Civic Intelligence

Lincoln Economic Development Association

990 • Fiscal year 2020 • EIN 56-1188297

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 02, 2020

Organization ProfileWWW.LICOLNEDA.ORG
502 East Main StreetLincolnton, NC 28092

(704) 732-1511

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

41st percentile

0.11x

Higher debt load relative to assets than 41% of similar nonprofits.

2020 filings • NTEE S • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

38th percentile

0.15x

Higher debt load relative to revenue than 38% of similar nonprofits.

2020 filings • NTEE S • $1M-$5M nonprofits • Source year 2020

Net Margin

20th percentile

-13%

Higher net margin than 20% of similar nonprofits.

2020 filings • NTEE S • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

62nd percentile

$138,780

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 18.1% of source-year revenue.

2020 filings • NTEE S • $1M-$5M nonprofits • Source year 2020

Asset Growth

11th percentile

-10%

Faster asset growth than 11% of similar nonprofits.

2020 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

47th percentile

-4.4%

Faster revenue growth than 47% of similar nonprofits.

2020 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets41st percentile

Assets

Down

$1,014,294

Down $113,991 (-10%) from 2019

Net Assets

Down

$903,060

Down $100,636 (-10%) from 2019

Liabilities

Down

$111,234

Down $13,355 (-11%) from 2019

Revenue And Expenses
Liabilities / Revenue38th percentileNet Margin20th percentile

Revenue

Down

$765,545

Down $35,006 (-4.4%) from 2019

Expenses

Down

$866,181

Down $5,236 (-0.6%) from 2019

Net Income

Down

-$100,636

Down $29,770 (-42%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

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

$2.0M$1.5M$1.0M$500K$0Assets 2011: $1,629,788Liabilities 2011: $601,060Net Assets 2011: $1,028,7282011Assets 2012: $1,597,933Liabilities 2012: $442,671Net Assets 2012: $1,155,2622012Assets 2013: $1,359,123Liabilities 2013: $386,010Net Assets 2013: $973,1132013Assets 2014: $1,304,453Liabilities 2014: $330,287Net Assets 2014: $974,1662014Assets 2015: $1,349,879Liabilities 2015: $276,352Net Assets 2015: $1,073,5272015Assets 2016: $1,298,876Liabilities 2016: $181,408Net Assets 2016: $1,117,4682016Assets 2017: $1,195,739Liabilities 2017: $105,957Net Assets 2017: $1,089,7822017Assets 2018: $1,123,363Liabilities 2018: $48,801Net Assets 2018: $1,074,5622018Assets 2019: $1,128,285Liabilities 2019: $124,589Net Assets 2019: $1,003,6962019Assets 2020: $1,014,294Liabilities 2020: $111,234Net Assets 2020: $903,0602020Assets 2021: $984,675Liabilities 2021: $110,712Net Assets 2021: $873,9632021Assets 2022: $906,261Liabilities 2022: $71,268Net Assets 2022: $834,9932022Assets 2023: $892,121Liabilities 2023: $69,918Net Assets 2023: $822,2032023Assets 2024: $906,252Liabilities 2024: $97,222Net Assets 2024: $809,0302024Assets 2025: $852,665Liabilities 2025: $80,240Net Assets 2025: $772,4252025

Highlighted filing

2020

Assets$1,014,294
Liabilities$111,234
Net Assets$903,060
Open 2020 Filing

Operations Trend

Revenue Growth47th percentile

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

$1.0M$500K$0-$500KExpenses 2011: $700,4742011Expenses 2012: $667,9422012Expenses 2013: $663,0012013Revenue 2014: $718,852Expenses 2014: $717,799Net Income 2014: $1,0532014Revenue 2015: $811,377Expenses 2015: $712,013Net Income 2015: $99,3642015Revenue 2016: $834,526Expenses 2016: $790,585Net Income 2016: $43,9412016Revenue 2017: $754,760Expenses 2017: $782,446Net Income 2017: -$27,6862017Revenue 2018: $811,597Expenses 2018: $826,817Net Income 2018: -$15,2202018Revenue 2019: $800,551Expenses 2019: $871,417Net Income 2019: -$70,8662019Revenue 2020: $765,545Expenses 2020: $866,181Net Income 2020: -$100,6362020Revenue 2021: $831,995Expenses 2021: $861,092Net Income 2021: -$29,0972021Revenue 2022: $833,386Expenses 2022: $872,356Net Income 2022: -$38,9702022Revenue 2023: $829,669Expenses 2023: $842,459Net Income 2023: -$12,7902023Revenue 2024: $939,016Expenses 2024: $952,189Net Income 2024: -$13,1732024Revenue 2025: $921,266Expenses 2025: $957,883Net Income 2025: -$36,6172025

Highlighted filing

2020

Revenue$765,545
Expenses$866,181
Net Income-$100,636
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 2, 2020
Return Version
2019v5.0
Gross Receipts
$765,545
Mission and Program Overview

Mission

To foster an economic environment that promotes an enhancement of the standard of living by creating more and better jobs for the citizens of lincolnton and lincoln county and an increased and diversified tax base to proivde needed community services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$685,064$660,702▼ $24,362
Cash and Non-Interest-Bearing Accounts$272,227$242,055▼ $30,172
Savings and Temporary Cash Investments$65,368$66,312▲ $944
Other Notes and Loans Receivable, Net$45,225$45,225→ $0
Total Assets$1,128,285$1,014,294▼ $113,991
Other Assets Total$60,401--
Liabilities
Accounts Payable and Accrued Expenses$44,589$59,834▲ $15,245
Deferred Revenue$80,000$51,400▼ $28,600
Total Liabilities$124,589$111,234▼ $13,355
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$955,041$921,994▼ $33,047
Net Assets With Donor Restrictions$48,655$-18,934▼ $67,589
Total Net Assets Fund Balance$1,003,696$903,060▼ $100,636
Total Liabilities and Net Assets / Fund Balance$1,128,285$1,014,294▼ $113,991

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$411,006$203,579$614,585
Land$230,000-$230,000
Other Land Buildings$500$109,452$109,952
Equipment$19,196$60,145$79,341
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Cliff BrumfieldExecutive DiFT$138,780$138,780

Board Members and Trustees

NameTitle
Joe LampronChairman
Beverly GilbertVice Chair
Brent ReynoldsDirector
Bud CesenaDirector
David LeeDirector
Ed HatleyDirector
Myra HeavnerDirector
Tommy HuskeyDirector
Kim PhillipsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$729,850
Program Service Revenue
$78,095
Investment Income
$1,048
Other Revenue
$-43,448
Change in Net Assets
$-100,636

Audited Revenue Reconciliation

Revenue per Audited Statements
$765,545
Total Revenue per Audited Statements
$765,545
Total Revenue per Form 990
$765,545
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$550,550
Other Expenses$315,631
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$229,317$40,468-$269,785
Current Officers, Directors, Trustees, and Key Employees$117,963$20,817-$138,780
Advertising$94,411--$94,411
Other Employee Benefits$71,757$12,663-$84,420
Office Expenses$25,548$13,757-$39,305
Payroll Taxes$25,626$4,522-$30,148
Pension Plan Contributions$23,304$4,113-$27,417
Depreciation Depletion$27,173--$27,173
Occupancy$18,997$4,749-$23,746
Travel$7,679$5,119-$12,798
Other Expenses$8,607$3,000-$8,607
Fees for Services Accounting-$7,500-$7,500
All Other Expenses$7,238--$7,238
Fees for Services Legal-$5,000-$5,000
Conferences and Meetings$805$201-$1,006
Total Functional Expenses$704,026$162,155$0$866,181

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$866,181
Total Expenses per Audited Statements$866,181
Total Expenses per Form 990$866,181
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
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
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 form 990 was presented to and reviewed by the exectuive committe (officers of the board) for approval prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“The board has adopted a "conflict of interest policy" in its board minutes for january 13, 2010 wherby board members are to report annually in writing of any such potential conflicts of interest. See other changes adopted by the board since the last form 990.”

Form 990, Page 6, Part VI, Line 18

“This information is available on guide star website, in the personnel manual, and in the office in electronic format upon request.”

Form 990, Page 6, Part VI, Line 19

“This information is available on guide star website, in the personnel manual, and in the office in electronic format upon request.”

Filing and Contact Details

Filer

Filer Name
Lincoln Economic Development Associ
EIN
56-1188297
Phone
7047321511
Address
502 EAST MAIN STREET, LINCOLNTON, NC 28092

Signing Officer

Name
Cliff Brumfield
Title
Executive Director
Phone
7047321511
Signed
2020-12-02

Organization Details

Principal Officer
Cliff Brumfield
Formed
1996
Legal Domicile
Nc
Voting Board Members
10
Independent Board Members
10
Employees
5

Preparer

Firm
Huggins & Company CPA Pa
Address
6148 BROOKSHIRE BLVD STE D, CHARLOTTE, NC 28216-2426
Preparer
Kermit K Bolick CPA
Phone
7043942364
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To foster an economic environment that promotes an enhancement of the standard of living by creating more and better jobs for the citizens of lincolnton and lincoln county and an increased and diversified tax base to proivde needed community services.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO FOSTER AN ECONOMIC ENVIRONMENT THAT PROMOTES AN ENHANCEMENT OF THE STANDARD OF LIVING BY CREATING MORE AND BETTER JOBS FOR THE CITIZENS OF LINCOLNTON AND LINCOLN COUNTY AND AN INCREASED AND DIVERSIFIED TAX BASE TO PROIVDE NEEDED COMMUNITY SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 WAS PRESENTED TO AND REVIEWED BY THE EXECTUIVE COMMITTE (OFFICERS OF THE BOARD) FOR APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD HAS ADOPTED A "CONFLICT OF INTEREST POLICY" IN ITS BOARD MINUTES FOR JANUARY 13, 2010 WHERBY BOARD MEMBERS ARE TO REPORT ANNUALLY IN WRITING OF ANY SUCH POTENTIAL CONFLICTS OF INTEREST. SEE OTHER CHANGES ADOPTED BY THE BOARD SINCE THE LAST FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THIS INFORMATION IS AVAILABLE ON GUIDE STAR WEBSITE, IN THE PERSONNEL MANUAL, AND IN THE OFFICE IN ELECTRONIC FORMAT UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THIS INFORMATION IS AVAILABLE ON GUIDE STAR WEBSITE, IN THE PERSONNEL MANUAL, AND IN THE OFFICE IN ELECTRONIC FORMAT UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1CITY OF LINCOLNTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt2CHARLOTTE REGIONAL BUSINESS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt3LINCOLN COUNTY INDISTRIAL PARK
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt2FUNDING
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt3MAINTENANC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt06

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,014,294
Liabilities
$111,234
Net assets
$903,060
Revenue
$765,545
Expenses
$866,181
Net income
-$100,636
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.85$0.08$0.77$0.92$0.96$0.04
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.91$0.10$0.81$0.94$0.95$0.01
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.89$0.07$0.82$0.83$0.84$0.01
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.91$0.07$0.83$0.83$0.87$0.04
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.98$0.11$0.87$0.83$0.86$0.03
2020Detailed filing. Detailed filing data is available for this year.$1.01$0.11$0.90$0.77$0.87$0.10
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.13$0.12$1.00$0.80$0.87$0.07
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.12$0.05$1.07$0.81$0.83$0.02
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.20$0.11$1.09$0.75$0.78$0.03
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.30$0.18$1.12$0.83$0.79$0.04
2015Summary only. Only limited summary data is available for this year.$1.35$0.28$1.07$0.81$0.71$0.10
2014Detailed filing. Detailed filing data is available for this year.$1.30$0.33$0.97$0.72$0.72$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.36$0.39$0.97$0.66
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.60$0.44$1.16$0.67
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.63$0.60$1.03$0.70