Civic Intelligence

Thread Capital Inc

990 • Fiscal year 2021 • EIN 83-1284532

Jul 01, 2020 to Jun 30, 2021 • Filed on May 06, 2022

Organization ProfileTHREADCAP.ORG
4021 Carya DriveRaleigh, NC 27610

(919) 212-4950

Siviq Scores

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

Liabilities / Assets

35th percentile

0.11x

Higher debt load relative to assets than 35% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

45th percentile

0.33x

Higher debt load relative to revenue than 45% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Net Margin

69th percentile

42%

Higher net margin than 69% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

60th percentile

$207,747

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 5.8% of source-year revenue.

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Asset Growth

20th percentile

-3.3%

Faster asset growth than 20% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

27th percentile

-7.2%

Faster revenue growth than 27% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets35th percentile

Assets

Down

$10,500,992

Down $356,855 (-3.3%) from 2020

Net Assets

Up

$9,336,910

Up $1,493,728 (+19%) from 2020

Liabilities

Down

$1,164,082

Down $1,850,583 (-61%) from 2020

Revenue And Expenses
Liabilities / Revenue45th percentileNet Margin69th percentile

Revenue

Down

$3,562,695

Down $276,192 (-7.2%) from 2020

Expenses

Up

$2,068,967

Up $292,760 (+16%) from 2020

Net Income

Down

$1,493,728

Down $568,952 (-28%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

$20M$15M$10M$5.0M$0Assets 2019: $7,470,509Liabilities 2019: $665,007Net Assets 2019: $6,805,5022019Assets 2020: $10,857,847Liabilities 2020: $3,014,665Net Assets 2020: $7,843,1822020Assets 2021: $10,500,992Liabilities 2021: $1,164,082Net Assets 2021: $9,336,9102021Assets 2022: $10,988,241Liabilities 2022: $2,744,597Net Assets 2022: $8,243,6442022Assets 2023: $11,368,374Liabilities 2023: $3,035,125Net Assets 2023: $8,333,2492023Assets 2024: $15,959,507Liabilities 2024: $3,852,211Net Assets 2024: $12,107,2962024Assets 2025: $11,672,551Liabilities 2025: $2,952,788Net Assets 2025: $8,719,7632025

Highlighted filing

2021

Assets$10,500,992
Liabilities$1,164,082
Net Assets$9,336,910
Open 2021 Filing

Operations Trend

Revenue Growth27th percentile

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

$10M$5.0M$0-$5.0MRevenue 2019: $8,078,528Expenses 2019: $685,706Net Income 2019: $7,392,8222019Revenue 2020: $3,838,887Expenses 2020: $1,776,207Net Income 2020: $2,062,6802020Revenue 2021: $3,562,695Expenses 2021: $2,068,967Net Income 2021: $1,493,7282021Revenue 2022: $1,469,550Expenses 2022: $2,568,332Net Income 2022: -$1,098,7822022Revenue 2023: $3,034,496Expenses 2023: $2,494,891Net Income 2023: $539,6052023Revenue 2024: $7,228,789Expenses 2024: $3,021,846Net Income 2024: $4,206,9432024Revenue 2025: $1,612,726Expenses 2025: $4,458,425Net Income 2025: -$2,845,6992025

Highlighted filing

2021

Revenue$3,562,695
Expenses$2,068,967
Net Income$1,493,728
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 6, 2022
Return Version
2020v4.2
Gross Receipts
$3,562,695
Mission and Program Overview

Mission

Thread capital believes everyone deserves the chance to be successful. We give people the tools they need to pursue their small-business dreams, and create a better tomorrow for themselves, their families, and their communities.

Ensuring nc's small businesses and entrepreneurs have access to the resources they need to thrive.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$2,172,453$3,924,984▲ $1,752,531
Cash and Non-Interest-Bearing Accounts$4,547,253$3,376,715▼ $1,170,538
Other Notes and Loans Receivable, Net$3,951,312$3,158,728▼ $792,584
Accounts Receivable$186,143$40,565▼ $145,578
Prepaid Expenses and Deferred Charges$686--
Total Assets$10,857,847$10,500,992▼ $356,855
Liabilities
Other Liabilities$1,500,000$0▼ $1,500,000
Accounts Payable and Accrued Expenses$1,514,665$1,019,354▼ $495,311
Deferred Revenue-$144,728-
Total Liabilities$3,014,665$1,164,082▼ $1,850,583
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,444,526$4,819,453▲ $1,374,927
Net Assets With Donor Restrictions$4,398,656$4,517,457▲ $118,801
Total Net Assets Fund Balance$7,843,182$9,336,910▲ $1,493,728
Total Liabilities and Net Assets / Fund Balance$10,857,847$10,500,992▼ $356,855
Compensation and Service Providers
Top Officer Pay60th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jonathan BreretonExecutive DirectorFT$112,444$23,703$136,147
Mary K CliffordSR. Director FINANCE & ADMIN (TO JUL '21)--$125,560$125,560

Board Members and Trustees

NameTitle
Andy AndersonChairperson
Sarah ThompsonCHAIRPERSON (TO FEB '21)
Grant GodwinDirector
John StokesDirector
Juvencio Roch-peraltaDirector
Patrick WoodieDirector
Henry MckoyDIRECTOR (FROM FEB '21)
Al BassDIRECTOR (FROM JUN '21)
Brittany Bennett WestonDIRECTOR (FROM JUN '21)
Lige DaughtridgeDIRECTOR (TO DEC '20)
Kim GrahamSecretary
Joseph StanleyTreasurer
Brandon RosasVP FINANCE & ADMIN (TO FEB '22)
Revenue and Support

Revenue Composition

Contributions and Grants
$1,992,863
Program Service Revenue
$1,166,523
Investment Income
$403,309
Other Revenue
$0
All Other Contributions
$28,100
Change in Net Assets
$1,493,728

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,562,695
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,562,695
Total Revenue per Form 990
$3,562,695
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,434,520
Salaries, Compensation, and Employee Benefits$634,447
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$707,720-$707,720
Fees for Services Other$616,813--$616,813
Other Salaries and Wages$378,207--$378,207
Current Officers, Directors, Trustees, and Key Employees$144,936--$144,936
Office Expenses$45,698--$45,698
Pension Plan Contributions$40,849--$40,849
Payroll Taxes$39,741--$39,741
Other Employee Benefits$30,714--$30,714
Fees for Services Accounting$20,727--$20,727
Other Expenses$15,723--$15,723
Information Technology$10,203--$10,203
Fees for Services Legal$9,625--$9,625
Occupancy$6,807--$6,807
All Other Expenses$805--$805
Travel$265--$265
Advertising$134--$134
Total Functional Expenses$1,361,247$707,720$0$2,068,967

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,068,967
Total Expenses per Audited Statements$2,068,967
Total Expenses per Form 990$2,068,967
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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The rural economic development center provides management services for the organization pursuant to a management services agreement.”

Form 990, Part VI, Section A, Line 6

“The organization's sole member is the rural economic development center.”

Form 990, Part VI, Section A, Line 7A

“The initial board of directors shall be appointed by the member to serve one (1) year, two (2) year, or three (3) year terms. Subsequently, the board of directors shall be elected by the incumbent board of directors at its annual meeting. All directors must be approved by the member.”

Form 990, Part VI, Section B, Line 11B

“The organization will make the form 990 available for review by the entire board of directors prior to filing.”

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

“The conflicts of interest policy is reviewed at every board meeting and members are asked if there are any conflicts. Should any conflicts exist, that person will recuse himself/herself from all discussions or vote and such information will be noted in the organization's board minutes.”

Form 990, Part VI, Section B, Line 15

“The president of the rural economic development center handles the salary review process and uses market comparables from other form 990's of similar organizations to determine appropriate compensation. In addition, a human resources consultant was hired to perform a classification and pay study. Compensation is approved by the thread board of directors.”

Form 990, Part VI, Section C, Line 19

“The organization's financial statements, conflicts of interest policy and governing documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Thread Capital Inc
EIN
83-1284532
Phone
9192124950
Address
4021 CARYA DRIVE, RALEIGH, NC 27610

Signing Officer

Name
Andy Anderson
Title
Board Chair
Phone
9192124950
Signed
2022-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jonathan Brereton
Formed
2018
Legal Domicile
Nc
Voting Board Members
10
Independent Board Members
9
Employees
0
Volunteers
11

Preparer

Firm
Johnson Lambert Llp
Address
4242 SIX FORKS ROAD SUITE 1500, RALEIGH, NC 27609
Preparer
J Calvin Marks
Phone
9197196400
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Temporary help: program service expenses 442,286. Management and general expenses 0. Fundraising expenses 0. Total expenses 442,286. Other professional services: program service expenses 174,527. Management and general expenses 0. Fundraising expenses 0. Total expenses 174,527.”

Financial Statement Notes

PART X, LINE 2:

“Management has evaluated thread's tax positions and concluded that thread had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of gaap.”

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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/MinutesOfCommitteesInd01
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IRS990/MissionDesc0THREAD CAPITAL BELIEVES EVERYONE DESERVES THE CHANCE TO BE SUCCESSFUL. WE GIVE PEOPLE THE TOOLS THEY NEED TO PURSUE THEIR SMALL-BUSINESS DREAMS, AND CREATE A BETTER TOMORROW FOR THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/OfficeExpensesGrp/TotalAmt045698
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IRS990/OtherExpensesGrp/Desc0LOAN ORIGINATION EXPENS
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IRS990/OtherLiabilitiesGrp/EOYAmt00
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt039741
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IRS990/PensionPlanContributionsGrp/ProgramServicesAmt040849
IRS990/PensionPlanContributionsGrp/TotalAmt040849
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IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0686
IRS990/PrincipalOfficerNm0JONATHAN BRERETON
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IRS990/ProgramServiceRevenueGrp/Desc0ADMINISTRATIVE FEES
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IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
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IRS990/PYOtherExpensesAmt01182228
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IRS990/PYSalariesCompEmpBnftPaidAmt0593979
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03838887
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
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IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt01569832
IRS990ScheduleA/Form990SchASupportingOrgGrp/Contribution35ControlledInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionControllerInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ContributionFamilyInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ControlledDisqualifiedPrsnInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnControllIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/DisqualifiedPrsnOwnrIntInd00
IRS990ScheduleA/Form990SchASupportingOrgGrp/ExcessBusinessHoldingsRulesInd00
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IRS990ScheduleA/Form990SchASupportingOrgGrp/LoanDisqualifiedPersonInd00
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0RURAL ECONOMIC DEVELOPMENT CENTER INC
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS EVALUATED THREAD'S TAX POSITIONS AND CONCLUDED THAT THREAD HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF GAAP.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0PATRICK WOODIE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0DIRECTOR
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IRS990ScheduleJ/SeverancePaymentInd00
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE RURAL ECONOMIC DEVELOPMENT CENTER PROVIDES MANAGEMENT SERVICES FOR THE ORGANIZATION PURSUANT TO A MANAGEMENT SERVICES AGREEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S SOLE MEMBER IS THE RURAL ECONOMIC DEVELOPMENT CENTER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE INITIAL BOARD OF DIRECTORS SHALL BE APPOINTED BY THE MEMBER TO SERVE ONE (1) YEAR, TWO (2) YEAR, OR THREE (3) YEAR TERMS. SUBSEQUENTLY, THE BOARD OF DIRECTORS SHALL BE ELECTED BY THE INCUMBENT BOARD OF DIRECTORS AT ITS ANNUAL MEETING. ALL DIRECTORS MUST BE APPROVED BY THE MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION WILL MAKE THE FORM 990 AVAILABLE FOR REVIEW BY THE ENTIRE BOARD OF DIRECTORS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE CONFLICTS OF INTEREST POLICY IS REVIEWED AT EVERY BOARD MEETING AND MEMBERS ARE ASKED IF THERE ARE ANY CONFLICTS. SHOULD ANY CONFLICTS EXIST, THAT PERSON WILL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS OR VOTE AND SUCH INFORMATION WILL BE NOTED IN THE ORGANIZATION'S BOARD MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PRESIDENT OF THE RURAL ECONOMIC DEVELOPMENT CENTER HANDLES THE SALARY REVIEW PROCESS AND USES MARKET COMPARABLES FROM OTHER FORM 990'S OF SIMILAR ORGANIZATIONS TO DETERMINE APPROPRIATE COMPENSATION. IN ADDITION, A HUMAN RESOURCES CONSULTANT WAS HIRED TO PERFORM A CLASSIFICATION AND PAY STUDY. COMPENSATION IS APPROVED BY THE THREAD BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION'S FINANCIAL STATEMENTS, CONFLICTS OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7TEMPORARY HELP: PROGRAM SERVICE EXPENSES 442,286. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 442,286. OTHER PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 174,527. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 174,527.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,500,992
Liabilities
$1,164,082
Net assets
$9,336,910
Revenue
$3,562,695
Expenses
$2,068,967
Net income
$1,493,728
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$11.7$2.95$8.72$1.61$4.46$2.85
2024Detailed filing. Detailed filing data is available for this year.$16.0$3.85$12.1$7.23$3.02$4.21
2023Detailed filing. Detailed filing data is available for this year.$11.4$3.04$8.33$3.03$2.49$0.54
2022Detailed filing. Detailed filing data is available for this year.$11.0$2.74$8.24$1.47$2.57$1.10
2021Detailed filing. Detailed filing data is available for this year.$10.5$1.16$9.34$3.56$2.07$1.49
2020Detailed filing. Detailed filing data is available for this year.$10.9$3.01$7.84$3.84$1.78$2.06
2019Detailed filing. Detailed filing data is available for this year.$7.47$0.67$6.81$8.08$0.69$7.39