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Nonprofiteer
← FRANKLIN SCHOOL FACILITIES CORPORATION

Form 990 for tax year 2023

Filed by FRANKLIN SCHOOL FACILITIES CORPORATION.

Totals

Total revenue
$128,806
Total expenses
$509,133
Contributions and grants received
$0
Grants paid
$25,000
Program service revenue
$127,017
Investment income
$1,789
Other revenue
$0
Total assets, end of year
$8,302,197
Total liabilities, end of year
$10,024,558
Net assets or fund balances, end of year
-$1,722,361
Program services expenses (Part IX)
$501,609
Management and general expenses
$7,524
Fundraising expenses
$0
Program service expenses (Part III)
$501,609

Program services were 98.5% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $127,017 · excluded $127,017

  • 3 · Investment income

    total $1,789 · excluded $1,789

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000 · program services $25,000

  • 11g · Fees: other

    total $32,024 · program services $24,500 · management and general $7,524

  • 20 · Interest

    total $123,320 · program services $123,320

  • 22 · Depreciation, depletion and amortization

    total $316,243 · program services $316,243

  • 23 · Insurance

    total $5,046 · program services $5,046

  • 24a · Other expenses: LOAN AND BANK FEES

    total $7,500 · program services $7,500

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $129,564 · end of year $108,690

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

    $9,512,348

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

    $1,510,032

  • 10c · Land, buildings and equipment, net

    beginning of year $8,276,866 · end of year $8,002,316

  • 14 · Intangible assets

    beginning of year $86,854 · end of year $45,164

  • 15 · Other assets

    beginning of year $214,239 · end of year $146,027

  • 17 · Accounts payable and accrued expenses

    beginning of year $50,001

  • 23 · Secured mortgages and notes payable

    beginning of year $10,000,000 · end of year $10,000,000

  • 25 · Other liabilities

    beginning of year $24,558 · end of year $24,558

  • 27 · Net assets without donor restrictions

    beginning of year -$1,367,036 · end of year -$1,722,361

Mission and programs · 2023

Mission

TO ASSIST AND SUPPORT NORTHSIDE DEVELOPMENT CORPORATION, A SOUTH CAROLINA NONPROFIT CORPORATION HAVING RECEIVED A DETERMINATION OF EXEMPTION FROM FEDERAL INCOME TAXATION FROM THE INTERNAL REVENUE SERVICE IN ACCORDANCE WITH SECTION 501(C)(3) OF THE CODE ("NDC") IN FURTHERANCE OF ITS EXEMPT PURPOSES BY INTER ALIA, ACQUIRING, DEVELOPING, SELLING, DONATING, CONTRIBUTING, OWNING, OPERATING, LEASING, MANAGING, OR GRANTING RIGHTS OF ACCESS, USE OR POSSESSION, OF REAL PROPERTY AND IMPROVEMENTS THEREON IN THE AREA OF THE CITY OF SPARTANBURG, SOUTH CAROLINA (THE "CITY") COMMONLY REFERRED TO AS "NORTHSIDE," INCLUDING BUT NOT LIMITED TO, FACILITIES USED AS EARLY CHILDHOOD EDUCATIONAL FACILITIES. WITHOUT LIMITATION OF THE FOREGOING, THE PURPOSES OF NDC TO BE SUPPORTED BY ACTIVITIES OF THE CORPORATION INCLUDE (I) PURCHASING OR OTHERWISE ACQUIRING, (II) SELLING OR OTHERWISE TRANSFERRING, (III) LEASING, (IV) MANAGING AND/OR DEVELOPING OR REDEVELOPING REAL PROPERTY AND IMPROVEMENTS THEREON WITHIN THE N

  • AS A QUALIFIED LOW INCOME COMMUNITY BUSINESS, PURCHASED AND COMPLETED THE CONSTRUCTION OF THE FRANKLIN SCHOOL (THE "SCHOOL"), AN EARLY CHILDHOOD LEARNING FACILITY LOCATED IN THE NORTHSIDE OF THE CITY OF SPARTANBURG, SOUTH CAROLINA. LEASES THE COMPLETED BUILDING AND FURNITURE OF THE SCHOOL TO SPARTANBURG COUNTY FIRST STEPS TO SCHOOL READINESS WHO OPERATES THE SCHOOL.

    Expenses $501,609 · Grants $25,000 · Revenue $127,017

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • TAMMIE HOY HAWKINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • WILLIAM BARNET III

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2 + 2.3 related

  • ED MEMMOTT

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    2

  • CAREY ROTHSCHILD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2 + 2.3 related

  • TIM SCHMITZ

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2 + 2.3 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.

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
2023
Filed
6 May 2025
IRS schema version
2023v6.0
Source object
202521359349306707

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