2025-01-16T15:36:26-06:00 2024-06-30 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2023-07-01 831284532 THREAD CAPITAL INC THRE 9192124950 4021 CARYA DRIVE RALEIGH NC 27610 ANDY ANDERSON BOARD CHAIR 9192124950 2025-01-15 1 0 J CALVIN MARKS P01226973 9197196400 2023 2024-10-15 13:58:12Z PATRICK WOODIE 4021 CARYA DRIVE RALEIGH NC 27610 7228789 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 10 0 0 980800 5007778 117608 120996 1936088 2100015 0 0 3034496 7228789 0 0 0 0 1230260 1524382 0 0 0 1264631 1497464 2494891 3021846 539605 4206943 12293719 15959507 3960470 3852211 8333249 12107296 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 2246144 2035266 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 ALSO PROVIDES LOANS TO 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. IN MAY OF 2024, MANAGEMENT OF THREAD CPAITAL BEGAN A STRATEGIC ASSESSMENT OF OPERATIONS, INCLUDING TEMPORARILY CEASING LOAN ORIGINATIONS WHILE CONTINUING TO SERVICE EXISTING LOANS OUTSTANDING. THIS ASSESSMENT IS EXPECTED TO TAKE A TOTAL OF 6-9 MONTHS. 2246144 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 0 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 250071 35644 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 1.00 1.00 X X 0 0 0 JOSE ALVAREZ DIRECTOR 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 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 JONATHAN BRERETON EXECUTIVE DIRECTOR (TO AUG '23) 20.00 20.00 X 0 237491 46366 FRANKLIN ROBERTS CFO & ASST TREASURER 1.00 40.00 X 0 198309 35996 CAROLYN RHODES COO (FROM JUL '23) 1.00 40.00 X 0 111617 12962 0 797488 130968 0 0 1 0 ORION FIRST 5403 OLYMPIC DR NW STE 200 GIG HARBOR WA 98335 LOAN SERVICING SERVICES 201058 1 4957678 50100 5007778 ADMINISTRATIVE FEES 900099 120996 120996 120996 2100015 1914270 185745 7228789 2035266 0 185745 X 290907 290907 965185 965185 74290 74290 99221 99221 94779 94779 775702 775702 29152 29152 56800 56800 439046 439046 14307 14307 7647 7647 47712 47712 5143 5143 34973 34973 24685 24685 30861 30861 LOAN ORIGINATION EXPENS 4057 4057 DUES AND MEMBERSHIPS 63 63 27316 27316 3021846 2246144 775702 0 3651759 4471937 1014642 4200386 2535980 2068872 1254391 1340451 3814963 3866869 21984 10992 12293719 15959507 1347594 1256501 112876 95710 2500000 2500000 3960470 3852211 X 2773469 1394398 5559780 10712898 8333249 12107296 12293719 15959507 X 4206943 -432896 X 0 1 X 1 0 X X 1 RURAL ECONOMIC DEVELOPMENT CENTER INC 561552375 7 1 0 3021846 1 0 3021846 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 7228789 0 7228789 0 7228789 3761638 739792 739792 3021846 0 3021846 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 430,385. PROVISION FOR BAD DEBTS 309,407. 0 0 0 0 0 0 0 0 0 PATRICK WOODIE DIRECTOR 0 250071 0 0 0 0 0 23711 0 11933 0 285715 0 0 JONATHAN BRERETON EXECUTIVE DIRECTOR (TO AUG '23) 0 237491 0 0 0 0 0 33979 0 12387 0 283857 0 0 FRANKLIN ROBERTS CFO & ASST TREASURER 0 198309 0 0 0 0 0 23690 0 12306 0 234305 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 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 439,046. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 439,046. FORM 990, PART XI, LINE 9: PROVISION FOR LOAN LOSSES -430,385. PROVISION FOR BAD DEBTS -309,407. IMPACT OF ADOPTION OF ASC 326 306,896. 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 0 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1