Nonprofit · EIN 56-1434029
BUSINESS EXPANSION FUNDING CORP
Tax-exempt · CHARLOTTE, NC 28210
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $4,049,362 | $3,713,914 | $335,448 | $7,840,079 | $1,973,935 | $5,866,144 |
| September 30, 2024 | 990 | $3,684,649 | $3,151,547 | $533,102 | $6,948,094 | $1,417,398 | $5,530,696 |
| September 30, 2023 | 990 | $3,841,989 | $2,618,652 | $1,223,337 | $6,685,225 | $1,687,631 | $4,997,594 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $264,261
- Program service revenue
- $3,667,522
- Investment income
- $117,579
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $314,221
- Other salaries and wages
- $2,275,306
- Salaries, compensation and benefits (total)
- $3,190,680
- Professional fundraising fees
- $0
- Occupancy
- $122,174
- Travel
- $20,542
- Depreciation
- $24,600
- Program services (functional)
- $2,987,880
- Management and general (functional)
- $726,034
Balance sheet and other
- Total assets, start of year
- $6,948,094
- Total assets, end of year
- $7,840,079
- Total liabilities, end of year
- $1,973,935
- Net assets, end of year
- $5,866,144
- Land, buildings and equipment
- $53,414
- Net assets without donor restrictions
- $4,805,376
- Net assets with donor restrictions
- $1,060,768
- Gross receipts
- $4,049,362
- Employees
- 27
- Year formed
- 1982
- State of legal domicile
- NC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Elaine Fairman | Executive Dir. Officer | 50 | $286,018 | $28,203 |
| Louis Rogers III | Busines Dev. Off. | 54 | $204,703 | $23,048 |
| Greg Simmons | Busines Dev. Off. | 54 | $184,187 | $29,857 |
| Cynthia Kiker | Closing Manager | 50 | $121,181 | $23,792 |
| Heather L Newgreen | Portfolio Manager | 50 | $114,193 | $14,912 |
| Joe Mynatt | Director Trustee or director | 0.5 | $0 | $0 |
| Kelly Love-Sayasithsena | Secretary Trustee or director, Officer | 0.5 | $0 | $0 |
| Sheldon Hilaire | Director Trustee or director | 0.5 | $0 | $0 |
| Brian Huber | Treasurer Trustee or director, Officer | 0.5 | $0 | $0 |
| Tim Key | Board Chair Trustee or director, Officer | 1 | $0 | $0 |
| Fernando Ycaza | Director Trustee or director | 0.5 | $0 | $0 |
| Thomas McTier | Director Trustee or director | 0.5 | $0 | $0 |
| Tamara Bryant | Director Trustee or director | 0.5 | $0 | $0 |
| Mitch Sells | Director Trustee or director | 0.5 | $0 | $0 |
| Tom Davis | Director Trustee or director | 0.5 | $0 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Tracie Sells | Director Trustee or director | 0.5 | $0 |
990 for the year ended September 30, 2024: 16 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Elaine Fairman | Executive Dir. Officer | 50 | $277,745 | $22,217 |
| Louis Rogers III | Busines Dev. Off. | 54 | $193,693 | $20,582 |
| Greg Simmons | Busines Dev. Off. | 54 | $170,159 | $27,767 |
| Kyle Newgreen | Busines Dev. Off. | 50 | $111,279 | $15,673 |
| Cynthia Kiker | Closing Manager | 50 | $107,294 | $19,456 |
| Joe Mynatt | Director Trustee or director | 0.5 | $0 | $0 |
| Kelly Love-Sayasithsena | Director Trustee or director | 0.5 | $0 | $0 |
| Sheldon Hilaire | Director Trustee or director | 0.5 | $0 | $0 |
| Brian Huber | Treasurer Trustee or director, Officer | 0.5 | $0 | $0 |
| Tim Key | Board Chair Trustee or director, Officer | 1 | $0 | $0 |
| Fernando Ycaza | Director Trustee or director | 0.5 | $0 | $0 |
| Thomas McTier | Director Trustee or director | 0.5 | $0 | $0 |
| Tamara Bryant | Director Trustee or director | 0.5 | $0 | $0 |
| Maggie Braun | Director Trustee or director | 0.5 | $0 | $0 |
| Tom Davis | Director Trustee or director | 0.5 | $0 | $0 |
| Tracie Sells | Director Trustee or director | 0.5 | $0 | $0 |
990 for the year ended September 30, 2023: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Elaine Fairman | Executive Dir. Officer | 50 | $240,064 | $22,974 |
| Greg Simmons | Busines Dev. Off. | 54 | $177,600 | $22,669 |
| Louis Rogers III | Busines Dev. Off. | 54 | $182,193 | $17,816 |
| Cynthia Kiker | Closing Manager | 50 | $104,069 | $5,401 |
| Joe Mynatt | Director Trustee or director | 0.5 | $0 | $0 |
| Kelly Love-Sayasithsena | Secretary Trustee or director, Officer | 0.5 | $0 | $0 |
| Sheldon Hilaire | Director Trustee or director | 0.5 | $0 | $0 |
| Brian Huber | Treasurer Trustee or director, Officer | 0.5 | $0 | $0 |
| Tim Key | Board Chair Trustee or director, Officer | 1 | $0 | $0 |
| Fernando Ycaza | Director Trustee or director | 0.5 | $0 | $0 |
| Thomas McTier | Director Trustee or director | 0.5 | $0 | $0 |
| Tamara Bryant | Director Trustee or director | 0.5 | $0 | $0 |
| Maggie Braun | Director Trustee or director | 0.5 | $0 | $0 |
| Tom Davis | Director Trustee or director | 0.5 | $0 | $0 |
| Tracie Sells | Director Trustee or director | 0.5 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 5970 FAIRVIEW RD STE 218, CHARLOTTE, NC 28210-3124
- In care of
- % KRIS BOEHME
- Principal officer (990 for 2024)
- Elaine Fairman, 5970 Fairview Road 218, Charlotte, NC 28210
- Signed the 990
- Tim Key, Board Chair
- Phone
- (704) 414-3000
- Website
- www.befcor.com
- Return prepared by
- Foard and Company PA
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 accomplishments
- 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.Expenses $2,987,880 · revenue $3,667,522
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 18, 2025 | 990 on file |
IRS record
- EIN
- 56-1434029
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1988
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $7,840,079
- Income (IRS master file)
- $4,049,362
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $4,049,362 | $3,713,914 | $7,840,079 | XML |
| 990 | September 2024 | $3,684,649 | $3,151,547 | $6,948,094 | XML |
| 990 | September 2023 | $3,841,989 | $2,618,652 | $6,685,225 | XML |
| 990 | September 2022 | $2,675,636 | $2,291,757 | $4,493,684 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990 | September 2019 | – | – | – | IRS |
| 990 | September 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-1434029).
Questions about BUSINESS EXPANSION FUNDING CORP
- What is the EIN of BUSINESS EXPANSION FUNDING CORP?
- The employer identification number (EIN) of BUSINESS EXPANSION FUNDING CORP is 56-1434029.
- Is BUSINESS EXPANSION FUNDING CORP tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1988.
- Are donations to BUSINESS EXPANSION FUNDING CORP tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does BUSINESS EXPANSION FUNDING CORP file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of BUSINESS EXPANSION FUNDING CORP due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did BUSINESS EXPANSION FUNDING CORP last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of BUSINESS EXPANSION FUNDING CORP?
- The 990 for the year ended September 30, 2025 names Elaine Fairman.
- Who are the officers and directors of BUSINESS EXPANSION FUNDING CORP?
- The 990 for the year ended September 30, 2025 lists 16 people; 5 received compensation from the organization, the highest $286,018 (Elaine Fairman, Executive Dir.).
- How much revenue does BUSINESS EXPANSION FUNDING CORP have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $4,049,362, expenses of $3,713,914 and total assets of $7,840,079 at year end.
Other nonprofits in CHARLOTTE
- THE LEON LEVINE FOUNDATION EIN 58-1427515 · last filed 990-PF for 2025
- ATLANTIC COAST CONFERENCE EIN 56-0599082 · last filed 990 for 2025
- FOUNDATION FOR THE CAROLINAS EIN 56-6047886 · last filed 990 for 2024
- DUKE ENDOWMENT EIN 56-0529965 · last filed 990-PF for 2024
- BANK OF AMERICA CHARITABLE FOUNDATION INC EIN 20-0721133 · last filed 990-PF for 2024
- GIVECLEAR FOUNDATION EIN 81-3222963 · last filed 990 for 2024
- AH GEORGIA INC EIN 83-1707383 · last filed 990 for 2024
- SECOND HARVEST FOOD BANK OF METROLINA INC EIN 56-1352593 · last filed 990 for 2025