North Carolina Municipal Leasing Corporation
- Assets
- $123.1m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 1
- Location
- Winstonsalem, NC
- Founding
- 04/1986
- Data as of
- 06/2021
- EIN
- 56-1478293
Organization Overview
North Carolina Municipal Leasing Corporation is located in Winstonsalem, NC. The organization was established in 1986. According to its NTEE Classification (W19) the organization is classified as: Support N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Municipal Leasing Corporation 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, North Carolina Municipal Leasing Corporation generated $4.8m 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 (7.8%) each year. All expenses for the organization totaled $4.8m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.3%) per year over the past 6 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
NORTH CAROLINA MUNICIPAL LEASING CORPORATION ("NCMLC") IS A NOT-FOR-PROFIT ORGANIZATION CHARTERED FOR THE PURPOSE OF ASSISTING THE CITY OF WINSTON-SALEM, NORTH CAROLINA WITH THE ACQUISITION OF REAL AND PERSONAL PROPERTY AND FUNDING CERTAIN POST-RETIREMENT LIABILITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTH CAROLINA MUNICIPAL LEASING CORPORATION IS A NOT-FOR-PROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND ACCORDINGLY, IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES. THE ORGANIZATION LEASES EQUIPMENT TO THE CITY OF WINSTON-SALEM. INVESTMENT IN DIRECT FINANCING AS OF JUNE 30, 2021 WAS $120,393,177.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William B Rowe Vice President | OfficerTrustee | 1 | $0 |
Kelly Latham Secretary/treasurer | OfficerTrustee | 1 | $0 |
Lisa M Saunders President | OfficerTrustee | 1 | $0 |
Dewey Williard Director | Trustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,818,253 |
| Investment income | $0 |
| 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 | $4,818,253 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,000 |
| 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 | $2,538 |
| Information technology | $0 |
| 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 | $0 |
| Interest | $4,785,516 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $31,247 |
| Total functional expenses | $4,824,301 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,595 |
| 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 | $2,740,965 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $120,393,177 |
| Total assets | $123,144,737 |
| Accounts payable and accrued expenses | $368,787 |
| Grants payable | $0 |
| Deferred revenue | $360,548 |
| 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 | $123,667,838 |
| Total liabilities | $124,397,173 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | -$1,252,436 |
| 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 | $123,144,737 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North Carolina Municipal Leasing Corporation Winstonsalem, NC | $123,144,737 | $4,818,253 |
United Service Organizations Inc Norfolk, VA | $0 | $1,039,563 |
Family Collective Limited Charleston, SC | $2,226 | $0 |
Democracy Project Ii Raleigh, NC | $32,962 | $0 |
Team Savannah For Veterans Inc Richmond Hill, GA | $42,981 | $0 |
Cultivate The Karass Arlington, VA | $138,968 | $0 |
Armor 4 Troops Foundation Inc Woodstock, GA | $18,053 | $0 |
Heartsapartorg Wilmington, NC | $1,338 | $1,794 |
Research To Policy Collaboration Corp Belmont, NC | $100 | $0 |
Vmaq Monument Foundation Lenoir City, TN | $0 | $0 |
Greensboro Center City Corporation Greensboro, NC | $0 | $0 |