Twin City Development Foundation
- Assets
- $16.7m
- Revenue
- $628.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Winstonsalem, NC
- Founding
- 09/2007
- Data as of
- 12/2021
- EIN
- 20-8548088
Organization Overview
Twin City Development Foundation is located in Winstonsalem, NC. The organization was established in 2007. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Twin City Development Foundation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Twin City Development Foundation generated $628.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $659.2k during the year ending 12/2021. While expenses have increased by 8.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Twin City Development Foundation has awarded 50 individual grants totaling $1,236,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FUND PUBLIC EDUCATION AND ECONOMIC DEVELOPMENT IN FORSYTH COUNTY AND SURROUNDING AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDING, THROUGH GRANTS, EDUCATIONAL AND ECONOMIC DEVELOPMENT IN FORSYTH COUNTY AND SURROUNDING AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Egleston Executive Di | Officer | 12 | $24,000 |
Andy Dreyfuss Vice Chair & | OfficerTrustee | 0.2 | $0 |
Robert Greene 2nd Past Cha | OfficerTrustee | 0.2 | $0 |
Stephen Poe Past Chair | OfficerTrustee | 0.2 | $0 |
Robert Clark Chair | OfficerTrustee | 0.2 | $0 |
Mamie Sutphin Director | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $160,139 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $160,139 |
| Total Program Service Revenue | $0 |
| Investment income | $318,487 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$46,384 |
| Net Gain/Loss on Asset Sales | $196,378 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $628,620 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $585,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $24,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,105 |
| Fees for services: Accounting | $15,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,289 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,378 |
| Information technology | $995 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,239 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,733 |
| All other expenses | $0 |
| Total functional expenses | $659,219 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $849,318 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,222 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $187,591 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,537,051 |
| Investments—publicly traded securities | $14,167,968 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $16,743,150 |
| Accounts payable and accrued expenses | $3,615 |
| Grants payable | $85,000 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $88,615 |
| Net assets without donor restrictions | $16,654,535 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,743,150 |
Grants Awarded
Over the last fiscal year, Twin City Development Foundation has awarded $580,000 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
Winstonsalem, NC PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
Winston Salem, NC PURPOSE: EDUCATION | $75,000 |
Winston Salem, NC PURPOSE: EDUCATION | $50,000 |
Winston Salem, NC PURPOSE: ECONOMIC DEVELOPMENT | $40,000 |
Winstonsalem, NC PURPOSE: ECONOMIC DEVELOPMENT | $30,000 |
Winstonsalem, NC PURPOSE: EDUCATION | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Federation Of Independent Business Inc Nashville, TN | $77,203,691 | $109,079,617 |
North American Electric Reliabilitycorporation Atlanta, GA | $65,227,333 | $81,782,902 |
Gsma Ltd Atlanta, GA | $262,728,803 | $123,320,595 |
Packaging Machinery Manufacturers Institute Inc Herndon, VA | $71,869,344 | $62,733,082 |
Consumer Technology Association Arlington, VA | $357,760,838 | $25,474,279 |
Srcco Inc Durham, NC | $42,497,453 | $49,465,239 |
Fs-Isac Inc Reston, VA | $27,418,346 | $31,957,295 |
National Association Of Convenience Stores Inc Alexandria, VA | $81,131,547 | $56,800,862 |
National Association Of State Boards Of Accountancy Inc Nashville, TN | $83,126,370 | $38,317,801 |
Air-Conditioning Heating And Refrigeration Institute Arlington, VA | $58,066,234 | $32,390,159 |
Southern Motor Carriers Association Inc Peachtree City, GA | $87,365,051 | $35,375,343 |
Unc Management Company Inc Chapel Hill, NC | $53,097,067 | $30,528,524 |