The Carolinas Gateway Partnership Inc
- Assets
- $1.6m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 6
- Location
- Rocky Mount, NC
- Founding
- 08/1996
- Data as of
- 06/2022
- EIN
- 56-1931327
Organization Overview
The Carolinas Gateway Partnership Inc is located in Rocky Mount, NC. The organization was established in 1996. 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, Carolinas Gateway Partnership Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolinas Gateway Partnership 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 06/2022, Carolinas Gateway Partnership Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 0.3% per year over the past 7 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
THE CAROLINAS GATEWAY PARTNERSHIP IS DEDICATED TO THE CREATION OF COMMUNITY WEALTH THROUGH THE RETENTION, CREATION, AND EXPANSION OF BUSINESS OPPORTUNITIES IN NASHVILLE, TARBORO, ROCKY MOUNT, AND EDGECOMBE COUNTY, NORTH CAROLINA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1.BUSINESS VISITATION PROGRAM - VISITATION OF EXISTING INDUSTRIES TO DETERMINE SPECIFIC OBSTACLES TO NEW JOB CREATION. 2.INDUSTRY RECRUITMENT PROGRAM - RECRUITMENT OF NEW INDUSTRY TO THE TWIN COUNTY AREA. 3.BUSINESS RETENTION AND EXPANSION - ASSIST EXISTING INDUSTRY IN EXPANSION THROUGH SPECIFIC INCENTIVE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
E Norris Tolson President & | OfficerTrustee | 45 | $178,043 |
Oppie N Jordan Vp-Edgecombe | 45 | $108,979 | |
See Attached Schedule Directors | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $663,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $532,427 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,195,727 |
| Total Program Service Revenue | $0 |
| Investment income | $218 |
| 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 | $1,195,948 |
| 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. | $311,250 |
| Compensation of current officers, directors, key employees. | $57,749 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $101,371 |
| Pension plan accruals and contributions | $9,720 |
| Other employee benefits | $22,128 |
| Payroll taxes | $27,802 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,521 |
| Fees for services: Accounting | $25,161 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $36,944 |
| Office expenses | $67,780 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,576 |
| Travel | $6,649 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,797 |
| Interest | $558 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,199 |
| Insurance | $6,014 |
| All other expenses | $0 |
| Total functional expenses | $1,072,732 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,748 |
| Savings and temporary cash investments | $1,313,391 |
| 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 | $250,489 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,000 |
| Total assets | $1,590,628 |
| Accounts payable and accrued expenses | $55,933 |
| 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 | $819 |
| Total liabilities | $56,752 |
| Net assets without donor restrictions | $1,244,562 |
| Net assets with donor restrictions | $289,314 |
| 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 | $1,590,628 |
Grants Awarded
Over the last fiscal year, The Carolinas Gateway Partnership Inc has awarded $125,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
HOSPIRA INC PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
CAROLINA INNNOVATIVE FOOD INGREDIEN PURPOSE: ECONOMIC DEVELOPMENT | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that The Carolinas Gateway Partnership Inc has recieved totaling $330,001.
| Awarding Organization | Amount |
|---|---|
Rocky Mount Community Foundation Inc Rocky Mount, NC PURPOSE: AREA BUSINESS DEVELOPMENT | $210,000 |
Slick Family Foundation Winstonsalem, NC PURPOSE: GENERAL OPERATION | $65,001 |
Allan C Mims And Margaret L Mims Charitable Tr Chapel Hill, NC PURPOSE: TO SUPPORT CHARITABLE PURPOSE OF ORGANIZATION. | $25,000 |
Southern Bank Foundation Mount Olive, NC PURPOSE: DONATION | $20,000 |
Boddie-Noell Foundation Rocky Mount, NC PURPOSE: CHARITABLE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Richmond Metropolitan Convention & Vistors Bureau Richmond, VA | $6,099,091 | $8,138,093 |
Knoxville Convention & Visitors Bureau Inc Knoxville, TN | $5,768,468 | $5,619,069 |
South Carolina I-77 Alliance Richburg, SC | $4,361,702 | $6,505,378 |
Access To Capital For Entrepreneurs Inc Cleveland, GA | $88,796,114 | $11,013,240 |
Columbia Metropolitan Convention And Visitors Bureau Columbia, SC | $6,376,262 | $4,843,981 |