Civic Intelligence

New Charlotte Corporation

EIN 56-1720167 • 501(c)3 • Charlotte, NC

Profile

Promote the general welfare of the city of charlotte and assist the city by acquiring, constructing, operating, or leasing real estate, facilities, & equipment.

600 East Fourth StreetCharlotte, NC 28202-2848

n/A

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.00x

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

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

21.83x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

33rd percentile

0.0%

Higher net margin than 33% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

8th percentile

$251,614

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

56th percentile

7.1%

Faster asset growth than 56% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

51st percentile

9.1%

Faster revenue growth than 51% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$854,065,000

Up $56,985,000 (+7.1%) from 2023

Liabilities

Up

$854,065,000

Up $56,985,000 (+7.1%) from 2023

Net Assets

Flat

$0

Flat from 2023

Revenue

Up

$39,129,867

Up $3,269,440 (+9.1%) from 2023

Expenses

Up

$39,129,867

Up $3,269,440 (+9.1%) from 2023

Net Income

Flat

$0

Flat from 2023

Trend Graphs

Balance Sheet Trend

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

$1.5B$1.0B$500M$0Assets 2011: $891,505,000Liabilities 2011: $891,505,000Net Assets 2011: $02011Assets 2013: $982,255,000Liabilities 2013: $982,255,000Net Assets 2013: $02013Assets 2014: $996,149,600Liabilities 2014: $996,149,600Net Assets 2014: $02014Assets 2015: $1,044,454,804Liabilities 2015: $1,044,454,804Net Assets 2015: $02015Assets 2016: $998,583,445Liabilities 2016: $998,583,445Net Assets 2016: $02016Assets 2017: $1,187,704,885Liabilities 2017: $1,187,704,885Net Assets 2017: $02017Assets 2018: $1,156,985,555Liabilities 2018: $1,156,985,555Net Assets 2018: $02018Assets 2019: $1,126,991,615Liabilities 2019: $1,126,991,615Net Assets 2019: $02019Assets 2020: $1,043,115,855Liabilities 2020: $1,043,115,855Net Assets 2020: $02020Assets 2021: $864,949,761Liabilities 2021: $864,949,761Net Assets 2021: $02021Assets 2022: $852,065,000Liabilities 2022: $852,065,000Net Assets 2022: $02022Assets 2023: $797,080,000Liabilities 2023: $797,080,000Net Assets 2023: $02023Assets 2024: $854,065,000Liabilities 2024: $854,065,000Net Assets 2024: $02024

Highlighted filing

2024

Assets$854,065,000
Liabilities$854,065,000
Net Assets$0

Operations Trend

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

$60M$40M$20M$0Revenue 2011: $43,712,443Expenses 2011: $43,712,443Net Income 2011: $02011Expenses 2013: $38,075,5592013Revenue 2014: $36,483,163Expenses 2014: $36,483,163Net Income 2014: $02014Revenue 2015: $35,295,668Expenses 2015: $35,295,668Net Income 2015: $02015Revenue 2016: $35,582,931Expenses 2016: $35,582,931Net Income 2016: $02016Revenue 2017: $43,398,675Expenses 2017: $43,398,675Net Income 2017: $02017Revenue 2018: $45,205,703Expenses 2018: $45,205,703Net Income 2018: $02018Revenue 2019: $46,815,728Expenses 2019: $46,815,728Net Income 2019: $02019Revenue 2020: $52,623,751Expenses 2020: $52,623,751Net Income 2020: $02020Revenue 2021: $41,229,921Expenses 2021: $41,229,921Net Income 2021: $02021Revenue 2022: $38,290,341Expenses 2022: $38,290,341Net Income 2022: $02022Revenue 2023: $35,860,427Expenses 2023: $35,860,427Net Income 2023: $02023Revenue 2024: $39,129,867Expenses 2024: $39,129,867Net Income 2024: $02024

Highlighted filing

2024

Revenue$39,129,867
Expenses$39,129,867
Net Income$0

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 13, 2025
Return Version
2023v6.0
Gross Receipts
$188,714,867
Mission and Program Overview

Mission

Assisted the city of charlotte by acquiring, constructing, operating or leasing real estate, facilities & equipment.

The organization's general purpose is to promote the general welfare of the city of charlotte (the "city") and to assist the city through the acquisition, construction, operation or leasing of real estate, facilities and equipment for the use and benefit of the general public.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$763,459,570$706,689,531▼ $56,770,039
Savings and Temporary Cash Investments$33,620,430$147,375,469▲ $113,755,039
Total Assets$797,080,000$854,065,000▲ $56,985,000
Liabilities
Other Liabilities$734,170,000$795,235,000▲ $61,065,000
Mortgage Notes Payable Secured by Investment Property$62,910,000$58,830,000▼ $4,080,000
Total Liabilities$797,080,000$854,065,000▲ $56,985,000
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$797,080,000$854,065,000▲ $56,985,000

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$706,689,531-$706,689,531
Compensation and Service Providers

Board Members and Trustees

NameTitle
Teresa T SmithPresident
Matthew HastedtVP Sect/treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$34,925,653
Program Service Revenue
$0
Investment Income
$4,204,214
Other Revenue
$0
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$39,129,867
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$33,823,429--$33,823,429
Other Expenses$5,306,438--$5,306,438
Total Functional Expenses$39,129,867$0$0$39,129,867
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
City of Charlotte Certificates of Participation$795,235,000
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section A, Line 8B

There are no committees with authority to act on behalf of the governing body, therefore there were no meetings documented.

Form 990, Part VI, Section B, Line 11B

Finance department of the city of charlotte prepares and completes an initial review of the 990 tax return. The form is provided to the board for final review.

Form 990, Part VI, Section B, Line 12

The organization follows the conflict of interest policy of the city of charlotte. City of charlotte human resources receives and investigates complaints. In addition, internal audit maintains an employee hotline to receive anonymous complaints.

Form 990, Part VI, Section B, Line 15

New charlotte corporation has no full-time employees. The officers of the corporation are employees of the city of charlotte, and are subject to the compensation, classification, and personnel policies of the city. The city determines the reasonableness of compensation.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy and financial statements are available to the public upon request.

FORM 990, PART VI, SECTION B, LINE 14:

The organization follows the written document retention and destruction policy of the city of charlotte.

Filing and Contact Details

Filer

Filer Name
New Charlotte Corporation
EIN
56-1720167
Phone
7043364940
Address
600 EAST FOURTH STREET, CHARLOTTE, NC 28202-2848

Signing Officer

Name
Teresa T Smith
Title
President
Phone
7043364940
Signed
2025-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Teresa T Smith
Formed
1990
Legal Domicile
Nc
Voting Board Members
2
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Cherry Bekaert Advisory LLC
Address
1111 METROPOLITAN AVE STE 900, CHARLOTTE, NC 28204
Preparer
Melanie Mcpeak
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 4:

Even though the board members are not independent due to the fact that they are compensated by the city of charlotte, a related entity, they still follow the conflicts of interest policies and other policies set by the city.

Raw XML Appendix383 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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IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EVEN THOUGH THE BOARD MEMBERS ARE NOT INDEPENDENT DUE TO THE FACT THAT THEY ARE COMPENSATED BY THE CITY OF CHARLOTTE, A RELATED ENTITY, THEY STILL FOLLOW THE CONFLICTS OF INTEREST POLICIES AND OTHER POLICIES SET BY THE CITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY, THEREFORE THERE WERE NO MEETINGS DOCUMENTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FINANCE DEPARTMENT OF THE CITY OF CHARLOTTE PREPARES AND COMPLETES AN INITIAL REVIEW OF THE 990 TAX RETURN. THE FORM IS PROVIDED TO THE BOARD FOR FINAL REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION FOLLOWS THE CONFLICT OF INTEREST POLICY OF THE CITY OF CHARLOTTE. CITY OF CHARLOTTE HUMAN RESOURCES RECEIVES AND INVESTIGATES COMPLAINTS. IN ADDITION, INTERNAL AUDIT MAINTAINS AN EMPLOYEE HOTLINE TO RECEIVE ANONYMOUS COMPLAINTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NEW CHARLOTTE CORPORATION HAS NO FULL-TIME EMPLOYEES. THE OFFICERS OF THE CORPORATION ARE EMPLOYEES OF THE CITY OF CHARLOTTE, AND ARE SUBJECT TO THE COMPENSATION, CLASSIFICATION, AND PERSONNEL POLICIES OF THE CITY. THE CITY DETERMINES THE REASONABLENESS OF COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION FOLLOWS THE WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY OF THE CITY OF CHARLOTTE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART I, LINE 4:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION B, LINE 14:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd01
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0NEW CHARLOTTE CORPORATION
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0ONE NEW CHARLOTTE CORPORATION
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0561720167
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt00
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0TO PROMOTE THE GENERAL WELFARE OF THE CITY OF CHARLOTTE
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt00
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt0600 EAST 4TH STREET
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0CHARLOTTE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd028202
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0CITY OF CHARLOTTE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0521333483
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0170(C)(1)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0MUNICIPALITY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0600 EAST FOURTH STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0CHARLOTTE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd028202
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd01
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0797080000
IRS990/TotalAssetsEOYAmt0854065000
IRS990/TotalAssetsGrp/BOYAmt0797080000
IRS990/TotalAssetsGrp/EOYAmt0854065000
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt034925653
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt039129867
IRS990/TotalFunctionalExpensesGrp/TotalAmt039129867
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0797080000
IRS990/TotalLiabilitiesEOYAmt0854065000
IRS990/TotalLiabilitiesGrp/BOYAmt0797080000
IRS990/TotalLiabilitiesGrp/EOYAmt0854065000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt00
IRS990/TotalOtherCompensationAmt057702
IRS990/TotalProgramServiceExpensesAmt039129867
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt04204214
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt039129867
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0797080000
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0854065000
IRS990/TotReportableCompRltdOrgAmt0361101
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0600 EAST FOURTH STREET
IRS990/USAddress/CityNm0CHARLOTTE
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd0282022848
IRS990/VotingMembersGoverningBodyCnt02
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0TERESA T SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07043364940
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NEW CHARLOTTE CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0NEWC
ReturnHeader/Filer/EIN0561720167
ReturnHeader/Filer/PhoneNum07043364940
ReturnHeader/Filer/USAddress/AddressLine1Txt0600 EAST FOURTH STREET
ReturnHeader/Filer/USAddress/CityNm0CHARLOTTE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd0282022848
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0882730877
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CHERRY BEKAERT ADVISORY LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01111 METROPOLITAN AVE STE 900
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHARLOTTE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028204
ReturnHeader/PreparerPersonGrp/PhoneNum07043771678
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MELANIE MCPEAK
ReturnHeader/ReturnTs02025-05-14T16:27:16-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

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