Civic Intelligence

Greenville Area Development Corporation

990 • Fiscal year 2021 • EIN 57-1125289

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 11, 2021

Organization ProfileWWW.GREENVILLEECONOMICDEVELOPMENT.COM
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

53rd percentile

0.08x

Higher debt load relative to assets than 53% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

60th percentile

0.15x

Higher debt load relative to revenue than 60% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

29th percentile

1.3%

Higher net margin than 29% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

93rd percentile

$238,437

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 9.9% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

44th percentile

6.5%

Faster asset growth than 44% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

35th percentile

1.6%

Faster revenue growth than 35% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets53rd percentile

Assets

Up

$4,479,595

Up $272,724 (+6.5%) from 2020

Net Assets

Up

$4,107,250

Up $32,146 (+0.8%) from 2020

Liabilities

Up

$372,345

Up $240,578 (+183%) from 2020

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin29th percentile

Revenue

Up

$2,418,141

Up $37,735 (+1.6%) from 2020

Expenses

Up

$2,385,995

Up $1,170,430 (+96%) from 2020

Net Income

Down

$32,146

Down $1,132,695 (-97%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth44th percentile

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

2021

Assets$4,479,595
Liabilities$372,345
Net Assets$4,107,250
Open 2021 Filing

Operations Trend

Revenue Growth35th percentile

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

2021

Revenue$2,418,141
Expenses$2,385,995
Net Income$32,146
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 11, 2021
Return Version
2020v4.0
Gross Receipts
$2,418,141
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.

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$3,741,611$3,845,555▲ $103,944
Pledges and Grants Receivable$132,947$311,600▲ $178,653
Cash and Non-Interest-Bearing Accounts$119,825$225,433▲ $105,608
Land, Buildings, and Equipment, Net$212,488$94,298▼ $118,190
Prepaid Expenses and Deferred Charges-$2,709-
Total Assets$4,206,871$4,479,595▲ $272,724
Liabilities
Grants Payable-$300,000-
Accounts Payable and Accrued Expenses$60,767$52,345▼ $8,422
Other Liabilities$71,000$20,000▼ $51,000
Total Liabilities$131,767$372,345▲ $240,578
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,213,188$3,740,334▲ $527,146
Net Assets With Donor Restrictions$861,916$366,916▼ $495,000
Total Net Assets Fund Balance$4,075,104$4,107,250▲ $32,146
Total Liabilities and Net Assets / Fund Balance$4,206,871$4,479,595▲ $272,724

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$42,705$185,710$228,415
Other Land Buildings$38,539$81,548$120,087
Equipment$13,054$23,558$36,612
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mark FarrisPresidentFT$182,087$56,350$238,437
Kevin LandmesserVice PresideFT$131,158$34,010$165,168
Kevin LandmesserVice President-$131,158$34,010$165,168
Scott CaseTreasurer--$134,810$134,810
H G Butch Kirven JrEx Offico Me--$47,081$47,081
Ennis FantBoard Member--$42,759$42,759
Willis MeadowsEx Offico Vi--$41,075$41,075

Board Members and Trustees

NameTitle
Tom EptingChair
Beverly HainesChairwoman
Don EricksonVice Chair
Barry LeasureBoard Member
Chad TumblinBoard Member
Don GodbeyBoard Member
JE'VARUS HOWARDBoard Member
Jim BurnsBoard Member
Justin BagwellBoard Member
Marshal FranklinBoard Member
Roy ChamleeSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,390,540
Program Service Revenue
$0
Investment Income
$27,601
Other Revenue
$0
All Other Contributions
$517,200
Change in Net Assets
$32,146

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,418,141
Revenue Not Reported on Form 990
$60,555
Total Revenue per Audited Statements
$2,478,696
Total Revenue per Form 990
$2,418,141
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$950,009
Grants and Similar Amounts Paid$895,000
Other Expenses$540,986
Total Fundraising Expense$12,082
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$895,000--$895,000
Other Salaries and Wages$324,857$49,295-$374,152
Current Officers, Directors, Trustees, and Key Employees$251,733$65,279$9,383$326,395
Advertising$181,206--$181,206
Depreciation Depletion$97,750$24,437-$122,187
Pension Plan Contributions$89,262$17,723$1,452$108,437
Other Employee Benefits$72,536$18,983$693$92,212
Payroll Taxes$40,394$7,865$554$48,813
Occupancy$35,898$8,974-$44,872
Fees for Services Accounting-$31,098-$31,098
Office Expenses$23,612$5,904-$29,516
Insurance-$10,486-$10,486
Other Expenses$5,274$1,318-$6,592
Total Functional Expenses$2,024,425$349,488$12,082$2,385,995

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,446,550
Expenses per Audited Statements$2,385,995
Total Expenses per Form 990$2,385,995
Expenses Not Reported on Form 990$60,555
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Fox Hill Greenville LLCChatham, NJ-Locate Sc (scdoc)$300,000
Metropolitan Sewer SubdistrictGreenville, SC-Waste Water Infrastr$300,000
Drive Automotive IndustriesPiedmont, SC-Building Improvement$145,000
Lockheed Martin CorporationGreenville, SC-Project Falcon Jd$125,000
Cytec Engineered MaterialsPrinceton, NJ-Proj Ivy - Site Prep$25,000
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
Unamortized Lease Incentive$20,000
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

“The organization's board members consist of the following: two are ex offico members who serve by the virtue of the respective office they serve on the greenville county council ("council"), one is an at-large member of council, three are appointed by the chairman of council, and the remainder directors are elected by council.”

Form 990, Page 6, Part VI, Line 7B

“The county administrator of greenville county shall assist the organization in securing any resources of the county in order for the organization to undertake its purposes. The president/ceo of the organization shall provide the county administrator with any such information necessary to prepare a budget for greenville county council ("council") to adopt with respect to the organization and make any appropriations to it. Any dissolution of the organization requires approval of council and all remaining assets of the organization shall be conveyed or distributed to or for the benefit of greenville county, or to such organization(s) as may be designated and unanimously approved by council and the organization's board of directors.”

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

“A copy of the form 990 was reviewed by the ceo and a qualified financial professional, other than the preparer.”

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

“The president reviews any potential conflicts of interest. The organization enhanced its conflicts of interest and whistleblower policies in april and may 2020, respectively.”

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

“The ceo approves all compensation of svp and other employees. The board's personnel committee is responsible for reviewing contracts and compensation of president/ceo. Then, the entire board votes on the compensation packages.”

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
Mark Farris
Title
President
Phone
8642352008
Signed
2021-11-11

Organization Details

Principal Officer
Mark Farris
Formed
2001
Legal Domicile
Sc
Voting Board Members
15
Independent Board Members
12
Employees
8

Preparer

Firm
Bradshaw Gordon & Clinkscales LLC
Address
630 E WASHINGTON ST STE B, GREENVILLE, SC 29601-2963
Preparer
Brandon M Robinson
Phone
8642330590
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“In-kind services expense -60,555 (offset by 60,555 in revenue) 0 total -60,555”

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IRS990/OtherExpensesGrp/Desc0STRATEGIC PLANNING
IRS990/OtherExpensesGrp/Desc1VEHICLE EXPENSES
IRS990/OtherExpensesGrp/Desc2DUES & FEES
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0BUILDING IMPROVEMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1PROJ IVY - SITE PREP
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2PROJECT FALCON JD
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3WASTE WATER INFRASTR
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4LOCATE SC (SCDOC)
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0DRIVE AUTOMOTIVE INDUSTRIES
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1CYTEC ENGINEERED MATERIALS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2LOCKHEED MARTIN CORPORATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3METROPOLITAN SEWER SUBDISTRICT

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,479,595
Liabilities
$372,345
Net assets
$4,107,250
Revenue
$2,418,141
Expenses
$2,385,995
Net income
$32,146
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.92$0.08$2.84$2.68$2.44$0.25
2023Detailed filing. Detailed filing data is available for this year.$2.82$0.23$2.59$2.20$1.57$0.63
2022Detailed filing. Detailed filing data is available for this year.$2.29$0.32$1.96$1.98$4.13$2.15
2021Detailed filing. Detailed filing data is available for this year.$4.48$0.37$4.11$2.42$2.39$0.03
2020Detailed filing. Detailed filing data is available for this year.$4.21$0.13$4.08$2.38$1.22$1.16
2019Detailed filing. Detailed filing data is available for this year.$3.04$0.13$2.91$2.19$1.52$0.67
2018Detailed filing. Detailed filing data is available for this year.$2.45$0.22$2.24$1.98$1.38$0.60
2017Detailed filing. Detailed filing data is available for this year.$1.84$0.21$1.64$1.86$2.29$0.43
2016Detailed filing. Detailed filing data is available for this year.$0.56$0.03$0.53$2.00$1.48$0.53
2015Detailed filing. Detailed filing data is available for this year.$1.58$0.04$1.54$1.26$1.16$0.10
2014Detailed filing. Detailed filing data is available for this year.$1.48$0.04$1.44$1.48$1.40$0.08
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.43$0.06$1.37$1.44
2012Summary only. Only limited summary data is available for this year.$1.05$0.04$1.01$1.65$1.46$0.19