Twin City Development Foundation
- Assets
- $13.6m
- Revenue
- -$115.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Winstonsalem, NC
- Founding
- 09/2007
- Data as of
- 12/2022
- EIN
- 20-8548088
Organization Overview
Twin City Development Foundation is located in Winstonsalem, NC. The organization was established in 2007. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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. Twin City Development Foundation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
Since 2018, Twin City Development Foundation has awarded 64 individual grants totaling $1,551,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FUND PUBLIC EDUCATION AND ECONOMIC DEVELOPMENT IN FORSYTH COUNTY AND SURROUNDING AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDING, THROUGH GRANTS, EDUCATIONAL AND ECONOMIC DEVELOPMENT IN FORSYTH COUNTY AND SURROUNDING AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Egleston Executive Di | Officer | 12 | $24,000 |
Mamie Sutphin Director | Trustee | 0.2 | $0 |
Karl Yena Director | Trustee | 0.2 | $0 |
Will Baucom End 1222 Director | Trustee | 0.2 | $0 |
Deborah Best Director | Trustee | 0.2 | $0 |
Greg Brewer Director | Trustee | 0.2 | $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 | $356,892 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$29,850 |
| Net Gain/Loss on Asset Sales | -$444,078 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$115,486 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $329,000 |
| 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. | $24,000 |
| 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 | $1,635 |
| Fees for services: Accounting | $15,960 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $32,258 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,109 |
| 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 | $2,825 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,753 |
| All other expenses | $0 |
| Total functional expenses | $444,505 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $570,449 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $219 |
| 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 | $13,068,832 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,639,500 |
| Accounts payable and accrued expenses | $2,061 |
| Grants payable | $25,000 |
| 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 | $27,061 |
| Net assets without donor restrictions | $13,612,439 |
| 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 | $13,639,500 |
Grants Awarded
Over the last fiscal year, Twin City Development Foundation has awarded $315,000 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
DOWNTOWN WINSTON-SALEM PARTNERSHIP PURPOSE: ECONOMIC DEVELOPMENT | $15,000 |
GREATER WINSTON-SALEM INC PURPOSE: ECONOMIC DEVELOPMENT | $30,000 |
PIEDMONT TRIAD PARTNERSHIP PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
WSSU FOUNDATION PURPOSE: EDUCATION | $25,000 |
HISPANIC LEAGUE OF THE PIED TRIAD PURPOSE: EDUCATION | $15,000 |
TROSA INC PURPOSE: ECONOMIC DEVELOPMENT | $30,000 |