Wilmington Business Development
- Assets
- $1.6m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 4
- Location
- Wilmington, NC
- Founding
- 09/1960
- Data as of
- 06/2022
- EIN
- 56-0636999
Organization Overview
Wilmington Business Development is located in Wilmington, NC. The organization was established in 1960. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Wilmington Business Development employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wilmington Business Development 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 06/2022, Wilmington Business Development generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 2.7% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ATTRACT INDUSTRY TO AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WBD ACTIVELY ENGAGES IN ALLY, INVESTOR AND PARTNERSHIP DEVELOPMENT, OUTREACH AND EDUCATION THAT EFFECTIVELY PROMOTE AND IMPROVE THE REGION, ITS ECONOMIC ASSESTS, BUSINESS INTERESTS AND QUALITY-OF-LIFE. KEY INITIATIVES ARE ALLY, INVESTOR AND PARTNERSHIP DEVELOPMENT AND OUTREACH AND EDUCATION.
WBD ENDEAVORS TO SUPPORT EXISTING BUSINESSES OF GREATER WILMINGTON AND THE JOBS THEY REPRESENT. KEY INITIATIVES ARE FEEDBACK & INTELLIGENCE GATHERING, LOCATION SERVICE DELIVERY, AND RESOURCE DEVELOPMENT AND COORDINATION.
WBD AGGRESSIVELY DEPLOYS OUTREACH TOOLS IN SHOWCASING GREATER WILMINGTON AS A DESTINATION FOR HIGH-QUALITY ECONOMIC INVESTORS. KEY INITIATIVES ARE MARKET INTELLIGENCE, LEAD GENERATION & CLIENT DEVELOPMENT, PROJECT MANAGEMENT & TECHNICAL ASSISTANCE, AND INVOLVEMENT OF PUBLIC PARTNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
R Scott Satterfield Ceo/secretary | OfficerTrustee | 40 | $406,992 |
Cliff Pyron Jr Director Of Business Devel | 40 | $130,938 | |
Wilma Daniels Director | Trustee | 0.2 | $0 |
Jeff Rooks Director | Trustee | 0.2 | $0 |
Michael Mcwhorter Director | Trustee | 0.2 | $0 |
Bill Saffo Ex-Officio Director | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $94,163 |
| 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 | $94,163 |
| Total Program Service Revenue | $1,207,976 |
| Investment income | $3,114 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $36,818 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,342,071 |
| 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. | $532,921 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $287,234 |
| Pension plan accruals and contributions | $37,642 |
| Other employee benefits | $35,906 |
| Payroll taxes | $38,498 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,355 |
| Advertising and promotion | $315 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,520 |
| Travel | $4,579 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $489 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,782 |
| Insurance | $4,962 |
| All other expenses | $6,330 |
| Total functional expenses | $1,096,657 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,304,743 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,417 |
| 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 | $4,762 |
| Net Land, buildings, and equipment | $9,470 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $319,284 |
| Total assets | $1,640,676 |
| Accounts payable and accrued expenses | $203,492 |
| Grants payable | $0 |
| Deferred revenue | $505,125 |
| 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 | $708,617 |
| Net assets without donor restrictions | $632,059 |
| Net assets with donor restrictions | $300,000 |
| 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 | $1,640,676 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
South Carolina Manufacturing Extension Partnership Greenville, SC | $4,506,207 | $8,798,009 |
Norfolk State University Research And Innovation Foundation Norfolk, VA | $25,278,732 | $5,808,933 |
Black Girl Ventures Foundation Fort Belvoir, VA | $2,941,094 | $3,288,394 |
Brightbridge Inc Chattanooga, TN | $120,622,501 | $3,473,186 |
National Institute Of Minority Economic Development Durham, NC | $8,985,701 | $1,722,745 |
Winston Starts Winstonsalem, NC | $2,039,563 | $1,547,404 |
Wilmington Business Development Wilmington, NC | $1,640,676 | $1,342,071 |
Carolinas-Virginia Minority Supplier Developoment Councils Inc Charlotte, NC | $1,397,364 | $1,303,584 |
Provident Business Financial Services Inc West Columbia, SC | $539,066 | $980,704 |
Nussbaum Center For Entrepreneurship Inc Greensboro, NC | $5,252,016 | $1,124,383 |
Startup Virginia Richmond, VA | $1,761,356 | $941,595 |
Piedmont Business Capital Greensboro, NC | $3,626,382 | $1,839,047 |