-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWARD P COOPER CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02019-11-10T02:17:23-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$813,237
Liabilities
$0
Net assets
$813,237
Revenue
$955,100
Expenses
$620,486
Net income
$334,614
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.02$0.00$0.02$0.28$0.37$0.09
2022Detailed filing. Detailed filing data is available for this year.$0.10$0.00$0.10$1.08$1.84$0.76
2021Detailed filing. Detailed filing data is available for this year.$0.90$0.03$0.86$1.54$1.50$0.04
2020Detailed filing. Detailed filing data is available for this year.$0.83$0.00$0.83$1.43$1.10$0.32
2019Detailed filing. Detailed filing data is available for this year.$0.50$0.00$0.50$0.91$1.22$0.31
2018Detailed filing. Detailed filing data is available for this year.$0.81$0.00$0.81$0.96$0.62$0.33
2017Detailed filing. Detailed filing data is available for this year.$0.48$0.00$0.48$0.52$0.04$0.48
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • NTEE S41 • $500k-$1M nonprofits