Civic Intelligence

Iredell County Economic Development Corporation

990 • Fiscal year 2016 • EIN 56-1555859

Jul 01, 2015 to Jun 30, 2016 • Filed on Oct 25, 2016

Organization ProfileWWW.GREATERSTATESVILLE.ORG
116 N Center StreetStatesville, NC 28677

(704) 871-0062

Siviq Scores

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

Liabilities / Assets

46th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Liabilities / Revenue

46th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Net Margin

31st percentile

-4.5%

Higher net margin than 31% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Top Officer Pay

99th percentile

$142,202

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 40.7% of source-year revenue.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Asset Growth

21st percentile

-15%

Faster asset growth than 21% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Annualized from 2015 to 2016

Revenue Growth

53rd percentile

2.4%

Faster revenue growth than 53% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets46th percentile

Assets

Down

$93,481

Down $15,894 (-15%) from 2015

Net Assets

Down

$93,481

Down $15,894 (-15%) from 2015

Liabilities

Flat

$0

Flat from 2015

Revenue And Expenses
Liabilities / Revenue46th percentileNet Margin31st percentile

Revenue

Up

$349,426

Up $8,171 (+2.4%) from 2015

Expenses

Up

$365,320

Up $27,454 (+8.1%) from 2015

Net Income

Down

-$15,894

Down $19,283 (-569%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth21st percentile

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

$1.5M$1.0M$500K$0Assets 2012: $102,596Liabilities 2012: $0Net Assets 2012: $102,5962012Assets 2013: $108,121Liabilities 2013: $0Net Assets 2013: $108,1212013Assets 2014: $105,986Liabilities 2014: $0Net Assets 2014: $105,9862014Assets 2015: $109,375Liabilities 2015: $0Net Assets 2015: $109,3752015Assets 2016: $93,481Liabilities 2016: $0Net Assets 2016: $93,4812016Assets 2017: $64,692Liabilities 2017: $0Net Assets 2017: $64,6922017Assets 2018: $97,901Liabilities 2018: $0Net Assets 2018: $97,9012018Assets 2019: $387,563Liabilities 2019: $0Net Assets 2019: $387,5632019Assets 2020: $332,784Liabilities 2020: $0Net Assets 2020: $332,7842020Assets 2021: $391,225Liabilities 2021: $0Net Assets 2021: $391,2252021Assets 2022: $980,582Liabilities 2022: $427,541Net Assets 2022: $553,0412022Assets 2023: $1,029,927Liabilities 2023: $376,341Net Assets 2023: $653,5862023Assets 2024: $1,087,744Liabilities 2024: $320,557Net Assets 2024: $767,1872024Assets 2025: $1,172,319Liabilities 2025: $282,149Net Assets 2025: $890,1702025

Highlighted filing

2016

Assets$93,481
Liabilities$0
Net Assets$93,481
Open 2016 Filing

Operations Trend

Revenue Growth53rd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2012: $295,148Expenses 2012: $300,148Net Income 2012: -$5,0002012Expenses 2013: $307,5822013Revenue 2014: $320,450Expenses 2014: $322,585Net Income 2014: -$2,1352014Revenue 2015: $341,255Expenses 2015: $337,866Net Income 2015: $3,3892015Revenue 2016: $349,426Expenses 2016: $365,320Net Income 2016: -$15,8942016Revenue 2017: $261,209Expenses 2017: $289,998Net Income 2017: -$28,7892017Revenue 2018: $266,850Expenses 2018: $233,641Net Income 2018: $33,2092018Revenue 2019: $610,690Expenses 2019: $449,644Net Income 2019: $161,0462019Revenue 2020: $749,716Expenses 2020: $805,980Net Income 2020: -$56,2642020Revenue 2021: $806,587Expenses 2021: $748,146Net Income 2021: $58,4412021Revenue 2022: $959,388Expenses 2022: $797,572Net Income 2022: $161,8162022Revenue 2023: $991,880Expenses 2023: $899,938Net Income 2023: $91,9422023Revenue 2024: $1,121,564Expenses 2024: $1,015,367Net Income 2024: $106,1972024Revenue 2025: $1,195,848Expenses 2025: $1,072,865Net Income 2025: $122,9832025

Highlighted filing

2016

Revenue$349,426
Expenses$365,320
Net Income-$15,894
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Oct 25, 2016
Return Version
2015v2.1
Gross Receipts
$349,426
Mission and Program Overview

Mission

To stimulate and promote the industrial and commercial development of iredell county.

To stimulate and promote the industrial and commercial development of the city of statesville, the town of troutman, and the surrounding community in iredell county, north carolina

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$94,096$42,802▼ $51,294
Accounts Receivable-$35,928-
Cash and Non-Interest-Bearing Accounts$10,562$10,880▲ $318
Land, Buildings, and Equipment, Net$2,922$2,076▼ $846
Total Assets$109,375$93,481▼ $15,894
Other Assets Total$1,795$1,795→ $0
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Unrestricted Net Assets$109,375$93,481▼ $15,894
Total Net Assets Fund Balance$109,375$93,481▼ $15,894
Total Liabilities and Net Assets / Fund Balance$109,375$93,481▼ $15,894

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,076$9,157$11,233
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleBaseTotal
C Michael SmithExecutive Di$142,202$142,202
C Michael SmithExecutive Director$142,202$142,202

Board Members and Trustees

NameTitle
Bill ShumakerChairman
Grant MillerVice Chairma
Bob PalmesBoard Member
Brady JohnsonBoard Member
Chad FrenchBoard Member
Champ LandBoard Member
Costi KuttehBoard Member
David AlexanderBoard Member
David BradleyBoard Member
David TremeBoard Member
Dr Tim BrewerBoard Member
James MalloryBoard Member
Jeff SmithBoard Member
Karen AdamsBoard Member
Larry PressleyBoard Member
Rhyne ScottBoard Member
Ron SmithBoard Member
Ron WyattBoard Member
Roy WestBoard Member
John GreenBoard of Director
Gary ThomasSecretary
Paul CookTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$349,083
Program Service Revenue
$0
Investment Income
$343
Other Revenue
$0
Change in Net Assets
$-15,894

Audited Revenue Reconciliation

Revenue per Audited Statements
$349,426
Total Revenue per Audited Statements
$349,426
Total Revenue per Form 990
$349,426
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$307,986
Other Expenses$57,334
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$246,014
Other Employee Benefits---$26,311
Occupancy---$24,204
Payroll Taxes---$19,252
Pension Plan Contributions---$16,409
Fees for Services Accounting---$4,000
Fees for Services Other---$2,080
Other Expenses---$1,997
All Other Expenses---$1,801
Depreciation Depletion---$847
Total Functional Expenses$0$0$0$365,320

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$365,320
Total Expenses per Audited Statements$365,320
Total Expenses per Form 990$365,320
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
Audit committee
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
No
Other officer compensation reviewed
No
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 chairman of the board of directors reviews the return. If there are any changes the treasurer is consulted and the accountant if deemed necessary.”

Form 990, Page 6, Part VI, Line 19

“When there is a request the review the federal filings a copy is made available.”

Filing and Contact Details

Filer

Filer Name
Greater Statesville Development
EIN
56-1555859
Phone
7048710062
Address
116 N CENTER STREET, STATESVILLE, NC 28677

Signing Officer

Name
Grant Miller
Title
Vice Chairman
Phone
7048710062
Signed
2016-10-25

Organization Details

Principal Officer
Bill Shumaker
Formed
1996
Legal Domicile
Nc
Voting Board Members
21
Independent Board Members
21
Employees
3

Preparer

Firm
Norris Stewart & Ralston Pa
Address
PO DRAWER 1068, STATESVILLE, NC 28687
Preparer
Elaine S Nicholson
Phone
7048711995
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IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InvestmentIncomeGrp/ExclusionAmt0343
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0343
IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt09157
IRS990/LandBldgEquipBasisNetGrp/BOYAmt02922
IRS990/LandBldgEquipBasisNetGrp/EOYAmt02076
IRS990/LandBldgEquipCostOrOtherBssAmt011233
IRS990/LegalDomicileStateCd0NC
IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO STIMULATE AND PROMOTE THE INDUSTRIAL AND COMMERCIAL DEVELOPMENT OF THE CITY OF STATESVILLE, THE TOWN OF TROUTMAN, AND THE SURROUNDING COMMUNITY IN IREDELL COUNTY, NORTH CAROLINA
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt0109375
IRS990/NetAssetsOrFundBalancesEOYAmt093481
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/TotalAmt024204
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01795
IRS990/OtherAssetsTotalGrp/EOYAmt01795
IRS990/OtherEmployeeBenefitsGrp/TotalAmt026311
IRS990/OtherExpensesGrp/Desc0AUTOMOBILE EXPENSE
IRS990/OtherExpensesGrp/Desc1TELEPHONE
IRS990/OtherExpensesGrp/Desc2INSURANCE
IRS990/OtherExpensesGrp/Desc3OFFICE SUPPLIES
IRS990/OtherExpensesGrp/TotalAmt013830
IRS990/OtherExpensesGrp/TotalAmt16405
IRS990/OtherExpensesGrp/TotalAmt22170
IRS990/OtherExpensesGrp/TotalAmt31997
IRS990/OtherSalariesAndWagesGrp/TotalAmt0246014
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/TotalAmt019252
IRS990/PensionPlanContributionsGrp/TotalAmt016409
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0BILL SHUMAKER
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0340928
IRS990/PYInvestmentIncomeAmt0327
IRS990/PYOtherExpensesAmt060867
IRS990/PYRevenuesLessExpensesAmt03389
IRS990/PYSalariesCompEmpBnftPaidAmt0276999
IRS990/PYTotalExpensesAmt0337866
IRS990/PYTotalRevenueAmt0341255
IRS990/ReconcilationRevenueExpnssAmt0-15894
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt071856
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt094096
IRS990/SavingsAndTempCashInvstGrp/EOYAmt042802
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt02076
IRS990ScheduleD/EquipmentGrp/DepreciationAmt09157
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt011233
IRS990ScheduleD/ExpensesSubtotalAmt0365320
IRS990ScheduleD/RevenueSubtotalAmt0349426
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02076
IRS990ScheduleD/TotalExpensesPerForm990Amt0365320
IRS990ScheduleD/TotalRevenuePerForm990Amt0349426
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0349426
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0365320
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0142202
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0C MICHAEL SMITH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0142202
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CHAIRMAN OF THE BOARD OF DIRECTORS REVIEWS THE RETURN. IF THERE ARE ANY CHANGES THE TREASURER IS CONSULTED AND THE ACCOUNTANT IF DEEMED NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1WHEN THERE IS A REQUEST THE REVIEW THE FEDERAL FILINGS A COPY IS MADE AVAILABLE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0109375
IRS990/TotalAssetsEOYAmt093481
IRS990/TotalAssetsGrp/BOYAmt0109375
IRS990/TotalAssetsGrp/EOYAmt093481
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0349083
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0365320
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0109375
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt093481
IRS990/TotalProgramServiceExpensesAmt0365320
IRS990/TotalReportableCompFromOrgAmt0142202
IRS990/TotalRevenueGrp/ExclusionAmt0343
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0349426
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0109375
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt093481
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0109375
IRS990/UnrestrictedNetAssetsGrp/EOYAmt093481
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0130 PIN OAK LANE
IRS990/USAddress/CityNm0MOORESVILLE
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028117
IRS990/VotingMembersGoverningBodyCnt021
IRS990/VotingMembersIndependentCnt021
IRS990/WebsiteAddressTxt0WWW.GREATERSTATESVILLE.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0GRANT MILLER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0VICE CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum07048710062
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-10-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GREATER STATESVILLE DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0GREA
ReturnHeader/Filer/EIN0561555859
ReturnHeader/Filer/PhoneNum07048710062
ReturnHeader/Filer/USAddress/AddressLine1Txt0116 N CENTER STREET
ReturnHeader/Filer/USAddress/CityNm0STATESVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028677
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561928422
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0NORRIS STEWART & RALSTON PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO DRAWER 1068
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0STATESVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028687
ReturnHeader/PreparerPersonGrp/PhoneNum07048711995

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$93,481
Liabilities
$0
Net assets
$93,481
Revenue
$349,426
Expenses
$365,320
Net income
-$15,894
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.17$0.28$0.89$1.20$1.07$0.12
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.09$0.32$0.77$1.12$1.02$0.11
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.03$0.38$0.65$0.99$0.90$0.09
2022Detailed filing. Detailed filing data is available for this year.$0.98$0.43$0.55$0.96$0.80$0.16
2021Detailed filing. Detailed filing data is available for this year.$0.39$0.00$0.39$0.81$0.75$0.06
2020Detailed filing. Detailed filing data is available for this year.$0.33$0.00$0.33$0.75$0.81$0.06
2019Summary only. Only limited summary data is available for this year.$0.39$0.00$0.39$0.61$0.45$0.16
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.10$0.00$0.10$0.27$0.23$0.03
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.06$0.00$0.06$0.26$0.29$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.09$0.00$0.09$0.35$0.37$0.02
2015Detailed filing. Detailed filing data is available for this year.$0.11$0.00$0.11$0.34$0.34$0.00
2014Detailed filing. Detailed filing data is available for this year.$0.11$0.00$0.11$0.32$0.32$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.11$0.00$0.11$0.31
2012Summary only. Only limited summary data is available for this year.$0.10$0.00$0.10$0.30$0.30$0.01