Civic Intelligence

Garner Economic Development Corporation

990 • Fiscal year 2017 • EIN 80-0667463

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 17, 2017

Organization ProfileWWW.CHOOSEGARNERNC.COM
401 Circle DriveGarner, NC 27529

(919) 872-3000

Siviq Scores

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Balance Sheet

Assets

Down

$3,306,884

Down $13,897 (-0.4%) from 2016

Net Assets

Down

$3,304,746

Down $13,909 (-0.4%) from 2016

Liabilities

Up

$2,138

Up $12 (+0.6%) from 2016

Revenue And Expenses

Revenue

Up

$9,858

Up $45 (+0.5%) from 2016

Expenses

Down

$23,767

Down $3,782 (-14%) from 2016

Net Income

Up

-$13,909

Up $3,827 (+22%) from 2016

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $211,879Liabilities 2011: $0Net Assets 2011: $211,8792011Assets 2012: $3,454,954Liabilities 2012: $21,959Net Assets 2012: $3,432,9952012Assets 2013: $3,459,172Liabilities 2013: $62,479Net Assets 2013: $3,396,6932013Assets 2014: $3,362,660Liabilities 2014: $5,741Net Assets 2014: $3,356,9192014Assets 2015: $3,338,100Liabilities 2015: $1,779Net Assets 2015: $3,336,3212015Assets 2016: $3,320,781Liabilities 2016: $2,126Net Assets 2016: $3,318,6552016Assets 2017: $3,306,884Liabilities 2017: $2,138Net Assets 2017: $3,304,7462017Assets 2018: $3,317,759Liabilities 2018: $9,386Net Assets 2018: $3,308,3732018Assets 2019: $3,022,615Liabilities 2019: $02019Assets 2020: $3,269,160Liabilities 2020: $225Net Assets 2020: $3,268,9352020Assets 2021: $3,484,187Liabilities 2021: $125,100Net Assets 2021: $3,359,0872021Assets 2022: $3,298,216Liabilities 2022: $0Net Assets 2022: $3,298,2162022Assets 2023: $3,420,039Liabilities 2023: $139Net Assets 2023: $3,419,9002023Assets 2024: $3,632,631Liabilities 2024: $139Net Assets 2024: $3,632,4922024

Highlighted filing

2017

Assets$3,306,884
Liabilities$2,138
Net Assets$3,304,746
Open 2017 Filing

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2011: $250,006Expenses 2011: $38,127Net Income 2011: $211,8792011Expenses 2012: $73,9602012Expenses 2013: $48,0312013Revenue 2014: $10,788Expenses 2014: $50,563Net Income 2014: -$39,7752014Revenue 2015: $9,087Expenses 2015: $29,685Net Income 2015: -$20,5982015Revenue 2016: $9,813Expenses 2016: $27,549Net Income 2016: -$17,7362016Revenue 2017: $9,858Expenses 2017: $23,767Net Income 2017: -$13,9092017Revenue 2018: $24,275Expenses 2018: $20,648Net Income 2018: $3,6272018Revenue 2019: -$252,886Expenses 2019: $32,872Net Income 2019: -$285,7582019Revenue 2020: $122,972Expenses 2020: $19,265Net Income 2020: $103,7072020Revenue 2021: $365,007Expenses 2021: $274,855Net Income 2021: $90,1522021Revenue 2022: $716,445Expenses 2022: $690,293Net Income 2022: $26,1522022Revenue 2023: $100,875Expenses 2023: $29,573Net Income 2023: $71,3022023Revenue 2024: $197,070Expenses 2024: $33,710Net Income 2024: $163,3602024

Highlighted filing

2017

Revenue$9,858
Expenses$23,767
Net Income-$13,909
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 17, 2017
Return Version
2016v3.0
Gross Receipts
$9,858
Mission and Program Overview

Mission

Ownership, maintenance and reuse/redevelopment of a closed manufacturing facility to recover lost jobs and tax base for the benefit of and to reduce costs of government for the town of garner.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$57,245$40,205▼ $17,040
Cash and Non-Interest-Bearing Accounts-$3,609-
Prepaid Expenses and Deferred Charges$2,098$1,632▼ $466
Total Assets$3,320,781$3,306,884▼ $13,897
Other Assets Total$3,261,438$3,261,438→ $0
Liabilities
Accounts Payable and Accrued Expenses$1,308$1,320▲ $12
Deferred Revenue$818$818→ $0
Total Liabilities$2,126$2,138▲ $12
Net Assets / Fund Balance
Unrestricted Net Assets$3,318,655$3,304,746▼ $13,909
Total Net Assets Fund Balance$3,318,655$3,304,746▼ $13,909
Total Liabilities and Net Assets / Fund Balance$3,320,781$3,306,884▼ $13,897

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$217,838--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Bruce AndrewsPresident
William AndersonAssistant Se
Elmo VanceSecretary
Ken MarshburnTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$44
Other Revenue
$9,814
Change in Net Assets
$-13,909
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$23,767
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 Legal-$4,100-$4,100
Fees for Services Accounting-$2,900-$2,900
Insurance$2,794--$2,794
Other Expenses$691--$691
Total Functional Expenses$16,767$7,000$0$23,767
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
-OfficerLegal ServicesNo$4,100
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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, Page 6, Part VI, Line 11B

“The form 990 will be reviewed and approved by all directors prior to being filed.”

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

“It is the organization's policy that each director, principal officer and member of a committee with governing board delegated powers shall annually sign a statement which affirms such person: -has received a copy of the conflicts of interest policy -has read and understands the policy -has agreed to comply with the policy and -understands the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. Form 990, part vi, lines 13 & 14 the organization is currently considering several policies, including a whistle blower policy and a documentation retention and destruction policy. Form 990, part vi, lines 15a & b a compensation policy was not established for the year-ended 6/30/17 as there were no paid employees.”

Form 990, Page 6, Part VI, Line 19

“The organization will make its governing documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Garner Economic Development
EIN
80-0667463
Phone
9198723000
Address
401 CIRCLE DRIVE, GARNER, NC 27529

Signing Officer

Name
Ken Marshburn
Title
Treasurer
Phone
9198723000
Signed
2017-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bruce Andrews
Formed
2010
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Langdon & Company Llp
Address
223 US HIGHWAY 70 EAST SUITE 100, GARNER, NC 27529-4051
Preparer
Susan Dean
Phone
9196621001
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId09DDBA327F213A56953FCA09C81D78E78B771E79A
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561743537
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LANGDON & COMPANY LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0223 US HIGHWAY 70 EAST SUITE 100
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0GARNER
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0275294051
ReturnHeader/PreparerPersonGrp/PhoneNum09196621001
ReturnHeader/PreparerPersonGrp/PreparationDt02017-12-01
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SUSAN DEAN
ReturnHeader/ReturnTs02017-12-01T17:04:00-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,306,884
Liabilities
$2,138
Net assets
$3,304,746
Revenue
$9,858
Expenses
$23,767
Net income
-$13,909
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.63$0.00$3.63$0.20$0.03$0.16
2023Detailed filing. Detailed filing data is available for this year.$3.42$0.00$3.42$0.10$0.03$0.07
2022Detailed filing. Detailed filing data is available for this year.$3.30$0.00$3.30$0.72$0.69$0.03
2021Detailed filing. Detailed filing data is available for this year.$3.48$0.13$3.36$0.37$0.27$0.09
2020Detailed filing. Detailed filing data is available for this year.$3.27$0.00$3.27$0.12$0.02$0.10
2019Summary only. Only limited summary data is available for this year.$3.02$0.00$0.25$0.03$0.29
2018Detailed filing. Detailed filing data is available for this year.$3.32$0.01$3.31$0.02$0.02$0.00
2017Detailed filing. Detailed filing data is available for this year.$3.31$0.00$3.30$0.01$0.02$0.01
2016Detailed filing. Detailed filing data is available for this year.$3.32$0.00$3.32$0.01$0.03$0.02
2015Detailed filing. Detailed filing data is available for this year.$3.34$0.00$3.34$0.01$0.03$0.02
2014Detailed filing. Detailed filing data is available for this year.$3.36$0.01$3.36$0.01$0.05$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.46$0.06$3.40$0.05
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.45$0.02$3.43$0.07
2011Summary only. Only limited summary data is available for this year.$0.21$0.00$0.21$0.25$0.04$0.21