Civic Intelligence

Iredell County Economic Development Corporation

990 • Fiscal year 2023 • EIN 56-1555859

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 08, 2024

Organization ProfileWWW.IREDELLEDC.COM
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

75th percentile

0.37x

Higher debt load relative to assets than 75% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

73rd percentile

0.38x

Higher debt load relative to revenue than 73% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Net Margin

65th percentile

9.3%

Higher net margin than 65% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

61st percentile

$170,026

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 17.1% of source-year revenue.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2023

Asset Growth

47th percentile

5.0%

Faster asset growth than 47% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

38th percentile

3.4%

Faster revenue growth than 38% of similar nonprofits.

2023 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$1,029,927

Up $49,345 (+5.0%) from 2022

Net Assets

Up

$653,586

Up $100,545 (+18%) from 2022

Liabilities

Down

$376,341

Down $51,200 (-12%) from 2022

Revenue And Expenses
Liabilities / Revenue73rd percentileNet Margin65th percentile

Revenue

Up

$991,880

Up $32,492 (+3.4%) from 2022

Expenses

Up

$899,938

Up $102,366 (+13%) from 2022

Net Income

Down

$91,942

Down $69,874 (-43%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth47th 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

2023

Assets$1,029,927
Liabilities$376,341
Net Assets$653,586
Open 2023 Filing

Operations Trend

Revenue Growth38th 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

2023

Revenue$991,880
Expenses$899,938
Net Income$91,942
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 8, 2024
Return Version
2022v5.0
Gross Receipts
$995,131
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
Savings and Temporary Cash Investments$103,220$368,675▲ $265,455
Cash and Non-Interest-Bearing Accounts$416,672$251,792▼ $164,880
Land, Buildings, and Equipment, Net$36,601$42,990▲ $6,389
Total Assets$980,582$1,029,927▲ $49,345
Other Assets Total$424,089$366,470▼ $57,619
Liabilities
Other Liabilities$427,541$376,341▼ $51,200
Total Liabilities$427,541$376,341▼ $51,200
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$553,041$653,586▲ $100,545
Total Net Assets Fund Balance$553,041$653,586▲ $100,545
Total Liabilities and Net Assets / Fund Balance$980,582$1,029,927▲ $49,345

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$33,485$37,116$70,601
Leasehold Improvements$9,505$2,995$12,500
Other Assets Org$2,180--
Compensation and Service Providers
Top Officer Pay61st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jenn BosserPresidentFT$170,026$170,026

Board Members and Trustees

NameTitle
David AlexanderChairman
Bob PalmesPast-chairman
Jeff CernutoVice-chair
Beth MullBoard Member
Chris CarneyBoard Member
Costi KuttehBoard Member
James MalloryBoard Member
Jim MarshallBoard Member
Marian ClarkBoard Member
Melissa NeaderBoard Member
Paul CookBoard Member
Ron SmithBoard Member
Ron WyattBoard Member
Ryan RaseBoard Member
Steve DaileyBoard Member
Teross YoungBoard Member
Mark BradyBoard Member - Non Voting
Tim BrewerBoard Member - Non Voting
Chad SandersSecratary
Bill MccombsTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$774,457
Program Service Revenue
$185,000
Investment Income
$2,204
Other Revenue
$30,219
All Other Contributions
$151,447
Change in Net Assets
$91,942

Audited Revenue Reconciliation

Revenue per Audited Statements
$991,880
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$991,880
Total Revenue per Form 990
$991,880
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$619,931
Other Expenses$280,007
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$269,003$29,889-$298,892
Current Officers, Directors, Trustees, and Key Employees$153,023$17,003-$170,026
Depreciation Depletion$59,549$6,617-$66,166
Other Employee Benefits$51,300$8,351-$59,651
Pension Plan Contributions$47,818$8,438-$56,256
Payroll Taxes$27,734$7,372-$35,106
Advertising$33,532--$33,532
All Other Expenses$21,720$748-$22,468
Fees for Services Legal$14,235$4,015-$18,250
Information Technology$17,674--$17,674
Travel$13,150--$13,150
Other Expenses$0$6,656-$6,656
Interest$5,498--$5,498
Occupancy$3,245$361-$3,606
Insurance$2,893$471-$3,364
Conferences and Meetings$1,875$208-$2,083
Total Functional Expenses$808,905$91,033$0$899,938

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$899,938
Total Expenses per Audited Statements$899,938
Total Expenses per Form 990$899,938
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Contracts for ServicesMEMBERS OF THE CORPORATION'S BOARD OF DIRECTORS INCLUDE REPRESENTATIVES FROM VARIOUS GOVERNMENTAL UNITS.EACH UNIT CONTRACTS WITH THE ORGANIZATION FOR SERVICES WHICH GENERATE REVENUE FOR THE CORPORATION. THE LIST OF EACH GOVERNMENTAL UNIT IS BELOW:No$425,610
-Contracts for ServicesIredell CountyNo$160,000
-Contracts for ServicesTown of MooresvilleNo$136,000
-Performance of Administrative ServicesIREDELL COUNTY ECONOMIC DEVELOPMENT CORPORATION (ICEDC) SHARES SOME COMMON BOARD MEMBERS WITH THE SOUTH IREDELL COMMUNITY DEVELOPMENT CORPORATION (SICDC). SICDC HAS SOME ADMINISTRATIVE SERVICES REIMBURSED BY ICEDC AT A COST OF $5,000 A MONTH OR $60,000 FOR THE YEAR. THIS AGREEMENT MAY TERMINATE AT ANY TIME BY EITHER PARTY AFTER A 90 DAY WRITTEN NOTICE AND IS REPORTED IN REVENUE AS "ADMINISTRATIVE CONTRACT REIMBURSEMENT".No$60,000
-Contracts for ServicesCity of StatesvilleNo$26,400
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Finance Lease Liability Less Current Portion$317,993
Current Potion Financing Lease Liability$55,788
Deferred Rent Revenue$1,310
Rent Secuirty Deposit$1,250
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
Yes
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
David Alexander
Title
Chairman
Phone
7046631898
Signed
2024-02-08
Discuss with paid preparer
Yes

Organization Details

Formed
1996
Legal Domicile
Nc
Voting Board Members
18
Independent Board Members
18
Employees
7
Volunteers
0

Preparer

Firm
Potter & Company Pa
Address
PO BOX 5564, MOORESVILLE, NC 28117
Preparer
Robert W Taylor CPA
Phone
7046623146
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Fixed assets expensed in fy22 8,974. Depreciation on additional fixed assets taken in fy22 -371.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER - NON VOTING
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER - NON VOTING
IRS990/Form990PartVIISectionAGrp/TitleTxt20PRESIDENT
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IRS990/GrossRentsGrp/RealAmt015480
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IRS990/InformationTechnologyGrp/ProgramServicesAmt017674
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IRS990/InsuranceGrp/ManagementAndGeneralAmt0471
IRS990/InsuranceGrp/ProgramServicesAmt02893
IRS990/InsuranceGrp/TotalAmt03364
IRS990/InterestGrp/ProgramServicesAmt05498
IRS990/InterestGrp/TotalAmt05498
IRS990/InvestmentIncomeGrp/ExclusionAmt05455
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IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt00
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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
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-3251
IRS990/NetRentalIncomeOrLossGrp/RelatedOrExemptFuncIncomeAmt015480
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt015480
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0553041
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IRS990/NoncashContributionsAmt08897
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt0361
IRS990/OccupancyGrp/ProgramServicesAmt03245
IRS990/OccupancyGrp/TotalAmt03606
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0424089
IRS990/OtherAssetsTotalGrp/EOYAmt0366470
IRS990/OtherChangesInNetAssetsAmt08603
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08351
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt051300
IRS990/OtherEmployeeBenefitsGrp/TotalAmt059651
IRS990/OtherExpensesGrp/Desc0NEW BUSINESS DEVELOPMEN
IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc2TELEPHONE
IRS990/OtherExpensesGrp/Desc3LICENSES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0904
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt16656
IRS990/OtherExpensesGrp/ProgramServicesAmt065980
IRS990/OtherExpensesGrp/ProgramServicesAmt112536
IRS990/OtherExpensesGrp/ProgramServicesAmt28140
IRS990/OtherExpensesGrp/ProgramServicesAmt30
IRS990/OtherExpensesGrp/TotalAmt065980
IRS990/OtherExpensesGrp/TotalAmt112536
IRS990/OtherExpensesGrp/TotalAmt29044
IRS990/OtherExpensesGrp/TotalAmt36656
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IRS990/OtherLiabilitiesGrp/EOYAmt0376341
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IRS990/OtherRevenueTotalAmt014739
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt029889
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0269003
IRS990/OtherSalariesAndWagesGrp/TotalAmt0298892
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt07372
IRS990/PayrollTaxesGrp/ProgramServicesAmt027734
IRS990/PayrollTaxesGrp/TotalAmt035106
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt08438
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt047818
IRS990/PensionPlanContributionsGrp/TotalAmt056256
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IRS990/PYGrantsAndSimilarPaidAmt00
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IRS990/PYOtherRevenueAmt08138
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IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0899938
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IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt012500
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt03939
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1360351
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt22180
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1FINANCE LEASE RIGHT OF USE ASSET
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,029,927
Liabilities
$376,341
Net assets
$653,586
Revenue
$991,880
Expenses
$899,938
Net income
$91,942
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
2023Detailed filing. Detailed filing data is available for this year.$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