Wilson Economic Foundation Inc
- Assets
- $572.3k
- Revenue
- $192.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Wilson, NC
- Founding
- 11/1989
- Data as of
- 12/2022
- EIN
- 56-1549220
Organization Overview
Wilson Economic Foundation Inc is located in Wilson, NC. The organization was established in 1989. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wilson Economic Foundation Inc 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 12/2022, Wilson Economic Foundation Inc generated $192.8k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.2% each year . All expenses for the organization totaled $68.3k during the year ending 12/2022. While expenses have increased by 13.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ENCOURAGING ECONOMIC DEVELOPMENT IN WILSON COUNTY, NC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENCOURAGING ECONOMIC DEVELOPMENT IN WILSON COUNTY, NC.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Myers President | OfficerTrustee | 5 | $0 |
Tim Sharp Treasurer | OfficerTrustee | 5 | $0 |
David Turnage Vice Preside | OfficerTrustee | 5 | $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 | $173,100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $173,100 |
| Total Program Service Revenue | $0 |
| Investment income | $1,040 |
| 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 | $192,783 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $14,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $35,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,890 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $726 |
| 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 | $175 |
| 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 | $15,496 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $68,287 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $55,449 |
| Savings and temporary cash investments | $483,748 |
| Pledges and grants receivable | $33,150 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $572,347 |
| 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 | $2,164 |
| Total liabilities | $2,164 |
| Net assets without donor restrictions | $570,183 |
| 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 | $572,347 |
Grants Awarded
Over the last fiscal year, Wilson Economic Foundation Inc has awarded $387,500 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
BRIDGESTONE AMERICAS TIRE OPERATIONBRIDGESTONE AMERICAS TIRE OPERATION PURPOSE: PLANT EXPANSION | $300,000 |
PENINSULA PACKAGING LLCPENISULA PACKAGING LLC PURPOSE: PLANT EXPANSION | $30,000 |
PEAK DEMAND INCPEAK DEMAND INC PURPOSE: MOVE/EXPANSION | $30,000 |
SOUTHERN CONTAINER CORPORATION OF WSOUTHERN CONTAINER CORPORATION OF W PURPOSE: PLANT EXPANSION | $10,000 |
UNITED TOBACCO COMPANY LLCUNITED TOBACCO COMPANY LLC PURPOSE: PLANT EXPANSION | $10,000 |
BQ GRILLSBQ GRILLS PURPOSE: PLANT EXPANSION | $7,500 |