Civic Intelligence

Olive Hill Community Economic Development Corporation Inc

990 • Fiscal year 2015 • EIN 31-1639629

Jan 01, 2015 to Dec 31, 2015 • Filed on Nov 08, 2017

Organization ProfileWWW.OHCEDC.ORG
PO Box 4008Morganton, NC 28680-4008

(828) 439-8893

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$241,910

Down $77,224 (-24%) from 2014

Net Assets

Down

$164,156

Down $121,761 (-43%) from 2014

Liabilities

Up

$77,754

Up $44,537 (+134%) from 2014

Revenue And Expenses

Revenue

Down

$102,776

Down $136,092 (-57%) from 2014

Expenses

Down

$218,524

Down $83,421 (-28%) from 2014

Net Income

Down

-$115,748

Down $52,671 (-84%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$400K$300K$200K$100K$0-$100KAssets 2010: $90,262Liabilities 2010: $54,962Net Assets 2010: $35,3002010Assets 2011: $258,565Liabilities 2011: $52,612Net Assets 2011: $205,9532011Assets 2014: $319,134Liabilities 2014: $33,217Net Assets 2014: $285,9172014Assets 2015: $263,117Liabilities 2015: $74,173Net Assets 2015: $188,9442015Assets 2015: $241,910Liabilities 2015: $77,754Net Assets 2015: $164,1562015Assets 2017: $7,131Liabilities 2017: $63,032Net Assets 2017: -$55,9012017Assets 2018: $5,520Liabilities 2018: $65,867Net Assets 2018: -$60,3472018Assets 2020: $92,717Liabilities 2020: $65,609Net Assets 2020: $27,1082020Assets 2021: $158,880Liabilities 2021: $60,071Net Assets 2021: $98,8092021

Highlighted filing

2015

Assets$241,910
Liabilities$77,754
Net Assets$164,156
Open 2015 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400K$200K$0-$200KRevenue 2010: $139,815Expenses 2010: $131,714Net Income 2010: $8,1012010Expenses 2011: $188,3122011Revenue 2014: $238,868Expenses 2014: $301,945Net Income 2014: -$63,0772014Revenue 2015: $119,770Expenses 2015: $216,673Net Income 2015: -$96,9032015Revenue 2015: $102,776Expenses 2015: $218,524Net Income 2015: -$115,7482015Revenue 2017: $52,655Expenses 2017: $248,751Net Income 2017: -$196,0962017Revenue 2018: $99,522Expenses 2018: $103,968Net Income 2018: -$4,4462018Revenue 2020: $105,568Expenses 2020: $70,915Net Income 2020: $34,6532020Revenue 2021: $214,466Expenses 2021: $142,756Net Income 2021: $71,7102021

Highlighted filing

2015

Revenue$102,776
Expenses$218,524
Net Income-$115,748
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Nov 8, 2017
Return Version
2015v3.0
Gross Receipts
$102,776
Mission and Program Overview

Mission

See a & b

To provide education counseling in the areas of home ownership and business incubation. To increase local housing stock resources and opportunities for shelter.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$281,456$240,472▼ $40,984
Cash and Non-Interest-Bearing Accounts$37,678$1,438▼ $36,240
Total Assets$319,134$241,910▼ $77,224
Liabilities
Unsecured Notes Loans Payable$1,024$44,645▲ $43,621
Mortgage Notes Payable Secured by Investment Property$28,651$25,970▼ $2,681
Accounts Payable and Accrued Expenses$3,542$7,139▲ $3,597
Total Liabilities$33,217$77,754▲ $44,537
Net Assets / Fund Balance
Unrestricted Net Assets$285,917$164,156▼ $121,761
Total Net Assets Fund Balance$285,917$164,156▼ $121,761
Total Liabilities and Net Assets / Fund Balance$319,134$241,910▼ $77,224

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$172,294$20,087$192,381
Equipment$17,043$56,529$73,572
Buildings$51,135$16,114-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jasper HemphilDirector of OperaFT$34,965$34,965
Beverly CarltonExecutive DiFT$32,150$32,150

Board Members and Trustees

NameTitle
Stephanie WorkmanChair
Eb FreemanVice Chair
Keith SpannBoard Member
Pat MollBoard Member
Alvin CorpeningSec / Treas
Revenue and Support

Revenue Composition

Contributions and Grants
$94,722
Program Service Revenue
$1,642
Investment Income
$0
Other Revenue
$6,412
All Other Contributions
$83,713
Change in Net Assets
$-115,748

Audited Revenue Reconciliation

Revenue per Audited Statements
$102,776
Revenue Not Reported on Form 990
$-18,921
Total Revenue per Audited Statements
$83,855
Total Revenue per Form 990
$102,776
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$114,753
Other Expenses$103,771
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$50,457$10,158-$60,615
Other Salaries and Wages$36,382$7,325-$43,707
Occupancy$28,504$5,738-$34,242
Fees for Services Other$17,616$3,596-$21,212
Depreciation Depletion-$18,047-$18,047
Office Expenses$10,175$3,353-$13,528
Payroll Taxes$8,683$1,748-$10,431
Fees for Services Accounting-$4,150-$4,150
Travel-$2,718-$2,718
Insurance$2,300--$2,300
Interest$2,141--$2,141
Other Expenses$4,215$698-$698
Advertising$302$218-$520
Total Functional Expenses$160,775$57,749$0$218,524

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$218,524
Total Expenses per Audited Statements$218,524
Total Expenses per Form 990$218,524
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The original return was prepared by an independent accountant and was provided along with the financial statements to members of the board prior to submission to the irs.”

Form 990, Page 6, Part VI, Line 15A

“Salaries are researched and proposed by the budget committee working with the organization's accountant. The board votes on any proposed raises.”

Form 990, Page 6, Part VI, Line 15B

“See response to line 15a above.”

Form 990, Page 6, Part VI, Line 19

“Copies of the organization's governing documents, financial statements, and tax returns are available upon request.”

Filing and Contact Details

Filer

Filer Name
Olive Hill Community Economic
EIN
31-1639629
Phone
8284398893
Address
PO BOX 4008, MORGANTON, NC 28680-4008

Signing Officer

Name
Jasper Hemphil
Title
Director of Operations
Phone
8285224051
Signed
2017-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Beverly Carlton
Formed
1998
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
4

Preparer

Firm
Carter P C
Address
16 BILTMORE AVE STE 200, ASHEVILLE, NC 28801-3617
Preparer
Rufus W Dollar
Phone
8282599900
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“The organization received a financial statement audit in 2017 for its 2015 tax/financial year. Return is amended to reflect adjustments made during the audit and include various changes to revenues, expenses, and balance sheet items. Some updates to policy explanations have been updated to reflect clarification provided by the audit.”

Form 990, Part XI, Line 9

“Impairment on investment -18,921 total -18,921”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization is exempt from federal income taxes under sec 501(c)(3) except on net income derived from unrelated business activities. The organization believes that it has appropriate support for any tax positions taken and as such does not have any uncertain tax positions that are material to the financial statements.”

Schedule D, Page 4, Part XI, Line 2D

“Impairment on investment -18,921”

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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt051135
IRS990ScheduleD/BuildingsGrp/DepreciationAmt016114
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt067249
IRS990ScheduleD/EquipmentGrp/BookValueAmt017043
IRS990ScheduleD/EquipmentGrp/DepreciationAmt056529
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt073572
IRS990ScheduleD/ExpensesSubtotalAmt0218524
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0172294
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt020087
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0192381
IRS990ScheduleD/OtherRevenueAmt0-18921
IRS990ScheduleD/RevenueNotReportedAmt0-18921
IRS990ScheduleD/RevenueSubtotalAmt0102776
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SEC 501(C)(3) EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND AS SUCH DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1IMPAIRMENT ON INVESTMENT -18,921
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0240472
IRS990ScheduleD/TotalExpensesPerForm990Amt0218524
IRS990ScheduleD/TotalRevenuePerForm990Amt0102776
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt083855
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0218524
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECEIVED A FINANCIAL STATEMENT AUDIT IN 2017 FOR ITS 2015 TAX/FINANCIAL YEAR. RETURN IS AMENDED TO REFLECT ADJUSTMENTS MADE DURING THE AUDIT AND INCLUDE VARIOUS CHANGES TO REVENUES, EXPENSES, AND BALANCE SHEET ITEMS. SOME UPDATES TO POLICY EXPLANATIONS HAVE BEEN UPDATED TO REFLECT CLARIFICATION PROVIDED BY THE AUDIT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORIGINAL RETURN WAS PREPARED BY AN INDEPENDENT ACCOUNTANT AND WAS PROVIDED ALONG WITH THE FINANCIAL STATEMENTS TO MEMBERS OF THE BOARD PRIOR TO SUBMISSION TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SALARIES ARE RESEARCHED AND PROPOSED BY THE BUDGET COMMITTEE WORKING WITH THE ORGANIZATION'S ACCOUNTANT. THE BOARD VOTES ON ANY PROPOSED RAISES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SEE RESPONSE TO LINE 15A ABOVE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COPIES OF THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND TAX RETURNS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5IMPAIRMENT ON INVESTMENT -18,921 TOTAL -18,921
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, ITEM B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0319134
IRS990/TotalAssetsEOYAmt0241910
IRS990/TotalAssetsGrp/BOYAmt0319134
IRS990/TotalAssetsGrp/EOYAmt0241910
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt094722
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt057749
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0160775
IRS990/TotalFunctionalExpensesGrp/TotalAmt0218524
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt033217
IRS990/TotalLiabilitiesEOYAmt077754
IRS990/TotalLiabilitiesGrp/BOYAmt033217
IRS990/TotalLiabilitiesGrp/EOYAmt077754
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0285917
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0164156
IRS990/TotalProgramServiceExpensesAmt0160775
IRS990/TotalProgramServiceRevenueAmt01642
IRS990/TotalReportableCompFromOrgAmt067115
IRS990/TotalRevenueGrp/ExclusionAmt06412
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01642
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0102776
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0319134
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0241910
IRS990/TravelGrp/ManagementAndGeneralAmt02718
IRS990/TravelGrp/TotalAmt02718
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0285917
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0164156
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt01024
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt044645
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 4008
IRS990/USAddress/CityNm0MORGANTON
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd0286804008
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.OHCEDC.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JASPER HEMPHIL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIR OF OPERATIONS
ReturnHeader/BusinessOfficerGrp/PhoneNum08285224051
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-11-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0OLIVE HILL COMMUNITY ECONOMIC
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0DEVELOPMENT CORPORATION INC
ReturnHeader/Filer/BusinessNameControlTxt0OLIV
ReturnHeader/Filer/EIN0311639629
ReturnHeader/Filer/PhoneNum08284398893
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 4008
ReturnHeader/Filer/USAddress/CityNm0MORGANTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd0286804008
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0383828234
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CARTER P C
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt016 BILTMORE AVE STE 200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ASHEVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0288013617
ReturnHeader/PreparerPersonGrp/PhoneNum08282599900
ReturnHeader/PreparerPersonGrp/PreparationDt02017-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RUFUS W DOLLAR
ReturnHeader/ReturnTs02017-11-12T18:07:44-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$241,910
Liabilities
$77,754
Net assets
$164,156
Revenue
$102,776
Expenses
$218,524
Net income
-$115,748
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.59$0.60$0.99$2.14$1.43$0.72
2020Detailed filing. Detailed filing data is available for this year.$0.93$0.66$0.27$1.06$0.71$0.35
2018Detailed filing. Detailed filing data is available for this year.$0.06$0.66$0.60$1.00$1.04$0.04
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.07$0.63$0.56$0.53$2.49$1.96
2015Detailed filing. Detailed filing data is available for this year.$2.63$0.74$1.89$1.20$2.17$0.97
2015Detailed filing. Detailed filing data is available for this year.$2.42$0.78$1.64$1.03$2.19$1.16
2014Detailed filing. Detailed filing data is available for this year.$3.19$0.33$2.86$2.39$3.02$0.63
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.59$0.53$2.06$1.88
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.90$0.55$0.35$1.40$1.32$0.08