Civic Intelligence

Preservation Greensboro Development

EIN 31-1264689 • 501(c)3 • Greensboro, NC

Profile

Preservation Greensboro Development Fund pursues property acquisitions and partnerships to foster an enhanced environment by preserving and rehabilitating our community's historic and architectural treasures.

PO Box 13136Greensboro, NC 27415

n/A

Siviq Scores

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

Liabilities / Assets

48th percentile

0.01x

Higher debt load relative to assets than 48% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2016

Liabilities / Revenue

51st percentile

0.02x

Higher debt load relative to revenue than 51% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2016

Net Margin

99th percentile

98%

Higher net margin than 99% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2016

Top Officer Pay

75th percentile

$0

Higher top officer pay than 75% of similar nonprofits.

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

501(c)3 • $500k-$1M nonprofits • Source year 2015

Asset Growth

98th percentile

283%

Faster asset growth than 98% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Revenue Growth

99th percentile

548%

Faster revenue growth than 99% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets48th percentile

Assets

Up

$981,803

Up $663,340 (+208%) from 2015

Liabilities

Up

$13,063

Up $8,633 (+195%) from 2015

Net Assets

Up

$968,740

Up $654,707 (+208%) from 2015

Operations
Liabilities / Revenue51st percentileNet Margin99th percentile

Revenue

Up

$741,128

Up $626,732 (+548%) from 2015

Expenses

Up

$16,752

Up $1,452 (+9.5%) from 2015

Net Income

Up

$724,376

Up $625,280 (+631%) from 2015

Trend Graphs

Balance Sheet Trend

Asset Growth98th percentile

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

$1.0M$500K$0Assets 2015: $318,463Liabilities 2015: $4,430Net Assets 2015: $314,0332015Assets 2016: $981,803Liabilities 2016: $13,063Net Assets 2016: $968,7402016

Highlighted filing

2016

Assets$981,803
Liabilities$13,063
Net Assets$968,740
Open 2016 Filing

Operations Trend

Revenue Growth99th percentile

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

$800K$600K$400K$200K$0Revenue 2015: $114,396Expenses 2015: $15,300Net Income 2015: $99,0962015Revenue 2016: $741,128Expenses 2016: $16,752Net Income 2016: $724,3762016

Highlighted filing

2016

Revenue$741,128
Expenses$16,752
Net Income$724,376
Open 2016 Filing

Filings

Most recent year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$981,803
Liabilities
$13,063
Net assets
$968,740
Revenue
$741,128
Expenses
$16,752
Net income
$724,376
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$9.82$0.13$9.69$7.41$0.17$7.24
2015Detailed filing. Detailed filing data is available for this year.$3.18$0.04$3.14$1.14$0.15$0.99
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.0
Gross Receipts
$741,128
Mission and Program Overview

Mission

Preservation Greensboro Development Fund pursues property acquisitions and partnerships to foster an enhanced environment by preserving and rehabilitating our community's historic and architectural treasures.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$164,968$972,719▲ $807,751
Land, Buildings, and Equipment, Net$89,989$8,553▼ $81,436
Prepaid Expenses and Deferred Charges$1,442$531▼ $911
Cash and Non-Interest-Bearing Accounts-$0-
Accounts Receivable-$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-
Total Assets$256,399$981,803▲ $725,404
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$12,035$13,063▲ $1,028
Total Liabilities$12,035$13,063▲ $1,028
Net Assets / Fund Balance
Temporarily Rstr Net Assets$5,694$740,000▲ $734,306
Unrestricted Net Assets$238,670$228,740▼ $9,930
Total Net Assets Fund Balance$244,364$968,740▲ $724,376
Total Liabilities and Net Assets / Fund Balance$256,399$981,803▲ $725,404

Asset Categories

AssetBook ValueDepreciationBasis
Land$8,553-$8,553
Compensation and Service Providers
Top Officer Pay75th percentile

Board Members and Trustees

NameTitle
Marsh PrauseChairman
Steve Johnson2nd Vice Chair
John MartinVice Chairman
Cheryl PrattDirector
Eric BradleyDirector
Julie CurryDirector
Mike Cooke IIDirector
Leslie MillsapsSecretary
C Gregory PorterTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$740,000
Program Service Revenue
$0
Investment Income
$1,128
Other Revenue
$0
All Other Contributions
$740,000
Change in Net Assets
$724,376

Audited Revenue Reconciliation

Revenue per Audited Statements
$741,128
Revenue Not Reported on Form 990
$20,063
Total Revenue per Audited Statements
$761,191
Total Revenue per Form 990
$741,128
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$16,752
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
Fees for Services Other-$9,900-$9,900
Insurance$3,343$946-$4,289
Other Expenses$150--$150
All Other Expenses-$10-$10
Total Functional Expenses$5,896$10,856$0$16,752

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$36,815
Expenses Not Reported on Form 990$20,063
Expenses per Audited Statements$16,752
Total Expenses per Form 990$16,752
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Mike CookeBoard memberSale of real estateNo$32,500

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
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
Yes
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, Part VI, Line 11B: Form 990 Review Process

“Reviewed by treasurer, emailed to board members and approved by board members at board meeting.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Every project is unique so annual disclosure is not possible. Any potential conflicts of interest on a project are disclosed as soon as a board member or officer becomes aware of the nature of the project or potential conflict. Any conflicted board members are not included in the decision-making process for that project and abstain from any votes. Typically the board member is asked to leave the meeting when confidential information about the project is discussed or votes taken. The nature of the organization and types of projects involved in saving historic properties attracts board members interested and involved in such projects and some projects are best suited for the skills and expertise of a board member. The boards primary focus is saving historic properties from demolition but takes reasonable steps to avoid the appearance of preferential treatment of board members and to the greatest degree possible insulates the process from any conflicted board members participation.”

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

“Available for review at organization upon request.”

Filing and Contact Details

Filer

Filer Name
Preservation Greensboro Development
EIN
31-1264689
Phone
3362725003
Address
PO Box 13136, Greensboro, NC 27415

Signing Officer

Name
C Gregory Porter
Title
Treasurer
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
C Gregory Porter
Formed
1989
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
20

Preparer

Firm
Apple Koceja & Associates PA
Address
445 Dolley Madison RdSte202, Greensboro, NC 27410
Preparer
Jonathan L Apple CPA
Phone
3368544277
Supplemental Narrative

Additional Explanations

Part IV-List of Officers, Directors, Trustees, Key Employees

“All Officers/Directors work on an as-needed basis. No one received compensation for services rendered.The Board may be reached by contacting Preservation Greensboro Development Fund, Inc. PO Box 13136, Greensboro, NC 27415”

Financial Statement Notes

Part II, Line 5: Summarized Policy

“The Organization has a written easement administration policy which established a dedicated easement enforcement committee that reports regularly to the Board of Trustees and a regular easement monitoring schedule (typically every two years for each property). The Organization seeks to be proactive with the owners of properties on which there are easements in an attempt to foster collaborative rather than confrontational relationships. However, the easements include remedies that allow the Organization to obtain a court order requiring compliance and/or give the option to obtain the property from the owner at fair market value if they violate the terms of the easements and fail to come into compliance within a set period of time (usually 90 days) from when given notice that they are in violation.”

Part II, Line 9: Organization Reporting of conservation easements.

“The Organization is named in multiple covenants/easements on various real property located in or around Greensboro, North Carolina that serves to restrict owner changes to these properties for the purpose of historic preservation. The Organization has concluded the value of these covenants/restrictions to be indeterminable, and therefore, they have not been recorded in the Organization's financial statements.”

Part X : FIN48 Footnote

“The Organization is exempt from income tax under Section 501(c)(3) of the Internal Revenue Code except on net income derived from unrelated business activities. For the year ended December 31, 2016, the Organization has determined that no income taxes are due for its activities. Accordingly, no provision for income tax has been recorded in the accompanying financial statements.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization has a written easement administration policy which established a dedicated easement enforcement committee that reports regularly to the Board of Trustees and a regular easement monitoring schedule (typically every two years for each property). The Organization seeks to be proactive with the owners of properties on which there are easements in an attempt to foster collaborative rather than confrontational relationships. However, the easements include remedies that allow the Organization to obtain a court order requiring compliance and/or give the option to obtain the property from the owner at fair market value if they violate the terms of the easements and fail to come into compliance within a set period of time (usually 90 days) from when given notice that they are in violation.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Organization is named in multiple covenants/easements on various real property located in or around Greensboro, North Carolina that serves to restrict owner changes to these properties for the purpose of historic preservation. The Organization has concluded the value of these covenants/restrictions to be indeterminable, and therefore, they have not been recorded in the Organization's financial statements.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2The Organization is exempt from income tax under Section 501(c)(3) of the Internal Revenue Code except on net income derived from unrelated business activities. For the year ended December 31, 2016, the Organization has determined that no income taxes are due for its activities. Accordingly, no provision for income tax has been recorded in the accompanying financial statements.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part II, Line 5: Summarized Policy
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part II, Line 9: Organization Reporting of conservation easements.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part X : FIN48 Footnote
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0Mike Cooke
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0Board member
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Reviewed by treasurer, emailed to board members and approved by board members at board meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Every project is unique so annual disclosure is not possible. Any potential conflicts of interest on a project are disclosed as soon as a board member or officer becomes aware of the nature of the project or potential conflict. Any conflicted board members are not included in the decision-making process for that project and abstain from any votes. Typically the board member is asked to leave the meeting when confidential information about the project is discussed or votes taken. The nature of the organization and types of projects involved in saving historic properties attracts board members interested and involved in such projects and some projects are best suited for the skills and expertise of a board member. The boards primary focus is saving historic properties from demolition but takes reasonable steps to avoid the appearance of preferential treatment of board members and to the greatest degree possible insulates the process from any conflicted board members participation.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Available for review at organization upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3All Officers/Directors work on an as-needed basis. No one received compensation for services rendered.The Board may be reached by contacting Preservation Greensboro Development Fund, Inc. PO Box 13136, Greensboro, NC 27415
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Part IV-List of Officers, Directors, Trustees, Key Employees
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