Civic Intelligence

Cabarrus Economic Development Inc

990 • Fiscal year 2023 • EIN 56-1513284

Jul 01, 2022 to Jun 30, 2023 • Filed on Nov 30, 2023

57 Union Street SouthConcord, NC 28025

(704) 782-4000

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.16x

Higher debt load relative to assets than 72% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

71st percentile

0.21x

Higher debt load relative to revenue than 71% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Net Margin

23rd percentile

-7.9%

Higher net margin than 23% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

71st percentile

$0

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Source year 2023

Asset Growth

24th percentile

-4.5%

Faster asset growth than 24% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-19%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • 501(c)4 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Assets

Flat

$930,067

Flat from 2023

Net Assets

Flat

$781,711

Flat from 2023

Liabilities

Flat

$148,356

Flat from 2023

Revenue

Flat

$698,355

Flat from 2023

Expenses

Flat

$753,850

Flat from 2023

Net Income

Flat

-$55,495

Flat from 2023

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2011: $328,812Liabilities 2011: $0Net Assets 2011: $328,8122011Assets 2012: $305,419Liabilities 2012: $0Net Assets 2012: $305,4192012Assets 2013: $172,607Liabilities 2013: $0Net Assets 2013: $172,6072013Assets 2014: $243,202Liabilities 2014: $0Net Assets 2014: $243,2022014Assets 2015: $274,977Liabilities 2015: $0Net Assets 2015: $274,9772015Assets 2016: $415,394Liabilities 2016: $35,444Net Assets 2016: $379,9502016Assets 2017: $449,542Liabilities 2017: $79,415Net Assets 2017: $370,1272017Assets 2018: $510,033Liabilities 2018: $108,409Net Assets 2018: $401,6242018Assets 2019: $567,331Liabilities 2019: $79,764Net Assets 2019: $487,5672019Assets 2020: $552,832Liabilities 2020: $69,509Net Assets 2020: $483,3232020Assets 2021: $597,044Liabilities 2021: $45,717Net Assets 2021: $551,3272021Assets 2022: $973,565Liabilities 2022: $136,359Net Assets 2022: $837,2062022Assets 2023: $930,067Liabilities 2023: $148,356Net Assets 2023: $781,7112023Assets 2023: $930,067Liabilities 2023: $148,356Net Assets 2023: $781,7112023

Highlighted filing

2023

Assets$930,067
Liabilities$148,356
Net Assets$781,711

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2011: $538,497Expenses 2011: $527,827Net Income 2011: $10,6702011Revenue 2012: $488,200Expenses 2012: $511,593Net Income 2012: -$23,3932012Expenses 2013: $591,7982013Revenue 2014: $612,292Expenses 2014: $541,697Net Income 2014: $70,5952014Revenue 2015: $539,398Expenses 2015: $507,623Net Income 2015: $31,7752015Revenue 2016: $687,500Expenses 2016: $582,527Net Income 2016: $104,9732016Revenue 2017: $698,613Expenses 2017: $708,436Net Income 2017: -$9,8232017Revenue 2018: $693,862Expenses 2018: $662,365Net Income 2018: $31,4972018Revenue 2019: $714,473Expenses 2019: $628,530Net Income 2019: $85,9432019Revenue 2020: $714,466Expenses 2020: $718,710Net Income 2020: -$4,2442020Revenue 2021: $748,631Expenses 2021: $680,627Net Income 2021: $68,0042021Revenue 2022: $866,942Expenses 2022: $581,063Net Income 2022: $285,8792022Revenue 2023: $698,355Expenses 2023: $753,850Net Income 2023: -$55,4952023Revenue 2023: $698,355Expenses 2023: $753,850Net Income 2023: -$55,4952023

Highlighted filing

2023

Revenue$698,355
Expenses$753,850
Net Income-$55,495
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Nov 30, 2023
Return Version
2022v5.0
Gross Receipts
$698,355
Mission and Program Overview

Mission

Community economic development

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$971,378$928,572▼ $42,806
Land, Buildings, and Equipment, Net$2,187$1,495▼ $692
Total Assets$973,565$930,067▼ $43,498
Liabilities
Grants Payable$114,397$113,679▼ $718
Accounts Payable and Accrued Expenses$21,962$34,677▲ $12,715
Total Liabilities$136,359$148,356▲ $11,997
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$829,928$764,299▼ $65,629
Net Assets With Donor Restrictions$7,278$17,412▲ $10,134
Total Net Assets Fund Balance$837,206$781,711▼ $55,495
Total Liabilities and Net Assets / Fund Balance$973,565$930,067▼ $43,498

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,495$4,113-
Compensation and Service Providers

Board Members and Trustees

NameTitle
Donna CarpenterBoard Chair
Roy HawkinsBoard Chair
Sharee CarterBoard Chair
Greg WalterPast Chair
Steve FisherVice Chair
Doug ParisBoard Member
Jay EavesBoard Member
Lloyd PayneBoard Member
Michael WilsonBoard Member
Randy HollowayBoard Member
Rob DonhamBoard Member
Mike DownsSecretary
Mike LeggTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$697,391
Investment Income
$964
Other Revenue
$0
Change in Net Assets
$-55,495

Audited Revenue Reconciliation

Revenue per Audited Statements
$698,355
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$698,355
Total Revenue per Form 990
$698,355
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$397,039
Salaries, Compensation, and Employee Benefits$356,811
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$303,289$53,522-$356,811
Advertising$196,584--$196,584
Occupancy$16,800$16,800-$33,600
Fees for Services Accounting-$28,835-$28,835
Fees for Services Other-$20,573-$20,573
Travel$9,665$1,705-$11,370
Office Expenses$8,272$1,460-$9,732
Other Expenses$2,801$494-$3,295
Insurance$1,888$333-$2,221
All Other Expenses$1,859$329-$2,188
Depreciation Depletion$588$104-$692
Total Functional Expenses$617,320$136,530$0$753,850

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$753,850
Total Expenses per Audited Statements$753,850
Total Expenses per Form 990$753,850
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
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
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
Yes
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, Part VI, Section B, Line 11B

A draft of the 990 was provided to the board members for review before it was filed.

Form 990, Part VI, Section B, Line 12C

Ceo annually has each key officer and director review for changes in conflict of interest status and if conflicts arise appropriate procedures are followed to protect the interests of cabarrus economic development inc.

Form 990, Part VI, Section B, Line 15A

The board of directors reviews the executive director compensation on an annual basis.

Form 990, Part VI, Section C, Line 19

The organization's governing documents and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Cabarrus Economic Development Inc
EIN
56-1513284
Phone
7047824000
Address
57 UNION STREET SOUTH, CONCORD, NC 28025

Signing Officer

Name
Mike Legg
Title
Treasurer
Phone
7047824000
Signed
2023-11-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mike Legg
Formed
1985
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
0
Volunteers
0

Preparer

Firm
Potter & Company Pa
Address
434 COPPERFIELD BLVD NE STE A, CONCORD, NC 28025
Preparer
Kenni E Doyle CPA
Phone
7047868189
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The organization has adopted asc 740-10 as it relates to uncertain tax positions for the years ended june 30, 2023 and 2022 and has evaluated its tax positions for all open tax years. However, the organization is not currently under audit nor has the organization been contacted by the internal revenue service. Based on the evaluation of the organization's tax positions, management believes all positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions have been recorded for the years ended june 30, 2023 and 2022.

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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1141000
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0107
IRS990/PYOtherExpensesAmt0296214
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0866835
IRS990/PYRevenuesLessExpensesAmt0285879
IRS990/PYSalariesCompEmpBnftPaidAmt0284849
IRS990/PYTotalExpensesAmt0581063
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0866942
IRS990/ReconcilationRevenueExpnssAmt0-55495
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0697391
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt01495
IRS990ScheduleD/EquipmentGrp/DepreciationAmt04113
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt05608
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0753850
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0698355
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS ADOPTED ASC 740-10 AS IT RELATES TO UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED JUNE 30, 2023 AND 2022 AND HAS EVALUATED ITS TAX POSITIONS FOR ALL OPEN TAX YEARS. HOWEVER, THE ORGANIZATION IS NOT CURRENTLY UNDER AUDIT NOR HAS THE ORGANIZATION BEEN CONTACTED BY THE INTERNAL REVENUE SERVICE. BASED ON THE EVALUATION OF THE ORGANIZATION'S TAX POSITIONS, MANAGEMENT BELIEVES ALL POSITIONS TAKEN WOULD BE UPHELD UNDER AN EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAVE BEEN RECORDED FOR THE YEARS ENDED JUNE 30, 2023 AND 2022.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01495
IRS990ScheduleD/TotalExpensesPerForm990Amt0753850
IRS990ScheduleD/TotalRevenuePerForm990Amt0698355
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0698355
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0753850
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF THE 990 WAS PROVIDED TO THE BOARD MEMBERS FOR REVIEW BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CEO ANNUALLY HAS EACH KEY OFFICER AND DIRECTOR REVIEW FOR CHANGES IN CONFLICT OF INTEREST STATUS AND IF CONFLICTS ARISE APPROPRIATE PROCEDURES ARE FOLLOWED TO PROTECT THE INTERESTS OF CABARRUS ECONOMIC DEVELOPMENT INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS REVIEWS THE EXECUTIVE DIRECTOR COMPENSATION ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0973565
IRS990/TotalAssetsEOYAmt0930067
IRS990/TotalAssetsGrp/BOYAmt0973565
IRS990/TotalAssetsGrp/EOYAmt0930067
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0136530
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0617320
IRS990/TotalFunctionalExpensesGrp/TotalAmt0753850
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0136359
IRS990/TotalLiabilitiesEOYAmt0148356
IRS990/TotalLiabilitiesGrp/BOYAmt0136359
IRS990/TotalLiabilitiesGrp/EOYAmt0148356
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0837206
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0781711
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0156391
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0156391
IRS990/TotalProgramServiceExpensesAmt0617320
IRS990/TotalProgramServiceRevenueAmt0697391
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0964
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0697391
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0698355
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0973565
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0930067
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt01705
IRS990/TravelGrp/ProgramServicesAmt09665
IRS990/TravelGrp/TotalAmt011370
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt057 UNION STREET SOUTH
IRS990/USAddress/CityNm0CONCORD
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028025
IRS990/VotingMembersGoverningBodyCnt013
IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0WWW.CABARRUSEDC.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MIKE LEGG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum07047824000
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CABARRUS ECONOMIC DEVELOPMENT INC
ReturnHeader/Filer/BusinessNameControlTxt0CABA
ReturnHeader/Filer/EIN0561513284
ReturnHeader/Filer/PhoneNum07047824000
ReturnHeader/Filer/USAddress/AddressLine1Txt057 UNION STREET SOUTH
ReturnHeader/Filer/USAddress/CityNm0CONCORD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028025
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561220683
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0POTTER & COMPANY PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0434 COPPERFIELD BLVD NE STE A
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CONCORD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028025
ReturnHeader/PreparerPersonGrp/PhoneNum07047868189
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0KENNI E DOYLE CPA
ReturnHeader/ReturnTs02023-12-14T09:05:25-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MIKE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0LEGG

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$9.30$1.48$7.82$6.98$7.54$0.55
2023Summary only. Only limited summary data is available for this year.$9.30$1.48$7.82$6.98$7.54$0.55
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.74$1.36$8.37$8.67$5.81$2.86
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.97$0.46$5.51$7.49$6.81$0.68
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.53$0.70$4.83$7.14$7.19$0.04
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.67$0.80$4.88$7.14$6.29$0.86
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.10$1.08$4.02$6.94$6.62$0.31
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.50$0.79$3.70$6.99$7.08$0.10
2016Detailed filing. Detailed filing data is available for this year.$4.15$0.35$3.80$6.88$5.83$1.05
2015Detailed filing. Detailed filing data is available for this year.$2.75$0.00$2.75$5.39$5.08$0.32
2014Detailed filing. Detailed filing data is available for this year.$2.43$0.00$2.43$6.12$5.42$0.71
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.73$0.00$1.73$5.92
2012Summary only. Only limited summary data is available for this year.$3.05$0.00$3.05$4.88$5.12$0.23
2011Summary only. Only limited summary data is available for this year.$3.29$0.00$3.29$5.38$5.28$0.11