Franklin School Facilities Corporation
- Assets
- $8.7m
- Revenue
- $127.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Spartanburg, SC
- Founding
- 04/2019
- Data as of
- 06/2023
- EIN
- 83-1053789
Organization Overview
Franklin School Facilities Corporation is located in Spartanburg, SC. The organization was established in 2019. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin School Facilities 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, Franklin School Facilities Corporation generated $127.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (22.1%) each year. All expenses for the organization totaled $502.3k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST AND SUPPORT NORTHSIDE DEVELOPMENT CORPORATION, A SOUTH CAROLINA NONPROFIT CORPORATION HAVING RECEIVED A DETERMINATION OF EXEMPTION FROM FEDERAL INCOME TAXATION FROM THE INTERNAL REVENUE SERVICE IN ACCORDANCE WITH SECTION 501(C)(3) OF THE CODE ("NDC") IN FURTHERANCE OF ITS EXEMPT PURPOSES BY INTER ALIA, ACQUIRING, DEVELOPING, SELLING, DONATING, CONTRIBUTING, OWNING, OPERATING, LEASING, MANAGING, OR GRANTING RIGHTS OF ACCESS, USE OR POSSESSION, OF REAL PROPERTY AND IMPROVEMENTS THEREON IN THE AREA OF THE CITY OF SPARTANBURG, SOUTH CAROLINA (THE "CITY") COMMONLY REFERRED TO AS "NORTHSIDE," INCLUDING BUT NOT LIMITED TO, FACILITIES USED AS EARLY CHILDHOOD EDUCATIONAL FACILITIES. WITHOUT LIMITATION OF THE FOREGOING, THE PURPOSES OF NDC TO BE SUPPORTED BY ACTIVITIES OF THE CORPORATION INCLUDE (I) PURCHASING OR OTHERWISE ACQUIRING, (II) SELLING OR OTHERWISE TRANSFERRING, (III) LEASING, (IV) MANAGING AND/OR DEVELOPING OR REDEVELOPING REAL PROPERTY AND IMPROVEMENTS THEREON WITHIN THE N
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A QUALIFIED LOW INCOME COMMUNITY BUSINESS, PURCHASED AND COMPLETED THE CONSTRUCTION OF THE FRANKLIN SCHOOL (THE "SCHOOL"), AN EARLY CHILDHOOD LEARNING FACILITY LOCATED IN THE NORTHSIDE OF THE CITY OF SPARTANBURG, SOUTH CAROLINA. LEASES THE COMPLETED BUILDING AND FURNITURE OF THE SCHOOL TO SPARTANBURG COUNTY FIRST STEPS TO SCHOOL READINESS WHO OPERATES THE SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tammie Hoy Hawkins Trustee | Trustee | 2 | $0 |
William Barnet III Chairman | OfficerTrustee | 2 | $0 |
Ed Memmott Secretary/tr | OfficerTrustee | 2 | $0 |
Carey Rothschild Trustee | Trustee | 2 | $0 |
Tim Schmitz Trustee | Trustee | 2 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $126,510 |
| Investment income | $850 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $127,360 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,000 |
| 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 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 | $0 |
| 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 | $29,835 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $123,321 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $316,241 |
| Insurance | $345 |
| All other expenses | $7,552 |
| Total functional expenses | $502,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $129,564 |
| 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 | $0 |
| Net Land, buildings, and equipment | $8,276,866 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $86,854 |
| Other assets | $214,239 |
| Total assets | $8,707,523 |
| Accounts payable and accrued expenses | $50,001 |
| 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 | $10,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,558 |
| Total liabilities | $10,074,559 |
| Net assets without donor restrictions | -$1,367,036 |
| 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 | $8,707,523 |