Civic Intelligence

Northside Development Corporation

EIN 30-0698663 • 501(c)3 • Spartanburg, SC

Profile

Northside development corporation was organized and incorporated to support the enhancement and redevelopment of the area of the city of spartanburg, south carolina commonly known and referred to as northside in a responsible manner that supports and respects the current residents. The corporation will purchase vacant, foreclosed, or distressed properties in the northside area, with the goal of redeveloping these properties and eventually disposing of them. The corporation receives grants and donations from the city of spartanburg and other local governmental, non-profit organizations and other entities to fund operations and the purchase of properties. The corporation also funds the purchase of properties by executing notes payable and loan agreements with local entities.

698 Howard StreetSpartanburg, SC 29303

www.spartanburgndg.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

64th percentile

0.37x

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

501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

4.72x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

28th percentile

-2.3%

Higher net margin than 28% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

15th percentile

$118,050

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 5.5% of source-year revenue.

501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

31st percentile

0.3%

Faster asset growth than 31% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

86th percentile

50%

Faster revenue growth than 86% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$27,427,572

Up $73,766 (+0.3%) from 2023

Liabilities

Up

$10,083,017

Up $105,916 (+1.1%) from 2023

Net Assets

Down

$17,344,555

Down $32,150 (-0.2%) from 2023

Revenue

Up

$2,137,592

Up $714,336 (+50%) from 2023

Expenses

Down

$2,187,192

Down $834,941 (-28%) from 2023

Net Income

Up

-$49,600

Up $1,549,277 (+97%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2013: $1,746,578Liabilities 2013: $723,236Net Assets 2013: $1,023,3422013Assets 2014: $3,155,105Liabilities 2014: $1,253,167Net Assets 2014: $1,901,9382014Assets 2015: $4,436,259Liabilities 2015: $1,249,658Net Assets 2015: $3,186,6012015Assets 2016: $6,170,215Liabilities 2016: $1,296,225Net Assets 2016: $4,873,9902016Assets 2017: $6,817,409Liabilities 2017: $1,226,378Net Assets 2017: $5,591,0312017Assets 2018: $14,171,667Liabilities 2018: $2,251,293Net Assets 2018: $11,920,3742018Assets 2019: $27,192,937Liabilities 2019: $9,584,307Net Assets 2019: $17,608,6302019Assets 2020: $28,593,925Liabilities 2020: $11,135,563Net Assets 2020: $17,458,3622020Assets 2021: $29,640,691Liabilities 2021: $10,754,425Net Assets 2021: $18,886,2662021Assets 2022: $27,524,844Liabilities 2022: $8,566,712Net Assets 2022: $18,958,1322022Assets 2023: $27,353,806Liabilities 2023: $9,977,101Net Assets 2023: $17,376,7052023Assets 2024: $27,427,572Liabilities 2024: $10,083,017Net Assets 2024: $17,344,5552024

Highlighted filing

2024

Assets$27,427,572
Liabilities$10,083,017
Net Assets$17,344,555

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2013: $64,0922013Revenue 2014: $1,199,933Expenses 2014: $321,337Net Income 2014: $878,5962014Revenue 2015: $1,650,324Expenses 2015: $365,661Net Income 2015: $1,284,6632015Revenue 2016: $2,219,236Expenses 2016: $531,847Net Income 2016: $1,687,3892016Revenue 2017: $1,510,708Expenses 2017: $793,667Net Income 2017: $717,0412017Revenue 2018: $7,054,584Expenses 2018: $725,241Net Income 2018: $6,329,3432018Revenue 2019: $8,181,169Expenses 2019: $2,157,771Net Income 2019: $6,023,3982019Revenue 2020: $3,236,929Expenses 2020: $3,387,197Net Income 2020: -$150,2682020Revenue 2021: $3,382,243Expenses 2021: $1,954,337Net Income 2021: $1,427,9062021Revenue 2022: $1,778,258Expenses 2022: $1,723,841Net Income 2022: $54,4172022Revenue 2023: $1,423,256Expenses 2023: $3,022,133Net Income 2023: -$1,598,8772023Revenue 2024: $2,137,592Expenses 2024: $2,187,192Net Income 2024: -$49,6002024

Highlighted filing

2024

Revenue$2,137,592
Expenses$2,187,192
Net Income-$49,600

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.4$10.1$17.3$2.14$2.19$0.05
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.4$9.98$17.4$1.42$3.02$1.60
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.5$8.57$19.0$1.78$1.72$0.05
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.6$10.8$18.9$3.38$1.95$1.43
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.6$11.1$17.5$3.24$3.39$0.15
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.2$9.58$17.6$8.18$2.16$6.02
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.2$2.25$11.9$7.05$0.73$6.33
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.82$1.23$5.59$1.51$0.79$0.72
2016Detailed filing. Detailed filing data is available for this year.$6.17$1.30$4.87$2.22$0.53$1.69
2015Detailed filing. Detailed filing data is available for this year.$4.44$1.25$3.19$1.65$0.37$1.28
2014Detailed filing. Detailed filing data is available for this year.$3.16$1.25$1.90$1.20$0.32$0.88
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.75$0.72$1.02$0.06
Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2020 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Jan 28, 2021
Return Version
2019v5.0
Gross Receipts
$3,236,929
Mission and Program Overview

Mission

The northside initiative is working to fundamentally transform the northside neighborhood into a community of choice, where current residents choose to stay and new people choose to move. Residents who want to stay and make a better life for themselves in the northside will have every opportunity to do so. The northside initiative has been described as the most ambitious redevelopment in spartanburg's history. Residents and stakeholders at all levels were key to the development of this implementation plan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$17,197,800$19,447,800▲ $2,250,000
Inventories for Sale or Use$4,525,710$4,583,808▲ $58,098
Pledges and Grants Receivable$1,942,239$1,122,722▼ $819,517
Land, Buildings, and Equipment, Net$1,132,488$985,529▼ $146,959
Cash and Non-Interest-Bearing Accounts$275,234$758,472▲ $483,238
Savings and Temporary Cash Investments$831,512$631,534▼ $199,978
Accounts Receivable$52,373$118,462▲ $66,089
Intangible Assets$117,057$99,607▼ $17,450
Total Assets$27,192,937$28,593,925▲ $1,400,988
Other Assets Total$1,118,524$845,991▼ $272,533
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,701,574$10,237,220▲ $1,535,646
Other Liabilities$345,000$685,000▲ $340,000
Unsecured Notes Loans Payable$353,990--
Accounts Payable and Accrued Expenses$183,743$213,343▲ $29,600
Total Liabilities$9,584,307$11,135,563▲ $1,551,256
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$16,540,836$16,752,043▲ $211,207
Net Assets With Donor Restrictions$1,067,794$706,319▼ $361,475
Total Net Assets Fund Balance$17,608,630$17,458,362▼ $150,268
Total Liabilities and Net Assets / Fund Balance$27,192,937$28,593,925▲ $1,400,988

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$911,541$252,518$1,164,059
Land$73,988-$73,988
Compensation and Service Providers

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
James White Enterprises LLCProp'ty Manager124 N LEACH STREET, Greenville, SC 29601$146,038
Revenue and Support

Revenue Composition

Contributions and Grants
$2,749,617
Program Service Revenue
$87,682
Investment Income
$169,598
Other Revenue
$230,032
All Other Contributions
$2,168,317
Change in Net Assets
$-150,268

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$294,850Terms of Note
Total Noncash Contributions1$294,850-

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,236,929
Total Revenue per Audited Statements
$3,236,929
Total Revenue per Form 990
$3,236,929
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,160,063
Other Expenses$1,088,114
Salaries, Compensation, and Employee Benefits$139,020
Total Fundraising Expense$17,300
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,160,063--$2,160,063
Interest$395,638--$395,638
Fees for Services Management$122,894$69,341$10,000$202,235
Other Salaries and Wages$104,314$34,706-$139,020
Depreciation Depletion$66,106$1,892-$67,998
Fees for Services Accounting$15,180$20,738-$35,918
Other Expenses$26,041$33,162-$26,041
All Other Expenses$15,894$4,472-$20,366
Conferences and Meetings$3,608$11,772-$15,380
Insurance$7,420$2,565-$9,985
Advertising$8,824--$8,824
Fees for Services Other--$7,300$7,300
Fees for Services Legal$700--$700
Total Functional Expenses$3,188,464$181,433$17,300$3,387,197

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,387,197
Total Expenses per Audited Statements$3,387,197
Total Expenses per Form 990$3,387,197
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of SpartanburgSpartanburg, SCGovRecreational Center$1,125,000
Franklin School Facilities CorpSpartanburg, SC501c3Pre K School$385,113
Ndc Housing Partners LLCSpartanburg, SC-Development$340,000
Spartanburg School Dist 7Spartanburg, SCGovRecreational Center$200,000
Franklin School Facilities CorpSpartanburg, SC501c3Loan Interest$109,950
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Home Funds Obligations$685,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The officers review the information return as considered necessary.

Form 990, Page 6, Part VI, Line 19

Available upon reasonable request at the organization's offices.

Filing and Contact Details

Filer

Filer Name
Northside Development Corporation
EIN
30-0698663
Phone
8645980097
Address
698 HOWARD STREET, SPARTANBURG, SC 29303

Signing Officer

Name
William Barnet Iii
Title
Chair
Phone
8645980097
Signed
2021-01-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Barnet Iii
Formed
2011
Legal Domicile
Sc
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
42

Preparer

Firm
Elliott & Painter Llp
Address
390 EAST HENRY STREET SUITE 203, SPARTANBURG, SC 29302
Preparer
Marcus Q Elliott Sr CPA
Phone
8645831476
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The northside initiative is working to fundamentally transform the northside neighborhood into a community of choice, where current residents choose to stay and new people choose to move. Residents who want to stay and make a better life for themselves in the northside will have every opportunity to do so. The northside initiative has been described as the most ambitious redevelopment in spartanburg's history. Residents and stakeholders at all levels were key to the development of this implementation plan.

Form 990, Page 1, Part I, Line 6

The organization had 42 volunteers logging volunteer hours. The volunteers were primarily assisting with neighborhood cleanup.

Form 990, Page 2, Part III, Line 4D

Northside commons - a mixed use mixed income housing and commercial development project that includes market-rate and affordable housing and a commercial component for a clinic, retail and office space. Northside station apartment - an affordable housing development with approximately 90 units in the northside community. Aden warehouse - a project to acquire the warehouses at 300 aden street with plans to remediate the properties in conjunction with the city of spartanburg in a manner sufficient to encourage future development. Neighborhood improvement program - provides funding and case management to rehabilitate owner occupied housing within the northside neighborhood. Homeowners that qualify can receive up to 25,000 in a forgivable loan for home repairs. The goal is to support existing low and moderate income residents with needed home repairs and improve the overall community. Voyager community leadership - resident leaders supporting the implementation of the northside transformation plan. Case management - provides supportive services to northside residents through one on one and group case management services to include but not limited to financial wellness, education, and employment opportunities through partnerships and access to small and micro business education and funding opportunities. Cleveland academy of leadership support and programming - provides financial support for programming for education and enrichment opportunities for students. Start me - an entrepreneurship accelerator program that provides participants with 14 weeks of business training. This program is an initiative to help locals form successful small businesses within the community. Aden warehouses - a project to acquire the warehouses at 300 aden street with plans to remediate the properties in conjunction with the city of spartanburg in a manner sufficient to encourage future development.

Raw XML AppendixShowing 400 of 617 raw XML fields

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/MissionDesc0THE NORTHSIDE INITIATIVE IS WORKING TO FUNDAMENTALLY TRANSFORM THE NORTHSIDE NEIGHBORHOOD INTO A COMMUNITY OF CHOICE, WHERE CURRENT RESIDENTS CHOOSE TO STAY AND NEW PEOPLE CHOOSE TO MOVE. RESIDENTS WHO WANT TO STAY AND MAKE A BETTER LIFE FOR THEMSELVES IN THE NORTHSIDE WILL HAVE EVERY OPPORTUNITY TO DO SO. THE NORTHSIDE INITIATIVE HAS BEEN DESCRIBED AS THE MOST AMBITIOUS REDEVELOPMENT IN SPARTANBURG'S HISTORY. RESIDENTS AND STAKEHOLDERS AT ALL LEVELS WERE KEY TO THE DEVELOPMENT OF THIS IMPLEMENTATION PLAN.
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IRS990/PrincipalOfficerNm0WILLIAM BARNET III
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IRS990/ProgSrvcAccomActy2Grp/Desc0RECREATIONAL CENTER - CONTRIBUTIONS FOR THE TK GREGG RECREATION CENTER AND FOOTBALL FIELD LOCATED IN THE NORTHSIDE.
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IRS990/ProgSrvcAccomActy3Grp/Desc0FRANKLIN SCHOOL - A PROJECT TO DEVELOP A NEW EARLY LEARNING SCHOOL IN THE NORTHSIDE COMMUNITY.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0NORTHSIDE COMMONS - A MIXED USE MIXED INCOME HOUSING AND COMMERCIAL DEVELOPMENT PROJECT THAT INCLUDES MARKET-RATE AND AFFORDABLE HOUSING AND A COMMERCIAL COMPONENT FOR A CLINIC, RETAIL AND OFFICE SPACE. NORTHSIDE STATION APARTMENT - AN AFFORDABLE HOUSING DEVELOPMENT WITH APPROXIMATELY 90 UNITS IN THE NORTHSIDE COMMUNITY. ADEN WAREHOUSE - A PROJECT TO ACQUIRE THE WAREHOUSES AT 300 ADEN STREET WITH PLANS TO REMEDIATE THE PROPERTIES IN CONJUNCTION WITH THE CITY OF SPARTANBURG IN A MANNER SUFFICIENT TO ENCOURAGE FUTURE DEVELOPMENT. NEIGHBORHOOD IMPROVEMENT PROGRAM - PROVIDES FUNDING AND CASE MANAGEMENT TO REHABILITATE OWNER OCCUPIED HOUSING WITHIN THE NORTHSIDE NEIGHBORHOOD. HOMEOWNERS THAT QUALIFY CAN RECEIVE UP TO 25,000 IN A FORGIVABLE LOAN FOR HOME REPAIRS. THE GOAL IS TO SUPPORT EXISTING LOW AND MODERATE INCOME RESIDENTS WITH NEEDED HOME REPAIRS AND IMPROVE THE OVERALL COMMUNITY. VOYAGER COMMUNITY LEADERSHIP - RESIDENT LEADERS SUPPORTING THE IMPLEMENTATION OF THE NORTHSIDE TRANSFORMATION PLAN. CASE MANAGEMENT - PROVIDES SUPPORTIVE SERVICES TO NORTHSIDE RESIDENTS THROUGH ONE ON ONE AND GROUP CASE MANAGEMENT SERVICES TO INCLUDE BUT NOT LIMITED TO FINANCIAL WELLNESS, EDUCATION, AND EMPLOYMENT OPPORTUNITIES THROUGH PARTNERSHIPS AND ACCESS TO SMALL AND MICRO BUSINESS EDUCATION AND FUNDING OPPORTUNITIES. CLEVELAND ACADEMY OF LEADERSHIP SUPPORT AND PROGRAMMING - PROVIDES FINANCIAL SUPPORT FOR PROGRAMMING FOR EDUCATION AND ENRICHMENT OPPORTUNITIES FOR STUDENTS. START ME - AN ENTREPRENEURSHIP ACCELERATOR PROGRAM THAT PROVIDES PARTICIPANTS WITH 14 WEEKS OF BUSINESS TRAINING. THIS PROGRAM IS AN INITIATIVE TO HELP LOCALS FORM SUCCESSFUL SMALL BUSINESSES WITHIN THE COMMUNITY. ADEN WAREHOUSES - A PROJECT TO ACQUIRE THE WAREHOUSES AT 300 ADEN STREET WITH PLANS TO REMEDIATE THE PROPERTIES IN CONJUNCTION WITH THE CITY OF SPARTANBURG IN A MANNER SUFFICIENT TO ENCOURAGE FUTURE DEVELOPMENT.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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