The Southern Development Council Inc
- Assets
- $5.1m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 12
- Location
- Mountain Brook, AL
- Founding
- 12/1984
- Data as of
- 09/2022
- EIN
- 63-0866023
Organization Overview
The Southern Development Council Inc is located in Mountain Brook, AL. The organization was established in 1984. 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 09/2022, Southern Development Council Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Development Council Inc 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 09/2022, Southern Development Council Inc generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $1.4m during the year ending 09/2022. 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
THE ORGANIZATION'S MISSION IS TO PROMOTE SMALL BUSINESS GROWTH AND DEVELOPMENT BY ASSISTING THEM WITH OBTAINING THE FINANCING THEY NEED IN ORDER TO ACHIEVE THAT GROWTH AND DEVELOPMENT INCLUDING JOB CREATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION ASSISTS SMALL BUSINESSES IN OBTAINING FINANCING USING LOAN PROGRAMS OFFERED BY THE US SMALL BUSINESS ADMINISTRATION COMMONLY REFERRED TO AS THE SBA. THE ORGANIZATION ORIGINATES AND SUBSEQUENTLY SERVICES LOANS FOR THE SBA UNDER THEIR 504 PROGRAMS.
IN ADDITION TO THE SBA LOAN PROGRAMS, THE ORGANIZATION PROMOTES SMALL BUSINESS GROWTH AND DEVELOPMENT BY MAKING LOANS DIRECTLY TO SMALL BUSINESSES. UNDER CERTAIN CIRCUMSTANCES, THESE DIRECT LOANS ARE MADE IN CONJUNCTION WITH SBA LOANS AND ARE CONSIDERED "GAP" FINANCING. OTHER DIRECT LOANSARE MADE WHERE LOAN AMOUNTS NEEDED BY THE SMALL BUSINESSES ARE SMALLER OR SHORTER TERM OF WEHRE THE USE OF THE PROCEEDS IS MIXED (I.E. FIXED ASSET ACQUISITION OR WORKING CAPITAL) AND MAY NOT BE A CANDIDATE FOR THE SBA 504 PROGRAM.
ONE OF THE ORGANIZATION'S PROGRAMS IS RELATED TO THE LOAN SERVICING PROCESS. THE ORGANIZATION RECEIVES MONTHLY SERVICING FEES ON ALL LOANS FUNDED BY THE SBA.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ed Hill Business Development Offic | Officer | 40 | $125,745 |
Beau Strong Business Development Offic | Officer | 40 | $100,450 |
Yolanda Merriweather Executive Director | Officer | 40 | $36,308 |
Lee Adcox President, CEO | OfficerTrustee | 10 | $11,840 |
John Sumrall Board Member | Trustee | 3 | $7,500 |
John Knight Board Member | Trustee | 3 | $7,250 |
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 | $1,084,831 |
| Investment income | $17,631 |
| 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 | $1,106,394 |
| 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. | $350,067 |
| Compensation of current officers, directors, key employees. | $85,213 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $505,809 |
| Pension plan accruals and contributions | $32,009 |
| Other employee benefits | $91,051 |
| Payroll taxes | $59,643 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $78,503 |
| Advertising and promotion | $13,916 |
| Office expenses | $7,214 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $53,718 |
| Travel | $11,879 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,425 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,814 |
| Insurance | $19,777 |
| All other expenses | $2,780 |
| Total functional expenses | $1,365,654 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20 |
| Savings and temporary cash investments | $3,180,616 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $520,171 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,265,643 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,980 |
| Net Land, buildings, and equipment | $84,330 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,010 |
| Total assets | $5,076,770 |
| Accounts payable and accrued expenses | $160,924 |
| 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 | $288,370 |
| Total liabilities | $449,294 |
| Net assets without donor restrictions | $3,728,861 |
| Net assets with donor restrictions | $898,615 |
| 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 | $5,076,770 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Florida Business Development Corporation Tampa, FL | $33,289,618 | $11,353,738 |
Florida First Capital Finance Corporation Inc Tallahassee, FL | $141,828,731 | $12,402,139 |
Black Business Investments Fund Inc Orlando, FL | $36,658,367 | $11,605,292 |
Innovation Depot Inc Birmingham, AL | $15,832,125 | $3,165,143 |
Hispanic Business Initiative Fund Of Florida Inc Orlando, FL | $4,121,804 | $3,822,531 |
Brightbridge Inc Chattanooga, TN | $120,622,501 | $3,473,186 |
Mississippi Life And Health Insurance Guaranty Association Jackson, MS | $33,007,367 | $1,692,715 |
Tampa Bay Wave Inc Tampa, FL | $1,054,674 | $1,625,044 |
The Southern Development Council Inc Mountain Brook, AL | $5,076,770 | $1,106,394 |
The Catalyst Center For Business & Entrepreneurship Huntsville, AL | $634,732 | $1,362,873 |
Entrepreneur Development Center Southwest Tennessee Inc Jackson, TN | $909,692 | $610,826 |
Curiosity Lab At Peachtree Corners Inc Peachtree Corners, GA | $759,235 | $737,622 |