Northside Development Corporation FY2022 filing

Tax-deductible

Spartanburg, SC501(c)(3)Since 2011Community DevelopmentEIN 30-0698663

The northside initiative is working to fundamentally transform the northside neighborhood into a community of choice, where current residents choose to stay and new people choose to move. Residents who want to stay and make a better life for themselves in the northside will have every opportunity to DO so. The northside initiative has been described as the most ambitious redevelopment in spartanburg's history. Residents and stakeholders at all levels were key to the development of this implementation plan.

501(c)(3) charity; gifts are tax-deductible.
86¢ of each $1 spent went to programs.
$100K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average deficit $63K a year · 3% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
86%
of spending
Looks good: 86% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$100K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
18 mo
of spending, in cash
Looks good: 18.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $20K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$8.6M
31% of total assets
Looks good: liabilities are 31% of assets; 50% or less.
Pt X · Ln 26
Independent board members
17
of 17 voting members
Looks good: 17 of 17 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.8M
-47% vs prior year
Spent
$1.7M
To programs
86%
Net assets
$19.0M
By yearFY2020–FY2024
Revenue
$1.8M
FY2022▼ -47%
Revenue by fiscal year
FY2020$3.2M
FY2021$3.4M
FY2022$1.8M
FY2023$1.4M
FY2024$2.1M
FY2024$3.0M
Expenses
$1.7M
FY2022▼ -12%
Expenses by fiscal year
FY2020$3.4M
FY2021$2.0M
FY2022$1.7M
FY2023$3.0M
FY2024$2.2M
FY2024$3.0M
Net assets
$19.0M
FY2022+0.4%
Net assets by fiscal year
FY2020$17.5M
FY2021$18.9M
FY2022$19.0M
FY2023$17.4M
FY2024$17.3M
FY2024$17.3M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item CNorthside Development Corporation
EINHdr · item D30-0698663
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFJan 2013
Year of formationHdr · item L2011
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CSpartanburg, SC
NTEE classificationIRS BMFCommunity Development (S30)
WebsiteHdr · item Jwww.spartanburgndg.com

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.86 Management & general $0.12 Fundraising $0.02
Program services86%$1.5M
Management & general12%$201K
Fundraising2%$33K
Total functional expensesLn 25$1.7M

Finances

Money in and out, what it owns and owes

Spent on programs
86%
of spending reaches programs
Months of spending covered by cash
18.3mo
months of spending covered by cash and easy-to-sell investments
Surplus or deficit
+3%
as % of revenue, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Total assets
$27.5M
FY2022▼ -7%
Total assets by fiscal year
FY2020$28.6M
FY2021$29.6M
FY2022$27.5M
FY2023$27.4M
FY2024$27.4M
FY2024$27.1M
Total liabilities
$8.6M
FY2022▼ -20%
Total liabilities by fiscal year
FY2020$11.1M
FY2021$10.8M
FY2022$8.6M
FY2023$10.0M
FY2024$10.1M
FY2024$9.8M
Revenue less expensesPt I · Ln 19$54K
Total assetsPt X · Ln 16$27.5M
Spent on programsPt IX · col B86%
Voting members of governing bodyPt I · Ln 317
Independent voting membersPt I · Ln 417

Balance Sheet

Part X · end of year
CashLn 1$2.6M
Total assetsLn 16$27.5M
Total liabilitiesLn 26$8.6M
Total net assetsLn 32$19.0M
Months of cash on handcomputed18.3

Statement of Revenue

Part VIII
Contributions & grants$1.9M · 105%
Program service revenue$89K · 5%
Investment income$95K · 5%
Contributions & grants105%$1.9M
Program service revenue5%$89K
Investment income5%$95K
Total revenueLn 12$1.8M

Money in detail

Form 990 · FY2022 · each figure shown with the dollars behind it
Cash and giving out
Months of spending covered by cash
Cash and easy-to-sell investments $2.6M · Operating expenses/yr $1.7M
18.3 months
Where the money goes
Program services
Program services $1.5M · Total expenses $1.7M
86%
Management & General
Management & general $201K · Total expenses $1.7M
12%
Fundraising
Fundraising $33K · Total expenses $1.7M
2%
Cost to raise $1
Fundraising expense (3-yr avg) $22K · Solicited contributions (3-yr avg) $2.4M
$0.01 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $1.9M · Total revenue $1.8M
105%
Government reliance
Government grants — · Total revenue $1.8M
—
Earned-income share
Program service revenue $89K · Total revenue $1.8M
5%
Investment reliance
Investment income $95K · Total revenue $1.8M
+5%
Program self-sufficiency
Program service revenue $89K · Total expenses $1.7M
5%
Growth & trend
Revenue change from last year
This year $1.8M · Prior year $3.4M
-47%
Net assets change over the year
End of year $19.0M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus or deficit, as % of revenue
Revenue $1.8M · Expenses $1.7M
+3%
Debts compared to what it owns
Total liabilities — · Total assets $27.5M
—
Net assets compared to what it owns
Net assets $19.0M · Total assets $27.5M
69%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $27.5M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Michael Williamson · Reported title EXECUTIVE DI · Highest reported compensation $100K · Total expenses $1.7M
6%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $259K · Total expenses $1.7M
15%
Peer comparison

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

MetricThis orgPeer medianPercentile
Spent on programs 86%——
Spent on management, % of spending 12%——
Fundraising cost, % of gifts 2%——
Revenue growth -47%——
Legal fees, % of spending 0.2%——
Accounting fees, % of spending 3%——

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

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Executive Di
$100,301Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$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.

See Northside Development Corporation executive salaries →

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Governance & Policies

Part VI
  • 17Voting board membersPt VI · Ln 1a
  • 17Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14No
  • Top official’s pay independently reviewedPt VI · Ln 15aNo
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Transforms a neighborhood into a desirable community for current and new residents.

Provided by the organization

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Mission & Programs · Part III

Where the work happens

3 program services account for $922K of program spending, described in the organization's own filed words · FY2021.
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.

$384Kprogram expense
02

Redevelopment of Properties

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

$324Kprogram expense
03

Franklin School

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

$214Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

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 →

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 $2.1M$2.2M+50% 990 PDF
FY2023 $1.4M$3.0M-20% 990 PDF
FY2022 Viewing $1.8M$1.7M-47% 990 PDF
FY2021 $3.4M$2.0M+4% 990 PDF
FY2020 $3.2M$3.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Full filing: Form 990 for FY2022

Every line we hold from the return, cited to its Part and line.
Part VIII · Statement of revenue $1,778,258 across 7 lines filed
Lines not itemized here account for −$547,367 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$1,872,654
VIII-1h Total contributions, gifts and grants$1,872,654
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $89,094$89,094
VIII-3 Investment incomeExcluded from tax $191,126$191,126
VIII-7 Net gain or loss on sales of assetsRelated to mission −$96,455−$96,455
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $269,206$269,206
VIII-12 Total revenueRelated to mission −$285,522 · Excluded from tax $191,126$1,778,258
Part IX · Statement of functional expenses $1,723,841 across 16 lines filed
IX-1 Grants to domestic organizationsPrograms $242,257$242,257
IX-2 Grants to domestic individualsPrograms $11,500$11,500
IX-5 Pay of current officers, directors and key staffPrograms $84,122 · Management $11,083 · Fundraising $6,649$101,854
IX-7 Other salaries and wagesPrograms $129,414 · Management $17,051 · Fundraising $10,227$156,692
IX-11a Management feesPrograms $157,475 · Management $20,243 · Fundraising $12,143$189,861
IX-11b Legal feesPrograms $3,587$3,587
IX-11c Accounting feesManagement $43,358$43,358
IX-11g Other fees for servicesFundraising $198$198
IX-12 Advertising and promotionPrograms $6,624$6,624
IX-16 OccupancyPrograms $50,169 · Management $17,918 · Fundraising $3,584$71,671
IX-19 Conferences, conventions and meetingsPrograms $1,197 · Management $9,061$10,258
IX-20 InterestPrograms $391,990$391,990
IX-22 Depreciation, depletion and amortizationPrograms $67,559 · Management $7,839$75,398
IX-23 InsurancePrograms $7,031 · Management $11,026$18,057
IX-24 Other expenses (24a–d)Programs $298,998 · Management $41,361$340,359
IX-24e All other expensesPrograms $38,271 · Management $21,906$60,177
IX-25 Total functional expensesPrograms $1,490,194 · Management $200,846 · Fundraising $32,801$1,723,841
Part X · Balance sheet $27,524,844 assets, 17 lines filed
Asset lines not itemized here account for $19,591,800; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,353,251$1,609,560
X-2 Savings and temporary cash investmentsStart of year $946,535$1,019,873
X-3 Pledges and grants receivableStart of year $1,292,461$589,473
X-4 Accounts receivableStart of year $64,572$37,139
X-8 Inventories for sale or useStart of year $4,318,574$1,684,122
X-10c Land, buildings and equipment, netStart of year $1,337,348$2,124,580
X-14 Intangible assetsStart of year $82,158$64,708
X-15 Other assetsStart of year $797,992$803,589
X-16 Total assetsStart of year $29,640,691$27,524,844
X-17 Accounts payable and accrued expensesStart of year $301,258$381,576
X-24 Unsecured notes and loans payableStart of year $30,517$14,873
X-25 Other liabilitiesStart of year $795,002$685,000
X-26 Total liabilitiesStart of year $10,754,425$8,566,712
X-27 Net assets without donor restrictionsStart of year $17,397,120$18,205,137
X-28 Net assets with donor restrictionsStart of year $1,489,146$752,995
X-32 Total net assets or fund balancesStart of year $18,886,266$18,958,132
X-33 Total liabilities and net assetsStart of year $29,640,691$27,524,844
Part XI · Reconciliation of net assets $18,958,132 net assets at year end
XI-1 Total revenue$1,778,258
XI-2 Total expenses$1,723,841
XI-3 Revenue less expenses$54,417
XI-4 Net assets at start of year$18,886,266
XI-9 Other changes in net assets$17,449
XI-10 Net assets at end of year$18,958,132

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
Names, privacy, and removal requests More

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