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 12/2022, Gaston Innovation Group Inc generated $766.2k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $476.4k during the year ending 12/2022. While expenses have increased by 9.3% per year over the past 5 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
GASTON INNNOVATION GROUP, INC., DBA TECHWORKS GASTON, 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, AND ADVANCEMENT OF TECHNOLOGY. 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. TECHWORKS GASTON 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, AND OTHER ORGA
Describe the Organization's Program Activity:
Part 3 - Line 4a
K-12 STEM CLASSES1,031 YOUTH SERVED IN 2022 WITH K-12 STEMROWING & ROBOTICS SUMMER CAMP, JUNE- JULY 20222 VIDEO GAME DESIGN CAMPS, JULY AND AUG 2022ROBOTICS CLASSES AND FIRST LEGO LEAGUE COMPETITION CLASSES, JAN THROUGH DEC 2022SUNDAY CODING CLUB CLASSES, JAN THROUGH DEC 2022, BOTH ELEMENTARY AND MIDDLE SCHOOL YOUTH CLASSESDREAM CENTER ROBOTICS CLASSES- AFTER SCHOOL PROGRAM FOR UNDERSERVED, 2 DAYS PER WEEKGROWTH ENTREPRENEURIAL MINDSET (GEM) TRAINING, JAN THROUGH MARCH 2022, MIDDLE SCHOOL YOUTH AND A FEW ADULTS. GEM COMBINED WITH ROBOTICS TRAINING STARTING APRIL 2022. SUMMER CODING CAMP IN JUNE 2022 FOR ELEMENTARY SCHOOL YOUTHMIT EDGERTON FLASHLIGHTS COURSE, OCT 2022, AGES 9-13 CITY OF BELMONT HELPED SUBSIDIZE K-12 STEM AND OPERATIONAL EXPENSES WITH $330,000K FROM THE NCDOC DIRECTED STATE GRANT.CHARLOTTE SIM GRANT FUNDED $5K FOR K-12 STEM COURSES
PEARSON VUE CERTIFICATION TESTING CENTERTECHWORKS IS OPEN TO THE PUBLIC FOR CERTIFICATION 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. 491 TESTERS USED THE CENTER IN 2022.TECHWORKS TESTING CENTER WAS CLOSED FROM FEB 2022 THROUGH AUG 2022 FOR AN INFRASTRUCTURE UPGRADE. THE DAVID BELK CANON FOUNDATION PROVIDED A $25K GRANT TO PAY FOR THE TESTING CENTER UPGRADE AND HELP SUBSIDIZE THE OPERATING COSTS FOR THE TESTING CENTER.CITY OF BELMONT HELPED SUBSIDIZE THIS COUNTY WIDE BENEFIT, ONLY AVAILABLE THROUGH TECHWORKS, WITH $50K FROM THE NCDOC DIRECTED STATE GRANT.
VARIOUS ADULT ENTREPRENEURIAL AND TECH DAILY COURSES193 ADULTS SERVED IN 2022 WITH VARIOUS COURSES AND TRAININGMONTHLY LUNCH & LEARNS FOR ENTREPRENEURS DRIVE SALES WITH DIGITAL MARKETINGCYBERSECURITY FOR SMALL BUSINESSDEAL DESK SESSIONS WITH SEASONED ENTREPRENEURS/INVESTORS PMP ADULT CERTIFICATION COURSE IN JULY 2022 FOR 12 ANALYTICS PATHWAY- EXCEL, ETC (4 PART SERIES) CITY OF BELMONT HELPED SUBSIDIZE THE ADULT EDUCATION, TRAINING, AND OPERATIONAL EXPENSES WITH $120,000K FROM THE NCDOC DIRECTED STATE GRANT.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Terry Cox Executive Dir. | Officer | 60 | $110,000 |
Dr Stephen Hannon Former Chairman | OfficerTrustee | 4 | $0 |
Nicole Murphey Vice Chairman | OfficerTrustee | 2 | $0 |
Sharai Lavoie Treas/secretary | OfficerTrustee | 2 | $0 |
Charlie Peninger Director | Trustee | 3 | $0 |
David Jones Chairman | OfficerTrustee | 4 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $500,000 |
All other contributions, gifts, grants, and similar amounts not included above | $30,000 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $530,000 |
Total Program Service Revenue | $8,710 |
Investment income | $0 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $226,534 |
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 | $766,164 |
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 | $4,769 |
Fees for services: Management | $0 |
Fees for services: Legal | $4,814 |
Fees for services: Accounting | $6,550 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $15,160 |
Advertising and promotion | $7,680 |
Office expenses | $3,259 |
Information technology | $4,500 |
Royalties | $0 |
Occupancy | $129,752 |
Travel | $191 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $10,891 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $99,112 |
Insurance | $2,290 |
All other expenses | $30,069 |
Total functional expenses | $476,405 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $67,415 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $6,744 |
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 | $207,785 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $5,350 |
Total assets | $287,294 |
Accounts payable and accrued expenses | $24,247 |
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 | $133,718 |
Unsecured mortgages and notes payable | $190,536 |
Other liabilities | $5,000 |
Total liabilities | $353,501 |
Net assets without donor restrictions | -$66,207 |
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 | $287,294 |