Dan River Business Development Center
- Assets
- $481.8k
- Revenue
- $543.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Danville, VA
- Founding
- 01/2000
- Data as of
- 06/2022
- EIN
- 54-1944252
Organization Overview
Dan River Business Development Center is located in Danville, VA. The organization was established in 2000. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Dan River Business Development Center employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dan River Business Development Center 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 06/2022, Dan River Business Development Center generated $543.8k 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 (5.4%) each year. All expenses for the organization totaled $528.7k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (5.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Dan River Business Development Center has awarded 12 individual grants totaling $6,523,265. 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 PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND ATTRACTS, ASSISTS AND ENCOURAGES EMERGING SERVICES, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES TO SUCCEED IN THE LOCAL COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Albert K Rawley Chairman | OfficerTrustee | 0 | $0 |
Jeffrey Bond Vice Chairman | OfficerTrustee | 0 | $0 |
Otis Hawker Treasurer | OfficerTrustee | 0 | $0 |
Corrie Teague Bobe Secretary | OfficerTrustee | 0 | $0 |
Tim Chesher Director | Trustee | 0 | $0 |
Bryant Hood Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $70,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $230,399 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $300,399 |
| Total Program Service Revenue | $240,946 |
| Investment income | $35 |
| 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 | $543,834 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $225,882 |
| 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 | $113,188 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,659 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,885 |
| Fees for services: Accounting | $5,150 |
| 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 | $8,350 |
| Information technology | $16,345 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $731 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,243 |
| Insurance | $7,135 |
| All other expenses | $7,430 |
| Total functional expenses | $528,728 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,832 |
| Savings and temporary cash investments | $104,362 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $815 |
| 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 | $194,769 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $481,778 |
| 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 | $6,867 |
| Total liabilities | $6,867 |
| Net assets without donor restrictions | $474,911 |
| 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 | $481,778 |
Grants Awarded
Over the last fiscal year, Dan River Business Development Center has awarded $609,895 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TYTON BIOSCINECES CORPORATION PURPOSE: TO PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES. | $538,528 |
IRFLEX CORPORATION PURPOSE: TO PROVIDE EDUCATIONAL OPPORTUNITIES TO ENTREPENEURS AND TO ATTRACT, ASSIST AND ENCOURAGE EMERGING SERVICE, TECHNOLOGY AND LIGHT MANUFACTURING BUSINESSES. | $71,367 |