BUSINESS EXPANSION FUNDING CORP Charity Report

Public IRS 990 nonprofit record

BUSINESS EXPANSION FUNDING CORP

EIN 56-1434029 · Community & Neighborhood Development (S20)

What they do

BEFCOR is A Nonprofit Organization That Promotes Economic Development By Assistingsmall Businesses. A US Small Business Administration Certified Development Company(CDC) and Department of Treasury CDFI, BEFCOR is Authorized to Market, Underwrite, Close and Service CDC/504 and CDFI Loans and Other Programs That Are Consistent With The Economic Development Purposes Set Forth In BEFCORs Articles of Incorporation, In North Carolina, and Other Areas As Permitted By SBA, Department of Treasury or Other Sources.BEFCOR Enables Small Business to Purchase Owner-occupied Commercial Realestate and Other Fixed Assets That Promote Business Expansion and Job Creation. CDFI Programs Permit More Extensive Uses of Loans In An Effort to Assist Rural, Micro and Small Businesses.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $80.50 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders16 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

73.79%of revenue went to mission work80.5% of expenses · Program services

$91.72spent for every $100 of revenueRevenue covered expenses this year.

17.93%of revenue went to management and office costs19.5% of expenses

$2.11in assets for every $1 spent this yearSome assets cannot be spent right away.

6.5%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $314,221 for ELAINE FAIRMAN (EXECUTIVE DIR.). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$4,049,362

Mission workProgram services$2,987,88073.79% of revenue80.5% of expenses

ManagementOffice and general costs$726,03417.93% of revenue19.5% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Revenue left after expensesReported annual surplus$335,4488.28% of revenueShown in gray on the chart

Total expenses$3,713,91491.72% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 80.5% mission · 19.5% management · 0.0% fundraisingTotal expenses: 91.72% of revenue

2023Expense mix: 77.6% mission · 22.4% management · 0.0% fundraisingTotal expenses: 85.53% of revenue

2022Expense mix: 87.9% mission · 12.1% management · 0.0% fundraisingTotal expenses: 68.16% of revenue

2021Expense mix: 89.3% mission · 10.7% management · 0.0% fundraisingTotal expenses: 85.65% of revenue

2020Expense mix: 88.5% mission · 11.5% management · 0.0% fundraisingTotal expenses: 80.64% of revenue

2019Expense mix: 87.6% mission · 12.4% management · 0.0% fundraisingTotal expenses: 92.74% of revenue

2018Expense mix: 86.3% mission · 13.7% management · 0.0% fundraisingTotal expenses: 91.36% of revenue

2017Expense mix: 82.7% mission · 17.3% management · 0.0% fundraisingTotal expenses: 96.25% of revenue

Money in and money out

Revenue$4,049,362

Expenses$3,713,914

Annual surplus $335,448 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$2,987,880 · 80.5% of expenses

Management and office costs$726,034 · 19.5% of expenses

See all reported dollar amounts

Revenue$4,049,362

Expenses$3,713,914

Assets$7,840,079

Income$4,049,362

Contributions$264,261

Mission work (program services)$2,987,880

Management and general$726,034

Executive compensation (total)$163,689

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

ELAINE FAIRMANEXECUTIVE DIR. · 50 hrs/week $314,221Base $286,018 · Other $28,203

LOUIS ROGERS IIIBUSINES DEV. OFF. · 54 hrs/week $227,751Base $204,703 · Other $23,048

GREG SIMMONSBUSINES DEV. OFF. · 54 hrs/week $214,044Base $184,187 · Other $29,857

CYNTHIA KIKERCLOSING MANAGER · 50 hrs/week $144,973Base $121,181 · Other $23,792

HEATHER L NEWGREENPORTFOLIO MANAGER · 50 hrs/week $129,105Base $114,193 · Other $14,912

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (16)

ELAINE FAIRMANEXECUTIVE DIR.

LOUIS ROGERS IIIBUSINES DEV. OFF.

GREG SIMMONSBUSINES DEV. OFF.

CYNTHIA KIKERCLOSING MANAGER

HEATHER L NEWGREENPORTFOLIO MANAGER

BRIAN HUBERTREASURER

FERNANDO YCAZADIRECTOR

JOE MYNATTDIRECTOR

KELLY LOVE-SAYASITHSENASECRETARY

MITCH SELLSDIRECTOR

SHELDON HILAIREDIRECTOR

TAMARA BRYANTDIRECTOR

THOMAS MCTIERDIRECTOR

TIM KEYBOARD CHAIR

TOM DAVISDIRECTOR

TRACIE SELLSDIRECTOR

About this charity

Recognized since: January 1988
Location: 5970 FAIRVIEW RD STE 218, CHARLOTTE, NC 28210-3124
County: Mecklenburg
In care of: % KRIS BOEHME
Primary officer: Tim Key, Board Chair

How to reach them

WebsiteVisit the charity’s website Phone(704) 414-3000

Filing and classification

Latest tax year: 2024
Tax period began: October 1, 2024
Return type: 990
Tax preparer: FOARD AND COMPANY PA
NTEE classification: Community & Neighborhood Development (S20)
IRS tax category: Community & Neighborhood Development