Civic Intelligence

Downtown Smithfield Development Corporation

990 • Fiscal year 2024 • EIN 56-1437860

Jul 01, 2023 to Jun 30, 2024 • Filed on Nov 21, 2024

Organization ProfileDOWNTOWNSMITHFIELD.COM
200 South Front StreetSmithfield, NC 27577

(919) 934-0887

Siviq Scores

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

Liabilities / Assets

61st percentile

0.01x

Higher debt load relative to assets than 61% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Liabilities / Revenue

62nd percentile

0.01x

Higher debt load relative to revenue than 62% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Net Margin

67th percentile

18%

Higher net margin than 67% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Top Officer Pay

83rd percentile

$0

Higher top officer pay than 83% of similar nonprofits.

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

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Asset Growth

74th percentile

22%

Faster asset growth than 74% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

72nd percentile

26%

Faster revenue growth than 72% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$222,834

Up $39,482 (+22%) from 2023

Net Assets

Up

$221,252

Up $37,900 (+21%) from 2023

Liabilities

Up

$1,582

Up $1,582 from 2023

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin67th percentile

Revenue

Up

$213,329

Up $44,311 (+26%) from 2023

Expenses

Down

$175,429

Down $3,902 (-2.2%) from 2023

Net Income

Up

$37,900

Up $48,213 (+467%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth74th percentile

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

$400K$300K$200K$100K$0Assets 2011: $35,554Liabilities 2011: $0Net Assets 2011: $35,5542011Assets 2012: $42,254Liabilities 2012: $0Net Assets 2012: $42,2542012Assets 2014: $108,803Liabilities 2014: $0Net Assets 2014: $108,8032014Assets 2015: $160,722Liabilities 2015: $0Net Assets 2015: $160,7222015Assets 2016: $184,850Liabilities 2016: $0Net Assets 2016: $184,8502016Assets 2017: $154,543Liabilities 2017: $0Net Assets 2017: $154,5432017Assets 2018: $190,947Liabilities 2018: $0Net Assets 2018: $190,9472018Assets 2019: $164,668Liabilities 2019: $0Net Assets 2019: $164,6682019Assets 2020: $175,357Liabilities 2020: $0Net Assets 2020: $175,3572020Assets 2021: $165,408Liabilities 2021: $0Net Assets 2021: $165,4082021Assets 2022: $193,665Liabilities 2022: $0Net Assets 2022: $193,6652022Assets 2023: $183,352Liabilities 2023: $0Net Assets 2023: $183,3522023Assets 2024: $222,834Liabilities 2024: $1,582Net Assets 2024: $221,2522024Assets 2025: $375,872Liabilities 2025: $141,960Net Assets 2025: $233,9122025

Highlighted filing

2024

Assets$222,834
Liabilities$1,582
Net Assets$221,252
Open 2024 Filing

Operations Trend

Revenue Growth72nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$300K$200K$100K$0-$100KExpenses 2011: $181,9202011Expenses 2012: $173,4662012Revenue 2014: $175,071Expenses 2014: $107,265Net Income 2014: $67,8062014Revenue 2015: $166,989Expenses 2015: $115,070Net Income 2015: $51,9192015Revenue 2016: $148,603Expenses 2016: $124,475Net Income 2016: $24,1282016Revenue 2017: $121,788Expenses 2017: $152,095Net Income 2017: -$30,3072017Revenue 2018: $165,873Expenses 2018: $129,469Net Income 2018: $36,4042018Revenue 2019: $139,972Expenses 2019: $166,251Net Income 2019: -$26,2792019Revenue 2020: $158,089Expenses 2020: $147,400Net Income 2020: $10,6892020Revenue 2021: $146,655Expenses 2021: $156,604Net Income 2021: -$9,9492021Revenue 2022: $166,617Expenses 2022: $138,360Net Income 2022: $28,2572022Revenue 2023: $169,018Expenses 2023: $179,331Net Income 2023: -$10,3132023Revenue 2024: $213,329Expenses 2024: $175,429Net Income 2024: $37,9002024Revenue 2025: $304,758Expenses 2025: $292,098Net Income 2025: $12,6602025

Highlighted filing

2024

Revenue$213,329
Expenses$175,429
Net Income$37,900
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 21, 2024
Return Version
2023v5.0
Gross Receipts
$213,329
Mission and Program Overview

Mission

Promote downtown economic development

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$141,687$179,165▲ $37,478
Cash and Non-Interest-Bearing Accounts$41,665$43,669▲ $2,004
Total Assets$183,352$222,834▲ $39,482
Liabilities
Accounts Payable and Accrued Expenses-$1,582-
Total Liabilities$0$1,582▲ $1,582
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$183,352$221,252▲ $37,900
Total Net Assets Fund Balance$183,352$221,252▲ $37,900
Total Liabilities and Net Assets / Fund Balance$183,352$222,834▲ $39,482
Compensation and Service Providers
Top Officer Pay83rd percentile

Board Members and Trustees

NameTitle
Michael ScottPresident
Andrew WagnerBoard Member
Carter JonesBoard Member
David BarbourBoard Member
Jan BranchBoard Member
Kay KennedyBoard Member
Mike DowdBoard Member
Patrick HarrisBoard Member
Katie SmithSecretary
Bill JohnsonTreasurer
Mary ReeceVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$210,247
Program Service Revenue
$0
Investment Income
$3,082
Other Revenue
$0
All Other Contributions
$30,259
Change in Net Assets
$37,900
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$131,407
Salaries, Compensation, and Employee Benefits$44,022
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$32,149--$32,149
All Other Expenses$30,278--$30,278
Payroll Taxes$11,186--$11,186
Other Expenses$10,703--$10,703
Insurance$7,073--$7,073
Travel$1,690--$1,690
Office Expenses$1,635--$1,635
Fees for Services Accounting$1,245--$1,245
Other Employee Benefits$687--$687
Conferences and Meetings$346--$346
Total Functional Expenses$175,429$0$0$175,429
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
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

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Downtown Smithfield Development
EIN
56-1437860
Phone
9199340887
Address
200 SOUTH FRONT STREET, SMITHFIELD, NC 27577

Signing Officer

Name
Bill Johnson
Title
Treasurer
Phone
9199340887
Signed
2024-11-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bill Johnson
Voting Board Members
11
Independent Board Members
11
Employees
2

Preparer

Firm
Peedin & Sasser Cpas Pllc
Address
1389 W MARKET STREET, SMITHFIELD, NC 27577
Preparer
Rudy Sasser
Phone
9199346125
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Design and improvements 9,255 0 0 contract labor 5,880 0 0 economic developement 5,043 0 0 utilities 2,748 0 0 office utilities 2,637 0 0 telephone & internet 2,570 0 0 membership & publication 825 0 0 equipmnet rental 730 0 0 dues 490 0 0 bank service charge 100 0 0 total 30,278 0 0”

Raw XML Appendix338 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DESIGN AND IMPROVEMENTS 9,255 0 0 CONTRACT LABOR 5,880 0 0 ECONOMIC DEVELOPEMENT 5,043 0 0 UTILITIES 2,748 0 0 OFFICE UTILITIES 2,637 0 0 TELEPHONE & INTERNET 2,570 0 0 MEMBERSHIP & PUBLICATION 825 0 0 EQUIPMNET RENTAL 730 0 0 DUES 490 0 0 BANK SERVICE CHARGE 100 0 0 TOTAL 30,278 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0175429
IRS990/TotalFunctionalExpensesGrp/TotalAmt0175429
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt01582
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt01582
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0183352
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0221252
IRS990/TotalProgramServiceExpensesAmt0175429
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03082
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0213329
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0183352
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0222834
IRS990/TravelGrp/ProgramServicesAmt01690
IRS990/TravelGrp/TotalAmt01690
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0200 SOUTH FRONT STREET
IRS990/USAddress/CityNm0SMITHFIELD
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027577
IRS990/VotingMembersGoverningBodyCnt011
IRS990/VotingMembersIndependentCnt011
IRS990/WebsiteAddressTxt0DOWNTOWNSMITHFIELD.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BILL JOHNSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum09199340887
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0DOWNTOWN SMITHFIELD DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0DOWN
ReturnHeader/Filer/EIN0561437860
ReturnHeader/Filer/PhoneNum09199340887
ReturnHeader/Filer/USAddress/AddressLine1Txt0200 SOUTH FRONT STREET
ReturnHeader/Filer/USAddress/CityNm0SMITHFIELD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027577
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0260598586
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PEEDIN & SASSER CPAS PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01389 W MARKET STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SMITHFIELD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027577
ReturnHeader/PreparerPersonGrp/PhoneNum09199346125
ReturnHeader/PreparerPersonGrp/PreparationDt02024-11-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RUDY SASSER
ReturnHeader/ReturnTs02024-11-21T08:28:09-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$222,834
Liabilities
$1,582
Net assets
$221,252
Revenue
$213,329
Expenses
$175,429
Net income
$37,900
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$3.76$1.42$2.34$3.05$2.92$0.13
2024Detailed filing. Detailed filing data is available for this year.$2.23$0.02$2.21$2.13$1.75$0.38
2023Detailed filing. Detailed filing data is available for this year.$1.83$0.00$1.83$1.69$1.79$0.10
2022Detailed filing. Detailed filing data is available for this year.$1.94$0.00$1.94$1.67$1.38$0.28
2021Detailed filing. Detailed filing data is available for this year.$1.65$0.00$1.65$1.47$1.57$0.10
2020Detailed filing. Detailed filing data is available for this year.$1.75$0.00$1.75$1.58$1.47$0.11
2019Detailed filing. Detailed filing data is available for this year.$1.65$0.00$1.65$1.40$1.66$0.26
2018Detailed filing. Detailed filing data is available for this year.$1.91$0.00$1.91$1.66$1.29$0.36
2017Summary only. Only limited summary data is available for this year.$1.55$0.00$1.55$1.22$1.52$0.30
2016Detailed filing. Detailed filing data is available for this year.$1.85$0.00$1.85$1.49$1.24$0.24
2015Detailed filing. Detailed filing data is available for this year.$1.61$0.00$1.61$1.67$1.15$0.52
2014Detailed filing. Detailed filing data is available for this year.$1.09$0.00$1.09$1.75$1.07$0.68
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.42$0.00$0.42$1.73
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.36$0.00$0.36$1.82