Brightbridge INC FY2024 filing

Tax-deductible

Chattanooga, TN501(c)(3)Since 1981Community DevelopmentEIN 58-1494630Revenue $10.7M in FY2024

On file with the IRSbrightbridgeinc.org506 Broad St, 37402-1221 · Chattanooga, TNTax-exempt since Aug 1983Publicly supported — 509(a)(2)

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501(c)(3) that promotes economic development by providing loans and technical assistance.

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
$1000K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $1.2M a year · 17% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1000K
to officers and key staff · 12% of spending
Looks good: pay to officers and key staff is 12% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
45 mo
of spending, in cash
Looks good: 45.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $100
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$151.5M
94% of total assets
Concern: liabilities are 94% of assets; over 80%.
Pt X · Ln 26
Independent board members
13
of 14 voting members
Looks good: 13 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$10.7M
+56% vs prior year
Spent
$8.6M
To programs
91%
Net assets
$9.6M
By yearFY2021–FY2025
Revenue
$10.7M
FY2024▲ +56%
Tap a bar for its year
Revenue by fiscal year
FY2021$3.0M
FY2022$3.5M
FY2023$6.8M
FY2024$10.7M
FY2025$10.4M
Expenses
$8.6M
FY2024▲ +51%
Tap a bar for its year
Expenses by fiscal year
FY2021$2.1M
FY2022$2.6M
FY2023$5.7M
FY2024$8.6M
FY2025$9.4M
Net assets
$9.6M
FY2024▲ +27%
Tap a bar for its year
Net assets by fiscal year
FY2021$5.5M
FY2022$6.4M
FY2023$7.6M
FY2024$9.6M
FY2025$12.0M

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1983.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $7.8M Management & general 9% · $775K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

21 people listed on the 990; $1000K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
President & CEO
$235,000Pt VII · Sec A
Former Senior Vice President
$174,333Pt VII · Sec A
Senior Vice President
$162,925Pt VII · Sec A
Commercial Loan Officer
$129,924Pt VII · Sec A
Commercial Underwriter
$103,183Pt VII · Sec A
Vice-President
$96,482Pt VII · Sec A
Former Treasurer
$78,973Pt VII · Sec A
Financial Officer
$19,149Pt VII · Sec A

Monica Blanton’s $231K as Senior Vice President is at the 41st percentile of top reported officer pay among 572 $10–100M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Bill Pollard$220,000$235,000$202,234$175,402$152,902
Monica Blanton$230,614$162,925$162,029$151,528$145,879
Mike Matousek—$174,333$135,696——
Mike Ohlman———$147,912$151,036
Avery Boggess$132,339————
Paige McMurray—$129,924———
Charles Millirons$118,995————
Caleb Hamby—$103,183———

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides loans and expert advice to boost local economies.

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Provided by the organization

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3 programs · $7.8M · in their own filed words · FY2023
01

Small Business Lending Program

Program a provides loans to small and startup businesses that are located in qualified areas loans that can be used for acquisition of land, land improvements, building construction, purchase of buildings, renovation of buildings, and purchase of machinery, or equipment.

$5.8Mprogram expense
02

Sba Community Advantage

Loans to small and startup businesses for use in normal business operations to finance working capital needs, equipment purchases, or expansion projects. Loans are repaid by business cash flows.

$1.6Mprogram expense
03

New market tax credit provides capital to businesses located in distressed communities

$520Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2021
Total grants receivedfrom 1 funder$100

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$10.7M
Ln 12
Fees for servicesLn 2g$10.6M
Investment incomeLn 3$105K
Other incomeLn 4–11$4K
Money outPt IX
$8.6M
Ln 25
Programscol B$7.8M
Managementcol C$775K
Owns and owesPt X
$9.6M
net assets · Ln 32
Cash and savingsLn 1–2$32.3M
Total assetsLn 16$161.1M
LiabilitiesLn 26$151.5M
PeoplePt VI, VII
21
listed · VII A
PaidVII A8
Voting boardVI 1a14
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$10.6M
Investment incomeLn 3$105K
Other incomeLn 4–11$4K
Total revenueLn 12$10.7M
Assets in detailPt X, end of year
SavingsLn 2$32.3M
Cash and savings togetherLn 1–2$32.3M
InvestmentsLn 11–13$46K
Land, buildings, equipmentLn 10c$15K
Other assetsLn 15$1.3M
Total assetsLn 16$161.1M
LiabilitiesLn 26$151.5M
Net assetsLn 32$9.6M
OperationsPt I, VI
EmployeesI 514
VolunteersI 615
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$24.1M$32.3M
InvestmentsLn 11–13$44K$46K
Land, buildings, equipmentLn 10c$28K$15K
Total assetsLn 16$141.8M$161.1M
LiabilitiesLn 26$134.3M$151.5M
Net assetsLn 32$7.6M$9.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$1.1M$896K$178K
Other salaries and wagesLn 7$810K$626K$183K
Other employee benefitsLn 9$280K$219K$61K
Management feesLn 11a$31K$31K
Legal feesLn 11b$36K$17K$19K
Accounting feesLn 11c$41K$41K
Advertising and promotionLn 12$158K$143K$14K
Office expensesLn 13$13K$750$12K
OccupancyLn 16$142K$142K
TravelLn 17$33K$20K$13K
InterestLn 20$5.3M$5.3M
Depreciation, depletion and amortizationLn 22$12K$12K
InsuranceLn 23$57K$3K$55K
Other expenses (24a–d)Ln 24$628K$588K$40K
All other expensesLn 24e$21K$16K$5K
Total functional expensesLn 25$8.6M$7.8M$775K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $10.4M$9.4M$1.0M$12.0M 990 PDF
FY2024 Viewing $10.7M$8.6M$2.1M$9.6M 990 PDF
FY2023 $6.8M$5.7M$1.1M$7.6M 990 PDF
FY2022 $3.5M$2.6M$918K$6.4M 990 PDF
FY2021 $3.0M$2.1M$847K$5.5M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $10,677,807 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $6,924,904$10,568,148
I-10 Investment incomePrior year −$96,526$105,247
I-11 Other revenuePrior year $4,092$4,412
I-12 Total revenuePrior year $6,832,470$10,677,807
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,830,858$2,163,884
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,862,504$6,442,944
I-18 Total expensesPrior year $5,693,362$8,606,828
I-19 Revenue less expensesPrior year $1,139,108$2,070,979
Part VI · Governance 13 of 14 board members independent, no flags
VI-1a Voting members of the governing body14
VI-1b Independent voting members13
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $10,677,807 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $10,568,148$10,568,148
VIII-3 Investment incomeExcluded from tax $105,247$105,247
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $4,412$4,412
VIII-12 Total revenueRelated to mission $10,572,560 · Unrelated business $0 · Excluded from tax $105,247$10,677,807
Part IX · Statement of functional expenses $8,606,828 across 15 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $896,231 · Management $177,824$1,074,055
IX-7 Other salaries and wagesPrograms $626,469 · Management $183,236$809,705
IX-9 Other employee benefitsPrograms $218,630 · Management $61,494$280,124
IX-11a Management feesPrograms $31,281$31,281
IX-11b Legal feesPrograms $17,299 · Management $18,658$35,957
IX-11c Accounting feesManagement $40,512$40,512
IX-12 Advertising and promotionPrograms $143,408 · Management $14,123$157,531
IX-13 Office expensesPrograms $750 · Management $12,134$12,884
IX-16 OccupancyManagement $142,023$142,023
IX-17 TravelPrograms $19,721 · Management $12,897$32,618
IX-20 InterestPrograms $5,271,906$5,271,906
IX-22 Depreciation, depletion and amortizationManagement $12,424$12,424
IX-23 InsurancePrograms $2,550 · Management $54,669$57,219
IX-24 Other expenses (24a–d)Programs $587,864 · Management $39,846$627,710
IX-24e All other expensesPrograms $15,725 · Management $5,154$20,879
IX-25 Total functional expensesPrograms $7,831,834 · Management $774,994 · Fundraising $0$8,606,828
Part X · Balance sheet $161,141,804 assets, 13 lines filed
Asset lines not itemized here account for $127,156,834; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $24,097,682$32,337,070
X-4 Accounts receivableStart of year $341,765$228,896
X-9 Prepaid expenses and deferred chargesStart of year $91,691$83,399
X-10c Land, buildings and equipment, netStart of year $27,679$15,255
X-12 Other securitiesStart of year $43,877$46,088
X-15 Other assetsStart of year $1,246,003$1,274,262
X-16 Total assetsStart of year $141,822,282$161,141,804
X-17 Accounts payable and accrued expensesStart of year $996,961$1,004,416
X-25 Other liabilitiesStart of year $900,537$815,347
X-26 Total liabilitiesStart of year $134,272,114$151,520,657
X-27 Net assets without donor restrictionsStart of year $7,550,168$9,621,147
X-32 Total net assets or fund balancesStart of year $7,550,168$9,621,147
X-33 Total liabilities and net assetsStart of year $141,822,282$161,141,804
Part XI · Reconciliation of net assets $9,621,147 net assets at year end
XI-1 Total revenue$10,677,807
XI-2 Total expenses$8,606,828
XI-3 Revenue less expenses$2,070,979
XI-4 Net assets at start of year$7,550,168
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$9,621,147

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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