Industrial Commons
- Assets
- $6.1m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 14
- Location
- Morganton, NC
- Founding
- 04/2015
- Data as of
- 12/2021
- EIN
- 47-2080338
Organization Overview
Industrial Commons is located in Morganton, NC. The organization was established in 2015. 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. As of 12/2021, Industrial Commons employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Industrial Commons 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 12/2021, Industrial Commons generated $4.6m in total revenue. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 91.8% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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 CREATE LONG-TERM ECONOMIC AND SOCIETAL BENEFITS IN RURAL WESTERN NORTH CAROLINA AND NEIGHBORING REGIONS BY LESSENING THE BURDENS OF GOVERNMENT AND DEVELOPING PUBLIC ASSETS THAT ENHANCE THE RETENTION AND CREATION OF SMALL TO MID-SIZE MANUFACTURING FIRMS AND MEANINGFUL, GAINFUL EMPLOYMENT; BY PROVIDING ECONOMIC, BUSINESS AND VOCATIONAL EDUCATION SERVICES TO WORKERS AND BUSINESS OWNERS; AND BY SUSTAINABLY ENHANCING THE ECONOMIC WELL-BEING OF ALL MEMBERS OF A COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INDUSTRIAL COMMONS FOUNDS AND GROWS INTERCONNECTED ENTERPRISES THAT SOLVE INDUSTRIAL PROBLEMS FOR BUSINESSES AND WORKERS AND MANUFACTURES HOPE FOR THE PEOPLE OF WESTERN NORTH CAROLINA.THE INDUSTRIAL COMMONS FULFILLS THEIR MISSION BY ENHANCING THE RETENTION AND CREATION OF SMALL TO MID-SIZE MANUFACTURING FIRMS AND MEANINGFUL, GAINFUL EMPLOYMENT; BY PROVIDING ECONOMIC, BUSINESS AND VOCATIONAL EDUCATION SERVICES TO WORKERS AND BUSINESS OWNERS; AND BY SUSTAINABLY ENHANCING THE ECONOMIC WELL-BEING OF ALL MEMBERS OF A COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Molly Hemstreet Co-Executive Director | Officer | 40 | $75,244 |
Sara Chester Co-Executive Director | Officer | 40 | $61,072 |
Bobby Carswell Director | Trustee | 40 | $54,865 |
Sharley Mendoza Perez Director | Trustee | 40 | $44,273 |
Alan Clark Chairman | OfficerTrustee | 1 | $0 |
Alan Wood Vice Chairman | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sharley And Co Product Manufacturing | 12/30/20 | $231,881 |
Quinter Textile Group Product Manufacturing | 12/30/20 | $128,991 |
Opportunity Threads Product Manufacturing | 12/30/20 | $113,610 |
Diamond Brand Gear Product Manufacturing | 12/30/20 | $122,536 |
Parker Medical Product Manufacturing | 12/30/20 | $111,662 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $963,805 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,074,284 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,038,089 |
| Total Program Service Revenue | $217,692 |
| Investment income | $3,436 |
| 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 | $293,278 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,558,553 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $700 |
| Grants and other assistance to domestic individuals. | $5,065 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $249,062 |
| Compensation of current officers, directors, key employees. | $61,860 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $498,166 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $30,593 |
| Payroll taxes | $58,396 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,890 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $225,550 |
| Advertising and promotion | $106,060 |
| Office expenses | $68,633 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $306,940 |
| Travel | $18,096 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,864 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,219 |
| Insurance | $27,812 |
| All other expenses | $56,381 |
| Total functional expenses | $1,745,427 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100,396 |
| Savings and temporary cash investments | $1,644,693 |
| Pledges and grants receivable | $998,688 |
| Accounts receivable, net | $112,326 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $79,000 |
| Inventories for sale or use | $819,963 |
| Prepaid expenses and deferred charges | $29,685 |
| Net Land, buildings, and equipment | $2,276,224 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,060,975 |
| Accounts payable and accrued expenses | $56,905 |
| 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 | $0 |
| Total liabilities | $56,905 |
| Net assets without donor restrictions | $3,955,034 |
| Net assets with donor restrictions | $2,049,036 |
| 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 | $6,060,975 |
Grants Awarded
Over the last fiscal year, Industrial Commons has awarded $91,500 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
BURKE COUNTY PUBLIC SCHOOLS PURPOSE: COVID-19 | $24,000 |
Morganton, NC PURPOSE: COVID-19 | $24,000 |
BURKE COUNTY HEALTH DEPARTMENT PURPOSE: COVID-19 | $15,000 |
Morganton, NC PURPOSE: COVID-19 | $15,000 |
Morganton, NC PURPOSE: COVID-19 | $7,500 |
Morganton, NC PURPOSE: COVID-19 | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Industrial Commons has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Vf Foundation Wilmington, DE PURPOSE: MATERIAL RETURN - CUSTOM CIRCULARITY | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Carter Street Corporation Chattanooga, TN | $16,714,346 | $6,596,539 |
Charlotte Center City Partners Charlotte, NC | $3,090,178 | $6,164,890 |
Venture Richmond Inc Richmond, VA | $7,025,585 | $5,575,003 |
Catawba Regional Council Of Governments Rock Hill, SC | $18,118,741 | $10,188,786 |
Enterprise Center Inc Chattanooga, TN | $3,677,488 | $5,998,300 |
Common Ground Alliance Alexandria, VA | $4,149,136 | $2,873,132 |
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 |
Binghampton Development Corporation Memphis, TN | $12,365,463 | $1,404,895 |