New River Valley Works Inc
- Assets
- $1.2m
- Revenue
- $9.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Pulaski, VA
- Founding
- 07/2017
- Data as of
- 12/2020
- EIN
- 82-0888211
Organization Overview
New River Valley Works Inc is located in Pulaski, VA. The organization was established in 2017. According to its NTEE Classification (S47) the organization is classified as: Real Estate Associations, 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. New River Valley Works 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 12/2020, New River Valley Works Inc generated $9.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (40.3%) each year. All expenses for the organization totaled $69.6k during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
CREATE AN INDUSTRIAL PARK THAT LEASES COMMERCIAL SPACE TO LOCAL INDUS TRIAL ENTERPRISES ON FAVORABLE TERMS REDUCE AREA UNDEREMPLOYMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
SURVEY AND PREPARE UNDERUTILIZED LOCAL PROPERTY FOR ACQUISITION.
EMPLOY LOCAL INDIVIDUALS AND PROVIDE EXPERIENCE AND TRAINING IN ESSENTIAL OPERATING FUNCTIONS OF A SMALL BUSINESS OR ORGANIZATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hannah C Spongberg Vice Pressecretary | OfficerTrustee | 2 | $0 |
Kevin H Lindamood President | OfficerTrustee | 2 | $0 |
Jennifer M Grogan Vice Prestreasurer | OfficerTrustee | $0 | |
Dirk S Gold Director | Trustee | $0 | |
William M Mcmillan Director | Trustee | $0 | |
Dylan W Taylor Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,000 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$7,749 |
| 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 | $9,251 |
| Statement of Expenses | |
|---|---|
| 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 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 | $9,012 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,380 |
| Advertising and promotion | $0 |
| Office expenses | $173 |
| Information technology | $337 |
| 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 | $29,108 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,496 |
| Insurance | $4,882 |
| All other expenses | $0 |
| Total functional expenses | $69,600 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,142 |
| Savings and temporary cash investments | $0 |
| 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 | $149 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,215,794 |
| Accounts payable and accrued expenses | $2,694 |
| 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 | $1,146,067 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,148,761 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $67,033 |
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