Civic Intelligence

Scotland County Economic Development Corporation

990 • Fiscal year 2022 • EIN 26-2016762

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 03, 2023

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

67th percentile

0.28x

Higher debt load relative to assets than 67% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

92nd percentile

2.71x

Higher debt load relative to revenue than 92% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

90th percentile

53%

Higher net margin than 90% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

69th percentile

9.8%

Faster asset growth than 69% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

80th percentile

37%

Faster revenue growth than 80% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets67th percentile

Assets

Up

$5,488,276

Up $488,516 (+9.8%) from 2021

Net Assets

Up

$3,950,770

Up $300,260 (+8.2%) from 2021

Liabilities

Up

$1,537,506

Up $188,256 (+14%) from 2021

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin90th percentile

Revenue

Up

$568,214

Up $154,852 (+37%) from 2021

Expenses

Down

$267,954

Down $37,408 (-12%) from 2021

Net Income

Up

$300,260

Up $192,260 (+178%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth69th 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

2022

Assets$5,488,276
Liabilities$1,537,506
Net Assets$3,950,770
Open 2022 Filing

Operations Trend

Revenue Growth80th 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

2022

Revenue$568,214
Expenses$267,954
Net Income$300,260
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 3, 2023
Return Version
2021v4.1
Gross Receipts
$568,214
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$4,584,968$4,711,007▲ $126,039
Cash and Non-Interest-Bearing Accounts$414,792$772,804▲ $358,012
Accounts Receivable-$4,465-
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$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$4,999,760$5,488,276▲ $488,516
Other Assets Total-$0-
Liabilities
Other Liabilities$1,336,921$1,532,067▲ $195,146
Deferred Revenue$7,659--
Accounts Payable and Accrued Expenses$4,670$5,439▲ $769
Total Liabilities$1,349,250$1,537,506▲ $188,256
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,648,527$3,950,770▲ $302,243
Net Assets With Donor Restrictions$1,983--
Total Net Assets Fund Balance$3,650,510$3,950,770▲ $300,260
Total Liabilities and Net Assets / Fund Balance$4,999,760$5,488,276▲ $488,516

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,054,582$460,901-
Other Land Buildings$96,459--
Land$1,559,966--
Equipment-$19,903-
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Whit GibsonChairman
Kevin PattersonVice President
Andrew WilliamsonDirector
Carol McCallDirector
Jim WillisDirector
John AlfordDirector
Lee HowellDirector
Thomas AmmonsDirector
Mark WardExecutive Director
Charles NicholsSecretary
Beth HobbsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$336,750
Program Service Revenue
$0
Investment Income
$368
Other Revenue
$231,096
Change in Net Assets
$300,260

Audited Revenue Reconciliation

Revenue per Audited Statements
$568,214
Total Revenue per Audited Statements
$568,214
Total Revenue per Form 990
$568,214
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$267,954
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
Interest$31,691--$31,691
All Other Expenses$12,743$13,725-$26,468
Other Expenses$3,876$11,881-$15,757
Insurance-$6,866-$6,866
Fees for Services Accounting$3,350$3,349-$6,699
Travel$1,477$3,195-$4,672
Advertising$2,203--$2,203
Fees for Services Legal$463$462-$925
Office Expenses-$707-$707
Total Functional Expenses$55,803$212,151$0$267,954

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$267,954
Total Expenses per Audited Statements$267,954
Total Expenses per Form 990$267,954
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$1,530,084
Due to Scotland County$1,983
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---Three voting Directors shall be appointed by the duly elected sitting Chairman of the Scotland County Board of Commissioners and two voting Directors shall be appointed by the City of Laurinburg Council. Those appointed by the City and County must be elected officials. The five members of the Board of Directors appointed by the Chairman of the Scotland County Board of Commissioners and the Laurinburg City Council shall appoint the remaining two non-elected members of the Board at the annual meeting of the Board of Directors. The County Manager and City Manager shall serve as Ex-Officio members.”

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
2023-01-03
Discuss with paid preparer
Yes

Organization Details

Formed
2008
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
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/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0DEPRECIATION
IRS990/OtherExpensesGrp/Desc1PROPERTY TAXES
IRS990/OtherExpensesGrp/Desc2INTEREST DISCOUNT AMORTIZATION
IRS990/OtherExpensesGrp/Desc3REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt090749
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt147391
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt233826
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt311881
IRS990/OtherExpensesGrp/ProgramServicesAmt03876
IRS990/OtherExpensesGrp/TotalAmt090749
IRS990/OtherExpensesGrp/TotalAmt147391
IRS990/OtherExpensesGrp/TotalAmt233826
IRS990/OtherExpensesGrp/TotalAmt315757
IRS990/OtherLiabilitiesGrp/BOYAmt01336921
IRS990/OtherLiabilitiesGrp/EOYAmt01532067
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0255863
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt036402
IRS990/PYInvestmentIncomeAmt01586
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0268960
IRS990/PYOtherRevenueAmt0155913
IRS990/PYRevenuesLessExpensesAmt0108000
IRS990/PYTotalExpensesAmt0305362
IRS990/PYTotalRevenueAmt0413362
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0300260
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt0290000
IRS990/RentalIncomeOrLossGrp/RealAmt0231096
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0558214
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0336750
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0255863
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0449140
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0276000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0558525
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01876278
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0368
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt01586
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt05123
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt07077
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0231096
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0155913
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0171289
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt095219
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt0124206
IRS990ScheduleA/OtherIncome170Grp/TotalAmt0777723
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.70510
IRS990ScheduleA/PublicSupportPY170Pct00.80030
IRS990ScheduleA/PublicSupportTotal170Amt01876278
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0336750
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0255863
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0449140
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0276000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0558525
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01876278
IRS990ScheduleA/TotalSupportAmt02661078
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt03054582
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0460901
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt03515483
IRS990ScheduleD/EquipmentGrp/DepreciationAmt019903
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt019903
IRS990ScheduleD/ExpensesSubtotalAmt0267954
IRS990ScheduleD/LandGrp/BookValueAmt01559966
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt01559966
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt096459
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt096459
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01983
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11530084
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Scotland County
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1NOTE PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt0568214
IRS990ScheduleD/TotalBookValueLandBuildingsAmt04711007
IRS990ScheduleD/TotalExpensesPerForm990Amt0267954
IRS990ScheduleD/TotalLiabilityAmt01532067
IRS990ScheduleD/TotalRevenuePerForm990Amt0568214
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0568214
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0267954
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Election of members and their rights---Three voting Directors shall be appointed by the duly elected sitting Chairman of the Scotland County Board of Commissioners and two voting Directors shall be appointed by the City of Laurinburg Council. Those appointed by the City and County must be elected officials. The five members of the Board of Directors appointed by the Chairman of the Scotland County Board of Commissioners and the Laurinburg City Council shall appoint the remaining two non-elected members of the Board at the annual meeting of the Board of Directors. The County Manager and City Manager shall serve as Ex-Officio members.
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
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt04999760
IRS990/TotalAssetsEOYAmt05488276
IRS990/TotalAssetsGrp/BOYAmt04999760
IRS990/TotalAssetsGrp/EOYAmt05488276
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0336750
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0212151
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt055803
IRS990/TotalFunctionalExpensesGrp/TotalAmt0267954
IRS990/TotalGrossUBIAmt00

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$5,488,276
Liabilities
$1,537,506
Net assets
$3,950,770
Revenue
$568,214
Expenses
$267,954
Net income
$300,260
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$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
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$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