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← GTCC INNOVATIVE RESOURCES CORPORATION

Form 990 for tax year 2024

Filed by GTCC INNOVATIVE RESOURCES CORPORATION.

Totals

Total revenue
$67,383
Total expenses
$71,779
Contributions and grants received
$1,058
Grants paid
$0
Program service revenue
$5,351
Investment income
$60,974
Other revenue
$0
Total assets, end of year
$590,674
Total liabilities, end of year
$284
Net assets or fund balances, end of year
$590,390
Program services expenses (Part IX)
$1,059
Management and general expenses
$70,720
Fundraising expenses
$0
Program service expenses (Part III)
$1,059

Program services were 1.5% 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.

  • 1d · Related organizations

    $1,058

  • 2a · Program service revenue: TESTING FEES

    total $5,351 · related or exempt $5,351

  • 3 · Investment income

    total $60,974 · excluded $60,974

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $8,937 · management and general $8,937

  • 11g · Fees: other

    total $700 · program services $700

  • 13 · Office expenses

    total $669 · program services $359 · management and general $310

  • 21 · Payments to affiliates

    total $60,499 · management and general $60,499

  • 24a · Other expenses: BOARD EXPENSES

    total $974 · management and general $974

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $593,665 · end of year $589,894

  • 4 · Accounts receivable

    beginning of year $1,121 · end of year $780

  • 17 · Accounts payable and accrued expenses

    end of year $284

  • 27 · Net assets without donor restrictions

    beginning of year $594,786 · end of year $590,390

Mission and programs · 2024

Mission

GIRC INVESTS START UP FUNDS TO LAUNCH INNOVATIVE AND RESULTS-ORIENTED PROJECTS WHICH ALIGN WITH GTCC CORE OBJECTIVES TO SERVE THE GUILFORD COUNTY COMMUNITY AND GENERATE REVENUE TO ADVANCE THE LIFELONG EDUCATIONAL OPPORTUNITIES OF STUDENTS.

Activities or mission (Part I)

GTCC INNOVATIVE RESOURCES CORPORATION'S (GIRC) PURPOSE IS TO AID, SUPPORT AND PROMOTE TEACHING AND SERVICE IN THE VARIOUS EDUCATIONAL, PROFESSIONAL, ARTISTIC AND CREATIVE ENDEAVORS OF GUILFORD TECHNICAL COMMUNITY COLLEGE (GTCC). GIRC WILL PROMOTE ENTREPENEURIALISM BY INVESTING IN THE PROFESSIONAL, ARTISTIC AND CREATIVE ENDEAVORS OF GTCC.

  • INTELLECTUAL PROPERTIES- CONSULTING SERVICES AND ROYALTIES

  • CENTER FOR CREATIVE AND PERFORMING ARTS- THEATER PRODUCTIONS FOR COMMUNITY

    Expenses $1,059

  • PEARSON VUE ASSESSMENT TESTING - THE ORGANIZATION OFFERS PEARSON VUE ASSESSMENTS ON CAMPUS TO THE PUBLIC AND RECEIVES REVENUE FOR PROVIDING TESTING CENTER SERVICES.

    Revenue $5,351

As filed on the 2024 return.

Listed in Part VII

  • DR ANTHONY CLARKE

    EX-OFFICIO DIRECTOR

    Total calculated
    $319,324
    From this org
    $0
    From related orgs
    $293,369
    Other
    $25,955
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $293,369 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $25,955 related
    Filer's total
    $0 + $319,324 related

  • ZACK MATHENY

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • MATT SOULE

    EX-OFFICIO DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LOREN HILL

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM LEVETTE

    AT-LARGE DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANGELA CARTER

    TREASURER

    Total calculated
    $272,102
    From this org
    $0
    From related orgs
    $188,949
    Other
    $83,153
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $188,949 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $83,153 related
    Filer's total
    $0 + $272,102 related

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations 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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • GTCC CORP FOR CREATIVITY AND COMMERCE

    C · RENTAL · NC · 100% owned · share of income $1,341,008 · share of assets $1,044,603 · controlled entity

    Directly controlled by GTCC INNOVATIVE RESOURCES CORPORATION

Provenance

Return type
form_990
Tax year
2024
Filed
10 March 2026
IRS schema version
2024v5.5
Source object
202630849349301608

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