Carolina Small Business Development Fund

Analysis

Carolina Small Business Development Fund is a registered charity in United States, based in Raleigh, NC. It received its IRS tax-exemption ruling in November 1990, 36 years ago. Its declared purposes cover public and societal benefit, which this site groups under other charitable purposes. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Carolina Small Business Development Fund reported income of $10.5m and spending of $9.3m, spending 89% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $9.0m to $10.5m (+17%), an average of +4.0% a year. The sharpest change came in the year to June 2023, when income rose by 63%. Over the whole period it spent 96% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Carolina Small Business Development Fund sits at the 96th percentile: it is larger than about 96% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 96th percentile within NC. Charities of a similar size with the same main cause include St Bernards Village Inc ($10.5m), Northeastern Joint Apprenticeship and Training Trust Fund ($10.5m) and Gateway Maryland Inc ($10.5m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 75% and program service revenue 25% of the total. Compensation of current officers, directors and key employees was $707k (7.6% of expenses). Other salaries and wages came to $2.2m. At year end it held assets of $34.4m against liabilities of $18.8m, net assets of $15.6m. It reported 42 employees.