Gaston Innovation Group Inc
- Assets
- $343.1k
- Revenue
- $240.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Belmont, NC
- Founding
- 03/2019
- Data as of
- 12/2021
- EIN
- 81-3076695
Organization Overview
Gaston Innovation Group Inc is located in Belmont, NC. The organization was established in 2019. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., 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. Gaston Innovation Group Inc 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 12/2021, Gaston Innovation Group Inc generated $240.8k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $487.6k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
GASTON INNNOVATION GROUP, INC., WAS FORMED FOR THE PURPOSE OF IMPROVING THE SOCIO-ECONOMIC CONDITIONS FOR CITIZENS OF GASTON COUNTY, NORTH CAROLINA, BY STIMULATING JOB GROWTH THROUGH DIGITAL INCLUSION, SMALL BUSINESS FORMATION AND ENTREPRENEURSHIP. THE PROGRAMS AND SERVICES THE ORGANIZATION WILL BE DEVELOPING AND DELIVERING ARE BADLY NEEDED IN GASTON COUNTY DUE TO THE CHALLENGING ECONOMIC CONDITIONS IN THE COUNTY. GASTON COUNTY HAD THE HIGHEST UNEMPLOYMENT RATE (BY AT LEAST .5%) OF ALL THE NC COUNTIES CONTIGUOUS TO AND INCLUDING MECKLENBURG COUNTY AND THE HIGHEST POVERTY RATE AMONG NC COUNTIES IN THAT SAME REGION. GASTON INNOVATION GROUP ADDRESSES UPWARD MOBILITY FOR THE LOW TO MODERATE INCOME POPULATION BY EXPANDING ACCESS TO HIGH SPEED INTERNET, AS WELL AS SPECIALLY-DESIGNED CODING AND OTHER TECHNOLOGY CLASSES, A DIGITAL ROADMAP WITH DIGITAL LITERACY TOOLS AND TRAINING, AND PARTNERSHIPS WITH LOCAL COLLEGES AND K-12 SCHOOLS. GASTON INNOVATION GROUP WILL AID BUSINESSES THAT LOCATE OR R
Describe the Organization's Program Activity:
Part 3 - Line 4a
VARIOUS ENTREPRENEURIAL AND TECH DAILY COURSESMONTHLY LUNCH & LEARNS FOR ENTREPRENEURS DRIVE SALES WITH DIGITAL MARKETINGAGILE METHODOLOGY FOR SMBINTRO TO VIRTUAL REALITY (VR) ANALYTICS PATHWAY- EXCEL, ETC (4 PART SERIES) DUKE ENERGY GRANT AND PRIVATE FUNDER HELPED FUND THESE EDUCATIONAL PROGRAMS
PEARSON VUE CERTIFICATION TESTING CENTERTECHWORKS IS OPEN TO THE PUBLIC FOR CERTIFICAITON TESTING APPROXIMATELY 4-5 DAYS/WEEK. IT'S THE ONLY PUBLIC CERTIFICATION TESTING CENTER IN GASTON COUNTY. WE HAVE PAID PROCTORS WHO MANAGE THE TESTING CENTER. APPROX 1.2K TESTERS USED THE CENTER IN 2021.DUKE ENERGY FOUNDATION, GASTON COMMUNITY FOUNDATION, AND PRIVATE FUNDER HELP SUBSIDIZE THIS COUNTY WIDE BENEFIT, ONLY AVAILABLE THROUGH TECHWORKS.
K-12 STEM, FOCUSED ON ROBOTICS, CODING, AND GROWTH ENTREPRENEURIAL MINDSET TRAINING365 YOUTH SERVED IN 2021 WITH K-12 STEMROWING & ROBOTICS SUMMER CAMP, JUNE- JULY 20212 VIDEO GAME DESIGN CAMPS, JULY AND AUG 20212 CODING WITH MS JAVA CAMPS, JULY 2021SUNDAY CODING CLUB, MIDDLE SCHOOL, 1-3 PMYEAR-ROUND ROBOTICS, 2 SATURDAYS PER MONTH, 1-4 PM, K-12TECHWORKS GEM ROBOTICS EXHIBIT AT CITY OF BELMONT "MOON" EVENT IN OCT 2021DREAM CENTER ROBOTICS CLASSES- AFTER SCHOOL PROGRAM FOR UNDERSERVED, 2 DAYS PER WEEK,COURSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Cox Executive Dir. | Officer | 60 | $110,000 |
Dr Stephen Hannon Chairman | OfficerTrustee | 6 | $0 |
Nicole Murphey Secretary | OfficerTrustee | 2 | $0 |
David Jones Vice Chairman | OfficerTrustee | 2 | $0 |
Sharai Lavoie Treasurer | OfficerTrustee | 2 | $0 |
Charlie Peninger Director | Trustee | 4 | $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 | $51,568 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $51,568 |
| Total Program Service Revenue | $9,844 |
| Investment income | $4 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $156,139 |
| 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 | $240,786 |
| 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. | $110,000 |
| Compensation of current officers, directors, key employees. | $22,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,673 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,200 |
| Fees for services: Accounting | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,494 |
| Advertising and promotion | $13,542 |
| Office expenses | $13,038 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $132,299 |
| Travel | $134 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $27,945 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $98,525 |
| Insurance | $2,180 |
| All other expenses | $15,475 |
| Total functional expenses | $487,572 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,163 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,627 |
| 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 | $299,979 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,350 |
| Total assets | $343,119 |
| Accounts payable and accrued expenses | $98,245 |
| Grants payable | $0 |
| Deferred revenue | $190,536 |
| 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 | $307,075 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $103,229 |
| Total liabilities | $699,085 |
| Net assets without donor restrictions | -$355,966 |
| Net assets with donor restrictions | $0 |
| 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 | $343,119 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Gaston Innovation Group Inc has recieved totaling $35,000.
| Awarding Organization | Amount |
|---|---|
The Duke Energy Foundation Charlotte, NC PURPOSE: VIBRANT ECONOMIES | $20,000 |
Gaston Community Foundation Gastonia, NC PURPOSE: GENERAL SUPPORT | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Thread Capital Raleigh, NC | $10,988,241 | $1,469,550 |
University Center Facilities Corporation Iii Rock Hill, SC | $20,160,386 | $1,094,263 |
Hampton-Newport News Community Services Board Property Company Hampton, VA | $20,313,869 | $1,743,517 |
Self Storage Association Foundation Alexandria, VA | $6,163,793 | $2,330,620 |
Toolbank Usa Inc Atlanta, GA | $1,496,142 | $1,196,264 |
Gaston Innovation Group Inc Belmont, NC | $343,119 | $240,786 |
Carolina Common Enterprise Durham, NC | $153,042 | $386,090 |
Toolbank Usa Inc Richmond, VA | $421,989 | $439,803 |
Community Association Institute Research Foundation Falls Church, VA | $538,984 | $383,243 |
Toolbank Usa Inc Charlotte, NC | $490,948 | $385,141 |
Material Handling Educational Foundation Inc Charlotte, NC | $1,356,131 | $261,279 |
Virginia Industry Foundation Richmond, VA | $60,340 | $110,009 |