2025-07-02T08:19:50-04:00 2024-06-30 522212837 GREENE FINNEY CAULEY LLP 908 N MAIN ST ANDERSON SC 29621 990 2023-07-01 570738992 CITY OF SPARTANBURG DEVELOPMENT CORPORATION CITY 8645962119 PO BOX 1749 SPARTANBURG SC 29304 CHRIS STORY SECRETARY/TREASURER 8645962119 2025-06-26 true false CHRISTOPHER S CAULEY P00534004 8642258713 2025-06-26 2023 2025-03-06 01:10:19Z DENNIS LOCKE PO BOX 1749 SPARTANBURG SC 29304 431889 false X N/A X 1982 SC 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. 6 6 0 0 0 150286 418708 5453 13181 0 155739 431889 100000 100000 0 0 0 0 55797 250834 155797 350834 -58 81055 12122470 11894525 900000 600000 11222470 11294525 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. false false 336344 100000 418708 IN FY24, 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. 336344 false false false false false false false false false false false true false false true true false false false false false false false false false false true false false false false false false false false false false false false false false false false false false true 0 0 0 false false false false false false false false X 6 6 false false false false false false false false false false false false true false false false false false false false X DENNIS LOCKE 8645962119 187 W BROAD STREET SPARTANBURG SC 29306 X JEROME RICE MAYOR PRESIDENT 0.02 X X 0 0 0 KIMBERLY FLY VICE PRESIDE 0.02 X X 0 0 0 CHRIS STORY SECRETARY/TR 0.25 X X 0 0 0 ERICA BROWN DIRECTOR 0.02 X 0 0 0 JOSH JONES DIRECTOR 0.02 X 0 0 0 LAURA STILLE DIRECTOR 0.02 X 0 0 0 DENNIS LOCKE FINANCE DIRE 0.25 X 0 0 0 false false false PROGRAM LOAN GUARANTEE 900099 308240 308240 PROGRAM LOAN INTEREST 900099 110468 110468 418708 13181 13181 431889 418708 13181 100000 100000 11150 11150 23313 23313 3340 3340 BAD DEBT EXPENSE 213031 213031 350834 336344 14490 0 208396 219054 201324 276231 1000 126000 117000 11586750 11281240 12122470 11894525 900000 600000 900000 600000 X 143145 416525 11079325 10878000 11222470 11294525 12122470 11894525 81055 -9000 X false true X true false TK GREGG LEVERAGE LOAN RECEIVABLE 10878000 F LOAN GUARANTEE RECEIVABLE 308240 F PROGRAM LOANS RECEIVABLE 95000 F 11281240 X 422889 -9000 -9000 431889 431889 350834 350834 350834 SCHEDULE D, PAGE 3, PART X THE CORPORATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(4) AND THEREFORE HAS MADE NO PROVISIONS FOR FEDERAL OR STATE INCOME TAXES IN THE ACCOMPANYING FINANCIAL STATEMENTS. IN ADDITION, THE CORPORATION HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE (IRS) NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509 (A) OF THE INTERNAL REVENUE CODE. THERE WAS NO UNRELATED BUSINESS INCOME FOR THE YEAR ENDED JUNE 30, 2024. THE CORPORATION IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS. NO INTEREST OR PENALTIES ARE RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION OR STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2024. THE TAX YEARS SUBJECT TO EXAMINATION BY MAJOR JURISDICTIONS INCLUDE 2022 THROUGH 2024. true CITY OF SPARTANBURG PO BOX 1749 SPARTANBURG SC 29304 576000245 115 100000 INTEREST PAYMENT 1 SCHEDULE I, PAGE 4, PART IV RELATED TO THE NEW MARKETS TAX CREDIT, THE CORPORATION ENTERED INTO AN AGREEMENT IN OCTOBER 2019 TO MAKE QUARTERLY PAYMENTS OF 25,000 (100,000 ON AN ANNUAL BASIS) TO THE CITY. FORM 990, PAGE 6, PART VI, LINE 8A DUE TO LIMITED ACTIVITY DURING THE YEAR, THERE WERE NO FORMAL MEETINGS OF THE BOARD. MANAGEMENT FOR THE CITY OF SPARTANBURG OVERSEES BUSINESS OPERATIONS. FORM 990, PAGE 6, PART VI, LINE 8B THERE WERE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS REVIEWED BY MANAGEMENT PRIOR TO FILING. DUE TO THE TIMING OF THE FILING, THE BOARD OF DIRECTORS WILL RECEIVE A COPY OF THE 990 AFTER THE FILING AT ITS NEXT SCHEDULED MEETING. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.