Northside Development Corporation FY2024 filing

Spartanburg, SC · Public charity (501(c)(3)) · Since 2011 · Community Development

✓ Tax-deductible
Revenue
$2.1M
+50% vs prior year
Spent
$2.2M
To programs
83%
Net assets
$17.3M
By yearFY2020–FY2024
Revenue
$2.1M
FY2024▲ +50%
Revenue by fiscal year
FY2020$3.2M
FY2021$3.4M
FY2022$1.8M
FY2023$1.4M
FY2024$2.1M
FY2024$3.0M
Expenses
$2.2M
FY2024▼ -28%
Expenses by fiscal year
FY2020$3.4M
FY2021$2.0M
FY2022$1.7M
FY2023$3.0M
FY2024$2.2M
FY2024$3.0M
Net assets
$17.3M
FY2024-0.2%
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 FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

You’re viewing the FY2024 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 $0.83 Management & general $0.15 Fundraising $0.02
Program services83%$1.8M
Management & general15%$335K
Fundraising2%$36K
Total functional expensesLn 25$2.2M

Financial health

Is it on solid ground?

Program efficiency
83%
of spending reaches programs
Operating runway
3.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
-2%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Total assets
$27.4M
FY2024+0.3%
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
$10.1M
FY2024▲ +1%
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−$50K
Total assetsPt X · Ln 16$27.4M
Program-expense ratioPt IX · col B83%
Voting members of governing bodyPt I · Ln 316
Independent voting membersPt I · Ln 416

Balance Sheet

Part X · end of year
CashLn 1$643K
Total assetsLn 16$27.4M
Total liabilitiesLn 26$10.1M
Total net assetsLn 32$17.3M
Months of cash on handcomputed3.5

Statement of Revenue

Part VIII
Contributions & grants$1.8M · 85%
Investment income$211K · 10%
Program service revenue$102K · 5%
Other revenue$17K · 1%
Contributions & grants85%$1.8M
Investment income10%$211K
Program service revenue5%$102K
Other revenue1%$17K
Total revenueLn 12$2.1M

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $643K · Operating expenses/yr $2.2M
3.5 months
Where the money goes
Program services
Program services $1.8M · Total expenses $2.2M
83%
Management & General
Management & general $335K · Total expenses $2.2M
15%
Fundraising
Fundraising $36K · Total expenses $2.2M
2%
Cost to raise $1
Fundraising expense (3-yr avg) $33K · Solicited contributions (3-yr avg) $1.6M
$0.02 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $1.8M · Total revenue $2.1M
85%
Government reliance
Government grants — · Total revenue $2.1M
—
Earned-income share
Program service revenue $102K · Total revenue $2.1M
5%
Investment reliance
Investment income $211K · Total revenue $2.1M
+10%
Program self-sufficiency
Program service revenue $102K · Total expenses $2.2M
5%
Growth & trend
Revenue growth (YoY)
This year $2.1M · Prior year $1.4M
+50%
Revenue CAGR
FY2019 $3.2M · FY2023 $2.1M
-10%
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 $2.1M · Expenses $2.2M
-2%
Liabilities-to-Assets
Total liabilities — · Total assets $27.4M
—
Net-asset ratio
Net assets $17.3M · Total assets $27.4M
63%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $27.4M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Michael Williamson · Reported title EXECUTIVE DI · Highest reported compensation $106K · Total expenses $2.2M
5%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $493K · Total expenses $2.2M
23%
Peer comparison

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

MetricThis orgPeer medianPercentile
Program ratio 83%——
Overhead ratio 15%——
Fundraising cost ratio 2%——
Revenue growth 50%——
Legal fee ratio 0.06%——
Accounting fee ratio 3%——

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.

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 (FY2023); the FY2024 filing did not itemize Part VII
Executive Di
$106,465Pt 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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Governance & Policies

Part VI
  • 16Voting board membersPt VI · Ln 1a
  • 16Independent 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 $721K of program spending, described in the organization's own filed words · FY2023.
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.

$339Kprogram expense
02

Redevelopment of Properties

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

$265Kprogram expense
03

Franklin School

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

$117Kprogram 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 Viewing $2.1M$2.2M+50% 990 PDF
FY2023 $1.4M$3.0M-20% 990 PDF
FY2022 $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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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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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