Civic Intelligence

Scotland County Economic Development Corporation

990 • Fiscal year 2024 • EIN 26-2016762

Jul 01, 2023 to Jun 30, 2024 • Filed on Jan 17, 2025

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

53rd percentile

0.14x

Higher debt load relative to assets than 53% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

87th percentile

1.26x

Higher debt load relative to revenue than 87% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

95th percentile

70%

Higher net margin than 95% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

46th percentile

$120,880

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 13.3% of source-year revenue.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

33rd percentile

-0.2%

Faster asset growth than 33% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

2nd percentile

-69%

Faster revenue growth than 2% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$7,995,316

Up $2,507,040 (+46%) from 2022

Net Assets

Up

$6,843,721

Up $2,892,951 (+73%) from 2022

Liabilities

Down

$1,151,595

Down $385,911 (-25%) from 2022

Revenue

Up

$911,492

Up $343,278 (+60%) from 2022

Expenses

Up

$276,119

Up $8,165 (+3.0%) from 2022

Net Income

Up

$635,373

Up $335,113 (+112%) from 2022

Historical Trend

Balance Sheet Trend

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

$8.0M$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: $3,950,7702022Assets 2024: $7,995,316Liabilities 2024: $1,151,595Net Assets 2024: $6,843,7212024

Highlighted filing

2024

Assets$7,995,316
Liabilities$1,151,595
Net Assets$6,843,721

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: $300,2602022Revenue 2024: $911,492Expenses 2024: $276,119Net Income 2024: $635,3732024

Highlighted filing

2024

Revenue$911,492
Expenses$276,119
Net Income$635,373
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 17, 2025
Return Version
2023v6.0
Gross Receipts
$911,492
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$6,346,604$7,306,637▲ $960,033
Pledges and Grants Receivable$334,625$0▼ $334,625
Cash and Non-Interest-Bearing Accounts$969,104$315,376▼ $653,728
Accounts Receivable$79,491$90,292▲ $10,801
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$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$8,011,390$7,995,316▼ $16,074
Other Assets Total$281,566$283,011▲ $1,445
Liabilities
Other Liabilities$1,449,748$1,127,394▼ $322,354
Accounts Payable and Accrued Expenses$353,294$24,201▼ $329,093
Total Liabilities$1,803,042$1,151,595▼ $651,447
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,208,348$4,843,721▼ $1,364,627
Net Assets With Donor Restrictions-$2,000,000-
Total Net Assets Fund Balance$6,208,348$6,843,721▲ $635,373
Total Liabilities and Net Assets / Fund Balance$8,011,390$7,995,316▼ $16,074

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,573,767$642,890-
Other Land Buildings$69,775--
Land$1,663,095--
Equipment-$10,429-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Mark WardExecutive DirectorFT$120,880$120,880

Board Members and Trustees

NameTitle
Jim WillisChairman
Lee HowellVice Chair
Andrew WilliamsonDirector
Duke WilliamsDirector
Ed O'NealDirector
Thomas AmmonsDirector
Tim IveyDirector
Charles NicholsSecretary
Beth HobbsTreasurer
April SneadVice Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Precision Contractors IncConstructionPO Box 1865, Laurinburg, NC 28353$2,401,763
Revenue and Support

Revenue Composition

Contributions and Grants
$666,068
Program Service Revenue
$0
Investment Income
$20,786
Other Revenue
$224,638
Change in Net Assets
$635,373

Audited Revenue Reconciliation

Revenue per Audited Statements
$911,492
Total Revenue per Audited Statements
$911,492
Total Revenue per Form 990
$911,492
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$276,119
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$40,558--$40,558
Fees for Services Other$11,391--$11,391
All Other Expenses-$11,006-$11,006
Fees for Services Accounting$10,800--$10,800
Travel$4,106$4,871-$8,977
Other Expenses$762$8,051-$8,813
Insurance-$8,264-$8,264
Advertising$6,867--$6,867
Office Expenses-$479-$479
Total Functional Expenses$74,484$201,635$0$276,119

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$276,119
Total Expenses per Audited Statements$276,119
Total Expenses per Form 990$276,119
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$1,116,275
Deferred Revenue$11,119
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, Section A, Line 7A

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, Section A, Line 7B

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, Section B, Line 11B

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, Section B, Line 15A

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, Section C, Line 19

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
2025-01-17
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/NoDonorRestrictionNetAssetsGrp/BOYAmt06208348
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt04843721
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0479
IRS990/OfficeExpensesGrp/TotalAmt0479
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0281566
IRS990/OtherAssetsTotalGrp/EOYAmt0283011
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0DEPRECIATION
IRS990/OtherExpensesGrp/Desc1PROPERTY TAXES
IRS990/OtherExpensesGrp/Desc2UTILITIES
IRS990/OtherExpensesGrp/Desc3REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0114504
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt145640
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt28820
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt38051
IRS990/OtherExpensesGrp/ProgramServicesAmt0762
IRS990/OtherExpensesGrp/TotalAmt0114504
IRS990/OtherExpensesGrp/TotalAmt145640
IRS990/OtherExpensesGrp/TotalAmt28820
IRS990/OtherExpensesGrp/TotalAmt38813
IRS990/OtherLiabilitiesGrp/BOYAmt01449748
IRS990/OtherLiabilitiesGrp/EOYAmt01127394
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0334625
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt02671325
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt011672
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0359022
IRS990/PYOtherRevenueAmt0221183
IRS990/PYRevenuesLessExpensesAmt02545158
IRS990/PYTotalExpensesAmt0359022
IRS990/PYTotalRevenueAmt02904180
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0635373
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0224638
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0911492
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0666068
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt02671324
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0336750
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0255863
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0449140
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt04379145
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt020786
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt011672
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0368
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt01586
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt05123
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt039535
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0224638
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt0221183
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0231096
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0155913
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt0171289
IRS990ScheduleA/OtherIncome170Grp/TotalAmt01004119
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.80750
IRS990ScheduleA/PublicSupportPY170Pct00.81700
IRS990ScheduleA/PublicSupportTotal170Amt04379145
IRS990ScheduleA/SubstantialContributorsTotAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft170Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0666068
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt02671324
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0336750
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0255863
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0449140
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt04379145
IRS990ScheduleA/TotalSupportAmt05422799
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt05573767
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0642890
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt06216657
IRS990ScheduleD/EquipmentGrp/DepreciationAmt010429
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt010429
IRS990ScheduleD/ExpensesSubtotalAmt0276119
IRS990ScheduleD/LandGrp/BookValueAmt01663095
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt01663095
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt069775
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt069775
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt011119
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11116275
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deferred Revenue
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1NOTE PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt0911492
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07306637
IRS990ScheduleD/TotalExpensesPerForm990Amt0276119
IRS990ScheduleD/TotalLiabilityAmt01127394
IRS990ScheduleD/TotalRevenuePerForm990Amt0911492
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0911492
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0276119
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, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false

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