Civic Intelligence

Scotland County Economic Development Corporation

990 • Fiscal year 2020 • EIN 26-2016762

Jul 01, 2019 to Jun 30, 2020 • Filed on Apr 01, 2021

Organization Profilewww.scotlandcountyedc.org
517 Peden StreetLaurinburg, NC 28352

(910) 266-4326

Siviq Scores

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

Liabilities / Assets

64th percentile

0.31x

Higher debt load relative to assets than 64% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

90th percentile

2.57x

Higher debt load relative to revenue than 90% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

92nd percentile

55%

Higher net margin than 92% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

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

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

30th percentile

0.1%

Faster asset growth than 30% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

11th percentile

-37%

Faster revenue growth than 11% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$5,152,270

Up $6,156 (+0.1%) from 2019

Net Assets

Up

$3,542,510

Up $344,563 (+11%) from 2019

Liabilities

Down

$1,609,760

Down $338,407 (-17%) from 2019

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin92nd percentile

Revenue

Down

$625,552

Down $369,547 (-37%) from 2019

Expenses

Up

$280,989

Up $62,915 (+29%) from 2019

Net Income

Down

$344,563

Down $432,462 (-56%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth30th percentile

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

2020

Assets$5,152,270
Liabilities$1,609,760
Net Assets$3,542,510
Open 2020 Filing

Operations Trend

Revenue Growth11th percentile

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

2020

Revenue$625,552
Expenses$280,989
Net Income$344,563
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Apr 1, 2021
Return Version
2019v5.0
Gross Receipts
$625,552
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$4,165,785$4,457,872▲ $292,087
Cash and Non-Interest-Bearing Accounts$971,091$692,852▼ $278,239
Accounts Receivable$8,215$1,546▼ $6,669
Other Notes and Loans Receivable, Net$1,023$0▼ $1,023
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$5,146,114$5,152,270▲ $6,156
Other Assets Total-$0-
Liabilities
Other Liabilities$1,888,550$1,607,182▼ $281,368
Accounts Payable and Accrued Expenses$59,617$2,578▼ $57,039
Total Liabilities$1,948,167$1,609,760▼ $338,407
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,197,947$3,504,125▲ $306,178
Net Assets With Donor Restrictions-$38,385-
Total Net Assets Fund Balance$3,197,947$3,542,510▲ $344,563
Total Liabilities and Net Assets / Fund Balance$5,146,114$5,152,270▲ $6,156

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,897,906$291,510-
Land$1,559,966--
Equipment-$19,903-
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
Carol McCallChairman
Andrew WilliamsonVice Chairman
Bob DavisDirector
Jim WillisDirector
Kevin PattersonDirector
Whit GibsonDirector
Mark WardExecutive Director
Charles NicholsSecretary
Beth HobbsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$449,140
Program Service Revenue
$0
Investment Income
$5,123
Other Revenue
$171,289
All Other Contributions
$55,000
Change in Net Assets
$344,563

Audited Revenue Reconciliation

Revenue per Audited Statements
$625,552
Total Revenue per Audited Statements
$625,552
Total Revenue per Form 990
$625,552
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$269,374
Grants and Similar Amounts Paid$11,615
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$36,436--$36,436
All Other Expenses$16,397$2,819-$19,216
Occupancy-$19,043-$19,043
Other Expenses$19,171$17,636-$17,636
Grants to Domestic Orgs$11,615--$11,615
Advertising$5,681--$5,681
Office Expenses-$3,848-$3,848
Insurance-$3,751-$3,751
Travel$2,232--$2,232
Total Functional Expenses$91,532$189,457$0$280,989

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$280,989
Total Expenses per Audited Statements$280,989
Total Expenses per Form 990$280,989
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$1,607,182
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
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
517 Peden Street, Laurinburg, NC 28352

Signing Officer

Name
Elizabeth T Hobbs
Title
Treasurer
Signed
2021-04-01
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
Preparer
Carl L Head
Phone
9102763985
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
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IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0276000
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt02066
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IRS990/PYOtherExpensesAmt0218074
IRS990/PYOtherRevenueAmt0717033
IRS990/PYRevenuesLessExpensesAmt0777025
IRS990/PYTotalExpensesAmt0218074
IRS990/PYTotalRevenueAmt0995099
IRS990/QuidProQuoContributionsInd0false
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0344563
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt0307390
IRS990/RentalIncomeOrLossGrp/RealAmt0135461
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0449140
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0276000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0558525
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0861361
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0220001
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02365027
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt05123
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt05123
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0171289
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt095219
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0124206
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt045916
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt041013
IRS990ScheduleA/OtherIncome170Grp/TotalAmt0477643
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.83050
IRS990ScheduleA/PublicSupportPY170Pct00.87050
IRS990ScheduleA/PublicSupportTotal170Amt02365027
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0449140
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0276000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0558525
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0861361
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0220001
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02365027
IRS990ScheduleA/TotalSupportAmt02847793
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt02897906
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0291510
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt03189416
IRS990ScheduleD/EquipmentGrp/DepreciationAmt019903
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt019903
IRS990ScheduleD/ExpensesSubtotalAmt0280989
IRS990ScheduleD/LandGrp/BookValueAmt01559966
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt01559966
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01607182
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Note payable
IRS990ScheduleD/RevenueSubtotalAmt0625552
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04457872
IRS990ScheduleD/TotalExpensesPerForm990Amt0280989
IRS990ScheduleD/TotalLiabilityAmt01607182
IRS990ScheduleD/TotalRevenuePerForm990Amt0625552
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0625552
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0280989
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/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
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt05146114
IRS990/TotalAssetsEOYAmt05152270
IRS990/TotalAssetsGrp/BOYAmt05146114
IRS990/TotalAssetsGrp/EOYAmt05152270
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0449140
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0189457
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt091532
IRS990/TotalFunctionalExpensesGrp/TotalAmt0280989
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01948167
IRS990/TotalLiabilitiesEOYAmt01609760
IRS990/TotalLiabilitiesGrp/BOYAmt01948167
IRS990/TotalLiabilitiesGrp/EOYAmt01609760
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03197947
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03542510
IRS990/TotalProgramServiceExpensesAmt091532
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0176412
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0625552
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05146114
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05152270
IRS990/TravelGrp/ProgramServicesAmt02232
IRS990/TravelGrp/TotalAmt02232
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt0517 Peden Street
IRS990/USAddress/CityNm0Laurinburg
IRS990/USAddress/StateAbbreviationCd0NC

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,152,270
Liabilities
$1,609,760
Net assets
$3,542,510
Revenue
$625,552
Expenses
$280,989
Net income
$344,563
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.49$1.54$3.95$0.57$0.27$0.30
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.00$1.35$3.65$0.41$0.31$0.11
2020Detailed filing. Detailed filing data is available for this year.$5.15$1.61$3.54$0.63$0.28$0.34
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.15$1.95$3.20$1.00$0.22$0.78
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.33$1.91$2.42$0.68$1.56$0.88
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.20$1.00$3.20$0.98$0.25$0.73
2016Detailed filing. Detailed filing data is available for this year.$2.35$0.00$2.35$0.26$0.11$0.15