City Of Spartanburg Development Corporation
- Assets
- $12.0m
- Revenue
- $118.0k
- Investments
- $91.0k
- Employees
- 0
- Location
- Spartanburg, SC
- Founding
- 01/1985
- Data as of
- 06/2021
- EIN
- 57-0738992
Organization Overview
City Of Spartanburg Development Corporation is located in Spartanburg, SC. The organization was established in 1985. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, 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. City Of Spartanburg Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2021, City Of Spartanburg Development Corporation generated $118.0k 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 (23.0%) each year. All expenses for the organization totaled $132.6k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (45.0%) 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
TO FURTHER ECONOMIC DEVELOPMENT IN THE CITY OF SPARTANBURG THROUGH PROMOTING AND ASSISTING THE GROWTH OF BUSINESS CONCERNS - INCLUDING SMALL BUSINESS CONCERNS - AND THEREBY TO BENEFIT THE COMMUNITY BY RELIEVING UNEMPLOYMENT, COMBATING COMMUNITY DETERIORATION, INCREASING EMPLOYMENT OPPORTUNITIES AND EXPANDING BUSINESS IN THE CITY OF SPARTANBURG.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECREATIONAL PROJECT - THE CORPORATION ENTERED INTO VARIOUS AGREEMENTS WITH SEVERAL COMMUNITY DEVELOPMENT ENTITIES TO FACILITATE THE USE OF NEW MARKET TAX CREDITS TO CONSTRUCT THE T.K. GREGG COMMUNITY CENTER IN THE NORTHSIDE COMMUNITY AS PART OF A COMPREHENSIVE EFFORT TO REVITALIZE THE NORTHSIDE, IMPROVE SERVICES TO ITS RESIDENTS, ENHANCE THE ECONOMIC DEVELOPMENT OF THE CITY, AND PROVIDE FACILITIES THAT WILL HOST ATHLETIC AND RECREATIONAL EVENTS AND PROGRAMMING THAT WILL ATTRACT VISITORS FROM OUTSIDE THE CITY. EXPENSES CONSIST OF PASS THROUGH OF INTEREST TO THE CITY OF SPARTANBURG.
LOANS TO SMALL BUSINESSES TO PROMOTE DEVELOPMENT - INTEREST EXPENSE AND BAD DEBT EXPENSE ASSOCATED WITH PREVIOUSLY MADE LOANS TO SMALL BUSINESSES FROM OUR OWN RESOURCES OR FROM THE LOAN POOL.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Junie White President | OfficerTrustee | 0.02 | $0 |
Dennis Locke Finance Dire | Officer | 0.2 | $0 |
Erica Brown Director | Trustee | 0.02 | $0 |
Josh Jones Director | Trustee | 0.02 | $0 |
Greg Embry Director | Trustee | 0.02 | $0 |
Landon Cohen Director | Trustee | 0.02 | $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 | $0 |
| Investment income | $117,997 |
| 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 | $117,997 |
| 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 | $10,950 |
| 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 | $0 |
| 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 | $114,854 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,348 |
| All other expenses | $0 |
| Total functional expenses | $132,572 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,101 |
| 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 | $11,078,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $803,500 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $91,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $12,019,601 |
| 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 | $800,000 |
| Total liabilities | $800,000 |
| Net assets without donor restrictions | $341,601 |
| Net assets with donor restrictions | $10,878,000 |
| 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 | $12,019,601 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Self Help Ventures Fund Durham, NC | $1,059,061,327 | $60,531,771 |
Charlotte Center City Partners Charlotte, NC | $3,090,178 | $6,164,890 |
Catawba Regional Council Of Governments Rock Hill, SC | $18,118,741 | $10,188,786 |
Metanoia North Charleston, SC | $10,676,090 | $4,102,984 |
Forward Cities Inc Durham, NC | $1,196,373 | $2,460,187 |
Industrial Commons Morganton, NC | $6,060,975 | $4,558,553 |
Partners In Ministry Laurinburg, NC | $1,633,972 | $2,541,350 |
Small Business Assistance Corp Savannah, GA | $17,970,431 | $1,539,306 |
University City Partners Inc Charlotte, NC | $2,214,433 | $1,919,928 |
South Carolina Association For Community Economic Development Charleston, SC | $1,162,743 | $1,317,378 |
Pitt County Committee Of 100 Inc Greenville, NC | $5,005,842 | $1,536,150 |
Climb Fund Charleston, SC | $28,483,157 | $3,819,413 |