City Of Spartanburg Development Corporation
- Assets
- $12.1m
- Revenue
- $155.7k
- Investments
- $126.0k
- Employees
- 0
- Location
- Spartanburg, SC
- Founding
- 01/1985
- Data as of
- 06/2023
- EIN
- 57-0738992
Organization Overview
City Of Spartanburg Development Corporation is located in Spartanburg, SC. The organization was established in 1985. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. City Of Spartanburg 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 06/2023, City Of Spartanburg Development Corporation generated $155.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (14.9%) each year. All expenses for the organization totaled $155.8k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (34.9%) 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
THE CORPORATION HELPS PROMOTE DEVELOPMENT BY FUNDING VARIOUS COMMUNITY PROJECTS AND BY MAKING LOANS TO SMALL BUSINESSES EITHER FROM ITS OWN RESOURCES OR FROM A BANK LOAN POOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN FY23, THE ORGANIZATION CONTINUED TO FACILITATE AND ADMINISTER VARIOUS LOANS IN SUPPORT OF ECONOMIC DEVELOPMENT IN THE CITY OF SPARTANBURG. ONGOING LOAN ADMINISTRATION INCLUDES THE T.K. GREGG COMMUNITY CENTER IN THE NORTHSIDE COMMUNITY AND A JOINT PROJECT TO SUPPORT A GROCERY STORE IN AN AREA OF THE CITY CONSIDERED A FOOD DESERT BY THE USDA'S FOOD ACCESS RESEARCH ATLAS. THIS ATLAS IDENTIFIES NEIGHBORHOODS THAT HAVE A HIGH PERCENTAGE OF PEOPLE WITHOUT CARS AND ARE LOCATED MORE THAN HALF A MILE FROM THE NEAREST GROCERY STORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerome Rice Mayor President | OfficerTrustee | 0.02 | $0 |
Kimberly Fly Vice Preside | OfficerTrustee | 0.02 | $0 |
Chris Story Secretary/tr | OfficerTrustee | 1 | $0 |
Erica Brown Director | Trustee | 0.02 | $0 |
Josh Jones Director | Trustee | 0.02 | $0 |
Laura Stille Director | Trustee | 0.02 | $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 | $150,286 |
| Investment income | $5,453 |
| 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 | $155,739 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $100,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,300 |
| 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 | $0 |
| 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 | $30,089 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,408 |
| All other expenses | $0 |
| Total functional expenses | $155,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,396 |
| Savings and temporary cash investments | $201,324 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $126,000 |
| Investments—program-related | $11,586,750 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $12,122,470 |
| 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 | $900,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $900,000 |
| Net assets without donor restrictions | $143,145 |
| Net assets with donor restrictions | $11,079,325 |
| 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 | $12,122,470 |