Chesapeake Business Finance Corp
- Assets
- $704.8k
- Revenue
- $800.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Bethesda, MD
- Founding
- 02/2001
- Data as of
- 12/2021
- EIN
- 52-2239603
Organization Overview
Chesapeake Business Finance Corp is located in Bethesda, MD. The organization was established in 2001. According to its NTEE Classification (J12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Employment and related organizations. As of 12/2021, Chesapeake Business Finance Corp employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chesapeake Business Finance Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Chesapeake Business Finance Corp generated $800.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $781.8k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CHESAPEAKE BUSINESS FINANCE CORP ("CHESAPEAKE") IS A PRIVATE NON-PROFIT CORPORATION LICENSED BY THE U.S. SMALL BUSINESS ADMINISTRATION ("SBA") TO MAKE SBA 504 LOANS TO BUSINESSES IN MARYLAND, DC, SOUTHERN DELAWARE, NORTHERN VIRGINIA, AND EASTERN WEST VIRGINIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ISSUE U.S. SMALL BUSINESS ADMINISTRATION LOANS TO ENCOURAGE SMALL BUSINESS GROWTH & FORMATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Sower President & Secretary, Ebm | OfficerTrustee | 50 | $359,032 |
Thomas Turner Vice President | OfficerTrustee | 40 | $111,022 |
Frederick Schultz Executive Board Member | Trustee | 0.2 | $0 |
Bill Jenne Executive Board Member | Trustee | 0.3 | $0 |
Cedric L Spruill Executive Board Member | Trustee | 0.3 | $0 |
Gary W Thomas Executive Board Member | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $758,377 |
| Investment income | $231 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $800,703 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $359,032 |
| Compensation of current officers, directors, key employees. | $89,758 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $111,022 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $21,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,491 |
| Fees for services: Accounting | $14,187 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $188,973 |
| Advertising and promotion | $1,002 |
| Office expenses | $13,700 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,000 |
| Travel | $795 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,814 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,282 |
| All other expenses | $0 |
| Total functional expenses | $781,785 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $634,009 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $69,471 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,350 |
| Total assets | $704,830 |
| Accounts payable and accrued expenses | $63,286 |
| Grants payable | $0 |
| Deferred revenue | $10,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $73,286 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $631,544 |
| Total liabilities and net assets/fund balances | $704,830 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Gaudenzia Foundation Norristown, PA | $66,144,105 | $6,232,178 |
Northern Panhandle Workforce Development Board Inc Wheeling, WV | $343,750 | $3,119,612 |
Cooperative Development Foundation Washington, DC | $11,536,159 | $1,339,020 |
Chesapeake Business Finance Corp Bethesda, MD | $704,830 | $800,703 |
Jobs With Justice Education Fund Washington, DC | $247,447 | $522,181 |
Shenan Reid Riddick Foundation Fredericksburg, VA | $364,830 | $367,854 |
Our Daily Bread Employment Centerfund Inc Timonium, MD | $0 | $1,818 |
Outstretched Hands International Inc Lewes, DE | $900 | $0 |
Eastern Shore Foundation Inc Machipongo, VA | $0 | $0 |