Wilmington Business Development
- Assets
- $1.9m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 4
- Location
- Wilmington, NC
- Founding
- 09/1960
- Data as of
- 06/2023
- EIN
- 56-0636999
Organization Overview
Wilmington Business Development is located in Wilmington, NC. The organization was established in 1960. 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 06/2023, Wilmington Business Development employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wilmington Business Development is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Wilmington Business Development generated $1.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $1.3m during the year ending 06/2023. While expenses have increased by 4.7% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ATTRACT INDUSTRY TO THE WILMINGTON AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WBD ACTIVELY ENGAGES IN ALLY, INVESTOR AND PARTNERSHIP DEVELOPMENT, OUTREACH AND EDUCATION THAT EFFECTIVELY PROMOTE AND IMPROVE THE REGION, ITS ECONOMIC ASSESTS, BUSINESS INTERESTS AND QUALITY-OF-LIFE. KEY INITIATIVES ARE ALLY, INVESTOR AND PARTNERSHIP DEVELOPMENT AND OUTREACH AND EDUCATION.
WBD ENDEAVORS TO SUPPORT EXISTING BUSINESSES OF GREATER WILMINGTON AND THE JOBS THEY REPRESENT. KEY INITIATIVES ARE FEEDBACK & INTELLIGENCE GATHERING, LOCATION SERVICE DELIVERY, AND RESOURCE DEVELOPMENT AND COORDINATION.
WBD AGGRESSIVELY DEPLOYS OUTREACH TOOLS IN SHOWCASING GREATER WILMINGTON AS A DESTINATION FOR HIGH-QUALITY ECONOMIC INVESTORS. KEY INITIATIVES ARE MARKET INTELLIGENCE, LEAD GENERATION & CLIENT DEVELOPMENT, PROJECT MANAGEMENT & TECHNICAL ASSISTANCE, AND INVOLVEMENT OF PUBLIC PARTNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
R Scott Satterfield Ceo/secretary | OfficerTrustee | 40 | $482,347 |
Fred Samz Chairman | Trustee | 0.2 | $0 |
Tim Milam Vice Chairman | Trustee | 0.2 | $0 |
Michael Mcwhorter Treasurer | Trustee | 0.2 | $0 |
Wilma Daniels Director | Trustee | 0.2 | $0 |
David Honeycutt 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 | $1,548,203 |
| Investment income | $11,327 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$55,480 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,504,050 |
| 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. | $533,689 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $315,361 |
| Pension plan accruals and contributions | $95,061 |
| Other employee benefits | $43,601 |
| Payroll taxes | $40,022 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $130,525 |
| Advertising and promotion | $30,340 |
| Office expenses | $4,264 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,284 |
| Travel | $5,376 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $875 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $5,940 |
| Total functional expenses | $1,309,977 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,076,688 |
| Savings and temporary cash investments | $501,453 |
| 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 | $109,677 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $240,395 |
| Total assets | $1,928,213 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,928,213 |
| 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 | $1,928,213 |