Dan River Business Development Center
- Assets
- $466.7k
- Revenue
- $311.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Danville, VA
- Founding
- 01/2000
- Data as of
- 06/2021
- EIN
- 54-1944252
Organization Overview
Dan River Business Development Center is located in Danville, VA. The organization was established in 2000. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Dan River Business Development Center employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dan River Business Development Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Dan River Business Development Center generated $311.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (14.6%) each year. All expenses for the organization totaled $278.6k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (15.9%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Dan River Business Development Center has awarded 14 individual grants totaling $7,133,160. 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 PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND ATTRACTS, ASSISTS AND ENCOURAGES EMERGING SERVICES, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES TO SUCCEED IN THE LOCAL COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Buddy Rawley Secretary | OfficerTrustee | 0 | $0 |
Donnie Stevens Chairman | OfficerTrustee | 0 | $0 |
Shannon Hair Vice Chairman | OfficerTrustee | 0 | $0 |
Jeffrey Bond Treasurer | OfficerTrustee | 0 | $0 |
David M Smitherman Director | Trustee | 0 | $0 |
Corrie Bobe Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $100,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,000 |
| Total Program Service Revenue | $209,394 |
| Investment income | $35 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $311,296 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $97,085 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,759 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $100 |
| Fees for services: Accounting | $4,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,675 |
| Information technology | $15,710 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $441 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,307 |
| Insurance | $14,374 |
| All other expenses | $781 |
| Total functional expenses | $278,591 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $226,487 |
| Savings and temporary cash investments | $34,347 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,270 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $189,583 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $466,687 |
| Accounts payable and accrued expenses | $15,639 |
| Grants payable | $0 |
| 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 | $6,882 |
| Total liabilities | $22,521 |
| Net assets without donor restrictions | $444,166 |
| 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 | $466,687 |
Grants Awarded
Over the last fiscal year, Dan River Business Development Center has awarded $1,219,790 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
TYTON BIOSCINECES CORPORATION PURPOSE: TO PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES. | $538,528 |
TYTON BIOSCINECES CORPORATION PURPOSE: TO PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES. | $538,528 |
IRFLEX CORPORATION PURPOSE: TO PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES. | $71,367 |
IRFLEX CORPORATION PURPOSE: TO PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES. | $71,367 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Dan River Business Development Center has recieved totaling $161,799.
| Awarding Organization | Amount |
|---|---|
Danville Regional Foundation Danville, VA PURPOSE: KDM INCENTIVE | $161,799 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |