Civic Intelligence

Gaston Innovation Group Inc.

990 • Fiscal year 2020 • EIN 81-3076695

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

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

95th percentile

1.25x

Higher debt load relative to assets than 95% of similar nonprofits.

2020 filings • NTEE S • <$500k nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

2.35x

Higher debt load relative to revenue than 97% of similar nonprofits.

2020 filings • NTEE S • <$500k nonprofits • Source year 2020

Net Margin

8th percentile

-88%

Higher net margin than 8% of similar nonprofits.

2020 filings • NTEE S • <$500k nonprofits • Source year 2020

Top Officer Pay

98th percentile

$110,000

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 46.9% of source-year revenue.

2020 filings • NTEE S • <$500k nonprofits • Source year 2020

Asset Growth

24th percentile

-13%

Faster asset growth than 24% of similar nonprofits.

2020 filings • NTEE S • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

68th percentile

-0.8%

Faster revenue growth than 68% of similar nonprofits.

2020 filings • NTEE S • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$441,452

Down $67,138 (-13%) from 2019

Net Assets

Down

-$109,640

Down $205,582 (-214%) from 2019

Liabilities

Up

$551,092

Up $138,444 (+34%) from 2019

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin8th percentile

Revenue

Down

$234,723

Down $1,838 (-0.8%) from 2019

Expenses

Up

$440,305

Up $31,594 (+7.7%) from 2019

Net Income

Down

-$205,582

Down $33,432 (-19%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth24th 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

2020

Assets$441,452
Liabilities$551,092
Net Assets-$109,640
Open 2020 Filing

Operations Trend

Revenue Growth68th 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

2020

Revenue$234,723
Expenses$440,305
Net Income-$205,582
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.0
Gross Receipts
$234,723
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$451,737$399,324▼ $52,413
Cash and Non-Interest-Bearing Accounts$41,678$25,782▼ $15,896
Accounts Receivable$9,825$10,996▲ $1,171
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$508,590$441,452▼ $67,138
Other Assets Total$5,350$5,350→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$289,838$312,829▲ $22,991
Accounts Payable and Accrued Expenses$112,530$217,247▲ $104,717
Deferred Revenue$8,746$19,482▲ $10,736
Other Liabilities$1,534$1,534→ $0
Total Liabilities$412,648$551,092▲ $138,444
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$95,942$-109,640▼ $205,582
Total Net Assets Fund Balance$95,942$-109,640▼ $205,582
Total Liabilities and Net Assets / Fund Balance$508,590$441,452▼ $67,138

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$196,516$93,547$290,063
Other Land Buildings$96,781$50,747$147,528
Equipment$106,027$38,114$144,141
Compensation and Service Providers
Top Officer Pay98th 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
Tim CascioDirector
Mark CramerAdvisor
Nicole MurpheySecretary
Mike MillerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$137,500
Program Service Revenue
$3,369
Investment Income
$25
Other Revenue
$93,829
All Other Contributions
$134,500
Change in Net Assets
$-205,582
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$320,121
Salaries, Compensation, and Employee Benefits$120,184
Total Fundraising Expense$66,493
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$59,556$60,352-$119,908
Current Officers, Directors, Trustees, and Key Employees$33,000$22,000$55,000$110,000
Depreciation Depletion-$94,410-$94,410
Office Expenses$14,208$7,170-$21,378
Fees for Services Other$10,433$2,368-$12,801
All Other Expenses$4,211$5,078$1,262$10,551
Payroll Taxes$2,538$1,691$4,229$8,458
Interest-$7,779-$7,779
Fees for Services Accounting-$6,900-$6,900
Advertising$1,155-$5,139$6,294
Other Expenses$3,902$4,868-$3,902
Insurance-$2,180-$2,180
Other Employee Benefits$518$345$863$1,726
Fees for Services Legal-$713-$713
Total Functional Expenses$143,739$230,073$66,493$440,305
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
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Terry Cox
Formed
2016
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
1
Volunteers
24

Preparer

Firm
C DeWitt Foard & Co PA CPAs
Address
817 E Morehead Street Ste 100, Charlotte, NC 28202
Preparer
Terry W Lancaster
Phone
7043721515
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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/PrincipalOfficerNm0Terry Cox
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IRS990/ProgSrvcAccomActy2Grp/Desc0K-12 STEM- Served over 200 children, ages 3 to 16, with mostly virtual classes in 2020.STEM Challenges for ages 8- 12 for 3 months Feb to April 2020 delivered onlineFlashlight Circuits: Students build and take home their own flashlights during a 3-hour class. Quizboard Building - Electrical and Circuit course for middle school age studentsCoding using Scratch for 3rd grade to 8th grade by Coding Deciphered (Deb Alzner) delivered onlineGrowth Entrepreneurial Mindset Training for Middle School Youth- mostly onlineMilo Robotics by You Can Tech 2 for ages 6 to 10- delivered onlineGlenn and Gaston Community Fdn Grants funded a large part of the K-12 STEM Courses.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Pearson Vue Certification Testing CenterTechWorks is open to the public for certificaiton testing approximately 4-5 days/week. It's the only public certification testing center in Gaston County. We have paid proctors who manage the testing center. Approx 1K testers used the center in 2020.The testing center was closed several months during the pandemic.The Glenn Foundation helped fund replacement equipment for the Testing Center.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A 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/ExplanationTxt1We addesss any conflicts at each board meeting. Board members will recuse from voting if there is a conflict.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Reviewed 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/ExplanationTxt3Made available for grantors and upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$441,452
Liabilities
$551,092
Net assets
-$109,640
Revenue
$234,723
Expenses
$440,305
Net income
-$205,582
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