Business Expansion Funding Corp

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1982

Legal Domicile

Principal Officer

Elaine Fairman

Phone

7044143000

Tax Period

2024-10-01 to 2025-09-30

Business Expansion Funding Corp, founded in 1982, is a community nonprofit that reported $4.0M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $3.7M left a modest 8% surplus.

Mission

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.

Program Service Accomplishments

Program 1

Expenses: $2,987,880 Revenue: $3,667,522

SBA 504 Loans and Community Development Financal Institution (CDFI) Loans. BEFCOR received SBA approval for 59 504 loans with a total loan amount of $88,350,000. BEFCOR approved 13 new loans for CDFI with a total loan amount of $1,205,300. BEFCOR continues to partner with the NC Rural Center servicing Rapid Recovery loans that were funded in response to COVID-19.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $264,261

Program Service Revenue $3,667,522

Investment Income $117,579

Other Revenue $0

TOTAL REVENUE $4,049,362

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,190,680

Fundraising Expenses $0

Program Expenses $2,987,880

Other Expenses $523,234

TOTAL EXPENSES $3,713,914

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,049,362	$3,684,649	+0.1%
Expenses	$3,713,914	$3,151,547	+0.2%
Net Income	$335,448	$533,102	-0.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$314,221

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Elaine Fairman	Executive Dir.	50.00	Officer	$286,018	$28,203	$314,221
Louis Rogers III	Busines Dev. Off.	54.00		$204,703	$23,048	$227,751
Greg Simmons	Busines Dev. Off.	54.00		$184,187	$29,857	$214,044
Cynthia Kiker	Closing Manager	50.00		$121,181	$23,792	$144,973
Heather L Newgreen	Portfolio Manager	50.00		$114,193	$14,912	$129,105
Joe Mynatt	Director	0.50	Director	$0	$0	$0
Kelly Love-Sayasithsena	Secretary	0.50	Officer Director	$0	$0	$0
Sheldon Hilaire	Director	0.50	Director	$0	$0	$0
Brian Huber	Treasurer	0.50	Officer Director	$0	$0	$0
Tim Key	Board Chair	1.00	Officer Director	$0	$0	$0
Fernando Ycaza	Director	0.50	Director	$0	$0	$0
Thomas McTier	Director	0.50	Director	$0	$0	$0
Tamara Bryant	Director	0.50	Director	$0	$0	$0
Mitch Sells	Director	0.50	Director	$0	$0	$0
Tom Davis	Director	0.50	Director	$0	$0	$0
Tracie Sells	Director	0.50	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$4,049,362	$3,713,914	$7,840,079	$335,448
2024	$3,684,649	$3,151,547	$6,948,094	$533,102
2023	$3,841,989	$2,618,652	$6,685,225	$1,223,337
2022	$2,675,636	$2,291,757	$4,493,684	$383,879
2021	$2,336,502	$1,884,129	$3,968,789	$452,373
2020	$1,948,174	$1,806,761	$3,742,585	$141,413
2019	$1,767,043	$1,614,351	$3,037,243	$152,692
2018	$1,629,611	$1,568,420	$2,870,407	$61,191