Civic Intelligence

Scotland County Economic Development Corporation

990 • Fiscal year 2018 • EIN 26-2016762

Jul 01, 2017 to Jun 30, 2018 • Filed on Dec 06, 2018

16800 US Highway 401 BypassLaurinburg, NC 28352

(910) 266-4326

Siviq Scores

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

Liabilities / Assets

81st percentile

0.44x

Higher debt load relative to assets than 81% of similar nonprofits.

2018 filings • NTEE J • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

2.80x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • NTEE J • $1M-$5M nonprofits • Source year 2018

Net Margin

1st percentile

-129%

Higher net margin than 1% of similar nonprofits.

2018 filings • NTEE J • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

18th percentile

$0

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • NTEE J • $1M-$5M nonprofits • Source year 2018

Asset Growth

45th percentile

3.1%

Faster asset growth than 45% of similar nonprofits.

2018 filings • NTEE J • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

4th percentile

-30%

Faster revenue growth than 4% of similar nonprofits.

2018 filings • NTEE J • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Up

$4,329,278

Up $128,885 (+3.1%) from 2017

Net Assets

Down

$2,420,922

Down $779,790 (-24%) from 2017

Liabilities

Up

$1,908,356

Up $908,675 (+91%) from 2017

Revenue

Down

$682,731

Down $296,369 (-30%) from 2017

Expenses

Up

$1,564,947

Up $1,311,765 (+518%) from 2017

Net Income

Down

-$882,216

Down $1,608,134 (-222%) from 2017

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2016: $2,349,873Liabilities 2016: $739Net Assets 2016: $2,349,1342016Assets 2017: $4,200,393Liabilities 2017: $999,681Net Assets 2017: $3,200,7122017Assets 2018: $4,329,278Liabilities 2018: $1,908,356Net Assets 2018: $2,420,9222018Assets 2019: $5,146,114Liabilities 2019: $1,948,167Net Assets 2019: $3,197,9472019Assets 2020: $5,152,270Liabilities 2020: $1,609,760Net Assets 2020: $3,542,5102020Assets 2021: $4,999,760Liabilities 2021: $1,349,250Net Assets 2021: $3,650,5102021Assets 2022: $5,488,276Liabilities 2022: $1,537,506Net Assets 2022: $3,950,7702022

Highlighted filing

2018

Assets$4,329,278
Liabilities$1,908,356
Net Assets$2,420,922

Operations Trend

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

$2.0M$1.0M$0-$1.0MRevenue 2016: $261,014Expenses 2016: $110,831Net Income 2016: $150,1832016Revenue 2017: $979,100Expenses 2017: $253,182Net Income 2017: $725,9182017Revenue 2018: $682,731Expenses 2018: $1,564,947Net Income 2018: -$882,2162018Revenue 2019: $995,099Expenses 2019: $218,074Net Income 2019: $777,0252019Revenue 2020: $625,552Expenses 2020: $280,989Net Income 2020: $344,5632020Revenue 2021: $413,362Expenses 2021: $305,362Net Income 2021: $108,0002021Revenue 2022: $568,214Expenses 2022: $267,954Net Income 2022: $300,2602022

Highlighted filing

2018

Revenue$682,731
Expenses$1,564,947
Net Income-$882,216
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Dec 6, 2018
Return Version
2017v2.2
Gross Receipts
$682,731
Mission and Program Overview

Mission

To promote the growth of the local economy of Scotland County and City of Laurinburg through job creation, the investment in business property and infrastructure to facilitate economic growth and job creation.

Promoted growth of local economy by recruiting new business, increasing jobs and infrastructure investment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,462,700$3,716,086▲ $253,386
Cash and Non-Interest-Bearing Accounts$365,151$406,469▲ $41,318
Other Notes and Loans Receivable, Net$371,308$206,723▼ $164,585
Accounts Receivable$1,234$0▼ $1,234
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$4,200,393$4,329,278▲ $128,885
Other Assets Total-$0-
Liabilities
Other Liabilities$972,717$1,829,496▲ $856,779
Deferred Revenue$2,800$51,338▲ $48,538
Accounts Payable and Accrued Expenses$24,164$27,522▲ $3,358
Total Liabilities$999,681$1,908,356▲ $908,675
Net Assets / Fund Balance
Unrestricted Net Assets$3,174,806$2,420,266▼ $754,540
Temporarily Rstr Net Assets$25,906$656▼ $25,250
Total Net Assets Fund Balance$3,200,712$2,420,922▼ $779,790
Total Liabilities and Net Assets / Fund Balance$4,200,393$4,329,278▲ $128,885

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,051,296$176,111-
Land$1,659,966--
Equipment$4,824$15,079-
Compensation and Service Providers

Board Members and Trustees

NameTitle
Bob DavisChairman
Curtis LeakVice Chair
Andrew WilliamsonDirector
Carol McCallDirector
Guy McCookDirector
Mark WardExecutive Director
Charles NicholsSecretary
Beth HobbsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$558,525
Program Service Revenue
$0
Investment Income
$217
Other Revenue
$123,989
All Other Contributions
$21,525
Change in Net Assets
$-882,216

Audited Revenue Reconciliation

Revenue per Audited Statements
$682,731
Revenue Not Reported on Form 990
$107,691
Total Revenue per Audited Statements
$790,422
Total Revenue per Form 990
$682,731
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,564,947
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$30,107$65,082-$95,189
Other Expenses$38,311$39,358-$38,311
Occupancy-$17,099-$17,099
Advertising$11,632--$11,632
Travel$3,097$3,212-$6,309
Office Expenses-$2,798-$2,798
Interest$1,965--$1,965
Insurance-$1,469-$1,469
Total Functional Expenses$1,435,929$129,018$0$1,564,947

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,564,947
Total Expenses per Audited Statements$1,564,947
Total Expenses per Form 990$1,564,947
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Note payable$1,339,649
Line of credit$272,567
Due to Scotland County$217,280
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

Election of members and their rights---The members of the Board are appointed. Currently, there are five voting members and four non-voting members. Three members are appointed by the sitting chairman of the Scotland County Board of Commissioners and two are appointed by the City Council from the City of Laurinburg. The members serve one year terms but can be reappointed annually. All voting members must hold an elected office and be citizens of Scotland County. The Non-voting members are the Scotland County Manager, City Manager and the President/Director of the Scotland County Economic Development Corporation.

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

The Board of Directors shall manage the business and affairs of the Corporation. The Executive Director is responsible for the implementation of policies of the Board and has the authority over general management of the corporation. The Executive Director also has the authority to sign and execute documents, contracts and loans that have been authorized by the Board of Directors.

Form 990, Part VI, Line 11B: Form 990 Review Process

The Executive Director and Treasurer review form 990 and a copy is made available to the Board members for their review.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

There is no compensation paid to any Officer or member of the Board of Directors. The Executive Director is paid by a related organization.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Documents are made available upon request.

Filing and Contact Details

Filer

Filer Name
Scotland County Economic Development
EIN
26-2016762
Phone
9102664326
Address
16800 US HIGHWAY 401 BYPASS, Laurinburg, NC 28352

Signing Officer

Name
Elizabeth T Hobbs
Title
Treasurer
Signed
2018-12-06
Discuss with paid preparer
Yes

Organization Details

Formed
2008
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Roche Head & Associates PLLC
Address
103 McRae St, Laurinburg, NC 28352-4145
Preparer
Carl L Head
Phone
9102763985
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

Amortization of Note payable discount = $102426

Financial Statement Notes

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

Discount on Notes payable $107691

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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/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0861361
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0533
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0253182
IRS990/PYOtherRevenueAmt045383
IRS990/PYProgramServiceRevenueAmt071823
IRS990/PYRevenuesLessExpensesAmt0725918
IRS990/PYTotalExpensesAmt0253182
IRS990/PYTotalRevenueAmt0979100
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-882216
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt0504000
IRS990/RentalIncomeOrLossGrp/RealAmt0122489
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0558525
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0861361
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0220001
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0436661
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0135000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02211548
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0124206
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt045916
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt041013
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt043751
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt040206
IRS990ScheduleA/OtherIncome170Grp/TotalAmt0295092
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.88230
IRS990ScheduleA/PublicSupportPY170Pct00.94730
IRS990ScheduleA/PublicSupportTotal170Amt02211548
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0558525
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0861361
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0220001
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0436661
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0135000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02211548
IRS990ScheduleA/TotalSupportAmt02506640
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02051296
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0176111
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt02227407
IRS990ScheduleD/EquipmentGrp/BookValueAmt04824
IRS990ScheduleD/EquipmentGrp/DepreciationAmt015079
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt019903
IRS990ScheduleD/ExpensesSubtotalAmt01564947
IRS990ScheduleD/LandGrp/BookValueAmt01659966
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt01659966
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0217280
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1272567
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt21339649
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Scotland County
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Line of credit
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Note payable
IRS990ScheduleD/OtherRevenueAmt0107691
IRS990ScheduleD/RevenueNotReportedAmt0107691
IRS990ScheduleD/RevenueSubtotalAmt0682731
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Discount on Notes payable $107691
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03716086
IRS990ScheduleD/TotalExpensesPerForm990Amt01564947
IRS990ScheduleD/TotalLiabilityAmt01829496
IRS990ScheduleD/TotalRevenuePerForm990Amt0682731
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0790422
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01564947
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Election of members and their rights---The members of the Board are appointed. Currently, there are five voting members and four non-voting members. Three members are appointed by the sitting chairman of the Scotland County Board of Commissioners and two are appointed by the City Council from the City of Laurinburg. The members serve one year terms but can be reappointed annually. All voting members must hold an elected office and be citizens of Scotland County. The Non-voting members are the Scotland County Manager, City Manager and the President/Director of the Scotland County Economic Development Corporation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Board of Directors shall manage the business and affairs of the Corporation. The Executive Director is responsible for the implementation of policies of the Board and has the authority over general management of the corporation. The Executive Director also has the authority to sign and execute documents, contracts and loans that have been authorized by the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Executive Director and Treasurer review form 990 and a copy is made available to the Board members for their review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3There is no compensation paid to any Officer or member of the Board of Directors. The Executive Director is paid by a related organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Documents are made available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Amortization of Note payable discount = $102426
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Other Changes In Net Assets Or Fund Balances - Other Increases
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt025906
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0656
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt04200393
IRS990/TotalAssetsEOYAmt04329278
IRS990/TotalAssetsGrp/BOYAmt04200393
IRS990/TotalAssetsGrp/EOYAmt04329278
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0558525
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0129018
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01435929
IRS990/TotalFunctionalExpensesGrp/TotalAmt01564947
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0999681
IRS990/TotalLiabilitiesEOYAmt01908356
IRS990/TotalLiabilitiesGrp/BOYAmt0999681
IRS990/TotalLiabilitiesGrp/EOYAmt01908356
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03200712
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02420922
IRS990/TotalProgramServiceExpensesAmt01435929
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0124206
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0682731

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