CITY OF SPARTANBURG DEVELOPMENT CORPORATION (EIN 570738992) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1982

Legal Domicile

Principal Officer

DENNIS LOCKE

Phone

8645962119

Tax Period

2024-07-01 to 2025-06-30

CITY OF SPARTANBURG DEVELOPMENT CORPORATION, founded in 1982, is a small nonprofit that reported $238K in total revenue in fiscal year 2024. Revenue fell 45% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $74K, a strong 31% operating margin.

Mission

THE CORPORATION HELPS PROMOTE DEVELOPMENT BY FUNDING VARIOUS COMMUNITY PROJECTS AND BY MAKING LOANS TO SMALL BUSINESSES EITHER FROM ITS OWN RESOURCES OR FROM A BANK LOAN POOL.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $110,039

Investment Income $35,041

Other Revenue $92,500

TOTAL REVENUE $237,580

Expense Breakdown

Grants Paid $100,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $143,592

Other Expenses $63,221

TOTAL EXPENSES $163,221

Year-over-Year Comparison

	2024	2023	Change
Revenue	$237,580	$431,889	-0.4%
Expenses	$163,221	$350,834	-0.5%
Net Income	$74,359	$81,055	-0.1%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENNIS LOCKE	FINANCE DIRE	0.25	Officer	$0	$0	$0
JEROME RICE MAYOR	PRESIDENT	0.02	Officer Director	$0	$0	$0
KIMBERLY FLY	VICE PRESIDE	0.02	Officer Director	$0	$0	$0
CHRIS STORY	SECRETARY/TR	0.25	Officer Director	$0	$0	$0
ERICA BROWN	DIRECTOR	0.02	Director	$0	$0	$0
JOSH JONES	DIRECTOR	0.02	Director	$0	$0	$0
LAURA STILLE	DIRECTOR	0.02	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$237,580	$163,221	$11,911,315	$74,359
2024	$431,889	$350,834	$11,894,525	$81,055
2023	$155,739	$155,797	$12,122,470	$-58
2022	$700,863	$798,936	$12,034,528	$-98,073
2021	$117,997	$132,572	$12,019,601	$-14,575
2020	$10,959,213	$782,553	$11,319,284	$10,176,660
2019	$287,510	$175,340	$1,319,894	$112,170
2018	$142,971	$112,840	$1,283,768	$30,131

CITY OF SPARTANBURG DEVELOPMENT CORPORATION