Northside Development Corporation

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EIN 30-0698663 Public charity (501(c)(3)) Spartanburg, SC NTEE S30
Form 990 (PDF)

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Revenue & expenses by yearFY2020–FY2024
Revenue
$3.0M
FY2024▲ +40%
Expenses
$3.0M
FY2024▲ +37%

Form 990 for the fiscal year ending December 2024 (IRS tax year 2024).


Transforms a neighborhood into a desirable community for current and new residents. For fiscal year 2024 it reported $3.0M in revenue, $3.0M in expenses, and $17.3M in net assets.Pt I

Founded
2011
Type
Public charity (501(c)(3)) · Community Development
Location
Spartanburg, SC
Website
www.spartanburgndg.com
Filings
5 on file (2020–2024)
Revenue
$3.0MFY2024
Expenses
$3.0M
Net assets
$17.3M
People
19
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Figures match the IRS filing checked 9/1/26 · see original: IRS
Provided by the organization

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Size
$1–10M
What they do
Transforms a neighborhood into a desirable community for current and new residents.
Leadership
Michael Williamson · Executive Di · $113K
Money in and out
$3.0M revenue, $3.0M expenses
Bottom line
87% program efficiency

What Funders Ask

6 questions, answered from this org's own filings

Will my donation be tax-deductible?

GOOD

Yes — A charitable, religious, educational, scientific, or literary organization. Contributions are generally tax-deductible for donors.

IRS Business Master File records this organization as tax-exempt with deductible contributions. See detail →

Can I donate to this org right now?

GOOD

No revocation on IRS record

This EIN does not appear on the IRS auto-revocation list. See detail →

Is this organization up to date?

GOOD

Filed FY2024 (typical filing lag)

Most recent Form 990 on file is for fiscal year 2024 (2 years ago). See detail →

Is it receiving grants from reputable foundations?

GOOD

1 funder — Balmer Foundation INC

1 distinct foundation funder(s) on file, $20K received in the most recent year with grants. See detail →

How is the money spent?

GOOD

87% to programs

87% of total functional expenses went to program services in the most recent filing (Form 990 Part IX); the rest is overhead and fundraising. See detail →

What's its financial size and trend?

NEUTRAL

$1–10M · ↑ +40% vs prior year

Revenue band $1–10M, +40% versus the prior filing year (up). See detail →

Where the money goes · FY2024
Total revenue
$3.0M
Pt VIII · Ln 12
Total expenses
$3.0M
Pt IX · Ln 25
Net assets
$17.3M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $2K
Where spending went · Part IX cols B–D
Program services $0.87 Management & general $0.11 Fundraising $0.01
Program efficiency
87%
of spending reaches programs▲ +5% vs prior filing year
Operating runway
3.2mo
months of highly liquid reserves at operating expense rate▼ -9% vs prior filing year
Surplus margin
+0.06%
revenue over expenses, this year▲ +102% vs prior filing year

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Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$27.1M
FY2024▼ -1%
Total liabilities
$9.8M
FY2024▼ -3%
Revenue less expensesPt I · Ln 19$2K
Total assetsPt X · Ln 16$27.1M
Program-expense ratioPt IX · col B87%
Voting members of governing bodyPt I · Ln 318
Independent voting membersPt I · Ln 418

Identity & Classification

Form 990 Header · IRS Business Master File
Legal name (IRS)Hdr · item CNorthside Development Corporation
EINHdr · item D30-0698663
Principal addressHdr · item CSpartanburg, SC
WebsiteHdr · item Jwww.spartanburgndg.com
Year of formationHdr · item L2011
State of legal domicileHdr · item MSC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCommunity Development (S30)
Ruling yearIRS BMFJan 2013

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a18
Independent voting membersPt VI · Ln 1b18
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Di
$112,813Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Michael Williamson’s $113K as Executive Di is at the 26th percentile of top reported officer pay among 2832 $1–10M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2024FY2023FY2022FY2021
Michael Williamson$112,813$106,465$98,934$100,301$97,939

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

3 program services account for $717K of program spending, described in the organization's own filed words · FY2024.
01

Northside Station

A mixed use mixed income housing and commercial development project that includes market-rate and affordable housing and a commercial component for a clinic, retail and office space. Northside station apartments - an affordable housing development with approximately 90 units in the northside community.

$347Kprogram expense
02

Redevelopment of Properties

Landscaping, utility billing, board-up costs, professional fees and other expenses related to purchased properties.

$294Kprogram expense
03

Franklin School

A project to develop a new early learning school in the northside community.

$77Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$2.8M · 93%
Investment income$231K · 8%
Program service revenue$114K · 4%
Contributions & grants93%$2.8M
Investment income8%$231K
Program service revenue4%$114K
Total revenueLn 12$3.0M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.87 Management & general $0.11 Fundraising $0.01
Program services87%$2.6M
Management & general11%$340K
Fundraising1%$45K
Total functional expensesLn 25$3.0M

Balance Sheet

Part X · end of year
CashLn 1$801K
Total assetsLn 16$27.1M
Total liabilitiesLn 26$9.8M
Total net assetsLn 32$17.3M
Months of cash on handcomputed3.2

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $801K · Operating expenses/yr $3.0M
3.2 months
Where the money goes
Program services
Program services $2.6M · Total expenses $3.0M
87%
Management & General
Management & general $340K · Total expenses $3.0M
11%
Fundraising
Fundraising $45K · Total expenses $3.0M
1%
Cost to raise $1
Fundraising expense (3-yr avg) $37K · Solicited contributions (3-yr avg) $1.9M
$0.02 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $2.8M · Total revenue $3.0M
93%
Government reliance
Government grants — · Total revenue $3.0M
—
Earned-income share
Program service revenue $114K · Total revenue $3.0M
4%
Investment reliance
Investment income $231K · Total revenue $3.0M
+8%
Program self-sufficiency
Program service revenue $114K · Total expenses $3.0M
4%
Growth & trend
Revenue growth (YoY)
This year $3.0M · Prior year $2.1M
+40%
Revenue CAGR
FY2019 $3.2M · FY2024 $3.0M
-2%
Net-asset trend (YoY)
End of year $17.3M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $3.0M · Expenses $3.0M
+0.06%
Liabilities-to-Assets
Total liabilities — · Total assets $27.1M
—
Net-asset ratio
Net assets $17.3M · Total assets $27.1M
64%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $27.1M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Michael Williamson · Reported title EXECUTIVE DI · Highest reported compensation $113K · Total expenses $3.0M
4%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $413K · Total expenses $3.0M
14%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 87%——
Overhead ratio 11%——
Fundraising cost ratio 2%——
Revenue growth 40%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$20K
Grants paid · 28 grants · $4.3M · 2019–2024
Spartanburg School Dist 7FY2024$326,891
Unitemized GrantFY2024$97,678
Unitemized GrantFY2024$20,304
Unitemized GrantFY2024$5,200
Spartanburg School Dist 7FY2023$82,435
Aden Warehouse CorpFY2023$10,000
Spartanburg School Dist 7FY2022$247,226
City of SpartanburgFY2022$170,256
Community WorksFY2022$107,056
Aden Warehouse CorpFY2022$50,000
Spartanburg School Dist 7FY2021$56,257
Unitemized GrantFY2021$11,500
See all 28 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$2.1M revenue · ⤓ 990 PDF
FY2023$1.4M revenue · ⤓ 990 PDF
FY2022$1.8M revenue · ⤓ 990 PDF
FY2021$3.4M revenue · ⤓ 990 PDF
FY2020$3.2M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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