Civic Intelligence

Boston-Thurmond Innovation Network

990 • Fiscal year 2023 • EIN 82-4578409

Jul 01, 2022 to Jun 30, 2023 • Filed on May 14, 2024

Organization Profilewww.https://bostonthurmondunited.org
PO Box 961Winston Salem, NC 27102

(336) 769-6253

Siviq Scores

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

Liabilities / Assets

19th percentile

0.01x

Higher debt load relative to assets than 19% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

15th percentile

0.01x

Higher debt load relative to revenue than 15% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Net Margin

89th percentile

47%

Higher net margin than 89% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

34th percentile

$18,800

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Asset Growth

95th percentile

101%

Faster asset growth than 95% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

93rd percentile

127%

Faster revenue growth than 93% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets19th percentile

Assets

Up

$997,536

Up $500,567 (+101%) from 2022

Net Assets

Up

$988,140

Up $504,941 (+104%) from 2022

Liabilities

Down

$9,396

Down $4,374 (-32%) from 2022

Revenue And Expenses
Liabilities / Revenue15th percentileNet Margin89th percentile

Revenue

Up

$1,071,193

Up $598,937 (+127%) from 2022

Expenses

Up

$566,252

Up $351,874 (+164%) from 2022

Net Income

Up

$504,941

Up $247,063 (+96%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$1.5M$1.0M$500K$0Assets 2021: $226,541Liabilities 2021: $1,220Net Assets 2021: $225,3212021Assets 2022: $496,969Liabilities 2022: $13,770Net Assets 2022: $483,1992022Assets 2023: $997,536Liabilities 2023: $9,396Net Assets 2023: $988,1402023Assets 2024: $1,148,765Liabilities 2024: $136,221Net Assets 2024: $1,012,5442024

Highlighted filing

2023

Assets$997,536
Liabilities$9,396
Net Assets$988,140
Open 2023 Filing

Operations Trend

Revenue Growth93rd percentile

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

$1.5M$1.0M$500K$0Revenue 2021: $176,651Expenses 2021: $25,176Net Income 2021: $151,4752021Revenue 2022: $472,256Expenses 2022: $214,378Net Income 2022: $257,8782022Revenue 2023: $1,071,193Expenses 2023: $566,252Net Income 2023: $504,9412023Revenue 2024: $986,969Expenses 2024: $962,565Net Income 2024: $24,4042024

Highlighted filing

2023

Revenue$1,071,193
Expenses$566,252
Net Income$504,941
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 14, 2024
Return Version
2022v5.0
Gross Receipts
$1,071,193
Mission and Program Overview

Mission

To facilitate and support the vision of Boston-Thurmond residents for a strong and economically viable neighborhood that is fully integrated into the broader Winston-Salem community. The Network helps implement an intertwined approach to community revitalization, consistent with the Purpose Built Communities model

To facilitate and support the vision of Boston-Thurmond residents for a strong and economically viable neighborhood that is fully integrated into the broader Winston-Salem community,.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$496,969$879,585▲ $382,616
Pledges and Grants Receivable-$96,588-
Land, Buildings, and Equipment, Net-$18,556-
Accounts Receivable-$2,807-
Total Assets$496,969$997,536▲ $500,567
Liabilities
Accounts Payable and Accrued Expenses$13,770$9,396▼ $4,374
Total Liabilities$13,770$9,396▼ $4,374
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$302,801$499,513▲ $196,712
Net Assets With Donor Restrictions$180,398$488,627▲ $308,229
Total Net Assets Fund Balance$483,199$988,140▲ $504,941
Total Liabilities and Net Assets / Fund Balance$496,969$997,536▲ $500,567

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$11,556$139$11,695
Buildings$7,000-$7,000
Compensation and Service Providers
Top Officer Pay34th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Regina HallExecutive DirectorFT$18,800$18,800

Board Members and Trustees

NameTitle
Anna ReillyChair
Claire TuttleBoard Member
David WestBoard Member
Donald FlowBoard Member
Dothula BaronBoard Member
Dr Julia Jackson-NewsomBoard Member
Dr Pam OliverBoard Member
Dr Susan WenteBoard Member
Dr Thomas KoontzBoard Member
Eric MartinBoard Member
Mark TonnesenBoard Member
Ola BrownBoard Member
Pat CaldwellBoard Member
Paula WilkinsBoard Member
Zina JohnsonBoard Member
Doug SmithTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Third Sector New England IncProgram Mgmt Design89 South Street Ste 700, Boston, MA 02111-2670$132,336
Revenue and Support

Revenue Composition

Contributions and Grants
$1,071,193
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$722,624
Change in Net Assets
$504,941

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,071,193
Revenue Not Reported on Form 990
$121,260
Total Revenue per Audited Statements
$1,192,453
Total Revenue per Form 990
$1,071,193
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$562,967
Grants and Similar Amounts Paid$3,285
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management-$89,320-$89,320
Other Expenses$35,770$9,944-$35,770
All Other Expenses$14,756$15,710-$30,466
Fees for Services Accounting-$13,041-$13,041
Conferences and Meetings$11,478--$11,478
Advertising$11,188--$11,188
Office Expenses-$10,444-$10,444
Travel$135$6,209-$6,344
Fees for Services Other$6,160--$6,160
Insurance-$4,298-$4,298
Grants to Domestic Individuals$3,285--$3,285
Occupancy-$300-$300
Depreciation Depletion$139--$139
Total Functional Expenses$416,986$149,266$0$566,252

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$687,512
Expenses per Audited Statements$566,252
Total Expenses per Form 990$566,252
Expenses Not Reported on Form 990$121,260
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
Federal income taxes-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section C, Line 19

“Documents are provided electroncially or in hard copy upon request.”

Form 990, Part VI, Section B, Line 11B

“A draft of the return was shared with the BTCN Finance Committee and the completed version was shared with the Board during a monthly Board meeting.”

Filing and Contact Details

Filer

Filer Name
Boston-Thurmond Innovation Network
EIN
82-4578409
Phone
3367696253
Address
PO Box 961, Winston Salem, NC 27102
Doing Business As
Boston Thurmond Community Network

Signing Officer

Name
Doug Smith
Title
Treasurer
Phone
3367696253
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Doug Smith
Formed
2017
Legal Domicile
Nc
Voting Board Members
16
Independent Board Members
16
Employees
0
Volunteers
50

Preparer

Firm
Outfitters4 Inc
Address
717 Coliseum Dr NW, Winston Salem, NC 27106
Preparer
Brittany Emery
Phone
8889299499
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“A draft of the audited financial statements were shared with the BTCN Finance Committee and the completed version was shared with the Board during a monthly Board meeting.”

Financial Statement Notes

X 2

“The Organization has received a determination from the U.S. Treasury Department stating that it qualifies the provisions of Section 501c3 of the Internal Revenue Code as a tax-exempt organization. Accordingly, no accounting for federal or state income taxes is required in the accompanying financial statements. The Organization recognizes a tax benefit only if it is more likely than not the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized will be the largest amount of tax benefit that is greater than 50 likely of being realized on examination. For tax positions not meeting the more-likely-than-not test, no tax benefit will be recorded. Boston-Thurmond Community Network has examined this issue and has determined there are no material contingent tax liabilities at June 30, 2023. The Organization files the required federal and state information returns. Whenever tax returns are filed, the filing Organization must evaluate the merits of its tax positions and determine if they will be ultimately sustained. Those tax positions for the Organization include maintaining their tax-exempt status and the taxability of any unrelated business income. The Organization believes these positions are sustainable. Although the Organization has not incurred any interest and penalties associated with these positions, it is their policy to expense them in the statement of activities. With few exceptions, the Organization is generally no longer subject to examination by taxing authorities for years before June 30, 2020.”

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IRS990/MissionDesc0To facilitate and support the vision of Boston-Thurmond residents for a strong and economically viable neighborhood that is fully integrated into the broader Winston-Salem community. The Network helps implement an intertwined approach to community revitalization, consistent with the Purpose Built Communities model
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IRS990/OtherExpensesGrp/Desc1Birth Outcomes Grant Services
IRS990/OtherExpensesGrp/Desc2Resident Engagement/Capacity
IRS990/OtherExpensesGrp/Desc3Safe Home Repair Contract Labor
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IRS990/OtherExpensesGrp/ProgramServicesAmt1221637
IRS990/OtherExpensesGrp/ProgramServicesAmt226273
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0Doug Smith
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization has received a determination from the U.S. Treasury Department stating that it qualifies the provisions of Section 501c3 of the Internal Revenue Code as a tax-exempt organization. Accordingly, no accounting for federal or state income taxes is required in the accompanying financial statements. The Organization recognizes a tax benefit only if it is more likely than not the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized will be the largest amount of tax benefit that is greater than 50 likely of being realized on examination. For tax positions not meeting the more-likely-than-not test, no tax benefit will be recorded. Boston-Thurmond Community Network has examined this issue and has determined there are no material contingent tax liabilities at June 30, 2023. The Organization files the required federal and state information returns. Whenever tax returns are filed, the filing Organization must evaluate the merits of its tax positions and determine if they will be ultimately sustained. Those tax positions for the Organization include maintaining their tax-exempt status and the taxability of any unrelated business income. The Organization believes these positions are sustainable. Although the Organization has not incurred any interest and penalties associated with these positions, it is their policy to expense them in the statement of activities. With few exceptions, the Organization is generally no longer subject to examination by taxing authorities for years before June 30, 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0X 2
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IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Documents are provided electroncially or in hard copy upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A draft of the return was shared with the BTCN Finance Committee and the completed version was shared with the Board during a monthly Board meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A draft of the audited financial statements were shared with the BTCN Finance Committee and the completed version was shared with the Board during a monthly Board meeting.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part XII, Line 2c
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IRS990/TotalLiabilitiesEOYAmt09396

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$997,536
Liabilities
$9,396
Net assets
$988,140
Revenue
$1,071,193
Expenses
$566,252
Net income
$504,941
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.15$0.14$1.01$0.99$0.96$0.02
2023Detailed filing. Detailed filing data is available for this year.$1.00$0.01$0.99$1.07$0.57$0.50
2022Detailed filing. Detailed filing data is available for this year.$0.50$0.01$0.48$0.47$0.21$0.26
2021Detailed filing. Detailed filing data is available for this year.$0.23$0.00$0.23$0.18$0.03$0.15