Civic Intelligence

Twin City Development Foundation

990 • Fiscal year 2022 • EIN 20-8548088

Jan 01, 2022 to Dec 31, 2022 • Filed on May 15, 2023

Organization ProfileWWW.TWINCITYFOUNDATION.ORG
711 Coliseum Plaza CourtWinstonsalem, NC 27106-5350

(336) 777-3595

Siviq Scores

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

Liabilities / Assets

6th percentile

0.00x

Higher debt load relative to assets than 6% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on this filing.

Source year 2022

Net Margin

99th percentile

485%

Higher net margin than 99% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

24th percentile

$24,000

Higher top officer pay than 24% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Source year 2022

Asset Growth

5th percentile

-19%

Faster asset growth than 5% of similar nonprofits.

2022 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets6th percentile

Assets

Down

$13,639,500

Down $3,103,650 (-19%) from 2021

Net Assets

Down

$13,612,439

Down $3,042,096 (-18%) from 2021

Liabilities

Down

$27,061

Down $61,554 (-69%) from 2021

Revenue And Expenses
Liabilities / RevenueScore unavailableNet Margin99th percentile

Revenue

Down

-$115,486

Down $744,106 (-118%) from 2021

Expenses

Down

$444,505

Down $214,714 (-33%) from 2021

Net Income

Down

-$559,991

Down $529,392 (-1730%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $8,537,272Liabilities 2011: $150,053Net Assets 2011: $8,387,2192011Assets 2012: $9,071,469Liabilities 2012: $212,683Net Assets 2012: $8,858,7862012Assets 2013: $10,093,219Liabilities 2013: $124,452Net Assets 2013: $9,968,7672013Assets 2014: $10,273,194Liabilities 2014: $25,838Net Assets 2014: $10,247,3562014Assets 2015: $9,633,707Liabilities 2015: $32,764Net Assets 2015: $9,600,9432015Assets 2016: $10,033,401Liabilities 2016: $46,938Net Assets 2016: $9,986,4632016Assets 2017: $10,652,811Liabilities 2017: $261,569Net Assets 2017: $10,391,2422017Assets 2018: $9,213,607Liabilities 2018: $361,584Net Assets 2018: $8,852,0232018Assets 2019: $11,988,555Liabilities 2019: $366,162Net Assets 2019: $11,622,3932019Assets 2020: $14,960,601Liabilities 2020: $171,042Net Assets 2020: $14,789,5592020Assets 2021: $16,743,150Liabilities 2021: $88,615Net Assets 2021: $16,654,5352021Assets 2022: $13,639,500Liabilities 2022: $27,061Net Assets 2022: $13,612,4392022Assets 2023: $14,990,048Liabilities 2023: $50,270Net Assets 2023: $14,939,7782023Assets 2024: $16,423,153Liabilities 2024: $36,000Net Assets 2024: $16,387,1532024

Highlighted filing

2022

Assets$13,639,500
Liabilities$27,061
Net Assets$13,612,439
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $316,046Expenses 2011: $456,991Net Income 2011: -$140,9452011Revenue 2012: $357,836Expenses 2012: $353,680Net Income 2012: $4,1562012Revenue 2013: $602,468Expenses 2013: $290,373Net Income 2013: $312,0952013Revenue 2014: $882,647Expenses 2014: $393,367Net Income 2014: $489,2802014Revenue 2015: $345,221Expenses 2015: $364,374Net Income 2015: -$19,1532015Revenue 2016: $327,863Expenses 2016: $540,586Net Income 2016: -$212,7232016Revenue 2017: $915,467Expenses 2017: $857,587Net Income 2017: $57,8802017Revenue 2018: $257,478Expenses 2018: $643,644Net Income 2018: -$386,1662018Revenue 2019: $1,376,813Expenses 2019: $615,410Net Income 2019: $761,4032019Revenue 2020: $2,506,722Expenses 2020: $242,582Net Income 2020: $2,264,1402020Revenue 2021: $628,620Expenses 2021: $659,219Net Income 2021: -$30,5992021Revenue 2022: -$115,486Expenses 2022: $444,505Net Income 2022: -$559,9912022Revenue 2023: $1,097,592Expenses 2023: $713,314Net Income 2023: $384,2782023Revenue 2024: $958,484Expenses 2024: $753,810Net Income 2024: $204,6742024

Highlighted filing

2022

Revenue-$115,486
Expenses$444,505
Net Income-$559,991
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 15, 2023
Return Version
2022v5.0
Gross Receipts
$1,554,865
Mission and Program Overview

Mission

To fund, through grants, public education and economic development in forsyth county and surrounding areas.

To fund public education and economic development in forsyth county and surrounding areas.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$14,167,968$13,068,832▼ $1,099,136
Land, Buildings, and Equipment, Net$1,537,051--
Cash and Non-Interest-Bearing Accounts$849,318$570,449▼ $278,869
Other Notes and Loans Receivable, Net$187,591--
Accounts Receivable$1,222$219▼ $1,003
Total Assets$16,743,150$13,639,500▼ $3,103,650
Liabilities
Grants Payable$85,000$25,000▼ $60,000
Accounts Payable and Accrued Expenses$3,615$2,061▼ $1,554
Total Liabilities$88,615$27,061▼ $61,554
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$16,654,535$13,612,439▼ $3,042,096
Total Net Assets Fund Balance$16,654,535$13,612,439▼ $3,042,096
Total Liabilities and Net Assets / Fund Balance$16,743,150$13,639,500▼ $3,103,650
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Robert EglestonExecutive DiPT$24,000$24,000

Board Members and Trustees

NameTitle
Andy DreyfussChair
Robert ClarkPast Chair
Ralph WombleVice Chair/t
Carol DavisDirector
Damon Sanders-prattDirector
Deborah BestDirector
Greg BrewerDirector
Karl YenaDirector
Mamie SutphinDirector
Melvin ScalesDirector
Vivian Perez ChandlerDirector
Will Baucom End 1222Director
Stephen Poe2nd Past CHA
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$-87,186
Other Revenue
$-28,300
Change in Net Assets
$-559,991

Audited Revenue Reconciliation

Revenue per Audited Statements
$-147,744
Revenue Not Reported on Financial Statements
$32,258
Revenue Not Reported on Form 990
$-2,393,058
Total Revenue per Audited Statements
$-2,540,802
Total Revenue per Form 990
$-115,486
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$329,000
Other Expenses$91,505
Salaries, Compensation, and Employee Benefits$24,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$329,000
Fees for Service Investment Mgmnt Fees---$32,258
Current Officers, Directors, Trustees, and Key Employees---$24,000
Fees for Services Accounting---$15,960
Insurance---$5,753
Conferences and Meetings---$2,825
Office Expenses---$2,109
Other Expenses---$1,841
Fees for Services Legal---$1,635
Total Functional Expenses$0$0$0$444,505

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$501,294
Total Expenses per Form 990$444,505
Expenses per Audited Statements$412,247
Expenses Not Reported on Form 990$89,047
Expenses Not Reported on Financial Statements$32,258
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Senior Services IncWinstonsalem, NC501c3Education$50,000
Greater Winston-salem IncWinstonsalem, NC501c3Economic Development$30,000
Trosa IncDurham, NC501c3Economic Development$30,000
Forsyth Med Center FoundationWinstonsalem, NC501c3Economic Development$25,000
Ifb SolutionsWinstonsalem, NC501c3Economic Development$25,000
Wssu FoundationWinstonsalem, NC501c3Education$25,000
Aero X FoundationWinstonsalem, NC501c3Education$20,000
KaleideumWinstonsalem, NC501c3Education$20,000
Piedmont Triad PartnershipHigh Point, NC501c3Economic Development$20,000
Authoring ActionWinstonsalem, NC501c3Education$15,000
Creatic Corridors CoalitionWinstonsalem, NC501c3Economic Development$15,000
Downtown Winston-salem PartnershipWinstonsalem, NC501c3Economic Development$15,000
Hispanic League of the Pied TriadWinstonsalem, NC501c3Education$15,000
REACH WOMEN'S NETWORKWinstonsalem, NC501c3Education$10,000
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Twin city development foundation uses robert egleston and lisa venable, both independent contractors, to perform the administrative/management functions of the foundation.”

Form 990, Page 6, Part VI, Line 11B

“The governing body (board of directors) does not review the 990. The 990 is reviewed by lisa venable, an independent contractor.”

Form 990, Page 6, Part VI, Line 19

“We do not accept nor solicit funds from the public; therefore, we do not make our documents available for public inspection.”

Filing and Contact Details

Filer

Filer Name
Twin City Development Foundation
EIN
20-8548088
Phone
3367773595
Address
711 COLISEUM PLAZA COURT, WINSTONSALEM, NC 27106-5350

Signing Officer

Name
Robert Egleston
Title
Executive Director
Phone
3367773595
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Egleston
Formed
2007
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
14

Preparer

Firm
Butler Burke Llp
Address
100 CLUB OAKS COURT SUITE A, WINSTONSALEM, NC 27104
Preparer
Jane R Potter
Phone
3367682310
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The foundation is a not-for-profit organization and is exempt from income taxes under section 501(c)(6) of the internal revenue code. Accordingly, income tax expense is limited to activities that are deemed by the internal revenue service to be unrelated to their exempt purpose. The foundation's primary tax positions relate to its status as a not-for-profit entity exempt from income taxes and classification of activities related to its exempt purpose. It is the opinion of management that the foundation has no uncertain tax positions that would be subject to change upon examination. The foundation is required to file a federal exempt organization tax return (form 990) annually to retain its exempt status. The foundation is also required to file an exempt organization business income tax return (form 990-t) for any year gross unrelated business income exceeds 1,000. The foundation's form 990 filings are generally subject to examination by the internal revenue service for three years after they are filed.”

Schedule D, Page 4, Part XI, Line 2D

“Rental expenses netted with revenue 89,047”

Schedule D, Page 4, Part XII, Line 2D

“Rental expenses netted with revenue 89,047”

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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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IRS990/OtherExpensesGrp/Desc1DUES AND SUBSCRIPTIONS
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION IS A NOT-FOR-PROFIT ORGANIZATION AND IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, INCOME TAX EXPENSE IS LIMITED TO ACTIVITIES THAT ARE DEEMED BY THE INTERNAL REVENUE SERVICE TO BE UNRELATED TO THEIR EXEMPT PURPOSE. THE FOUNDATION'S PRIMARY TAX POSITIONS RELATE TO ITS STATUS AS A NOT-FOR-PROFIT ENTITY EXEMPT FROM INCOME TAXES AND CLASSIFICATION OF ACTIVITIES RELATED TO ITS EXEMPT PURPOSE. IT IS THE OPINION OF MANAGEMENT THAT THE FOUNDATION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE FOUNDATION IS REQUIRED TO FILE A FEDERAL EXEMPT ORGANIZATION TAX RETURN (FORM 990) ANNUALLY TO RETAIN ITS EXEMPT STATUS. THE FOUNDATION IS ALSO REQUIRED TO FILE AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) FOR ANY YEAR GROSS UNRELATED BUSINESS INCOME EXCEEDS 1,000. THE FOUNDATION'S FORM 990 FILINGS ARE GENERALLY SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THREE YEARS AFTER THEY ARE FILED.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1RENTAL EXPENSES NETTED WITH REVENUE 89,047
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2RENTAL EXPENSES NETTED WITH REVENUE 89,047
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/TotalExpensesPerForm990Amt0444505
IRS990ScheduleD/TotalRevenuePerForm990Amt0-115486
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0-2540802
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0501294
IRS990ScheduleI/GrantRecordsMaintainedInd0false
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IRS990ScheduleI/RecipientTable/CashGrantAmt325000
IRS990ScheduleI/RecipientTable/CashGrantAmt430000
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IRS990ScheduleI/RecipientTable/CashGrantAmt1225000
IRS990ScheduleI/RecipientTable/CashGrantAmt1315000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501C3
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IRS990ScheduleI/RecipientTable/IRCSectionDesc2501C3
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IRS990ScheduleI/RecipientTable/IRCSectionDesc7501C3
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IRS990ScheduleI/RecipientTable/IRCSectionDesc12501C3
IRS990ScheduleI/RecipientTable/IRCSectionDesc13501C3
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3EDUCATION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt5ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt6EDUCATION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt7EDUCATION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt8EDUCATION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt9EDUCATION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt10ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt11EDUCATION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt12ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt13EDUCATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0DOWNTOWN WINSTON-SALEM PARTNERSHIP
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1PIEDMONT TRIAD PARTNERSHIP
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2GREATER WINSTON-SALEM INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3WSSU FOUNDATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4TROSA INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt5CREATIC CORRIDORS COALITION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6HISPANIC LEAGUE OF THE PIED TRIAD
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt7REACH WOMEN'S NETWORK
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt8AERO X FOUNDATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt9SENIOR SERVICES INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt10IFB SOLUTIONS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt11KALEIDEUM
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt12FORSYTH MED CENTER FOUNDATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt13AUTHORING ACTION
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1PO BOX 2672
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt2411 W 4TH STREET STE 211
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt3304 BLAIR HALL
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt41820 JAMES ST
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt5380-H KNOLLWOOD ST STE 229
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt6251 S SPRUCE ST
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt72618 ARBOR PLACE CT
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt107730 NORTH POINT DR
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt11390 S LIBERTY ST
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt121701 S HAWTHORNE RD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt13624 W 6TH ST STE 150
IRS990ScheduleI/RecipientTable/USAddress/CityNm0WINSTONSALEM
IRS990ScheduleI/RecipientTable/USAddress/CityNm1HIGH POINT
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IRS990ScheduleI/RecipientTable/USAddress/CityNm9WINSTONSALEM
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IRS990ScheduleI/RecipientTable/USAddress/CityNm13WINSTONSALEM
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0NC
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1NC
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd5NC
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd7NC
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd8NC
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd9NC
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd10NC

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$13,639,500
Liabilities
$27,061
Net assets
$13,612,439
Revenue
-$115,486
Expenses
$444,505
Net income
-$559,991
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$16.4$0.04$16.4$0.96$0.75$0.20
2023Detailed filing. Detailed filing data is available for this year.$15.0$0.05$14.9$1.10$0.71$0.38
2022Detailed filing. Detailed filing data is available for this year.$13.6$0.03$13.6$0.12$0.44$0.56
2021Detailed filing. Detailed filing data is available for this year.$16.7$0.09$16.7$0.63$0.66$0.03
2020Detailed filing. Detailed filing data is available for this year.$15.0$0.17$14.8$2.51$0.24$2.26
2019Summary only. Only limited summary data is available for this year.$12.0$0.37$11.6$1.38$0.62$0.76
2018Detailed filing. Detailed filing data is available for this year.$9.21$0.36$8.85$0.26$0.64$0.39
2017Summary only. Only limited summary data is available for this year.$10.7$0.26$10.4$0.92$0.86$0.06
2016Summary only. Only limited summary data is available for this year.$10.0$0.05$9.99$0.33$0.54$0.21
2015Summary only. Only limited summary data is available for this year.$9.63$0.03$9.60$0.35$0.36$0.02
2014Summary only. Only limited summary data is available for this year.$10.3$0.03$10.2$0.88$0.39$0.49
2013Summary only. Only limited summary data is available for this year.$10.1$0.12$9.97$0.60$0.29$0.31
2012Summary only. Only limited summary data is available for this year.$9.07$0.21$8.86$0.36$0.35$0.00
2011Summary only. Only limited summary data is available for this year.$8.54$0.15$8.39$0.32$0.46$0.14