Thread Capital
- Assets
- $11.0m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Raleigh, NC
- Founding
- 05/2019
- Data as of
- 06/2022
- EIN
- 83-1284532
Organization Overview
Thread Capital is located in Raleigh, NC. The organization was established in 2019. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Thread Capital is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Thread Capital generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (34.7%) each year. All expenses for the organization totaled $2.6m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENSURING NC'S SMALL BUSINESSES AND ENTREPRENEURS HAVE ACCESS TO THE RESOURCES THEY NEED TO THRIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING PROGRAM - THREAD CAPITAL OFFERS SMALL BUSINESS LOANS FROM $500 TO $250,000 TO BUSINESSES THAT ARE NOT EFFECTIVELY SERVED BY THE TRADITIONAL FINANCIAL SYSTEM. IT'S PRIMARY PRODUCT IS A TERM LOAN UP TO $100,000 AND ITS SECONDARY PRODUCT IS A TERM LOAN UP TO $250,000 FOR BUSINESSES THAT HAVE BEEN IMPACTED BY EITHER NATURAL DISASTERS OR THE GLOBAL PANDEMIC.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Stanley Treasurer | OfficerTrustee | 1 | $0 |
Andy Anderson Chairperson | OfficerTrustee | 1 | $0 |
Kim Graham Secretary | OfficerTrustee | 1 | $0 |
Brandon Rosas Vp, Finance & Admin (to Mar '22) | Officer | 1 | $0 |
Jonathan Brereton Executive Director | Officer | 20 | $0 |
Mary K Clifford Sr. Dir Finance & Admin (to Jul '21) | Officer | 1 | $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 | $505,610 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $505,610 |
| Total Program Service Revenue | $94,034 |
| Investment income | $869,906 |
| 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 | $1,469,550 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,000 |
| Grants and other assistance to domestic individuals. | $1,400 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $109,531 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $834,272 |
| Pension plan accruals and contributions | $71,766 |
| Other employee benefits | $56,212 |
| Payroll taxes | $46,789 |
| Fees for services: Management | $992,512 |
| Fees for services: Legal | $56,083 |
| Fees for services: Accounting | $40,938 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $255,505 |
| Advertising and promotion | $2,947 |
| Office expenses | $12,805 |
| Information technology | $37,251 |
| Royalties | $0 |
| Occupancy | $20,427 |
| Travel | $4,991 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,773 |
| Interest | $6,472 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $2,745 |
| Total functional expenses | $2,568,332 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,810,888 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,501,190 |
| Accounts receivable, net | $297,189 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,378,974 |
| 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 | $0 |
| Total assets | $10,988,241 |
| Accounts payable and accrued expenses | $614,960 |
| Grants payable | $0 |
| Deferred revenue | $129,637 |
| 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 | $2,000,000 |
| Other liabilities | $0 |
| Total liabilities | $2,744,597 |
| Net assets without donor restrictions | $3,309,045 |
| Net assets with donor restrictions | $4,934,599 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $10,988,241 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Thread Capital has recieved totaling $22,500.
| Awarding Organization | Amount |
|---|---|
Nc Idea Durham, NC PURPOSE: ECOSYSTEM GRANTS | $22,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Thread Capital Raleigh, NC | $10,988,241 | $1,469,550 |
University Center Facilities Corporation Iii Rock Hill, SC | $20,160,386 | $1,094,263 |
Hampton-Newport News Community Services Board Property Company Hampton, VA | $20,313,869 | $1,743,517 |
Self Storage Association Foundation Alexandria, VA | $6,163,793 | $2,330,620 |
Toolbank Usa Inc Atlanta, GA | $1,496,142 | $1,196,264 |
Gaston Innovation Group Inc Belmont, NC | $343,119 | $240,786 |
Carolina Common Enterprise Durham, NC | $153,042 | $386,090 |
Toolbank Usa Inc Richmond, VA | $421,989 | $439,803 |
Community Association Institute Research Foundation Falls Church, VA | $538,984 | $383,243 |
Toolbank Usa Inc Charlotte, NC | $490,948 | $385,141 |
Material Handling Educational Foundation Inc Charlotte, NC | $1,356,131 | $261,279 |
Virginia Industry Foundation Richmond, VA | $60,340 | $110,009 |