Civic Intelligence

Gaston Innovation Group Inc.

990 • Fiscal year 2019 • EIN 81-3076695

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 13, 2020

Organization Profilewww.techworksgaston.com
52A Ervin StreetBelmont, NC 28012

(704) 604-4808

Siviq Scores

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

Liabilities / Assets

90th percentile

0.81x

Higher debt load relative to assets than 90% of similar nonprofits.

2019 filings • NTEE S • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

90th percentile

1.74x

Higher debt load relative to revenue than 90% of similar nonprofits.

2019 filings • NTEE S • $500k-$1M nonprofits • Source year 2019

Net Margin

5th percentile

-73%

Higher net margin than 5% of similar nonprofits.

2019 filings • NTEE S • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

79th percentile

$110,000

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 46.5% of source-year revenue.

2019 filings • NTEE S • $500k-$1M nonprofits • Source year 2019

Asset Growth

90th percentile

79%

Faster asset growth than 90% of similar nonprofits.

2019 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

5th percentile

-48%

Faster revenue growth than 5% of similar nonprofits.

2019 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$508,590

Up $224,801 (+79%) from 2018

Net Assets

Down

$95,942

Down $172,150 (-64%) from 2018

Liabilities

Up

$412,648

Up $396,951 (+2529%) from 2018

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin5th percentile

Revenue

Down

$236,561

Down $218,019 (-48%) from 2018

Expenses

Up

$408,711

Up $102,835 (+34%) from 2018

Net Income

Down

-$172,150

Down $320,854 (-216%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

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

$1.0M$500K$0-$500KAssets 2017: $122,718Liabilities 2017: $3,330Net Assets 2017: $119,3882017Assets 2018: $283,789Liabilities 2018: $15,697Net Assets 2018: $268,0922018Assets 2019: $508,590Liabilities 2019: $412,648Net Assets 2019: $95,9422019Assets 2020: $441,452Liabilities 2020: $551,092Net Assets 2020: -$109,6402020Assets 2021: $343,119Liabilities 2021: $699,085Net Assets 2021: -$355,9662021Assets 2022: $287,294Liabilities 2022: $353,501Net Assets 2022: -$66,2072022Assets 2023: $251,808Liabilities 2023: $394,384Net Assets 2023: -$142,5762023Assets 2024: $284,254Liabilities 2024: $328,951Net Assets 2024: -$44,6972024

Highlighted filing

2019

Assets$508,590
Liabilities$412,648
Net Assets$95,942
Open 2019 Filing

Operations Trend

Revenue Growth5th percentile

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

$1.0M$500K$0-$500KRevenue 2017: $266,246Expenses 2017: $347,235Net Income 2017: -$80,9892017Revenue 2018: $454,580Expenses 2018: $305,876Net Income 2018: $148,7042018Revenue 2019: $236,561Expenses 2019: $408,711Net Income 2019: -$172,1502019Revenue 2020: $234,723Expenses 2020: $440,305Net Income 2020: -$205,5822020Revenue 2021: $240,786Expenses 2021: $487,572Net Income 2021: -$246,7862021Revenue 2022: $766,164Expenses 2022: $476,405Net Income 2022: $289,7592022Revenue 2023: $398,522Expenses 2023: $474,891Net Income 2023: -$76,3692023Revenue 2024: $559,860Expenses 2024: $461,981Net Income 2024: $97,8792024

Highlighted filing

2019

Revenue$236,561
Expenses$408,711
Net Income-$172,150
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 13, 2020
Return Version
2019v5.0
Gross Receipts
$236,561
Mission and Program Overview

Mission

Gaston Innnovation Group, Inc., was formed for the purpose of improving the socio-economic conditions for citizens of Gaston County, North Carolina, by stimulating job growth through digital inclusion, small business formation and entrepreneurship. The programs and services the organization will be developing and delivering are badly needed in Gaston County due to the challenging economic conditions in the County. Gaston County had the highest unemployment rate (by at least .5%) of all the NC counties contiguous to and including Mecklenburg County and the highest poverty rate among NC counties in that same region. Gaston Innovation Group addresses upward mobility for the low to moderate income population by expanding access to high speed internet, as well as specially-designed coding and other technology classes, a digital roadmap with digital literacy tools and training, and partnerships with local colleges and K-12 schools. Gaston Innovation Group will aid businesses that locate or r

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$160,756$451,737▲ $290,981
Cash and Non-Interest-Bearing Accounts$117,683$41,678▼ $76,005
Accounts Receivable-$9,825-
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$283,789$508,590▲ $224,801
Other Assets Total$5,350$5,350→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property-$289,838-
Accounts Payable and Accrued Expenses$15,697$112,530▲ $96,833
Deferred Revenue-$8,746-
Other Liabilities-$1,534-
Total Liabilities$15,697$412,648▲ $396,951
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$268,092$95,942▼ $172,150
Total Net Assets Fund Balance$268,092$95,942▼ $172,150
Total Liabilities and Net Assets / Fund Balance$283,789$508,590▲ $224,801

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$235,874$53,354$289,228
Other Land Buildings$116,403$22,140$138,543
Equipment$99,460$12,504$111,964
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Terry CoxExecutive DirectorFT$110,000$110,000

Board Members and Trustees

NameTitle
Dr Stephen HannonChairman
David JonesVice Chairman
Charlie PeningerDirector
Greg LovetteDirector
Ted HallDirector
Mark CramerAdvisor
Nicole MurpheySecretary
Brad RiversTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$184,000
Program Service Revenue
$4,094
Investment Income
$1
Other Revenue
$48,466
All Other Contributions
$134,000
Change in Net Assets
$-172,150
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$289,958
Salaries, Compensation, and Employee Benefits$118,753
Total Fundraising Expense$31,318
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$22,746$90,986-$113,732
Current Officers, Directors, Trustees, and Key Employees$27,500$55,000$27,500$110,000
Depreciation Depletion-$69,668-$69,668
Office Expenses-$22,193-$22,193
Advertising$9,644$3,201-$12,845
All Other Expenses$6,317$4,756$1,419$12,492
Payroll Taxes$2,188$4,377$2,188$8,753
Interest-$8,186-$8,186
Fees for Services Other$3,324$3,816$211$7,351
Other Expenses$1,225$4,900-$6,125
Fees for Services Accounting-$4,500-$4,500
Insurance-$2,075-$2,075
Fees for Services Legal-$802-$802
Total Functional Expenses$93,018$284,375$31,318$408,711
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

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Security Deposits Payable$1,534
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
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
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, Line 11B: Form 990 Review Process

“A copy of the full 990 is reviewed by the Board Officers before filing. The return is also reviewed by the Executive Director and the Accountant.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“We addesss any conflicts at each board meeting. Board members will recuse from voting if there is a conflict.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Reviewed other similar non-profit organization's compensation for CEO and ED. In our bylaws, Compensation must in all cases be reasonable and based on services actually rendered.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Made available for grantors and upon request.”

Filing and Contact Details

Filer

Filer Name
Gaston Innovation Group Inc
EIN
81-3076695
Phone
7046044808
Address
52A Ervin Street, Belmont, NC 28012

Signing Officer

Name
Dr Stephen Hannon
Title
Chairman
Signed
2020-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry Cox
Formed
2016
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
1
Volunteers
21

Preparer

Firm
C DeWitt Foard & Co PA CPAs
Address
817 E Morehead Street Ste 100, Charlotte, NC 28202
Preparer
Terry W Lancaster
Phone
7043721515
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2: New Services

“The only significant changes to program services was the launch of the Pearson Vue Certification Testing Center in late Aug 2019 and the new K-12 STEM programs beginning July 2019. We continued with the adult technology and entrepreneurial courses.”

Form 990, Part III, Line 4D: Other Program Services Description

“OTHER PROGRAM SERVICES 4: Various Entrepreneurial and Tech Daily CoursesCybersecurity Awareness Lunch and Learns.Three Part Strategy Matters Series from May to Sept 2019 (Innovation, Funding Growth, and Small Tweaks for BIG Growth).2019 Best Online Practices to Reach Customers and Drive Growth (with Google).Monthly Business Book Discussions and Monthly Meetups on Tech Topics.Digital Marketing Courses.Introduction to Virtual Reality.Agile Methodology Training for project management.Both the Glenn Foundation and Community Foundation funded hardware, software, and devices for the Tech Academy.”

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IRS990/MissionDesc0Gaston Innnovation Group, Inc., was formed for the purpose of improving the socio-economic conditions for citizens of Gaston County, North Carolina, by stimulating job growth through digital inclusion, small business formation and entrepreneurship. The programs and services the organization will be developing and delivering are badly needed in Gaston County due to the challenging economic conditions in the County. Gaston County had the highest unemployment rate (by at least .5%) of all the NC counties contiguous to and including Mecklenburg County and the highest poverty rate among NC counties in that same region. Gaston Innovation Group addresses upward mobility for the low to moderate income population by expanding access to high speed internet, as well as specially-designed coding and other technology classes, a digital roadmap with digital literacy tools and training, and partnerships with local colleges and K-12 schools. Gaston Innovation Group will aid businesses that locate or r
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IRS990/ProgramServiceRevenueGrp/Desc0Certification Testing
IRS990/ProgramServiceRevenueGrp/Desc1Tech Education
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IRS990/ProgSrvcAccomActy2Grp/Desc0K-12 STEM- Served over 200 children, ages 3 to 16, with weekend and after school programs, July to Dec 2019.Flashlight Circuits: Students build and take home their own flashlights during a 2-hour class. Students also learn how to strip wires, solder, create circuits, and use electrical schematics!Quizboard Building - Electrical and Circuit course for middle school age students.Coding using Scratch for 3rd grade to 8th grade and Girls Only Coding (Code a Dance Adventure and Jewelbots).Scratch and Raspberry Pi Course (basic hardware concepts such as electricity and creating circuits) for Middle School Age Students.The Challenge Foundation Properties grant funded a large part of the K-12 STEM Courses.
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IRS990/ProgSrvcAccomActy3Grp/Desc0CompTIA Project+ Certification Course (8-week course)8 attended the course, of which 3 paid for the course. The 5 that attended for free were referred from Goodwill University. (They had passed the CompTIA A+ certification.) Instructor was a volunteer. Those who successfully completed the course were able to take the Project+ Certification Test, which TechWorks paid for.Project+ is a CompTIA project management certification, with certificate holders gaining 20% more earning power on average. Project management is becoming an increasingly prominent aspect of various industries with around 97% of organizations reporting that it's key to business performance and organizational success.Those who paid for the course are now working in Project Management positions. The Gaston Community Foundation helped fund this course with their grant.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The only significant changes to program services was the launch of the Pearson Vue Certification Testing Center in late Aug 2019 and the new K-12 STEM programs beginning July 2019. We continued with the adult technology and entrepreneurial courses.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1OTHER PROGRAM SERVICES 4: Various Entrepreneurial and Tech Daily CoursesCybersecurity Awareness Lunch and Learns.Three Part Strategy Matters Series from May to Sept 2019 (Innovation, Funding Growth, and Small Tweaks for BIG Growth).2019 Best Online Practices to Reach Customers and Drive Growth (with Google).Monthly Business Book Discussions and Monthly Meetups on Tech Topics.Digital Marketing Courses.Introduction to Virtual Reality.Agile Methodology Training for project management.Both the Glenn Foundation and Community Foundation funded hardware, software, and devices for the Tech Academy.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A copy of the full 990 is reviewed by the Board Officers before filing. The return is also reviewed by the Executive Director and the Accountant.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3We addesss any conflicts at each board meeting. Board members will recuse from voting if there is a conflict.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Reviewed other similar non-profit organization's compensation for CEO and ED. In our bylaws, Compensation must in all cases be reasonable and based on services actually rendered.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Made available for grantors and upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 2: New Services
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part III, Line 4d: Other Program Services Description
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$508,590
Liabilities
$412,648
Net assets
$95,942
Revenue
$236,561
Expenses
$408,711
Net income
-$172,150
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.84$3.29$0.45$5.60$4.62$0.98
2023Detailed filing. Detailed filing data is available for this year.$2.52$3.94$1.43$3.99$4.75$0.76
2022Detailed filing. Detailed filing data is available for this year.$2.87$3.54$0.66$7.66$4.76$2.90
2021Detailed filing. Detailed filing data is available for this year.$3.43$6.99$3.56$2.41$4.88$2.47
2020Detailed filing. Detailed filing data is available for this year.$4.41$5.51$1.10$2.35$4.40$2.06
2019Detailed filing. Detailed filing data is available for this year.$5.09$4.13$0.96$2.37$4.09$1.72
2018Detailed filing. Detailed filing data is available for this year.$2.84$0.16$2.68$4.55$3.06$1.49
2017Summary only. Only limited summary data is available for this year.$1.23$0.03$1.19$2.66$3.47$0.81