Civic Intelligence

Cabarrus Economic Development Inc

990 • Fiscal year 2025 • EIN 56-1513284

Jul 01, 2024 to Jun 30, 2025

Organization ProfileWWW.CABARRUSEDC.COM
57 Union Street SouthConcord, NC 28025

(704) 782-4000

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$966,254

Up $36,187 (+3.9%) from 2023

Net Assets

Up

$787,231

Up $5,520 (+0.7%) from 2023

Liabilities

Up

$179,023

Up $30,667 (+21%) from 2023

Revenue And Expenses

Revenue

Up

$817,629

Up $119,274 (+17%) from 2023

Expenses

Down

$701,180

Down $52,670 (-7.0%) from 2023

Net Income

Up

$116,449

Up $171,944 (+310%) 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 2025: $966,254Liabilities 2025: $179,023Net Assets 2025: $787,2312025

Highlighted filing

2025

Assets$966,254
Liabilities$179,023
Net Assets$787,231
Open 2025 Filing

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 2025: $817,629Expenses 2025: $701,180Net Income 2025: $116,4492025

Highlighted filing

2025

Revenue$817,629
Expenses$701,180
Net Income$116,449
Open 2025 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
May 10, 2026
Return Version
2024v5.5
Gross Receipts
$817,629
Mission and Program Overview

Mission

Community economic development

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$547,000$614,000▲ $67,000
Cash and Non-Interest-Bearing Accounts$296,025$351,793▲ $55,768
Prepaid Expenses and Deferred Charges$551$0▼ $551
Land, Buildings, and Equipment, Net$804$461▼ $343
Total Assets$844,380$966,254▲ $121,874
Liabilities
Grants Payable$110,043$110,043→ $0
Accounts Payable and Accrued Expenses$61,055$68,980▲ $7,925
Deferred Revenue$2,500$0▼ $2,500
Total Liabilities$173,598$179,023▲ $5,425
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$663,504$779,953▲ $116,449
Net Assets With Donor Restrictions$7,278$7,278→ $0
Total Net Assets Fund Balance$670,782$787,231▲ $116,449
Total Liabilities and Net Assets / Fund Balance$844,380$966,254▲ $121,874

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$461$5,147-
Compensation and Service Providers

Board Members and Trustees

NameTitle
Donna CarpenterBoard Chair
Roy HawkinsBoard Chair
Steve FisherBoard Chair
Sharee CarterPast Chair
Chad VoncannonBoard Member
Greg WalterBoard Member
Jay EavesBoard Member
Lloyd PayneBoard Member
Randy HollowayBoard Member
Rob DonhamBoard Member
Sean NewtonSecretary
Mike LeggTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$786,154
Investment Income
$31,475
Other Revenue
$0
Change in Net Assets
$116,449

Audited Revenue Reconciliation

Revenue per Audited Statements
$817,629
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$817,629
Total Revenue per Form 990
$817,629
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$403,624
Salaries, Compensation, and Employee Benefits$297,556
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$252,923$44,633-$297,556
Advertising$155,944--$155,944
Occupancy$31,365$5,535-$36,900
Fees for Services Accounting-$31,040-$31,040
Travel$6,308$1,113-$7,421
Insurance$3,801$671-$4,472
Other Expenses$2,650$468-$3,118
All Other Expenses$2,488$440-$2,928
Office Expenses$300$53-$353
Depreciation Depletion$291$52-$343
Total Functional Expenses$593,009$108,171$0$701,180

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$701,180
Total Expenses per Audited Statements$701,180
Total Expenses per Form 990$701,180
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 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
Gretchen Carson
Title
President & CEO
Phone
7047824000
Signed
2026-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gretchen Carson
Formed
1985
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
0

Preparer

Firm
Dmjps Pllc
Address
434 COPPERFIELD BLVD NE, CONCORD, NC 28025
Preparer
Eric Smith
Phone
7046623146
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The process has not changed form 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, 2025 and 2024 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, 2025 and 2024.”

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt05147
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt05608
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0701180
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0817629
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS ADOPTED ASC 740-10 AS IT RELATES TO UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED JUNE 30, 2025 AND 2024 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, 2025 AND 2024.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0461
IRS990ScheduleD/TotalExpensesPerForm990Amt0701180
IRS990ScheduleD/TotalRevenuePerForm990Amt0817629
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0817629
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0701180
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT OF THE 990 WAS PROVIDED 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 FORM 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/TotalAssetsBOYAmt0844380
IRS990/TotalAssetsEOYAmt0966254
IRS990/TotalAssetsGrp/BOYAmt0844380
IRS990/TotalAssetsGrp/EOYAmt0966254
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0108171
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0593009
IRS990/TotalFunctionalExpensesGrp/TotalAmt0701180
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0173598
IRS990/TotalLiabilitiesEOYAmt0179023
IRS990/TotalLiabilitiesGrp/BOYAmt0173598
IRS990/TotalLiabilitiesGrp/EOYAmt0179023
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0670782
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0787231
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0192154
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0192154
IRS990/TotalProgramServiceExpensesAmt0593009
IRS990/TotalProgramServiceRevenueAmt0786154
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt031475
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0786154
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0817629
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0844380
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0966254
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt01113
IRS990/TravelGrp/ProgramServicesAmt06308
IRS990/TravelGrp/TotalAmt07421
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt057 UNION STREET SOUTH
IRS990/USAddress/CityNm0CONCORD
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028025
IRS990/VotingMembersGoverningBodyCnt012
IRS990/VotingMembersIndependentCnt012
IRS990/WebsiteAddressTxt0WWW.CABARRUSEDC.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0GRETCHEN CARSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT & CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum07047824000
ReturnHeader/BusinessOfficerGrp/SignatureDt02026-05-10
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/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0560570567
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DMJPS PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0434 COPPERFIELD BLVD NE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CONCORD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028025
ReturnHeader/PreparerPersonGrp/PhoneNum07046623146
ReturnHeader/PreparerPersonGrp/PreparationDt02026-05-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ERIC SMITH
ReturnHeader/ReturnTs02026-05-12T15:01:52-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-07-01
ReturnHeader/TaxPeriodEndDt02025-06-30
ReturnHeader/TaxYr02024

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$966,254
Liabilities
$179,023
Net assets
$787,231
Revenue
$817,629
Expenses
$701,180
Net income
$116,449
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$9.66$1.79$7.87$8.18$7.01$1.16
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