2024-04-16T14:13:39-05:00 2023-06-30 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2022-07-01 831284532 THREAD CAPITAL INC THRE 9192124950 4021 CARYA DRIVE RALEIGH NC 27610 ANDY ANDERSON BOARD CHAIR 9192124950 2024-01-23 1 ANDY ANDERSON 999009999 0 J CALVIN MARKS P01226973 9197196400 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JONATHAN BRERETON 4021 CARYA DRIVE RALEIGH NC 27610 3034496 0 X THREADCAP.ORG X 2018 NC ENSURING NC'S SMALL BUSINESSES AND ENTREPRENEURS HAVE ACCESS TO THE RESOURCES THEY NEED TO THRIVE. 11 10 0 11 0 0 505610 980800 94034 117608 869906 1936088 0 0 1469550 3034496 6400 0 0 0 1118570 1230260 0 0 0 1443362 1264631 2568332 2494891 -1098782 539605 10988241 11368374 2744597 3035125 8243644 8333249 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. 0 0 1841452 2039054 LENDING PROGRAM - THREAD CAPITAL, A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, 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. IN ADDITION TO CAPITAL ACCESS, THREAD CAPITAL ALSO PROVIDES COACHING AND CONNECTIONS TO SMALL BUSINESSES AND ENTREPRENEURS. 1841452 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 1 1 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X FRANKLIN ROBERTS 9192504314 4021 CARYA DRIVE RALEIGH NC 27610 PATRICK WOODIE DIRECTOR 1.00 40.00 X 0 215074 46161 ANDY ANDERSON CHAIRPERSON 1.00 1.00 X X 0 0 0 JOSEPH STANLEY TREASURER 1.00 1.00 X X 0 0 0 KIM GRAHAM SECRETARY 1.00 X X 0 0 0 RYAN AMMANN DIRECTOR (FROM JUN '23) 1.00 1.00 X X 0 0 0 JOSE ALVAREZ DIRECTOR (FROM JUN '23) 1.00 1.00 X X 0 0 0 AL BASS DIRECTOR 1.00 X 0 0 0 GRANT GODWIN DIRECTOR 1.00 1.00 X 0 0 0 HENRY MCKOY DIRECTOR (TO AUG '22) 1.00 X 0 0 0 JUVENCIO ROCH-PERALTA DIRECTOR 1.00 1.00 X 0 0 0 JOHN STOKES DIRECTOR 1.00 X 0 0 0 BRITTANY BENNETT WESTON DIRECTOR 1.00 X 0 0 0 FRANKLIN ROBERTS CFO & COO/ASST TREASURER (FROM MAR '22) 1.00 40.00 X 0 143139 25447 BRANDON ROSAS VP, FINANCE & ADMIN (TO MAR '22) 1.00 40.00 X 0 138821 11450 JONATHAN BRERETON EXECUTIVE DIRECTOR 20.00 20.00 X 0 238931 42897 0 735965 125955 0 0 1 0 0 250000 730800 980800 ADMINISTRATIVE FEES 117608 117608 117608 1936088 1921446 14642 3034496 2039054 0 14642 X 143323 143323 866017 866017 80815 80815 65934 65934 74171 74171 653439 653439 19554 19554 25000 25000 405167 405167 26807 26807 3911 3911 36023 36023 1840 1840 36097 36097 24482 24482 27389 27389 LOAN ORIGINATION EXPENS 4376 4376 DUES AND MEMBERSHIPS 500 500 46 46 2494891 1841452 653439 0 5810888 3651759 1014642 1501190 2501190 297189 363836 3378974 3814963 21984 10988241 11368374 614960 422249 129637 112876 2000000 2500000 2744597 3035125 X 3309045 2773469 4934599 5559780 8243644 8333249 10988241 11368374 X 539605 -450000 X 0 1 X 1 1 1 X X 1 RURAL ECONOMIC DEVELOPMENT CENTER INC 561552375 7 1 0 2494891 1 0 2494891 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 3034496 0 3034496 0 3034496 2944891 450000 450000 2494891 0 2494891 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. PART XII, LINE 2D - OTHER ADJUSTMENTS: PROVISION FOR LOAN LOSSES 450,000. 0 0 0 0 0 0 0 0 0 JONATHAN BRERETON EXECUTIVE DIRECTOR 0 238931 0 0 0 0 0 30570 0 12327 0 281828 0 0 PATRICK WOODIE DIRECTOR 0 215074 0 0 0 0 0 33844 0 12317 0 261235 0 0 FRANKLIN ROBERTS CFO & COO/ASST TREASURER (FROM MAR ' 0 143139 0 0 0 0 0 16819 0 8628 0 168586 0 0 BRANDON ROSAS VP, FINANCE & ADMIN (TO MAR '22) 0 138821 0 0 0 0 0 6684 0 4766 0 150271 0 0 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 4 THE ORGANIZATION AMENDED ITS BYLAWS DURING DECEMBER 2022 TO MODIFY THE QUALIFICATIONS FOR BOARD MEMBERS AND THE REQUIREMENTS FOR SCHEDULING OF THE ANNUAL MEETING IN RELATION TO YEAR-END. 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 CONDUCTS 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 REVIEWED 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. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 405,167. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 405,167. FORM 990, PART XI, LINE 9: PROVISION FOR LOAN LOSSES -450,000. RURAL ECONOMIC DEVELOPMENT CENTER INC 4021 CARYA DRIVE RALEIGH NC 27610 561552375 RURAL ECONOMIC DEVELOPMENT NC 501(C)(3) LINE 7 N/A 0 0 0 1 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 RURAL ECONOMIC DEVELOPMENT CENTER INC C 250000 CASH RURAL ECONOMIC DEVELOPMENT CENTER INC D 1000000 CASH