Scotland Development Corporation
- Assets
- $11.1m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Laurinburg, NC
- Founding
- 02/2003
- Data as of
- 12/2022
- EIN
- 94-3427264
Organization Overview
Scotland Development Corporation is located in Laurinburg, NC. The organization was established in 2003. 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. Scotland Development 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 12/2022, Scotland Development Corporation generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $535.1k during the year ending 12/2022. 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
PRIMARILY, THE GOAL OF SCOTLAND DEVELOPMENT CORPORATION IS TO ASSIST IN DEVELOPING THE INDIVIDUALS IN THE COMMUNITY TO BE PRODUCTIVE CITIZENS WITH SELF ESTEEM PRIMARILY MOTIVATED BY WORK FORCE DEVELOPMENT AND TRAINING. RECENTLY, SCOTLAND DEVELOPMENT CORPORATION HAS JOINED WITH ST.ANDREWS UNIVERSITY IN AN EFFORT TO KEEP THE UNIVERSITY OPEN IN SCOTLAND COUNTY SO THAT THE COMMUNITY WILL BE ABLE TO BE VIABLE ECONOMICALLY AND PROVIDE EDUCATION TO THE CITIZENS IN THIS ECONOMICALLY DISADVANTAGED AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCOTLAND DEVELOPMENT CORPORATION CONTINUES TO PROVIDE OPPORTUNITIES FOR ECONOMIC DEVELOPMENT IN THE SCOTLAND COUNTY AREA BY CONDUCTING AND SUPPORTING PROJECTS AND ACTIVITIES THAT PROMOTE EDUCATIONAL ADVANCEMENT TO DISPLACED WORKERS AND THOSE PURSUING A COLLEGE DEGREE. SPECIFICALLY, SCOTLAND DEVELOPMENT CORPORATION HAS JOINED WITH ST.ANDREWS UNIVERSITY TO HELP ENSURE THAT SECONDARY EDUCATION IS AVAIABLE IN SCOTLAND COUNTY. HAVING A UNIVERSITY IN THIS AREA IS VITAL TO ECONOMIC DEVELOPMENT AND EDUCATIONAL ADVANCEMENT FOR THE CITIZENS OF SOUTHEASTERN NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Williamson Vice Chairman | Trustee | 1 | $0 |
Delores A Hammond Sec./treasurer | Trustee | 1 | $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 | $1,024,130 |
| Investment income | $0 |
| 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 | $1,024,130 |
| 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. | $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 | $0 |
| 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 | $532,964 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $535,109 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $75,490 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $482 |
| Other assets | $11,000,000 |
| Total assets | $11,075,972 |
| Accounts payable and accrued expenses | $0 |
| 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 | $10,415,595 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $10,415,595 |
| Net assets without donor restrictions | $660,377 |
| 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 | $11,075,972 |