2025-05-07T07:43:31-07:00 2024-09-30 570957419 The Hobbs Group PA 1704 Laurel Street Columbia SC 29201 990 2023-10-01 570707663 CLIMB Fund CLIM 8439737298 2 Race Street Charleston SC 29403 Cynthia Rourk CEO 2025-05-06 true true Will Stevens CPA P01208094 8037990555 2023 2025-03-06 01:10:19Z Cynthia Rourk 2 Race Street Charleston SC 29403 5007175 false X info@climbfund.org X 1979 SC The purpose of the corporation is to further economic development to promote and assist in the growth and development of business concerns and to engage in those activities which are in furtherance of or related to those purposes 12 12 30 20 0 3407752 1026327 1316604 1847783 413330 515960 0 5137686 3390070 0 0 1370445 1799803 0 0 692426 758584 2062871 2558387 3074815 831683 35516078 38484414 10957699 12206705 24558379 26277709 The purpose of the corporation is to further economic development to promote and assist in the growth and development of business concerns and to engage in those activities which are in furtherance of or related to those purposes false false 1624147 1847783 Lending ProgramsThe Organizations loan programs Next Level Lending Loan, Microloan, Small Business Loan,Real Estate Loan, and Line of Credit can provide funding for most business capital needs to eligible businesses within the Organizations service area. Although the Organization provides assistance to thoseunderserved by the traditional financial institutions, it collaborates regularly with local commerciallenders and small business community resources.For the year ended September 30, 2024, the Organization approved 120 loans totaling $14,819,794 which resulted in closing 112 loans for a total of $14,134,500 in funding. These loans, including those refinanced,and both new and existing micro and small businesses which provided a positive impact on employment opportunities through the creation and retention of 209 jobs. 541382 Technical Assistance ProgramTechnical Assistance ProgramCoupled with its loan products, the organization provides both pre-loan counseling to prospective applicants and intensive post-loan developmental services to its borrowers. Such assistance occurs in various forums: one-on-one counseling, group sessions, workshops, seminars, classes, exhibitions, and site visits. Many of the group sessions are conducted in collaboration with local community resources such as SBDC, SCORE, or the SBA, just to name a few. Throughout the year, the Organization provided over 1,500 entrepreneurs some level of technical assistance at more than 150 seminars, workshops, or networking events.The organization views its one-on-one technical assistance as critical to providing a foundation for success and offers such assistance through several vehicles of delivery to include consultant team, staff, and its community resources. The consultant team allows the Organization to provide specialized training by offering bookkeeping and QuickBooks training and business counseling through its site visit program. During the year, 371 businesses have received almost 6,000 hours of specialized training. 2165529 true false false false false false false false false false true true false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false true false false false true X 38 0 true 30 true false false false false false false false 0 false false false false false false false X 12 12 false false false false true true true true true false false true true true true true true true true false SC X Bryan Mcneal Jr 8437243796 2 Race Street Charleston SC 29403 Cynthia Rourk CEO 40.00 0.00 X 181641 0 26694 Nina Cano Richards Director 5.00 0.00 X 0 0 0 David Harper Director 5.00 0.00 X 0 0 0 Jamilla Harper Director 5.00 0.00 X 0 0 0 Paul Jones Director 5.00 0.00 X 0 0 0 Carol Jackson Director 5.00 0.00 X 0 0 0 Stephanie Pritchett Director 5.00 0.00 X 0 0 0 Clay Middleton Treasurer 5.00 0.00 X 0 0 0 Kerri Chisholm Vice President 5.00 0.00 X 0 0 0 Casdell E Singleton President 5.00 0.00 X 0 0 0 Grant A McAnulty Past President 5.00 0.00 X 0 0 0 Bryan Mcneal Jr Asst Secretary 5.00 0.00 X 0 0 0 William Thompson Jr Secretary 5.00 0.00 X 0 0 0 181641 26694 1 false true false 0 1026327 1026327 Interest Income-Loan 525990 1288182 1288182 Loan Applications & SE 525990 466103 466103 Other Income 525990 16346 16346 Rental Income 531390 77152 77152 1847783 415549 415549 0 0 0 1717516 1617105 100411 100411 100411 0 0 0 0 3390070 2363743 0 0 0 0 175545 149213 26332 0 1316550 1119068 197482 0 0 307708 276937 30771 0 0 0 0 0 0 253474 185630 67844 0 0 0 0 0 26211 26211 0 0 156760 156760 0 33131 33131 50139 50139 Other Expense 187591 167301 20290 Property Expense 51278 51278 0 2558387 2165529 392858 0 16176044 7849337 0 498799 727537 0 0 0 13530391 23932734 0 8074 2024431 481178 725472 1543253 0 4585372 4423479 0 0 0 35516078 38484414 158699 130459 240576 143031 8606182 9960040 1952242 1973175 10957699 12206705 X 13575450 15974601 10982929 10303108 24558379 26277709 35516078 38484414 X 831683 354690 -23781 556738 X X false true X true true true X 2497425 3407752 1026327 6931504 1080729 1316604 1847783 4245116 0 0 0 3578154 4724356 2874110 11176620 0 0 11176620 0 0 0 0 3578154 4724356 2874110 11176620 X 0.00000 0.00000 930912 930912 738612 329725 408887 226058 58947 167111 28085 22902 5183 100764 69604 31160 1543253 4423479 City of Charleston 1908453 Contingent Liability 64722 1973175 X 3720979 354690 -23781 330909 3390070 3390070 3133867 575480 575480 2558387 2558387 Part X : FIN48 Footnote The Organization has received a determination letter from the Internal Revenue Service indicating it is a tax exempt Organization under section 501(c)(3) of the Internal Revenue Code and is exempt from federal and state income taxes, unless income is generated from unrelated business activities. There is no unrelated business income for the fiscal year ending September 30, 2024. Management is not aware of any transactions which would jeopardize their tax exempt status. Accounting principles generally accepted in the United States of America requires management to evaluate tax positions taken by the Organization and recognize a tax liability (or asset) if the Organization has taken an uncertain position that more likely than not would not be substantiated upon examination by the IRS. Management has analyzed the tax positions taken by the Organization and has concluded that as of September 30, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. U.S. state jurisdictions have statutes of limitations that generally range from three to five years. Part XII, Line 2d: Other expenses and losses per audited F/S Bad Debt Expense Reported on AFS $575480 false false false false false false false false false Cynthia Rourk CEO 181641 13914 12780 208335 Form 990, Part VI, Section A, Line 6 The corporation has general members that elect board members in the organization's annual meeting each April. The nominating committee accepts applications from interested individuals and works to solicit and review the experience of potential candidates and presents a proposed slate to the general membership at the annual meeting. In May 2018, the organization iled 501(c)(3) application with the IRS and the required filings with the State of South Carolina to amend the Articles and Bylaws omitting membership. Form 990, Part VI, Section A, Line 7a Only electing members of the board Form 990, Part VI, Section A, Line 7b The corporation has general members that elect board members in the organization's annual meeting each April. Form 990, Part VI, Section B, Line 11b Draft of 990 is emailed to the audit committee for their review and then presented and discussed at the board meeting. Form 990, Part VI, Section B, Line 12c The organization discusses any conflicts of interests in the monthly board meetings. Form 990, Part VI, Section B, Line 15a Comparative analysis is completed utilizing assessment tools through Economic Research Institute. Form 990, Part VI, Section C, Line 19 Yes through a freedom of information request Form 990, Part XI, Line 9 Adjustment from Adoption of CECL = $1132218 Form 990, Part XI, Line 9 Bad debt expense net of interest income = -$575480 Form 990, Part XII, Line 2c The process has not changed from the prior year Form 990 Part V Line 1c The organization had no reportable payments to a vendor requiring compliance with backup withholding rules, nor did they provide any reportable gaming, gambling, or winnings to a prize winner during the calendar year. City of Charleston 80 Broad St Charleston SC 29401 City Government SC N/A false false false false false false false false false false false false false false false false false false false false