CITY OF SPARTANBURG DEVELOPMENT CO… - Form 990 Financial Data

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

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 CITY OF SPARTANBURG DEVELOPMENT CORPORATION EXISTS TO FURTHER ECONOMIC DEVELOPMENT BY RELIEVING UNEMPLOYMENT, COMBATING COMMUNITY DETERIORATION, INCREASING EMPLOYMENT OPPORTUNITIES, AND EXPANDING BUSINESS FOR THE CITY.

Program Service Accomplishments

Program 1

Expenses: $143,592 Revenue: $110,039

IN FY25, THE ORGANIZATION CONTINUED TO FACILITATE AND ADMINISTER VARIOUS LOANS IN SUPPORT OF ECONOMIC DEVELOPMENT IN THE CITY OF SPARTANBURG. ONGOING LOAN ADMINISTRATION INCLUDES THE T.K. GREGG...

IN FY25, THE ORGANIZATION CONTINUED TO FACILITATE AND ADMINISTER VARIOUS LOANS IN SUPPORT OF ECONOMIC DEVELOPMENT IN THE CITY OF SPARTANBURG. ONGOING LOAN ADMINISTRATION INCLUDES THE T.K. GREGG COMMUNITY CENTER IN THE NORTHSIDE COMMUNITY.

🔒

Trantor Score

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

Sign in to view Trantor Score and financial metrics

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

🔒

Financial Health Indicators

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

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

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