Avista Business Development Corp
- Assets
- $0.0
- Revenue
- $71.3k
- Investments
- $0.0
- Employees
- 3
- Location
- Weaverville, NC
- Founding
- Data as of
- 05/2017
- EIN
- 56-1326727
Organization Overview
Avista Business Development Corp is located in Weaverville, NC. As of 05/2017, Avista Business Development Corp employed 3 individuals. Avista Business Development Corp 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 05/2017, Avista Business Development Corp generated $71.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (47.2%) each year. All expenses for the organization totaled $430.2k during the year ending 05/2017. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT AND REVITALIZATION BY PROVIDING SMALL BUSINESS ADMINISTRATION LOANS AND OTHER PROGRAMS AND SERVICES TO BUSINESSES IN WESTERN NORTH CAROLINA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION, AS OF MAY 31, 2017, COMPLETED ACTIVE LOAN SERVICING AS DIRECTED BY THE US SMALL BUSINESS ADMISTRATION. DURING THE YEAR THE ACTIVE PORTFOLIO WAS 92 LOANS COMPLETING 35 YEARS OF ACTIVE SMALL BUSINESS LENDING TO COMPANIES IN NORTH CAROLINA WITH A FOCUS ON THE WESTERN REGION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laura Gourlay Director | Trustee | 1 | $705 |
Ac Honeycutt Jr Director | Trustee | 1 | $405 |
Wes Morgan Director | Trustee | 1 | $405 |
T Jeff Covington Immediate Pa | OfficerTrustee | 1 | $390 |
David Kozak Chairman | OfficerTrustee | 1 | $390 |
Carol Hensley Director | Trustee | 1 | $390 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $73,309 |
| Investment income | $206 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,176 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $71,339 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $200,234 |
| 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. | $145,540 |
| Compensation of current officers, directors, key employees. | $37,683 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $39,950 |
| Pension plan accruals and contributions | $6,643 |
| Other employee benefits | $0 |
| Payroll taxes | $9,383 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $274 |
| Fees for services: Accounting | $7,344 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $323 |
| Advertising and promotion | $3,378 |
| Office expenses | $342 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,500 |
| Travel | $956 |
| 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 | $305 |
| Insurance | $6,488 |
| All other expenses | $208 |
| Total functional expenses | $430,232 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |
Grants Awarded
Over the last fiscal year, Avista Business Development Corp has awarded $195,234 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
THE SCORE FOUNDATION PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
HATCH AVL FOUNDATION PURPOSE: ECONOMIC DEVELOPMENT | $50,000 |
WNC HOUSING PARTNERSHIP PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
NATURAL CAPITAL INVESTMENT FUND PURPOSE: ECONOMIC DEVELOPMENT | $30,000 |
ASHEVILLE COMMUNITY THEATER PURPOSE: ECONOMIC DEVELOPMENT | $10,687 |
MOUNTAIN BIZCAPITAL INC PURPOSE: ECONOMIC DEVELOPMENT | $74,547 |