Civic Intelligence

Franklin School Facilities Corporation

990 • Fiscal year 2024 • EIN 83-1053789

Jul 01, 2023 to Jun 30, 2024 • Filed on May 06, 2025

Organization Profile
PO Box 3362Spartanburg, SC 29303

(864) 598-0097

Siviq Scores

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

Liabilities / Assets

96th percentile

1.21x

Higher debt load relative to assets than 96% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

100th percentile

77.83x

Higher debt load relative to revenue than 100% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

1st percentile

-295%

Higher net margin than 1% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

19th percentile

-4.7%

Faster asset growth than 19% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

36th percentile

1.1%

Faster revenue growth than 36% of similar nonprofits.

2024 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$8,302,197

Down $405,326 (-4.7%) from 2023

Net Assets

Down

-$1,722,361

Down $355,325 (-26%) from 2023

Liabilities

Down

$10,024,558

Down $50,001 (-0.5%) from 2023

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$128,806

Up $1,446 (+1.1%) from 2023

Expenses

Up

$509,133

Up $6,839 (+1.4%) from 2023

Net Income

Down

-$380,327

Down $5,393 (-1.4%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

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

$15M$10M$5.0M$0-$5.0MAssets 2019: $10,159,370Liabilities 2019: $10,000,000Net Assets 2019: $159,3702019Assets 2020: $9,794,005Liabilities 2020: $10,020,391Net Assets 2020: -$226,3862020Assets 2021: $9,442,648Liabilities 2021: $10,049,556Net Assets 2021: -$606,9082021Assets 2022: $9,064,757Liabilities 2022: $10,056,860Net Assets 2022: -$992,1032022Assets 2023: $8,707,523Liabilities 2023: $10,074,559Net Assets 2023: -$1,367,0362023Assets 2024: $8,302,197Liabilities 2024: $10,024,558Net Assets 2024: -$1,722,3612024

Highlighted filing

2024

Assets$8,302,197
Liabilities$10,024,558
Net Assets-$1,722,361
Open 2024 Filing

Operations Trend

Revenue Growth36th percentile

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

$1.0M$500K$0-$500KRevenue 2019: $442,660Expenses 2019: $283,290Net Income 2019: $159,3702019Revenue 2020: $102,621Expenses 2020: $488,377Net Income 2020: -$385,7562020Revenue 2021: $127,616Expenses 2021: $508,140Net Income 2021: -$380,5242021Revenue 2022: $126,036Expenses 2022: $511,227Net Income 2022: -$385,1912022Revenue 2023: $127,360Expenses 2023: $502,294Net Income 2023: -$374,9342023Revenue 2024: $128,806Expenses 2024: $509,133Net Income 2024: -$380,3272024

Highlighted filing

2024

Revenue$128,806
Expenses$509,133
Net Income-$380,327
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 6, 2025
Return Version
2023v6.0
Gross Receipts
$128,806
Mission and Program Overview

Mission

To assist and support northside development corporation, a south carolina nonprofit corporation having received a determination of exemption from federal income taxation from the internal revenue service in accordance with section 501(c)(3) of the code ("ndc") in furtherance of its exempt purposes by inter alia, acquiring, developing, selling, donating, contributing, owning, operating, leasing, managing, or granting rights of access, use or possession, of real property and improvements thereon in the area of the city of spartanburg, south carolina (the "city") commonly referred to as "northside," including but not limited to, facilities used as early childhood educational facilities. Without limitation of the foregoing, the purposes of ndc to be supported by activities of the corporation include (i) purchasing or otherwise acquiring, (ii) selling or otherwise transferring, (iii) leasing, (iv) managing and/or developing or redeveloping real property and improvements thereon within the n

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,276,866$8,002,316▼ $274,550
Cash and Non-Interest-Bearing Accounts$129,564$108,690▼ $20,874
Intangible Assets$86,854$45,164▼ $41,690
Total Assets$8,707,523$8,302,197▼ $405,326
Other Assets Total$214,239$146,027▼ $68,212
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,000,000$10,000,000→ $0
Accounts Payable and Accrued Expenses$50,001--
Other Liabilities$24,558$24,558→ $0
Total Liabilities$10,074,559$10,024,558▼ $50,001
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,367,036$-1,722,361▼ $355,325
Total Net Assets Fund Balance$-1,367,036$-1,722,361▼ $355,325
Total Liabilities and Net Assets / Fund Balance$8,707,523$8,302,197▼ $405,326

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,533,448$1,041,564$7,575,012
Land$925,032-$925,032
Equipment$311,048$380,169$691,217
Other Land Buildings$232,788$88,299$321,087
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
William Barnet IiiChairman
Carey RothschildTrustee
Tammie Hoy HawkinsTrustee
Tim SchmitzTrustee
Ed MemmottSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$127,017
Investment Income
$1,789
Other Revenue
$0
Change in Net Assets
$-380,327

Audited Revenue Reconciliation

Revenue per Audited Statements
$128,806
Total Revenue per Audited Statements
$128,806
Total Revenue per Form 990
$128,806
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$484,133
Grants and Similar Amounts Paid$25,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$316,243--$316,243
Interest$123,320--$123,320
Fees for Services Other$24,500$7,524-$32,024
Grants to Domestic Orgs$25,000--$25,000
Other Expenses$7,500--$7,500
Insurance$5,046--$5,046
Total Functional Expenses$501,609$7,524$0$509,133

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$509,133
Total Expenses per Audited Statements$509,133
Total Expenses per Form 990$509,133
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Spartanburg County First StepsSpartanburg, SC501c3School Readiness$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
Due to Affiliate$20,391
Refundable Deposits$4,167
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
No
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
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 officers review the information return as considered necessary.”

Form 990, Page 6, Part VI, Line 19

“Available upon reasonable request at the organization's offices.”

Filing and Contact Details

Filer

Filer Name
Franklin School Facilities
EIN
83-1053789
Phone
8645980097
Address
PO BOX 3362, SPARTANBURG, SC 29303

Signing Officer

Name
William Barnet Iii
Title
Chairman
Phone
8645980097
Signed
2025-05-06

Organization Details

Principal Officer
William Barnet Iii
Formed
2018
Legal Domicile
Sc
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Elliott & Painter Llp
Address
390 E HENRY ST STE 203, SPARTANBURG, SC 29302
Preparer
Steven N Blanton CPA
Phone
8645831476
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To assist and support northside development corporation, a south carolina nonprofit corporation having received a determination of exemption from federal income taxation from the internal revenue service in accordance with section 501(c)(3) of the code ("ndc") in furtherance of its exempt purposes by inter alia, acquiring, developing, selling, donating, contributing, owning, operating, leasing, managing, or granting rights of access, use or possession, of real property and improvements thereon in the area of the city of spartanburg, south carolina (the "city") commonly referred to as "northside," including but not limited to, facilities used as early childhood educational facilities. Without limitation of the foregoing, the purposes of ndc to be supported by activities of the corporation include (i) purchasing or otherwise acquiring, (ii) selling or otherwise transferring, (iii) leasing, (iv) managing and/or developing or redeveloping real property and improvements thereon within the northside with intention of increasing economic development within the city, increasing property tax revenues of the city, or alleviating blight, dilapidation, obsolescence, decay or dangerous or unsafe conditions in the city.”

Form 990, Part XI, Line 9

“ROUNDING 2”

Raw XML Appendix396 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleI/RecipientTable/RecipientEIN0571097869
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0900 SOUTH PINE ST
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO ASSIST AND SUPPORT NORTHSIDE DEVELOPMENT CORPORATION, A SOUTH CAROLINA NONPROFIT CORPORATION HAVING RECEIVED A DETERMINATION OF EXEMPTION FROM FEDERAL INCOME TAXATION FROM THE INTERNAL REVENUE SERVICE IN ACCORDANCE WITH SECTION 501(C)(3) OF THE CODE ("NDC") IN FURTHERANCE OF ITS EXEMPT PURPOSES BY INTER ALIA, ACQUIRING, DEVELOPING, SELLING, DONATING, CONTRIBUTING, OWNING, OPERATING, LEASING, MANAGING, OR GRANTING RIGHTS OF ACCESS, USE OR POSSESSION, OF REAL PROPERTY AND IMPROVEMENTS THEREON IN THE AREA OF THE CITY OF SPARTANBURG, SOUTH CAROLINA (THE "CITY") COMMONLY REFERRED TO AS "NORTHSIDE," INCLUDING BUT NOT LIMITED TO, FACILITIES USED AS EARLY CHILDHOOD EDUCATIONAL FACILITIES. WITHOUT LIMITATION OF THE FOREGOING, THE PURPOSES OF NDC TO BE SUPPORTED BY ACTIVITIES OF THE CORPORATION INCLUDE (I) PURCHASING OR OTHERWISE ACQUIRING, (II) SELLING OR OTHERWISE TRANSFERRING, (III) LEASING, (IV) MANAGING AND/OR DEVELOPING OR REDEVELOPING REAL PROPERTY AND IMPROVEMENTS THEREON WITHIN THE NORTHSIDE WITH INTENTION OF INCREASING ECONOMIC DEVELOPMENT WITHIN THE CITY, INCREASING PROPERTY TAX REVENUES OF THE CITY, OR ALLEVIATING BLIGHT, DILAPIDATION, OBSOLESCENCE, DECAY OR DANGEROUS OR UNSAFE CONDITIONS IN THE CITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE OFFICERS REVIEW THE INFORMATION RETURN AS CONSIDERED NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AVAILABLE UPON REASONABLE REQUEST AT THE ORGANIZATION'S OFFICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ROUNDING 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
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IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt120391
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0TERMS OF NOTE
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IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0NORTHSIDE DEVELOPMENT CORPORATION
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1NORTHSIDE DEVELOPMENT CORPORATION
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/PersonNm0WILLIAM BARNET III
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum08645980097
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FRANKLIN SCHOOL FACILITIES
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0FRAN
ReturnHeader/Filer/EIN0831053789
ReturnHeader/Filer/PhoneNum08645980097
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ReturnHeader/Filer/USAddress/CityNm0SPARTANBURG
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0200758852
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ELLIOTT & PAINTER LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0390 E HENRY ST STE 203
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SPARTANBURG
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0SC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd029302
ReturnHeader/PreparerPersonGrp/PhoneNum08645831476
ReturnHeader/PreparerPersonGrp/PreparationDt02025-05-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN N BLANTON CPA
ReturnHeader/ReturnTs02025-05-15T12:12:16-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,302,197
Liabilities
$10,024,558
Net assets
-$1,722,361
Revenue
$128,806
Expenses
$509,133
Net income
-$380,327
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.30$10.0$1.72$0.13$0.51$0.38
2023Summary only. Only limited summary data is available for this year.$8.71$10.1$1.37$0.13$0.50$0.37
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.06$10.1$0.99$0.13$0.51$0.39
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.44$10.0$0.61$0.13$0.51$0.38
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.79$10.0$0.23$0.10$0.49$0.39
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.2$10.0$0.16$0.44$0.28$0.16
Peer Organizations

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