Form 990 for tax year 2023
Filed by EAST MARKET STREET DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $598,535
- Total expenses
- $478,458
- Contributions and grants received
- $354,826
- Grants paid
- $0
- Program service revenue
- $241,638
- Investment income
- $19
- Other revenue
- $2,052
- Total assets, end of year
- $2,104,445
- Total liabilities, end of year
- $1,968,254
- Net assets or fund balances, end of year
- $136,191
- Program services expenses (Part IX)
- $410,111
- Management and general expenses
- $52,935
- Fundraising expenses
- $15,412
- Program service expenses (Part III)
- $410,111
Program services were 85.7% 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)
$106,250
-
1f · All other contributions, gifts and grants
$248,576
-
2a · Program service revenue: APARTMENT RENTALS
total $219,672 · related or exempt $16,985 · unrelated business $202,687
-
2b · Program service revenue: BUSINESS DEVELOPMENT P
total $21,966 · related or exempt $21,966
-
3 · Investment income
total $19 · unrelated business $19
-
11a · Other revenue: OTHER REVENUE
total $2,052 · excluded $2,052
-
11e · Other revenue, total
$2,052
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $89,000 · program services $71,200 · management and general $8,900 · fundraising $8,900
-
7 · Other salaries and wages
total $89,101 · program services $76,576 · management and general $12,525
-
9 · Other employee benefits
total $8,466 · program services $7,619 · management and general $847
-
10 · Payroll taxes
total $13,646 · program services $11,305 · management and general $1,660 · fundraising $681
-
11c · Fees: accounting
total $23,151 · management and general $23,151
-
11g · Fees: other
total $7,106 · program services $7,106
-
12 · Advertising and promotion
total $716 · program services $716
-
13 · Office expenses
total $2,908 · program services $1,955 · management and general $741 · fundraising $212
-
16 · Occupancy
total $113,187 · program services $107,500 · management and general $2,973 · fundraising $2,714
-
19 · Conferences, conventions and meetings
total $1,053 · program services $619 · management and general $434
-
20 · Interest
total $34,428 · program services $34,428
-
22 · Depreciation, depletion and amortization
total $50,877 · program services $50,877
-
23 · Insurance
total $8,854 · program services $8,449 · management and general $240 · fundraising $165
-
24a · Other expenses: ECONOMIC DEVELOPMENT
total $28,330 · program services $24,406 · management and general $1,457 · fundraising $2,467
-
24b · Other expenses: NEIGHBORHOOD SUPPORT SE
total $5,164 · program services $5,164
-
24c · Other expenses: MISCELLANEOUS
total $2,384 · program services $2,119 · fundraising $265
-
24d · Other expenses: BANK SERVICE CHARGE
total $87 · program services $72 · management and general $7 · fundraising $8
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $61,407 · end of year $178,690
-
2 · Savings and temporary cash investments
beginning of year $19,374 · end of year $59,390
-
3 · Pledges and grants receivable
beginning of year $68,750 · end of year $25,000
-
10a · Land, buildings and equipment: cost or other basis
$2,172,071
-
10b · Land, buildings and equipment: accumulated depreciation
$465,394
-
10c · Land, buildings and equipment, net
beginning of year $1,754,768 · end of year $1,706,677
-
15 · Other assets
beginning of year $124,045 · end of year $134,688
-
17 · Accounts payable and accrued expenses
beginning of year $10,714 · end of year $10,077
-
23 · Secured mortgages and notes payable
beginning of year $1,982,652 · end of year $1,939,717
-
25 · Other liabilities
beginning of year $18,864 · end of year $18,460
-
27 · Net assets without donor restrictions
beginning of year -$542 · end of year $881
-
28 · Net assets with donor restrictions
beginning of year $16,656 · end of year $135,310
Mission and programs · 2023
Mission
OFFERS COMPREHENSIVE REVITALIZATION SERVICES IN EAST GREENSBORO, NC THAT CREATE AND SUSTAIN ASSETS THROUGH ECONOMIC, BUSINESS AND COMMUNITY DEVELOPMENT SERVICES AND PROGRAMS. THE CORPORATION IS HELPING REBUILD THE BUSINESS COMMUNITY IN EAST GREENSBORO THROUGH TWO OF ITS COMMITTEES, THE BUSINESS DEVELOPMENT COMMITTEE (BDC) AND THE ECONOMIC REVITALIZATION COMMITTEE(ERC).
Activities or mission (Part I)
OFFERS COMPREHENSIVE REVITALIZATION SERVICES IN EAST GREENSBORO, NC THAT CREATE AND SUSTAIN ASSETS THROUGH ECONOMIC, BUSINESS AND COMMUNITY DEVELOPMENT SERVICES AND PROGRAMS THE CORPORATION IS HELPING REBUILD THE BUSINESS COMMUNITY IN EAST GREENSBORO THROUGH TWO OF ITS COMMITTEES, THE BUSINESS DEVELOPMENT COMMITTEE (BDC) AND THE ECONOMIC REVITALIZATION COMMITTEE (ERC)
-
DEVELOP AND MARKET IDENTIFIED COMMERCIAL SITES TO ATTRACT NEEDED BUSINESSES IN THE CORRIDOR; DEVELOP SYSTEMS AND PROCESSES THAT EFFECTIVELY PROVIDE APPROPRIATE REVITALIZATION PROGRAMS FOR EAST GREENSBORO.
Expenses $192,484 · Revenue $21,966
-
MAINTENANCE AND DEVELOPMENT/UPKEEP OF OWNED PROPERTIES IN TARGET DEVELOPMENT AREAS.
Expenses $217,627 · Revenue $219,672
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
MacArthur SimsMACARTHUR SIMS
EXECUTIVE DIRECTOR
- Total calculated
- $89,000
- From this org
- $89,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Dorothy VannoyDOROTHY VANNOY
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 0.5
-
Carl W Brower JrCARL W BROWER JR
INTERIM CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
Charlene Y ArmstrongCHARLENE Y ARMSTRONG
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.25
-
Sharon HightowerSHARON HIGHTOWER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Andrena ColemanANDRENA COLEMAN
TREASURER
- Total calculated
- $0
- Hours/week
- 0.25
-
G Mark PrinceG MARK PRINCE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
J Brent ChristensenJ BRENT CHRISTENSEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Ladaniel Gatling IILADANIEL GATLING II
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Timothy MinorTIMOTHY MINOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Frankie JonesFRANKIE JONES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Goldie WellsGOLDIE WELLS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Ernestine SurgeonERNESTINE SURGEON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Rodvegas IngramRODVEGAS INGRAM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
-
Phanalphie RhuePHANALPHIE RHUE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.25
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 15 July 2024
- IRS schema version
- 2023v5.1
- Source object
- 202442059349300214
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