Appalachian Development Corporation
- Assets
- $8.4m
- Revenue
- $783.6k
- Investments
- $0.0
- Employees
- 6
- Location
- Greenville, SC
- Founding
- 10/1982
- Data as of
- 09/2023
- EIN
- 57-0735286
Organization Overview
Appalachian Development Corporation is located in Greenville, SC. The organization was established in 1982. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 09/2023, Appalachian Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Appalachian Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Appalachian Development Corporation generated $783.6k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $698.3k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 8 years. 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
APPALACHIAN DEVELOPMENT CORPORATION ("ADC") IS A NONPROFIT ORGANIZATION FORMED TO FURTHER THE ECONOMIC DEVELOPMENT OF SOUTH CAROLINA BY OFFERING FINANCING TO QUALIFIED SMALL BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADC IS A CERTIFIED DEVELOPMENT COMPANY AUTHORIZED BY THE SMALL BUSINESS ADMINISTRATION IN THE STATE OF SOUTH CAROLINA TO FACILITATE SBA 504 LOANS. THE SBA 504 LOAN OFFERS LONG-TERM, FIXED RATE SUBORDINATE FINANCING FOR ACQUISITION AND/OR RENOVATION OF CAPITAL ASSETS INCLUDING LAND, BUILDINGS AND EQUIPMENT, AS WELL AS ELIGIBLE SOFT COSTS SUCH AS ARCHITECT, ENGINEERING, AND ENVIRONMENTAL FEES. PROJECTS ARE FINANCED IN PARTNERSHIP WITH FINANCIAL INSTITUTIONS WHO OBTAIN A SENIOR POSITION ON THE PROJECT ASSETS.
ADC IS A SUB-RECIPIENT OF GRANT FUNDS AWARDED TO THE SOUTH CAROLINA APPALACHIAN COUNCIL OF GOVERNMENTS (SCACOG) BY THE APPALACHIAN REGIONAL COMMISSION (ARC). ADC IS RESPONSIBLE FOR THE FOLLOWING TWO GRANTS: THE ARC REVOLVING LOAN FUND AND THE ARC ENTREPRENEURIAL INITIATIVE REVOLVING LOAN FUND.
ADC PARTICIPATES IN THE U.S. DEPARTMENT OF AGRICULTURE ("USDA") INTERMEDIARY RELENDING PROGRAM ("IRP").
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Connally Bradley Executive Di | Officer | 40 | $170,188 |
Tom Britt President | OfficerTrustee | 0.2 | $0 |
Ralph Guarino Vice Preside | OfficerTrustee | 0.2 | $0 |
Grant Nicholson Secretary/tr | OfficerTrustee | 0.2 | $0 |
Richard Blackwell Director | Trustee | 0.2 | $0 |
Ben Calhoun 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 | $774,645 |
| Investment income | $8,908 |
| 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 | $783,553 |
| 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. | $213,248 |
| Compensation of current officers, directors, key employees. | $95,962 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $225,297 |
| Pension plan accruals and contributions | $3,330 |
| Other employee benefits | $18,236 |
| Payroll taxes | $29,910 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,400 |
| Fees for services: Accounting | $29,308 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,254 |
| Advertising and promotion | $0 |
| Office expenses | $14,293 |
| Information technology | $29,769 |
| Royalties | $0 |
| Occupancy | $34,226 |
| Travel | $5,064 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $24,000 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,239 |
| Insurance | $16,154 |
| All other expenses | $1,994 |
| Total functional expenses | $698,341 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,664,969 |
| Savings and temporary cash investments | $0 |
| 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 | $19,135 |
| Net Land, buildings, and equipment | $14,050 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,343,327 |
| Intangible assets | $0 |
| Other assets | $311,770 |
| Total assets | $8,353,251 |
| Accounts payable and accrued expenses | $75,754 |
| 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 | $2,111,135 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,186,889 |
| Net assets without donor restrictions | $666,540 |
| Net assets with donor restrictions | $5,499,822 |
| 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 | $8,353,251 |