2021-09-23T12:01:55-05:00 2020-12-31 561138530 BUTLER BURKE LLP 100 CLUB OAKS COURT WINSTONSALEM NC 27104 990 2020-01-01 510436665 WINSTON-SALEM BUSINESS INC WINS 3367289200 411 WEST FOURTH STREET NO 211 WINSTONSALEM NC 27101 MARK OWENS PRESIDENT/CEO 3367289200 2021-09-17 1 MARK OWENS XXX-XX-XXXX JANE R POTTER P01057495 3367682310 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z X MARK OWENS 411 WEST FOURTH STREET NO 211 WINSTONSALEM NC 27101 745216 0 X WWW.WINSTONSALEM.COM X 2003 NC TO FACILITATE GROWTH AND ECONOMIC DIVERSIFICATION IN WINSTON-SALEM AND FORSYTH COUNTY. 5 5 3 21 0 0 693177 391600 170400 0 37093 58642 39213 4484 939883 454726 0 0 0 0 455237 852543 0 0 0 373840 694555 829077 1547098 110806 -1092372 5323722 1818161 2470450 57261 2853272 1760900 TO RECRUIT NEW BUSINESSES TO WINSTON-SALEM AND FORSYTH COUNTY IN ORDER TO FACILITATE GROWTH AND ECONOMIC DIVERSIFICATION IN THE AREA. 0 0 1174167 0 0 THE ORGANIZATION SUPPORTS THE LOCAL BUSINESS COMMUNITY IN ITS EFFORT TO INCREASE INVESTMENT AND JOBS THROUGHOUT FORSYTH COUNTY, NC. WE TARGET THE FOLLOWING INDUSTRIES FOR ECONOMIC GROWTH AND EXPANSION: HEALTHCARE/LIFE SCIENCE, AEROSPACE/AVIATION, HEADQUARTERS & BUSINESS SERVICES, ADVANCED MANUFACTURING (TRANSPORTATION/LOGISTICS AND FOOD & BEVERAGE MANUFACTURING), TECHNOLOGY & HIGH GROWTH ENTREPRENEURSHIP. WE EMPHASIZE INNOVATION AND ENTREPRENEURSHIP ACROSS ALL TARGET SECTORS, TO RECOGNIZE WINSTON-SALEM'S STRENGTH IN INNOVATIVE THOUGHT AND CREATIVE ECONOMY. 1174167 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 8 0 1 3 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 5 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 0 1 1 0 NC X X NICK REED 3367289200 411 WEST FOURTH STREET SUITE 211 WINSTONSALEM NC 27101 ROBERT E LEAK JR (PRESIDENT END. 4/1/20) 39.00 1.00 X 496960 0 9763 MARK OWENS (PRESIDENT/CEO BEG. 4/1/20) 16.00 24.00 X 92800 155598 20370 NICK REED CHIEF FINANCIAL OFFICER (BEG. 4/1/20) 16.00 24.00 X 38923 72687 12582 KENNETH BASCH (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 TED KAPLAN (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 ROBERT EGLESTON (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 MIKE LANCASTER (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 LEIGH C BAGLEY (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 TODD HALL (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 JULIE A FREISCHLAG MD (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 JONATHAN CHASE (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 TRENT JERNIGAN (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 JERRY COOK (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 J ALLEN JOINES (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 G WILLIAM JOYNER (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 DONALD E FLOW (DIRECTOR END. 4/1/20) 0.50 X 0 0 0 DAVID NEILL (DIRECTOR BEG. 4/1/20) 0.50 X 0 0 0 CATHY PACE (DIRECTOR BEG. 4/1/20) 0.50 X 0 0 0 JEFF LINDSAY CHAIR 0.50 X X 0 0 0 CANTEY ALEXANDER CHAIR 0.50 X X 0 0 0 STEPHEN C KOELSCH (VICE-CHAIRMAN END. 4/1/20) 0.50 X X 0 0 0 JOHN DAVENPORT (TREASURER BEG. 4/1/20) 0.50 X X 0 0 0 SCOTT SEWELL (SECRETARY/TREASURER END. 4/1/20) 0.50 X X 0 0 0 JIMMY FLYTHE (PAST CHAIRMAN END. 4/1/20) 0.50 X X 0 0 0 628683 228285 42715 1 0 1 0 0 128880 262720 391600 929 929 348203 290490 57713 57713 57713 MISCELLANEOUS 900099 4484 4484 4484 454726 0 0 63126 646201 508804 137397 153863 121340 32523 4336 3122 1214 12254 9586 2668 35889 28045 7844 5250 5250 58046 57272 774 111187 111187 32688 23840 8848 32603 16363 16240 1769 1769 2449 2449 680 442 238 1277 1277 BAD DEBT EXPENSE 306600 153300 153300 OTHER PROGRAM FEES 93750 93750 PROGRAM EVENTS 16281 16281 EQUIPMENT AND REPAIR 14193 7562 6631 17782 17778 4 1547098 1174167 372931 0 1422660 1083902 576245 542916 375291 2471 190152 679 476605 189473 2470450 1870 5323722 1818161 26011 31250 2470450 0 2470450 57261 X 2777567 1756900 75705 4000 2853272 1760900 5323722 1818161 -1092372 0 X X 0 1 X 1 0 X 576490 579517 524548 693177 391600 2765332 576490 579517 524548 693177 391600 2765332 235655 2529677 181 179 189 2143 929 3621 4484 4484 2773437 605313 0.91210 0.92780 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 186115 186115 4037 679 3358 189473 X PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT ORGANIZATION AND IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, INCOME TAX EXPENSE IS LIMITED TO ACTIVITIES THAT ARE DEEMED BY THE INTERNAL REVENUE SERVICE TO BE UNRELATED TO ITS EXEMPT PURPOSE. THE ORGANIZATION'S PRIMARY TAX POSITIONS RELATE TO ITS STATUS AS A NOT-FOR-PROFIT ENTITY EXEMPT FROM INCOME TAXES AND CLASSIFICATION OF ACTIVITIES RELATED TO ITS EXEMPT PURPOSE. IT IS THE OPINION OF MANAGEMENT THAT THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT WOULD BE SUBJECT TO CHANGE UPON EXAMINATION. THE ORGANIZATION IS REQUIRED TO FILE A FEDERAL EXEMPT ORGANIZATION TAX RETURN (FORM 990) ANNUALLY TO RETAIN ITS EXEMPT STATUS. THE ORGANIZATION IS ALSO REQUIRED TO FILE AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) FOR ANY YEAR UNRELATED BUSINESS INCOME EXCEEDS $1,000. THE ORGANIZATION'S FORM 990 FILINGS ARE GENERALLY SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR THREE YEARS AFTER THEY ARE FILED. X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 ROBERT E LEAK JR (PRESIDENT END. 4/1/20) 51316 0 16421 0 429223 0 3166 0 6597 0 506723 0 0 0 MARK OWENS (PRESIDENT/CEO BEG. 4/1/20) 84800 127200 8000 12000 0 16398 5088 7632 2924 4726 100812 167956 0 0 PART I, LINE 1A SOCIAL CLUB DUES ARE PROVIDED BY THE ORGANIZATION WHEN MEMBERSHIP FULFILLS GREATER WINSTON-SALEM INC. PURPOSE. ALL SUCH DUES ARE MONITORED FOR PERSONAL USE AND INCLUDED IN TAXABLE COMPENSATION WHEN APPLICABLE. PART I, LINE 4A IN APRIL 2020, WINSTON-SALEM BUSINESS INC. COMBINED WITH THE GREATER WINSTON-SALEM CHAMBER OF COMMERCE TO OPERATE UNDER THE NEW BRAND, GREATER WINSTON-SALEM INC. WINSTON-SALEM BUSINESS INC. CONTINUES TO EXIST AS A SEPARATE LEGAL ENTITY. THIS COMBINATION ALLOWS FOR THE LEVERAGING OF COMBINED RESOURCES TO FULFILL A SINGLE MISSION OF PROMOTING AND ENCOURAGING BUSINESS DEVELOPMENT IN WINSTON-SALEM AND FORSYTH COUNTY. WITH THE CHANGE OF CONTROL OF WINSTON-SALEM BUSINESS INC., THE GOVERNING BODY OF WINSTON-SALEM BUSINESS INC. APPROVED A ONE-TIME PAYOUT TO WINSTON-SALEM BUSINESS INC. PRESIDENT, ROBERT E. LEAK, OF $429,223. FORM 990, PART VI, SECTION A, LINE 4 EFFECTIVE MARCH 31, 2020, THE BOARD OF DIRECTORS OF GREATER WINSTON-SALEM CHAMBER OF COMMERCE AND WINSTON SALEM BUSINESS INC UNANIMOUSLY APPROVED AN OPERATIONAL AGREEMENT, ALLOWING FOR THE LEVERAGING OF THE COMBINED RESOURCES OF BOTH ORGANIZATIONS TO FULFILL A SINGLE MISSION UNDER A UNIFIED BRAND GREATER WINSTON-SALEM INC. THE AFFILIATION AGREEMENT CREATED A UNIFIED ORGANIZATION UNDER A SINGLE MANAGEMENT AND GOVERNANCE STRUCTURE WHOSE SOLE PURPOSE IS TO PROMOTE ECONOMIC GROWTH AND DEVELOPMENT IN THE GREATER WINSTONSALEM AND FORSYTH COUNTY AREA AND THE PIEDMONT TRIAD REGION. SINCE THE OPERATIONAL AGREEMENT IS CONSIDERED AN AFFILIATION (AS OPPOSED TO A MERGER OR ACQUISITION), BOTH ENTITIES WILL CONTINUE TO EXIST LEGALLY AND RETAIN THEIR RESPECTIVE EXEMPT TAX STATUS AND FEDERAL EXEMPT ORGANIZATION TAX RETURN FILING REQUIREMENTS WITH THE INTERNAL REVENUE SERVICE. ALL ORGANIZATIONS UNDER THE GWSI BRAND WILL HAVE AFFILIATED GOVERNANCE AND MANAGEMENT FUNCTIONS WITH THE EXECUTIVE COMMITTEE AND THE GWSI BOARD OF DIRECTORS SERVING AS DIRECTORS OF WSBI AND THE OFFICERS OF GWSI SERVING AS OFFICERS OF WSBI. FORM 990, PART VI, SECTION B, LINE 11B THE FEDERAL FORM 990 IS REVIEWED AND APPROVED BY THE FILING ORGANIZATION'S FINANCE COMMITTEE. THE FINAL 990 IS MADE AVAILABLE TO ALL BOARD OF DIRECTORS ONCE APPROVED BY THE FINANCE COMMITTEE AND BEFORE IT IS SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES DIRECTORS AND OFFICERS TO ANNUAL REVIEW THE ORGANIZATIONS' CONFLICT OF INTEREST POLICY AND DISCLOSE ANNUALLY (AND AS THEY ARISE) ANY POTENTIAL CONFLICTS OF INTEREST. THE POLICY PROVIDES FOR THE DETERMINATION OF CONFLICTS OF INTEREST AND THE RESOLUTION OF POTENTIAL AND ACTUAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CHAIR IS GIVEN THE AUTHORITY TO RECOMMEND AN APPROPRIATE SALARY RANGE AND BENEFITS PACKAGE FOR THE PRESIDENT / CEO. THE BOARD CHAIR HAS ACCESS TO COMPENSATION SURVEYS AND OTHER MARKET DATA TO ENSURE THAT THE ORGANIZATION IS PAYING A COMPETITIVE AND REASONABLE COMPENSATION TO THE PRESIDENT/CEO. THE BOARD CHAIR TAKES THE COMPENSATION RECOMMENDATION TO THE EXECUTIVE COMMITTEE FOR FORMAL APPROVAL AND THIS INFORMATION IS INCLUDED IN THE ANNUAL BUDGET THAT IS FORMALLY APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S FORM 990 IS AVAILABLE TO THE PUBLIC ON WWW.GUIDESTAR.ORG. GUIDESTAR INDEPENDENTLY POSTS TAX-EXEMPT ORGANIZATION'S FORM 990 ON THEIR WEBSITE, OBTAINED FROM THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S ARTICLES OF INCORPORATION ARE AVAILABLE TO THE PUBLIC ON REQUEST AND ARE AVAILABLE ON THE WEBSITE OF THE NORTH CAROLINA SECRETARY OF STATE. THE ORGANIZATIONS BYLAWS ARE NOT PUBLISHED, BUT PROVISIONS FROM THE BYLAWS ARE INCLUDED AS NECESSARY IN THE ORGANIZATIONS POLICIES. THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC ON REQUEST. FORM 990, PART XII, LINE 2C NO CHANGE FROM PRIOR YEAR IN METHOD OF OVERSIGHT. GREATER WINSTON-SALEM INC 411 WEST FOURTH STREET WINSTONSALEM NC 27101 560459820 BUSINESS DEVELOPMENT NC 501(C)(6) N/A 0 GREATER WINSTON-SALEM CHAMBER OF COMMERCE FOUNDATION INC 411 WEST FOURTH STREET WINSTONSALEM NC 27101 510167887 PROVIDE PHILANTHROPIC AND ELEEMOSYNARY SERVICES TO PEOPLE OF WINSTON-SALEM NC 501(C)(3) GREATER WINSTON-SALEM INC 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 1 1 1