2024-05-06T11:56:08-07:00 2023-09-30 570957419 The Hobbs Group PA 1704 Laurel Street Columbia SC 29201 990 2022-10-01 570707663 CLIMB Fund CLIM 8439737298 2 Race Street Charleston SC 29403 Cynthia Rourk CEO 2024-05-02 true Cynthia Rourk 999009999 true Allyson T DeHart CPA P01232894 8037990555 2 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z Cynthia Rourk 2 Race Street Charleston SC 29403 5137686 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 13 13 30 20 0 2497425 3407752 1080729 1316604 -495894 413330 0 3082260 5137686 0 0 972785 1370445 0 0 795154 692426 1767939 2062871 1314321 3074815 29703235 35516078 7705651 10957699 21997584 24558379 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 1278800 1316604 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, 2023, the Organization approved 111 loans totaling $9,064,635 which resulted in closing 110 loans for a total of $5,857,995 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 275 jobs. 426267 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 1,700 entrepreneurs some level of technical assistance at more than 130 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, 385 businesses have received almost 6,000 hours of specialized training. 1705067 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 32 0 true 30 true false false false false false false false 0 false false false false false false false X 13 13 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 163253 0 25147 Richad Yonce Past President 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 Yvonne D Evans Past Secretary 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 Director 5.00 0.00 X 0 0 0 Kerri Chisholm Vice President 5.00 0.00 X 0 0 0 Casdell E Singleton Vice President 5.00 0.00 X 0 0 0 Grant A McAnulty 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 163253 25147 1 false true false 0 3407752 3407752 Interest Income-Loan 525990 872326 872326 Loan Applications & SE 525990 367478 367478 Other Income 525990 51600 51600 Rental Income 531390 25200 25200 SBA & USDA Income 525990 1316604 398191 398191 0 0 0 15139 15139 15139 15139 0 0 0 0 5137686 1729934 X 0 0 0 0 166346 141394 24952 0 987544 839413 148131 0 0 216555 194899 21656 0 0 0 0 0 0 221876 130182 91694 0 0 0 0 0 35340 35340 0 0 110877 110877 0 34013 34013 61451 61451 Other Expense 198775 188855 9920 Property Expense 30094 30094 0 2062871 1705067 357804 0 14218094 16176044 0 254731 498799 0 0 0 10056859 13530391 0 23063 0 1173519 448047 759485 725472 0 4391003 4585372 0 0 0 29703235 35516078 98078 158699 240576 5698101 8606182 1909472 1952242 7705651 10957699 X 12649158 13575450 9348426 10982929 21997584 24558379 29703235 35516078 X 3074815 143334 -22960 -634394 X X false true X true true true X 2497425 3407752 5905177 1080729 1316604 2397333 0 0 0 3578154 4724356 8302510 0 0 8302510 0 0 0 0 3578154 4724356 8302510 X 0.00000 0.00000 80000 80000 738612 311026 427586 226058 53573 172485 28085 22811 5274 100764 60637 40127 725472 4585372 City of Charleston 1887520 Contingent Liability 64722 1952242 X 5258060 143334 -22960 120374 5137686 5137686 2697265 634394 634394 2062871 2062871 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, 2021. Management is not aware of any transactions which would jeopardize their tax exempt status. Accounting principles generally accepted in the United States of America require 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 30th, 2022 and 2021, 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 prior to 2016. U.S. state jurisdictions have statutes of limitations that generally range from three to five years. Currently, no audits for any tax periods are in progress. Part XII, Line 2d: Other expenses and losses per audited F/S Bad Debt Expense Reported on AFS $634394 false false false false false false false false false Cynthia Rourk CEO 161753 1500 11812 13335 188400 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 Bad debt expense net of interest income = -$634394 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