Forsyth Economic Ventures Inc
- Assets
- $6.1m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Winstonsalem, NC
- Founding
- 10/1993
- Data as of
- 09/2021
- EIN
- 56-1831053
Organization Overview
Forsyth Economic Ventures Inc is located in Winstonsalem, NC. The organization was established in 1993. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Forsyth Economic Ventures Inc 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 09/2021, Forsyth Economic Ventures Inc generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.9% each year . All expenses for the organization totaled $1.3m during the year ending 09/2021. While expenses have increased by 4.4% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO FACILITATE THE ORGANIZATION AND ADMINISTRATION OF INNOVATIVE PROJECTS TO PROVIDE HOUSING FOR PERSON OF LOW AND MODERATE INCOME AND IMPROVE THEIR QUALITY OF LIFE.
Describe the Organization's Program Activity:
TO PROVIDE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME AND IMPROVE THEIR QUALITY OF LIFE. FORSYTH ECONOMIC VENTURES, INC. IS A PARTNER, OWNER, OR INTEREST HOLDER OF VARIOUS HOUSING PROJECTS, DEVELOPMENT AND CONSTRUCTION PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Cheshire Secretary/treasurer | Officer | 2 | $0 |
Alfred Adams Director | Trustee | 2 | $0 |
Arthur King Outgoing-Chair | Trustee | 2 | $0 |
Andrew Perkins Chair | Trustee | 2 | $0 |
Betsy Annese Vice Chair | Trustee | 2 | $0 |
Evelyn Sanders Outgoing-Vice Chair | Trustee | 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 | $1,548,729 |
| Investment income | $0 |
| 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 | $1,557,619 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $69,620 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,640 |
| Fees for services: Accounting | $8,668 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $251 |
| Office expenses | $264,109 |
| 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 | $0 |
| Interest | $112,348 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $323,677 |
| Insurance | $58,971 |
| All other expenses | $9,841 |
| Total functional expenses | $1,267,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,944 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,734 |
| 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 | $136,947 |
| Net Land, buildings, and equipment | $5,781,598 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $73,749 |
| Total assets | $6,068,972 |
| Accounts payable and accrued expenses | $157,115 |
| 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 | $4,369,583 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $35,951 |
| Total liabilities | $4,562,649 |
| Net assets without donor restrictions | $1,448,573 |
| Net assets with donor restrictions | $57,750 |
| 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 | $6,068,972 |
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