Garner Economic Development Corp
- Assets
- $3.4m
- Revenue
- $100.9k
- Investments
- $1.9m
- Employees
- 0
- Location
- Garner, NC
- Founding
- 06/2012
- Data as of
- 06/2023
- EIN
- 80-0667463
Organization Overview
Garner Economic Development Corp is located in Garner, NC. The organization was established in 2012. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Garner Economic Development Corp 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, Garner Economic Development Corp generated $100.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 39.5% each year . All expenses for the organization totaled $29.6k during the year ending 06/2023. While expenses have increased by 1.0% 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
PART IX-A TO OWN, MAINTAIN, REUSE/REDEVELOP AND MARKET FOR THE FUTURE USE AND BENEFIT OF THE TOWN OF GARNER CERTAIN REAL ESTATE TRANSFERRED TO THE ORGANIZATION FOLLOWING THE CLOSE OF A FORMER MANUFACTURING FACILITY. UPON CONVERSION OF THE REAL ESTATE TO A PURCHASER THAT WOULD UTILIZE THE SITE FOR PURPOSES THAT BENEFIT THE ECONOMY IN THE TOWN OF GARNER AREA, THE ORGANIZATION IS THEN TASKED WITH UTILIZING THE LIQUIDITY FROM THE PROPERTY SALE TO IDENTIFY NEW OPPORTUNITIES FOR INVESTMENT THAT WILL ENHANCE THE LOCAL TAX BASE, PROVIDE JOBS TO GARNER RESIDENTS, SUPPORT WORKFORCE DEVELOPMENT, EDUCATION, AND ENTREPRENEURSHIP INITIATIVES, AND PROVIDE FACILITIES THAT DIRECTLY BENEFIT THE TOWN OF GARNER (SUCH AS COMMUNITY CENTERS, PUBLIC SAFETY OFFICES, SPECIAL PURPOSE RESIDENTIAL DEVELOPMENTS FOR THE CITIZEN OF GARNER WHOM MAY BE UNDERSERVED OR UNDERPRIVILEGED, ETC.).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Swain Chairman | 1 | $0 | |
Griffin Laughridge Treasurer | 1 | $0 | |
Buck Kennedy Board Member | 1 | $0 | |
Elmo Vance Board Member | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $45,000 |
| Interest on Savings | $28,447 |
| Dividends & Interest | $12,827 |
| Net Rental Income | $14,601 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $100,875 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $5,729 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $16,271 |
| Total operating and administrative expenses | $29,573 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $29,573 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $78,071 |
| Savings and temporary cash investments | $1,163,713 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $542 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $301,863 |
| Other assets | $6,534 |
| Total assets | $3,420,039 |
| Accounts payable and accrued expenses | $139 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $139 |
Grants Awarded
Over the last fiscal year, Garner Economic Development Corp has awarded $630,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TOWN OF GARNER PURPOSE: LAND DONATION | $629,000 |
TOWN OF GARNER PURPOSE: CASH DONATION | $1,000 |