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Nonprofiteer
← GREATER NORFOLK ECONOMIC DEVELOPMENT FOUNDATION INC

Form 990 for tax year 2024

Filed by GREATER NORFOLK ECONOMIC DEVELOPMENT FOUNDATION INC.

Totals

Total revenue
$549,096
Total expenses
$806,815
Contributions and grants received
$237,908
Grants paid
$145,250
Program service revenue
$310,454
Investment income
$734
Other revenue
$0
Total assets, end of year
$8,974,752
Total liabilities, end of year
$7,381,375
Net assets or fund balances, end of year
$1,593,377
Program services expenses (Part IX)
$799,566
Management and general expenses
$7,249
Fundraising expenses
$0
Program service expenses (Part III)
$799,566

Program services were 99.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $237,908

  • 2a · Program service revenue: Lease/Rental Revenue

    total $185,706 · related or exempt $185,706

  • 2b · Program service revenue: Bradford Business Park

    total $124,748 · related or exempt $124,748

  • 3 · Investment income

    total $734 · excluded $734

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $145,250 · program services $145,250

  • 11a · Fees: management

    total $3,500 · program services $3,500

  • 11c · Fees: accounting

    total $6,738 · management and general $6,738

  • 11g · Fees: other

    total $200 · management and general $200

  • 13 · Office expenses

    total $311 · management and general $311

  • 16 · Occupancy

    total $81,953 · program services $81,953

  • 20 · Interest

    total $104,372 · program services $104,372

  • 22 · Depreciation, depletion and amortization

    total $61,327 · program services $61,327

  • 24a · Other expenses: Cost of lots sold

    total $402,664 · program services $402,664

  • 24b · Other expenses: Economic Development Bl

    total $500 · program services $500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $274,740 · end of year $134,040

  • 4 · Accounts receivable

    beginning of year -$9,478 · end of year $25,950

  • 8 · Inventories for sale or use

    beginning of year $6,208,215 · end of year $6,037,126

  • 10a · Land, buildings and equipment: cost or other basis

    $3,107,267

  • 10b · Land, buildings and equipment: accumulated depreciation

    $329,631

  • 10c · Land, buildings and equipment, net

    beginning of year $2,838,962 · end of year $2,777,636

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,493 · end of year $1,941

  • 23 · Secured mortgages and notes payable

    beginning of year $7,450,851 · end of year $7,379,434

  • 27 · Net assets without donor restrictions

    beginning of year $1,851,095 · end of year $1,593,377

Mission and programs · 2024

Mission

Provide support to develop education, recreation, the local economy and other issues affecting the community in the future.

Activities or mission (Part I)

Provide programs to promote development.

  • Provide support to develop education, recreation, the local economy and other issues affecting the community in the future.

    Expenses $799,566 · Grants $145,250 · Revenue $310,454

As filed on the 2024 return.

Listed in Part VII

  • Russ Wilcox

    Director

    Total calculated
    $0
    Hours/week
    0

  • Jim Bradford Jr

    Chair

    Total calculated
    $0
    Hours/week
    1

  • Ron Schmidt

    Director

    Total calculated
    $0
    Hours/week
    0

  • Doug Johnson

    Director

    Total calculated
    $0
    Hours/week
    0

  • Stephen Sunderman

    Past Chair

    Total calculated
    $0
    Hours/week
    0

  • Arnold Robinson

    Vice Chair

    Total calculated
    $0
    Hours/week
    0

  • Dan Spray

    Director

    Total calculated
    $0
    Hours/week
    0

  • Tim Tighe

    Director

    Total calculated
    $0
    Hours/week
    0

  • Andy Colvin

    Ex-Officio

    Total calculated
    $0
    Hours/week
    0

  • Candice Alder

    Ex-Officio

    Total calculated
    $0
    Hours/week
    0

  • Leah Barrett

    Ex-Officio

    Total calculated
    $0
    Hours/week
    0

  • Shane Clausen

    Director

    Total calculated
    $0
    Hours/week
    0

  • David Copple

    Ex-Officio

    Total calculated
    $0
    Hours/week
    0

  • Austen Hagood

    Secretary

    Total calculated
    $0
    Hours/week
    0

  • Angie Stenger

    Director

    Total calculated
    $0
    Hours/week
    0

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
24 July 2025
IRS schema version
2024v5.2
Source object
202502119349300740

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