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Nonprofiteer
← THE INDUSTRIAL COMMONS

Form 990 for tax year 2022

Filed by THE INDUSTRIAL COMMONS.

Totals

Total revenue
$2,647,034
Total expenses
$2,390,165
Contributions and grants received
$2,181,163
Grants paid
$282,725
Program service revenue
$352,996
Investment income
$8,791
Other revenue
$104,084
Total assets, end of year
$6,820,044
Total liabilities, end of year
$590,134
Net assets or fund balances, end of year
$6,229,910
Program services expenses (Part IX)
$1,962,719
Management and general expenses
$303,231
Fundraising expenses
$124,215
Program service expenses (Part III)
$1,962,719

Program services were 82.1% 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.

  • 1e · Government grants (contributions)

    $202,610

  • 1f · All other contributions, gifts and grants

    $1,978,553

  • 1g · Noncash contributions included above

    $32,878

  • 2a · Program service revenue: FEES FOR SERVICES

    total $347,196 · related or exempt $347,196

  • 2b · Program service revenue: MEMBERSHIP DUES

    total $5,800 · related or exempt $5,800

  • 3 · Investment income

    total $8,791 · excluded $8,791

  • 10a · Gross sales of inventory

    $1,093,494

  • 10b · Cost of goods sold

    $990,059

  • 10c · Net income from sales of inventory

    total $103,435 · related or exempt $103,435

  • 11d · All other revenue

    total $649 · excluded $649

  • 11e · Other revenue, total

    $649

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $282,725 · program services $282,725

  • 5 · Compensation of officers, directors and key employees

    total $270,439 · program services $127,737 · management and general $97,811 · fundraising $44,891

  • 7 · Other salaries and wages

    total $698,278 · program services $583,612 · management and general $78,987 · fundraising $35,679

  • 9 · Other employee benefits

    total $50,098 · program services $36,788 · management and general $9,143 · fundraising $4,167

  • 10 · Payroll taxes

    total $73,373 · program services $53,879 · management and general $13,391 · fundraising $6,103

  • 11c · Fees: accounting

    total $18,353 · management and general $18,353

  • 11g · Fees: other

    total $143,275 · program services $143,275

  • 12 · Advertising and promotion

    total $83,322 · program services $83,322

  • 13 · Office expenses

    total $120,720 · program services $120,649 · management and general $71

  • 16 · Occupancy

    total $364,928 · program services $278,455 · management and general $59,402 · fundraising $27,071

  • 17 · Travel

    total $57,099 · program services $57,099

  • 19 · Conferences, conventions and meetings

    total $68,994 · program services $64,651 · management and general $4,343

  • 22 · Depreciation, depletion and amortization

    total $89,970 · program services $69,833 · management and general $13,833 · fundraising $6,304

  • 23 · Insurance

    total $21,456 · program services $17,758 · management and general $3,698

  • 24e · All other expenses

    total $47,135 · program services $42,936 · management and general $4,199

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $100,396 · end of year $443,607

  • 2 · Savings and temporary cash investments

    beginning of year $1,644,693 · end of year $2,254,020

  • 3 · Pledges and grants receivable

    beginning of year $998,688 · end of year $728,826

  • 4 · Accounts receivable

    beginning of year $112,326 · end of year $332,782

  • 7 · Other notes and loans receivable

    beginning of year $79,000 · end of year $67,000

  • 8 · Inventories for sale or use

    beginning of year $819,963 · end of year $272,438

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,685 · end of year $36,755

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

    $2,336,360

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

    $127,854

  • 10c · Land, buildings and equipment, net

    beginning of year $2,276,224 · end of year $2,208,506

  • 15 · Other assets

    beginning of year $0 · end of year $476,110

  • 17 · Accounts payable and accrued expenses

    beginning of year $56,905 · end of year $91,815

  • 25 · Other liabilities

    beginning of year $0 · end of year $498,319

  • 27 · Net assets without donor restrictions

    beginning of year $3,955,034 · end of year $4,800,977

  • 28 · Net assets with donor restrictions

    beginning of year $2,049,036 · end of year $1,428,933

Mission and programs · 2022

Mission

THE MISSION OF THE INDUSTRIAL COMMONS IS TO REBUILD A DIVERSE WORKING CLASS BASED ON LOCALLY-ROOTED WEALTH.

Activities or mission (Part I)

TO CREATE LONG-TERM ECONOMIC AND SOCIETAL BENEFITS IN RURAL WESTERN NORTH CAROLINA AND NEIGHBORING REGIONS BY LESSENING THE BURDENS OF GOVERNMENT AND DEVELOPING PUBLIC ASSETS THAT ENHANCE THE RETENTION AND CREATION OF SMALL TO MID-SIZE MANUFACTURING FIRMS AND MEANINGFUL, GAINFUL EMPLOYMENT; BY PROVIDING ECONOMIC, BUSINESS AND VOCATIONAL EDUCATION SERVICES TO WORKERS AND BUSINESS OWNERS; AND BY SUSTAINABLY ENHANCING THE ECONOMIC WELL-BEING OF ALL MEMBERS OF A COMMUNITY.

  • THE INDUSTRIAL COMMONS FOUNDS AND GROWS INTERCONNECTED ENTERPRISES THAT SOLVE INDUSTRIAL PROBLEMS FOR BUSINESSES AND WORKERS, AND MANUFACTURES HOPE FOR THE PEOPLE OF WESTERN NORTH CAROLINA.THE INDUSTRIAL COMMONS FULFILLS THEIR MISSION BY ENHANCING THE RETENTION AND CREATION OF SMALL TO MID-SIZE MANUFACTURING FIRMS AND MEANINGFUL, GAINFUL EMPLOYMENT; BY PROVIDING ECONOMIC, BUSINESS AND VOCATIONAL EDUCATION SERVICES TO WORKERS AND BUSINESS OWNERS; AND BY SUSTAINABLY ENHANCING THE ECONOMIC WELL-BEING OF ALL MEMBERS OF A COMMUNITY.

    Expenses $1,962,719 · Grants $282,725 · Revenue $456,431

As filed on the 2022 return.

Listed in Part VII

  • Alan Clark

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Alan Wood

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Debbie Sigmon

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Bobby Carswell

    DIRECTOR/RESEARCH & DEVELOPMENT DIRECTOR

    Total calculated
    $61,311
    From this org
    $56,208
    From related orgs
    $0
    Other
    $5,103
    Hours/week
    40

  • Kimberly Hunter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sharley Mendoza Perez

    DIRECTOR/DIRECTOR OF OPERATIONS

    Total calculated
    $55,473
    From this org
    $51,110
    From related orgs
    $0
    Other
    $4,363
    Hours/week
    40

  • Erica Damman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Molly Hemstreet

    CO-EXECUTIVE DIRECTOR

    Total calculated
    $81,849
    From this org
    $81,849
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Sara Chester

    CO-EXECUTIVE DIRECTOR

    Total calculated
    $71,806
    From this org
    $66,579
    From related orgs
    $0
    Other
    $5,227
    Hours/week
    40

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CAROLINA TEXTILE DISTRICT LLC

    VALUES-ALIGNED TEXTILE MANUFACTURER · NC · income $1,956 · assets $734,108

    Directly controlled by THE INDUSTRIAL COMMONS

  • MATERIAL RETURN LLC

    SOLVE INDUSTRIAL WASTE PROBLEMS AND KEEP INDUSTRIAL WASTE FROM THE LANDFILL · NC · income $292,798 · assets $0

    Directly controlled by THE INDUSTRIAL COMMONS

  • GOOD BOOKS LLC

    PROVIDE BOOKKEEPING AND HUMAN RESOURCE SERVICES TO BUSINESSES · NC · income $95,400 · assets $0

    Directly controlled by THE INDUSTRIAL COMMONS

  • SEAT AT THE TABLE LLC

    MANUFACTURE FURNITURE · NC · income $30,000 · assets $0

    Directly controlled by THE INDUSTRIAL COMMONS

  • CAPITAL FOR THE COMMONS LLC

    LOAN FUND FOR STARTUP BUSINESS · NC · income $0 · assets $387,096

    Directly controlled by THE INDUSTRIAL COMMONS

Related corporations and trusts

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

  • THE INDUSTRIAL COMMONS CORPS

    C · HOLDING COMPANY · DE · 100% owned · share of income $9,468 · share of assets $315,150 · controlled entity

    Directly controlled by THE INDUSTRIAL COMMONS

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202333189349315513

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