Civic Intelligence

Greenville Area Development Corporation

990 • Fiscal year 2015 • EIN 57-1125289

Jul 01, 2014 to Jun 30, 2015 • Filed on May 13, 2016

233 North Main St Suite 250Greenville, SC 29601

(864) 235-2008

Siviq Scores

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

Liabilities / Assets

32nd percentile

0.02x

Higher debt load relative to assets than 32% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

29th percentile

0.03x

Higher debt load relative to revenue than 29% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

64th percentile

8.1%

Higher net margin than 64% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

74th percentile

$110,665

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 8.8% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

68th percentile

6.9%

Faster asset growth than 68% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

18th percentile

-14%

Faster revenue growth than 18% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Assets

Up

$1,578,469

Up $102,499 (+6.9%) from 2014

Net Assets

Up

$1,540,373

Up $102,496 (+7.1%) from 2014

Liabilities

Up

$38,096

Up $3 (+0.0%) from 2014

Revenue

Down

$1,263,175

Down $213,486 (-14%) from 2014

Expenses

Down

$1,160,679

Down $239,507 (-17%) from 2014

Net Income

Up

$102,496

Up $26,021 (+34%) from 2014

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2012: $1,048,669Liabilities 2012: $35,577Net Assets 2012: $1,013,0922012Assets 2013: $1,431,443Liabilities 2013: $60,041Net Assets 2013: $1,371,4022013Assets 2014: $1,475,970Liabilities 2014: $38,093Net Assets 2014: $1,437,8772014Assets 2015: $1,578,469Liabilities 2015: $38,096Net Assets 2015: $1,540,3732015Assets 2016: $555,401Liabilities 2016: $27,178Net Assets 2016: $528,2232016Assets 2017: $1,843,545Liabilities 2017: $207,444Net Assets 2017: $1,636,1012017Assets 2018: $2,453,249Liabilities 2018: $215,962Net Assets 2018: $2,237,2872018Assets 2019: $3,038,342Liabilities 2019: $128,079Net Assets 2019: $2,910,2632019Assets 2020: $4,206,871Liabilities 2020: $131,767Net Assets 2020: $4,075,1042020Assets 2021: $4,479,595Liabilities 2021: $372,345Net Assets 2021: $4,107,2502021Assets 2022: $2,285,724Liabilities 2022: $323,822Net Assets 2022: $1,961,9022022Assets 2023: $2,817,864Liabilities 2023: $227,863Net Assets 2023: $2,590,0012023Assets 2024: $2,923,405Liabilities 2024: $83,835Net Assets 2024: $2,839,5702024

Highlighted filing

2015

Assets$1,578,469
Liabilities$38,096
Net Assets$1,540,373

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2012: $1,646,576Expenses 2012: $1,457,769Net Income 2012: $188,8072012Expenses 2013: $1,442,6322013Revenue 2014: $1,476,661Expenses 2014: $1,400,186Net Income 2014: $76,4752014Revenue 2015: $1,263,175Expenses 2015: $1,160,679Net Income 2015: $102,4962015Revenue 2016: $2,004,099Expenses 2016: $1,475,878Net Income 2016: $528,2212016Revenue 2017: $1,858,085Expenses 2017: $2,292,193Net Income 2017: -$434,1082017Revenue 2018: $1,982,197Expenses 2018: $1,381,011Net Income 2018: $601,1862018Revenue 2019: $2,193,417Expenses 2019: $1,520,441Net Income 2019: $672,9762019Revenue 2020: $2,380,406Expenses 2020: $1,215,565Net Income 2020: $1,164,8412020Revenue 2021: $2,418,141Expenses 2021: $2,385,995Net Income 2021: $32,1462021Revenue 2022: $1,984,050Expenses 2022: $4,129,398Net Income 2022: -$2,145,3482022Revenue 2023: $2,199,110Expenses 2023: $1,571,011Net Income 2023: $628,0992023Revenue 2024: $2,684,993Expenses 2024: $2,435,424Net Income 2024: $249,5692024

Highlighted filing

2015

Revenue$1,263,175
Expenses$1,160,679
Net Income$102,496
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 13, 2016
Return Version
2014v6.0
Gross Receipts
$1,263,175
Mission and Program Overview

Mission

Promoting and enhancing the economic growth and development of greenville county, south carolina; gadc was formed by greenville county council.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$1,444,242$1,555,952▲ $111,710
Land, Buildings, and Equipment, Net$27,520$18,309▼ $9,211
Prepaid Expenses and Deferred Charges$4,208$4,208→ $0
Total Assets$1,475,970$1,578,469▲ $102,499
Liabilities
Other Liabilities$35,604$35,604→ $0
Accounts Payable and Accrued Expenses$2,489$2,492▲ $3
Total Liabilities$38,093$38,096▲ $3
Net Assets / Fund Balance
Unrestricted Net Assets$646,339$1,540,373▲ $894,034
Temporarily Rstr Net Assets$791,538--
Total Net Assets Fund Balance$1,437,877$1,540,373▲ $102,496
Total Liabilities and Net Assets / Fund Balance$1,475,970$1,578,469▲ $102,499

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$12,575$148,934$161,509
Equipment$3,845$7,625$11,470
Leasehold Improvements$1,889$711$2,600
Compensation and Service Providers

Employees

NameTitleBaseTotal
Kevin LandmesserSenior VP$110,665$110,665
Gerald HowardFormer Direc$45,421$45,421
Gerald HowardFormer Director$45,421$45,421

Board Members and Trustees

NameTitle
Richard WilkersonVice Chair
Beverly J HainesBoard Member
Bob TaylorBoard Member
Charles NaselliBoard Member
David KelleyBoard Member
David WilkinsBoard Member
Debbie NelsonBoard Member
H G Butch Kirven JrBoard Member
Mark FarrisBoard Member
Mark KentBoard Member
Marshall FranklinBoard Member
Mary Ann PiresBoard Member
S Hunter Howard JrBoard Member
Timothy R JusticeBoard Member
Tom QuantrilleBoard Member
Willis MeadowsBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$1,259,845
Program Service Revenue
$0
Investment Income
$3,330
Other Revenue
$0
All Other Contributions
$279,531
Change in Net Assets
$102,496
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$875,117
Other Expenses$285,562
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$611,562$152,890-$764,452
Current Officers, Directors, Trustees, and Key Employees$110,665--$110,665
All Other Expenses$67,083$35,197-$102,280
Occupancy$34,882$14,950-$49,832
Other Expenses$12,350$3,088-$15,438
Depreciation Depletion$9,181--$9,181
Advertising-$929-$929
Office Expenses$485--$485
Total Functional Expenses$953,625$207,054$0$1,160,679
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
Accrued Payroll & Absences$35,604
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
No
Management duties delegated
No

Governance Explanations

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

A copy of the form 990 forwarded to the board members for review before filing.

Form 990, Page 6, Part VI, Line 12C

The president reviews any potential conflicts of interest

Form 990, Page 6, Part VI, Line 15A

The organization uses comparability data, iedc salary survey

Form 990, Page 6, Part VI, Line 15B

The organization uses comparabilty data, iedc salary survey

Form 990, Page 6, Part VI, Line 19

Documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Greenville Area Development
EIN
57-1125289
Phone
8642352008
Address
233 NORTH MAIN ST SUITE 250, GREENVILLE, SC 29601

Signing Officer

Name
Kevin Landmesser
Title
Interim CEO
Phone
8642352008
Signed
2016-05-13

Organization Details

Principal Officer
Kevin Landmesser
Formed
2001
Legal Domicile
Sc
Voting Board Members
16
Independent Board Members
15
Employees
9

Preparer

Firm
Bradshaw Gordon & Clinkscales LLC
Address
630 E WASHINGTON ST STE B, GREENVILLE, SC 29601-2963
Preparer
Andrew Foth
Phone
8642330590
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE FORM 990 FORWARDED TO THE BOARD MEMBERS FOR REVIEW BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE PRESIDENT REVIEWS ANY POTENTIAL CONFLICTS OF INTEREST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION USES COMPARABILITY DATA, IEDC SALARY SURVEY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION USES COMPARABILTY DATA, IEDC SALARY SURVEY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
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IRS990/UponRequestInd0X

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