East Market Street Development Corporation
- Assets
- $2.1m
- Revenue
- $598.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Greensboro, NC
- Founding
- 06/1998
- Data as of
- 12/2023
- EIN
- 56-2039492
Organization Overview
East Market Street Development Corporation is located in Greensboro, NC. The organization was established in 1998. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, East Market Street Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East Market Street Development Corporation 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 12/2023, East Market Street Development Corporation generated $598.5k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $478.5k during the year ending 12/2023. While expenses have increased by 4.2% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
OFFERS COMPREHENSIVE REVITALIZATION SERVICES IN EAST GREENSBORO, NC THAT CREATE AND SUSTAIN ASSETS THROUGH ECONOMIC, BUSINESS AND COMMUNITY DEVELOPMENT SERVICES AND PROGRAMS THE CORPORATION IS HELPING REBUILD THE BUSINESS COMMUNITY IN EAST GREENSBORO THROUGH TWO OF ITS COMMITTEES, THE BUSINESS DEVELOPMENT COMMITTEE (BDC) AND THE ECONOMIC REVITALIZATION COMMITTEE (ERC)
Describe the Organization's Program Activity:
DEVELOP AND MARKET IDENTIFIED COMMERCIAL SITES TO ATTRACT NEEDED BUSINESSES IN THE CORRIDOR; DEVELOP SYSTEMS AND PROCESSES THAT EFFECTIVELY PROVIDE APPROPRIATE REVITALIZATION PROGRAMS FOR EAST GREENSBORO.
MAINTENANCE AND DEVELOPMENT/UPKEEP OF OWNED PROPERTIES IN TARGET DEVELOPMENT AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Macarthur Sims Executive Director | OfficerTrustee | 40 | $89,000 |
Dorothy Vannoy Vice Chairman | OfficerTrustee | 0.5 | $0 |
Carl W Brower Jr Interim Chair | OfficerTrustee | 0.5 | $0 |
Charlene Y Armstrong Secretary | OfficerTrustee | 0.25 | $0 |
Sharon Hightower Director | Trustee | 0.25 | $0 |
Andrena Coleman Treasurer | OfficerTrustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $106,250 |
| All other contributions, gifts, grants, and similar amounts not included above | $248,576 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $354,826 |
| Total Program Service Revenue | $241,638 |
| Investment income | $19 |
| 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 | $598,535 |
| 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. | $89,000 |
| Compensation of current officers, directors, key employees. | $8,900 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $89,101 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,466 |
| Payroll taxes | $13,646 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,151 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,106 |
| Advertising and promotion | $716 |
| Office expenses | $2,908 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $113,187 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,053 |
| Interest | $34,428 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,877 |
| Insurance | $8,854 |
| All other expenses | $0 |
| Total functional expenses | $478,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $178,690 |
| Savings and temporary cash investments | $59,390 |
| Pledges and grants receivable | $25,000 |
| 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 | $1,706,677 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $134,688 |
| Total assets | $2,104,445 |
| Accounts payable and accrued expenses | $10,077 |
| 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 | $1,939,717 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,460 |
| Total liabilities | $1,968,254 |
| Net assets without donor restrictions | $881 |
| Net assets with donor restrictions | $135,310 |
| 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 | $2,104,445 |
Grants Awarded
Over the last fiscal year, East Market Street Development Corporation has awarded $51,402 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
HABITAT FOR HUMANITY OF GREATER GREENSBORO INC PURPOSE: FOR DEVELOPMENT USE | $15,490 |
COMMUNITY HOUSING SOLUTIONS OF GUILFORD INC PURPOSE: FOR DEVELOPMENT USE | $18,449 |
HABITAT FOR HUMANITY OF GREATER GREENSBORO INC PURPOSE: FOR DEVELOPMENT USE | $17,463 |