Civic Intelligence

Franklin-Southampton Economic Development Inc.

990 • Fiscal year 2017 • EIN 13-4311862

Jul 01, 2016 to Jun 30, 2017 • Filed on Jan 09, 2018

Organization ProfileWWW.FRANKLINSOUTHAMPTONVA.COM
601 N Mechanic Street No 300Franklin, VA 23851

(757) 562-1958

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

25th percentile

0.01x

Higher debt load relative to assets than 25% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

30th percentile

0.03x

Higher debt load relative to revenue than 30% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

18th percentile

-13%

Higher net margin than 18% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

70th percentile

$102,869

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 23.5% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

17th percentile

-5.9%

Faster asset growth than 17% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

33rd percentile

-1.6%

Faster revenue growth than 33% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets25th percentile

Assets

Down

$1,435,605

Down $90,324 (-5.9%) from 2016

Net Assets

Down

$1,422,190

Down $55,836 (-3.8%) from 2016

Liabilities

Down

$13,415

Down $34,488 (-72%) from 2016

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin18th percentile

Revenue

Down

$436,903

Down $7,096 (-1.6%) from 2016

Expenses

Up

$492,739

Up $76,722 (+18%) from 2016

Net Income

Down

-$55,836

Down $83,818 (-300%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0M$1.5M$1.0M$500K$0Assets 2011: $1,229,665Liabilities 2011: $0Net Assets 2011: $1,229,6652011Assets 2012: $1,186,018Liabilities 2012: $0Net Assets 2012: $1,186,0182012Assets 2013: $1,251,580Liabilities 2013: $0Net Assets 2013: $1,251,5802013Assets 2014: $1,417,099Liabilities 2014: $40,311Net Assets 2014: $1,376,7882014Assets 2015: $1,517,547Liabilities 2015: $67,503Net Assets 2015: $1,450,0442015Assets 2016: $1,525,929Liabilities 2016: $47,903Net Assets 2016: $1,478,0262016Assets 2017: $1,435,605Liabilities 2017: $13,415Net Assets 2017: $1,422,1902017Assets 2018: $1,430,307Liabilities 2018: $25,941Net Assets 2018: $1,404,3662018Assets 2019: $1,406,337Liabilities 2019: $31,195Net Assets 2019: $1,375,1422019Assets 2021: $1,359,596Liabilities 2021: $3Net Assets 2021: $1,359,5932021Assets 2022: $1,287,926Liabilities 2022: $24Net Assets 2022: $1,287,9022022Assets 2023: $1,240,197Liabilities 2023: $14,323Net Assets 2023: $1,225,8742023Assets 2024: $1,197,978Liabilities 2024: $18,479Net Assets 2024: $1,179,4992024Assets 2025: $1,093,648Liabilities 2025: $27,736Net Assets 2025: $1,065,9122025

Highlighted filing

2017

Assets$1,435,605
Liabilities$13,415
Net Assets$1,422,190
Open 2017 Filing

Operations Trend

Revenue Growth33rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2011: $487,0322011Expenses 2012: $447,9172012Expenses 2013: $350,0282013Revenue 2014: $478,496Expenses 2014: $353,288Net Income 2014: $125,2082014Revenue 2015: $458,863Expenses 2015: $385,607Net Income 2015: $73,2562015Revenue 2016: $443,999Expenses 2016: $416,017Net Income 2016: $27,9822016Revenue 2017: $436,903Expenses 2017: $492,739Net Income 2017: -$55,8362017Revenue 2018: $448,307Expenses 2018: $466,131Net Income 2018: -$17,8242018Revenue 2019: $446,275Expenses 2019: $475,499Net Income 2019: -$29,2242019Revenue 2021: $703,357Expenses 2021: $596,732Net Income 2021: $106,6252021Revenue 2022: $406,765Expenses 2022: $478,456Net Income 2022: -$71,6912022Revenue 2023: $388,962Expenses 2023: $450,990Net Income 2023: -$62,0282023Revenue 2024: $449,138Expenses 2024: $495,513Net Income 2024: -$46,3752024Revenue 2025: $438,136Expenses 2025: $551,723Net Income 2025: -$113,5872025

Highlighted filing

2017

Revenue$436,903
Expenses$492,739
Net Income-$55,836
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Jan 9, 2018
Return Version
2016v3.0
Gross Receipts
$436,903
Mission and Program Overview

Mission

47to diversify the economy, create high quality jobs, and provide a future for the families and youth of franklin and southampton county.

To promote, market, and oversee developement activities for the city of franklin and southampton county

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$1,482,219$1,398,445▼ $83,774
Land, Buildings, and Equipment, Net$34,960$26,864▼ $8,096
Accounts Receivable$3,867$8,538▲ $4,671
Prepaid Expenses and Deferred Charges$4,883$1,758▼ $3,125
Total Assets$1,525,929$1,435,605▼ $90,324
Liabilities
Deferred Revenue$47,490--
Accounts Payable and Accrued Expenses$413$13,415▲ $13,002
Total Liabilities$47,903$13,415▼ $34,488
Net Assets / Fund Balance
Unrestricted Net Assets$1,463,026$1,407,190▼ $55,836
Permanently Rstr Net Assets$15,000$15,000→ $0
Total Net Assets Fund Balance$1,478,026$1,422,190▼ $55,836
Total Liabilities and Net Assets / Fund Balance$1,525,929$1,435,605▼ $90,324

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$26,864$58,599$85,463
Compensation and Service Providers
Top Officer Pay70th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Amanda C JarrattPresidentFT$100,048$2,821$102,869

Board Members and Trustees

NameTitle
E Warren Beale JrChairman
C Harrell TurnerVice Chairman
Brian HedgepethDirector
Felicia W BlowSecretary
Harriet Bain DuckTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$425,000
Program Service Revenue
$0
Investment Income
$11,605
Other Revenue
$298
All Other Contributions
$175,000
Change in Net Assets
$-55,836

Audited Revenue Reconciliation

Revenue per Audited Statements
$436,903
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$436,903
Total Revenue per Form 990
$436,903
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$248,829
Salaries, Compensation, and Employee Benefits$243,910
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$117,877--$117,877
Current Officers, Directors, Trustees, and Key Employees$70,536$23,512-$94,048
Fees for Services Other-$74,388-$74,388
Advertising$51,138--$51,138
Travel$25,485--$25,485
Payroll Taxes$14,148$1,929-$16,077
Occupancy-$14,256-$14,256
Office Expenses$6,429$6,432-$12,861
Depreciation Depletion$10,376--$10,376
Other Employee Benefits$8,830$1,203-$10,033
Fees for Services Accounting-$6,650-$6,650
Pension Plan Contributions$5,170$705-$5,875
Insurance$2,782$2,783-$5,565
Information Technology$5,490--$5,490
Conferences and Meetings$1,708$1,709-$3,417
Fees for Services Legal-$2,965-$2,965
Other Expenses$99--$99
Total Functional Expenses$356,207$136,532$0$492,739

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$492,739
Total Expenses per Audited Statements$492,739
Total Expenses per Form 990$492,739
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The organization's audit committee reviews the form 990 prior to its filing.”

Form 990, Part VI, Section B, Line 12C

“Directors sign statements annually regarding compliance with the organization's conflict of interest policy.”

Form 990, Part VI, Section B, Line 15A

“On an annual basis the board reviews and approves the compensation of the organization's president.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Franklin Southampton Economic
EIN
13-4311862
Phone
7575621958
Address
601 N MECHANIC STREET NO 300, FRANKLIN, VA 23851

Signing Officer

Name
Amanda C Jarratt
Title
President
Phone
7575621958
Signed
2018-01-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Amanda C Jarratt
Formed
2005
Legal Domicile
Va
Voting Board Members
6
Independent Board Members
5
Employees
4
Volunteers
0

Preparer

Firm
Cavanaugh Nelson Plc
Address
999 WATERSIDE DRIVE SUITE 2250, NORFOLK, VA 23510
Preparer
Mark a Nelson
Phone
7575784900
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Consulting fees: program service expenses 0. Management and general expenses 74,200. Fundraising expenses 0. Total expenses 74,200. Payroll service fees: program service expenses 0. Management and general expenses 188. Fundraising expenses 0. Total expenses 188.”

Financial Statement Notes

PART X, LINE 2:

“The organization's management has evaluated the impact of fasb asc 740 to its financial statements and is not aware of any material uncertain tax positions as of june 30, 2017. The organization's annual tax returns (form 990) are generally subject to examination by authorities for a period of three years from the date they are filed and consequently, the organization's tax returns filed for the years ended june 30, 2016, 2015, and 2014 remain subject to examination.”

Raw XML AppendixShowing 400 of 411 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0465250
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0400000
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt07122
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt05828
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt04633
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt039519
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0298
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt07418
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt010957
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IRS990ScheduleA/PublicSupportPY170Pct00.65030
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0465250
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0400000
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt058599
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt085463
IRS990ScheduleD/ExpensesNotReportedAmt00
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IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0436903
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S MANAGEMENT HAS EVALUATED THE IMPACT OF FASB ASC 740 TO ITS FINANCIAL STATEMENTS AND IS NOT AWARE OF ANY MATERIAL UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2017. THE ORGANIZATION'S ANNUAL TAX RETURNS (FORM 990) ARE GENERALLY SUBJECT TO EXAMINATION BY AUTHORITIES FOR A PERIOD OF THREE YEARS FROM THE DATE THEY ARE FILED AND CONSEQUENTLY, THE ORGANIZATION'S TAX RETURNS FILED FOR THE YEARS ENDED JUNE 30, 2016, 2015, AND 2014 REMAIN SUBJECT TO EXAMINATION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt026864
IRS990ScheduleD/TotalExpensesPerForm990Amt0492739
IRS990ScheduleD/TotalRevenuePerForm990Amt0436903
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0436903
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0492739
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION'S AUDIT COMMITTEE REVIEWS THE FORM 990 PRIOR TO ITS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DIRECTORS SIGN STATEMENTS ANNUALLY REGARDING COMPLIANCE WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ON AN ANNUAL BASIS THE BOARD REVIEWS AND APPROVES THE COMPENSATION OF THE ORGANIZATION'S PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONSULTING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 74,200. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 74,200. PAYROLL SERVICE FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 188. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 188.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalEmployeeCnt04
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IRS990/UponRequestInd0X
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IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02018-03-14 21:41:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0AMANDA C JARRATT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
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ReturnHeader/BusinessOfficerGrp/SignatureDt02018-01-09
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FRANKLIN SOUTHAMPTON ECONOMIC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT INC
ReturnHeader/Filer/BusinessNameControlTxt0FRAN
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ReturnHeader/Filer/PhoneNum07575621958
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ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm009:28:30
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0541967771
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CAVANAUGH NELSON PLC

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,435,605
Liabilities
$13,415
Net assets
$1,422,190
Revenue
$436,903
Expenses
$492,739
Net income
-$55,836
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.09$0.03$1.07$0.44$0.55$0.11
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.20$0.02$1.18$0.45$0.50$0.05
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.24$0.01$1.23$0.39$0.45$0.06
2022Detailed filing. Detailed filing data is available for this year.$1.29$0.00$1.29$0.41$0.48$0.07
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.36$0.00$1.36$0.70$0.60$0.11
2019Detailed filing. Detailed filing data is available for this year.$1.41$0.03$1.38$0.45$0.48$0.03
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.43$0.03$1.40$0.45$0.47$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.44$0.01$1.42$0.44$0.49$0.06
2016Detailed filing. Detailed filing data is available for this year.$1.53$0.05$1.48$0.44$0.42$0.03
2015Detailed filing. Detailed filing data is available for this year.$1.52$0.07$1.45$0.46$0.39$0.07
2014Detailed filing. Detailed filing data is available for this year.$1.42$0.04$1.38$0.48$0.35$0.13
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.25$0.00$1.25$0.35
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.19$0.00$1.19$0.45
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.23$0.00$1.23$0.49