Northside Development Corporation

Nonprofit profile at a glance

EIN
300698663
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Spartanburg, SC, USA
Phone
8645980097
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$2,994,117
Expenses
$2,992,391
Assets
$27,115,720
Liabilities
$9,769,439

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

Highest reported compensation

  • MICHAEL WILLIAMSON (EXECUTIVE DI): $124,256 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The northside initiative is working to fundamentally transform the northside neighborhood into a community of choice, where current residents choose to stay and new people choose to move. Residents who want to stay and make a better life for themselves in the northside will have every opportunity to do so. The northside initiative has been described as the most ambitious redevelopment in spartanburg's history. Residents and stakeholders at all levels were key to the development of this implementation plan.

What it reported doing in 2024

Recreational center - contributions to tk gregg recreation center and football field located in the northside. Aden warehouses - a project to acquire the warehouses at 300 aden street with plans to remediate the properties in conjunction with the city of spartanburg in a manner sufficient to encourage future development. Neighborhood improvement program - provides funding and case management to rehabilitate owner occupied housing within the northside neighborhood. Homeowners that qualify can receive up to 25,000 in a forgivable loan for home repairs. The goal is to support existing low and moderate income residents with needed home repairs and improve the overall community. Voyager community leadership - resident leaders supporting the implementation of the northside transformation plan. Case management - provides supportive services to northside residents through one on one and group case management services to include but not limited to financial wellness, education, and employment opportunities through partnerships and access to small and micro business education and funding opportunities. Cleveland academy of leadership support and programming - provides financial support for programming for education and enrichment opportunities for students. Start me - an entrepreneurship accelerator program that provides participants with 14 weeks of business training. This program is an initiative to help locals form successful small businesses within the community.

Operating model

Revenue model
Donor-supported. 87% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 80% for direct work, and 20% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 94
  • Accountability: 84
  • Sustainability: 53
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.7%; rating input score 83
  • Program expense ratio: 87.1%; rating input score 87
  • Fundraising efficiency: $61.97 raised per $1 spent on fundraising; rating input score 81; 81st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.1%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 9.06; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.36; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 4.2%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 15.7% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: 3.6% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 15.1% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 82.7% of revenue deployed · 87.1% of spending went to programs
  • Governance: 18 of 18 board members independent · 5 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $2.6M in reported program spending
  • Leadership: top reported pay $124K · 19 people listed
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.