Civic Intelligence

Iredell County Economic Development Corporation

990 • Fiscal year 2020 • EIN 56-1555859

Jul 01, 2019 to Jun 30, 2020 • Filed on Feb 17, 2021

Organization ProfileWWW.IREDELLEDC.COM
500 S Main Street Suite 449Mooresville, NC 28115

(704) 663-1898

Siviq Scores

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

Liabilities / Assets

21st percentile

0.00x

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

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

21st percentile

0.00x

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

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Net Margin

21st percentile

-7.5%

Higher net margin than 21% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

44th percentile

$0

Higher top officer pay than 44% of similar nonprofits.

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

2020 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2020

Asset Growth

12th percentile

-14%

Faster asset growth than 12% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

91st percentile

23%

Faster revenue growth than 91% of similar nonprofits.

2020 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets21st percentile

Assets

Down

$332,784

Down $54,779 (-14%) from 2019

Net Assets

Down

$332,784

Down $54,779 (-14%) from 2019

Liabilities

Flat

$0

Flat from 2019

Revenue And Expenses
Liabilities / Revenue21st percentileNet Margin21st percentile

Revenue

Up

$749,716

Up $139,026 (+23%) from 2019

Expenses

Up

$805,980

Up $356,336 (+79%) from 2019

Net Income

Down

-$56,264

Down $217,310 (-135%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth12th 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

2020

Assets$332,784
Liabilities$0
Net Assets$332,784
Open 2020 Filing

Operations Trend

Revenue Growth91st 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

2020

Revenue$749,716
Expenses$805,980
Net Income-$56,264
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Feb 17, 2021
Return Version
2019v5.2
Gross Receipts
$751,747
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 iredell county

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$225,356$181,824▼ $43,532
Savings and Temporary Cash Investments$102,711$103,196▲ $485
Land, Buildings, and Equipment, Net$55,557$43,825▼ $11,732
Total Assets$387,563$332,784▼ $54,779
Other Assets Total$3,939$3,939→ $0
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$387,563$332,784▼ $54,779
Total Net Assets Fund Balance$387,563$332,784▼ $54,779
Total Liabilities and Net Assets / Fund Balance$387,563$332,784▼ $54,779

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$31,771$41,267$73,038
Leasehold Improvements$12,054$2,446$14,500
Compensation and Service Providers
Top Officer Pay44th percentile

Board Members and Trustees

NameTitle
Jim MarshallChairman
Jenn BosserPresident
Bob PalmesVice Chair
Beth JonesBoard Member
Costi KuttehBoard Member
Dr Tim BrewerBoard Member
Gary ThomasBoard Member
James MalloryBoard Member
Jeff CernutoBoard Member
Jim FreemanBoard Member
Mark BradyBoard Member
Miles AtkinsBoard Member
Randy HemannBoard Member
Ron SmithBoard Member
Steve DaileyBoard Member
Teross YoungBoard Member
Paul CookCo-treasurer
Ron JohnsonCo-treasurer
David AlexanderSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$691,263
Program Service Revenue
$60,000
Investment Income
$-1,547
Other Revenue
$0
Change in Net Assets
$-56,264

Audited Revenue Reconciliation

Revenue per Audited Statements
$749,716
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$749,716
Total Revenue per Form 990
$749,716
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$555,441
Other Expenses$250,539
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$335,271$37,252-$372,523
Other Employee Benefits$54,901$8,937-$63,838
Occupancy$56,880$6,320-$63,200
Fees for Services Management$54,463--$54,463
Comp Disqual Persons$43,745$4,861-$48,606
Pension Plan Contributions$32,178$5,678-$37,856
Payroll Taxes$25,768$6,850-$32,618
All Other Expenses$23,772$3,516-$27,288
Fees for Services Accounting$14,801$4,175-$18,976
Depreciation Depletion$8,728$970-$9,698
Advertising$9,512--$9,512
Travel$8,479--$8,479
Other Expenses$7,457$948-$7,457
Insurance$3,214$523-$3,737
Office Expenses$3,067--$3,067
Total Functional Expenses$724,934$81,046$0$805,980

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$805,980
Total Expenses per Audited Statements$805,980
Total Expenses per Form 990$805,980
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
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
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, Part VI, Section B, line 11B

“Governing documents disclosure explanation when thiere is a request they revewi the federal filings a copy is made available.”

Form 990, Part VI, Section C, line 19

“Organization's process to review form 990 the chairman of the board of directors reviews the return. If there are any cahgens the treasurer is consulted and the accountant if deemed necessary.”

Filing and Contact Details

Filer

Filer Name
Iredell County Economic
EIN
56-1555859
Phone
7046631898
Address
500 S MAIN STREET SUITE 449, Mooresville, NC 28115

Signing Officer

Name
Jim Marshall
Title
Chairman
Phone
7046631898
Signed
2021-02-17
Discuss with paid preparer
Yes

Organization Details

Formed
1996
Legal Domicile
Nc
Voting Board Members
19
Independent Board Members
19
Employees
6
Volunteers
0

Preparer

Firm
Potter & Company Pa
Address
106 WELTON WAY, MOORESVILLE, NC 28117
Preparer
Robert W Taylor CPA
Phone
7046623146
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IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt18PRESIDENT
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/FormationYr01996
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/SecuritiesAmt0-2031
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt019
IRS990/GovernmentGrantsAmt0691263
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt0751747
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd00
IRS990/IndependentVotingMemberCnt019
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InsuranceGrp/ManagementAndGeneralAmt0523
IRS990/InsuranceGrp/ProgramServicesAmt03214
IRS990/InsuranceGrp/TotalAmt03737
IRS990/InvestmentIncomeGrp/ExclusionAmt0484
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0484
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt01
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt043713
IRS990/LandBldgEquipBasisNetGrp/BOYAmt055557
IRS990/LandBldgEquipBasisNetGrp/EOYAmt043825
IRS990/LandBldgEquipCostOrOtherBssAmt087538
IRS990/LegalDomicileStateCd0NC
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt02031
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO STIMULATE AND PROMOTE THE INDUSTRIAL AND COMMERCIAL DEVELOPMENT OF IREDELL COUNTY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0387563
IRS990/NetAssetsOrFundBalancesEOYAmt0332784
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0-2031
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-2031
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0387563
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0332784
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt06320
IRS990/OccupancyGrp/ProgramServicesAmt056880
IRS990/OccupancyGrp/TotalAmt063200
IRS990/OfficeExpensesGrp/ProgramServicesAmt03067
IRS990/OfficeExpensesGrp/TotalAmt03067
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03939
IRS990/OtherAssetsTotalGrp/EOYAmt03939
IRS990/OtherChangesInNetAssetsAmt01485
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08937
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt054901
IRS990/OtherEmployeeBenefitsGrp/TotalAmt063838
IRS990/OtherExpensesGrp/Desc0COMPUTER EXPENSE
IRS990/OtherExpensesGrp/Desc1CONFERENCE
IRS990/OtherExpensesGrp/Desc2TELEPHONE
IRS990/OtherExpensesGrp/Desc3EQUIPMENT MAINTENANCE
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt01016
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1948
IRS990/OtherExpensesGrp/ProgramServicesAmt025025
IRS990/OtherExpensesGrp/ProgramServicesAmt19142
IRS990/OtherExpensesGrp/ProgramServicesAmt28531
IRS990/OtherExpensesGrp/ProgramServicesAmt37457
IRS990/OtherExpensesGrp/TotalAmt025025
IRS990/OtherExpensesGrp/TotalAmt110158
IRS990/OtherExpensesGrp/TotalAmt29479
IRS990/OtherExpensesGrp/TotalAmt37457
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt037252
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0335271
IRS990/OtherSalariesAndWagesGrp/TotalAmt0372523
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt06850
IRS990/PayrollTaxesGrp/ProgramServicesAmt025768
IRS990/PayrollTaxesGrp/TotalAmt032618
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt05678
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt032178
IRS990/PensionPlanContributionsGrp/TotalAmt037856
IRS990/PoliticalCampaignActyInd00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM SERVICE
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt060000
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt01003
IRS990/PYOtherExpensesAmt0225173
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt030000
IRS990/PYRevenuesLessExpensesAmt0161046
IRS990/PYSalariesCompEmpBnftPaidAmt0224471
IRS990/PYTotalExpensesAmt0449644
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0610690
IRS990/ReconcilationRevenueExpnssAmt0-56264
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0102711
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0103196
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt031771
IRS990ScheduleD/EquipmentGrp/DepreciationAmt041267
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt073038
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0805980
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt012054
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt02446
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt014500
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0749716
IRS990ScheduleD/TotalBookValueLandBuildingsAmt043825
IRS990ScheduleD/TotalExpensesPerForm990Amt0805980
IRS990ScheduleD/TotalRevenuePerForm990Amt0749716
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0749716
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0805980
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0GOVERNING DOCUMENTS DISCLOSURE EXPLANATION WHEN THIERE IS A REQUEST THEY REVEWI THE FEDERAL FILINGS A COPY IS MADE AVAILABLE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION'S PROCESS TO REVIEW FORM 990 THE CHAIRMAN OF THE BOARD OF DIRECTORS REVIEWS THE RETURN. IF THERE ARE ANY CAHGENS THE TREASURER IS CONSULTED AND THE ACCOUNTANT IF DEEMED NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0387563
IRS990/TotalAssetsEOYAmt0332784
IRS990/TotalAssetsGrp/BOYAmt0387563
IRS990/TotalAssetsGrp/EOYAmt0332784
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0691263
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt081046
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0724934
IRS990/TotalFunctionalExpensesGrp/TotalAmt0805980
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$332,784
Liabilities
$0
Net assets
$332,784
Revenue
$749,716
Expenses
$805,980
Net income
-$56,264
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)6 • $500k-$1M nonprofits