Civic Intelligence

Iredell County Economic Development Corporation

990 • Fiscal year 2022 • EIN 56-1555859

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 01, 2023

500 S Main StreetMooresville, NC 28115

(704) 663-1898

Siviq Scores

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

Liabilities / Assets

86th percentile

0.44x

Higher debt load relative to assets than 86% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

85th percentile

0.45x

Higher debt load relative to revenue than 85% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Net Margin

77th percentile

17%

Higher net margin than 77% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

89th percentile

$156,975

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 16.4% of source-year revenue.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Source year 2022

Asset Growth

98th percentile

151%

Faster asset growth than 98% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

62nd percentile

19%

Faster revenue growth than 62% of similar nonprofits.

2022 filings • 501(c)6 • $500k-$1M nonprofits • Annualized from 2021 to 2022

Assets

Up

$980,582

Up $589,357 (+151%) from 2021

Net Assets

Up

$553,041

Up $161,816 (+41%) from 2021

Liabilities

Up

$427,541

Up $427,541 from 2021

Revenue

Up

$959,388

Up $152,801 (+19%) from 2021

Expenses

Up

$797,572

Up $49,426 (+6.6%) from 2021

Net Income

Up

$161,816

Up $103,375 (+177%) from 2021

Historical Trend

Balance Sheet Trend

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

2022

Assets$980,582
Liabilities$427,541
Net Assets$553,041

Operations Trend

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

2022

Revenue$959,388
Expenses$797,572
Net Income$161,816
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 1, 2023
Return Version
2021v4.2
Gross Receipts
$959,388
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$245,915$416,672▲ $170,757
Savings and Temporary Cash Investments$103,209$103,220▲ $11
Land, Buildings, and Equipment, Net$38,162$36,601▼ $1,561
Total Assets$391,225$980,582▲ $589,357
Other Assets Total$3,939$424,089▲ $420,150
Liabilities
Other Liabilities$0$427,541▲ $427,541
Total Liabilities$0$427,541▲ $427,541
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$391,225$553,041▲ $161,816
Total Net Assets Fund Balance$391,225$553,041▲ $161,816
Total Liabilities and Net Assets / Fund Balance$391,225$980,582▲ $589,357

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$25,439$50,303$75,742
Leasehold Improvements$11,162$3,338$14,500
Other Assets Org$420,150--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Jenn BosserPresidentFT$156,975$156,975

Board Members and Trustees

NameTitle
Bob PalmesChairman
Jim MarshallPast-chairman
David AlexanderVice-chair
Beth MullBoard Member
Costi KuttehBoard Member
Gary ThomasBoard Member
James MalloryBoard Member
Marian ClarkBoard Member
Miles AtkinsBoard Member
Randy HemannBoard Member
Ron JohnsonBoard Member
Ron SmithBoard Member
Ron WyattBoard Member
Steve DaileyBoard Member
Teross YoungBoard Member
Mark BradyBoard Member - Non Voting
Tim BrewerBoard Member - Non Voting
Jeff CernutoSecretary
Paul CookTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$861,140
Program Service Revenue
$90,000
Investment Income
$110
Other Revenue
$8,138
All Other Contributions
$159,230
Change in Net Assets
$161,816

Audited Revenue Reconciliation

Revenue per Audited Statements
$959,388
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$959,388
Total Revenue per Form 990
$959,388
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$575,061
Other Expenses$222,511
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$251,239$27,915-$279,154
Current Officers, Directors, Trustees, and Key Employees$141,278$15,698-$156,976
Depreciation Depletion$59,874$6,653-$66,527
Other Employee Benefits$48,505$7,896-$56,401
Pension Plan Contributions$42,076$7,425-$49,501
Payroll Taxes$26,093$6,936-$33,029
Advertising$24,166--$24,166
Fees for Services Accounting$14,168$3,996-$18,164
Information Technology$16,815--$16,815
Travel$12,215--$12,215
All Other Expenses$10,653--$10,653
Occupancy$8,330$926-$9,256
Interest$6,205--$6,205
Other Expenses$3,735$658$0$4,393
Conferences and Meetings$3,751$417-$4,168
Insurance$2,863$466-$3,329
Total Functional Expenses$709,670$87,902$0$797,572

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$797,572
Total Expenses per Audited Statements$797,572
Total Expenses per Form 990$797,572
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Finance Lease Liability Less Current Portion$373,781
Current Potion Financing Lease Liability$53,760
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, MOORESVILLE, NC 28115

Signing Officer

Name
Bob Palmes
Title
Chairman
Phone
7046631898
Signed
2023-03-01
Discuss with paid preparer
Yes

Organization Details

Formed
1996
Legal Domicile
Nc
Voting Board Members
17
Independent Board Members
17
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/GrossReceiptsAmt0959388
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt017
IRS990/IndivRcvdGreaterThan100KCnt01
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/ProgramServicesAmt016815
IRS990/InformationTechnologyGrp/TotalAmt016815
IRS990/InsuranceGrp/ManagementAndGeneralAmt0466
IRS990/InsuranceGrp/ProgramServicesAmt02863
IRS990/InsuranceGrp/TotalAmt03329
IRS990/InterestGrp/ProgramServicesAmt06205
IRS990/InterestGrp/TotalAmt06205
IRS990/InvestmentIncomeGrp/ExclusionAmt010
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt010
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt053641
IRS990/LandBldgEquipBasisNetGrp/BOYAmt038162
IRS990/LandBldgEquipBasisNetGrp/EOYAmt036601
IRS990/LandBldgEquipCostOrOtherBssAmt090242
IRS990/LegalDomicileStateCd0NC
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt00
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingOtherInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO STIMULATE AND PROMOTE THE INDUSTRIAL AND COMMERCIAL DEVELOPMENT OF IREDELL COUNTY.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt0391225
IRS990/NetAssetsOrFundBalancesEOYAmt0553041
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt0100
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0100
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0391225
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0553041
IRS990/NoncashContributionsAmt021250
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt0926
IRS990/OccupancyGrp/ProgramServicesAmt08330
IRS990/OccupancyGrp/TotalAmt09256
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03939
IRS990/OtherAssetsTotalGrp/EOYAmt0424089
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt07896
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt048505
IRS990/OtherEmployeeBenefitsGrp/TotalAmt056401
IRS990/OtherExpensesGrp/Desc0MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc1LICENSES
IRS990/OtherExpensesGrp/Desc2TELEPHONE
IRS990/OtherExpensesGrp/Desc3PAYROLL ADMIN FEES
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt18190
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2726
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt3658
IRS990/OtherExpensesGrp/ProgramServicesAmt031168
IRS990/OtherExpensesGrp/ProgramServicesAmt10
IRS990/OtherExpensesGrp/ProgramServicesAmt26536
IRS990/OtherExpensesGrp/ProgramServicesAmt33735
IRS990/OtherExpensesGrp/TotalAmt031168
IRS990/OtherExpensesGrp/TotalAmt18190
IRS990/OtherExpensesGrp/TotalAmt27262
IRS990/OtherExpensesGrp/TotalAmt34393
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt0427541
IRS990/OtherRevenueMiscGrp/BusinessCd0561499
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt08138
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt08138
IRS990/OtherRevenueTotalAmt08138
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt027915
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0251239
IRS990/OtherSalariesAndWagesGrp/TotalAmt0279154
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt06936
IRS990/PayrollTaxesGrp/ProgramServicesAmt026093
IRS990/PayrollTaxesGrp/TotalAmt033029
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt07425
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt042076
IRS990/PensionPlanContributionsGrp/TotalAmt049501
IRS990/PoliticalCampaignActyInd00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM SERVICE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt090000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt090000
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0746775
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0-188
IRS990/PYOtherExpensesAmt0183315
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt060000
IRS990/PYRevenuesLessExpensesAmt058441
IRS990/PYSalariesCompEmpBnftPaidAmt0564831
IRS990/PYTotalExpensesAmt0748146
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0806587
IRS990/ReconcilationRevenueExpnssAmt0161816
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0103209
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0103220
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt025439
IRS990ScheduleD/EquipmentGrp/DepreciationAmt050303
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt075742
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0797572
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt011162
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt03338
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt014500
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt03939
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1420150
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0SECURITY DEPOSIT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1FINANCE LEASE RIGHT OF USE ASSET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt053760
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1373781
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CURRENT POTION FINANCING LEASE LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1FINANCE LEASE LIABILITY LESS CURRENT PORTION
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0959388
IRS990ScheduleD/TotalBookValueLandBuildingsAmt036601
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0424089
IRS990ScheduleD/TotalExpensesPerForm990Amt0797572
IRS990ScheduleD/TotalLiabilityAmt0427541
IRS990ScheduleD/TotalRevenuePerForm990Amt0959388
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0959388
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0797572
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0156975
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00

Document Assets

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Filings

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