Spartanburg Recreational Facilities Corporation
- Assets
- $20.3m
- Revenue
- $801.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Spartanburg, SC
- Founding
- 09/2011
- Data as of
- 06/2021
- EIN
- 94-3458625
Organization Overview
Spartanburg Recreational Facilities Corporation is located in Spartanburg, SC. The organization was established in 2011. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Spartanburg Recreational Facilities 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, Spartanburg Recreational Facilities Corporation generated $801.0k 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 (45.0%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2021. 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 ASSIST THE CITY OF SPARTANBURG BY ACQUIRING, SELLING, DONATING, CONTRIBUTING, OWNING, OPERATING, LEASING, OR MANAGING, ITSELF OR BY AND THROUGH IT'S SUBSIDIARIES AND AFFILIATES,RECREATIONAL FACILITIES IN THE CITY FOR THE USE AND BENEFIT OF THE CITY AND IT'S CITIZENS, AND TO OTHERWISE TAKE SUCH ACTION AS MAY ASSIST THE CITY AS PERMITTED BY APPLICABLE LAW.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCOUNTING FOR THE ACTIVITIES ASSOCIATED WITH THE CONSTRUCTION, OWNING, OPERATING, LEASING AND MANAGING THE T.K. GREGG COMMUNITY CENTER. THE PROJECT WAS COMPLETED JUNE OF 2020. THE CENTER FEATURES AN INDOOR AQUATICS CENTER WITH TWO POOLSONE FOR COMPETITIVE AND EXERCISE LAP SWIMMING AND ONE FOR WATER THERAPY AND SWIMMING LESSONSAS WELL AS AN INDOOR BASKETBALL GYM, FITNESS CENTER, WALKING TRACK, AND MULTIPLE COMMUNITY ROOMS, THIS NEW FACILITY SERVES AS BOTH A COMMUNITY ANCHOR FOR SPARTANBURG'S REDEVELOPING NORTHSIDE AS WELL AS A DESTINATION FOR RESIDENTS THROUGHOUT OUR CITY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitch Kennedy Vice Preside | OfficerTrustee | 0.05 | $0 |
Dennis Locke Secretary/tr | OfficerTrustee | 0.2 | $0 |
Chris Story President | OfficerTrustee | 0.05 | $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 | $746,312 |
| Investment income | $54,701 |
| 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 | $801,013 |
| 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 | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $643,400 |
| 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 | $183,810 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $327,155 |
| Insurance | $26,187 |
| All other expenses | $37,222 |
| Total functional expenses | $1,232,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $762,920 |
| 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 | $15,528,038 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,024,673 |
| Total assets | $20,315,631 |
| Accounts payable and accrued expenses | $158,207 |
| Grants payable | $0 |
| Deferred revenue | $3,980,330 |
| 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 | $15,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $19,138,537 |
| Net assets without donor restrictions | $1,177,094 |
| Net assets with donor restrictions | $0 |
| 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 | $20,315,631 |
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