Rock Hill Economic Development Corporation
- Assets
- $5.3m
- Revenue
- $651.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Rock Hill, SC
- Founding
- 01/1984
- Data as of
- 06/2023
- EIN
- 57-0750323
Organization Overview
Rock Hill Economic Development Corporation is located in Rock Hill, SC. The organization was established in 1984. 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. Rock Hill Economic 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 06/2023, Rock Hill Economic Development Corporation generated $651.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (18.0%) each year. All expenses for the organization totaled $463.2k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (23.5%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2016, Rock Hill Economic Development Corporation has awarded 23 individual grants totaling $2,407,934. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ROCK HILL DEVELOPMENT CORPORATION DEVELOPS BUSINESS PARKS, RECRUITS AND SUPPORTS NEW BUSINESSES TO THE AREA, AND ASSISTS IN THE REVITALIZATION OF THE GREATER DOWNTOWN ROCK HILL AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REAL ESTATE & BUSINESS DEVELOPMENTINCLUDES THE DEVELOPMENT OF BUSINESS PARKS AND THE RECRUITMENT AND RETENTION OF BUSINESSES IN ROCK HILL, SOUTH CAROLINA
QUALITY OF LIFECREATE AMENITIES TO MAKE KNOWLEDGE PARK A SPECIAL, MEMORABLE PLACE FOR RESIDENTS AND VISITORS.
TALENT DEVELOPMENT & INNOVATIONINCLUDES THE TALENT PIPELINE PROGRAM TO CONNECT LOCAL EMPLOYERS WITH SKILLED INTERNS AND EMPLOYEES FROM LOCAL COLLEGES AND WORKFORCE DEVELOPMENT INITIATIVES IN PARTNERSHIP WITH LOCAL COLLEGES AND COMMUNITY RESOURCE GROUPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lester Mccorn Board Member | Trustee | 0 | $0 |
Stacey Moore Board Member | Trustee | 0 | $0 |
Allan Miller Board Member | Trustee | 0 | $0 |
Anthony Smith Board Member | Trustee | 0 | $0 |
Brad Hastings Board Member | Trustee | 0 | $0 |
Brian Vaughan Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $26,686 |
| All other contributions, gifts, grants, and similar amounts not included above | $33,562 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $60,248 |
| Total Program Service Revenue | $10,000 |
| Investment income | $2,703 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,700 |
| 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 | $576,608 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $651,259 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $374,294 |
| Grants and other assistance to domestic individuals. | $1,683 |
| 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 | $14,012 |
| Fees for services: Accounting | $15,535 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,941 |
| Advertising and promotion | $2,850 |
| Office expenses | $879 |
| 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 | $15,540 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,000 |
| Insurance | $5,154 |
| All other expenses | $0 |
| Total functional expenses | $463,244 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $387,721 |
| Savings and temporary cash investments | $2,280,125 |
| Pledges and grants receivable | $15,000 |
| Accounts receivable, net | $54,519 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,134,462 |
| Prepaid expenses and deferred charges | $5,193 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $377,509 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,254,529 |
| Accounts payable and accrued expenses | $362,961 |
| 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 | $330,345 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $334,649 |
| Total liabilities | $1,027,955 |
| Net assets without donor restrictions | $4,181,568 |
| Net assets with donor restrictions | $45,006 |
| 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 | $5,254,529 |
Grants Awarded
Over the last fiscal year, Rock Hill Economic Development Corporation has awarded $921,527 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GRAVITY CENTER LLC PURPOSE: OFFICE HOURS SOFTWAR | $10,000 |
ARTS COUNCIL OF YORK COUNTY PURPOSE: PROMOTE MURAL ARTWOR | $15,596 |
VICTORY GARDENS INTERNATIONAL PURPOSE: TALENT PIPELINE | $6,138 |
CITY OF ROCK HILL PURPOSE: INFRASTRUCTURE | $889,793 |