Civic Intelligence

Iredell County Economic Development Corporation

990 • Fiscal year 2024 • EIN 56-1555859

Jul 01, 2023 to Jun 30, 2024 • Filed on Jan 15, 2025

Organization ProfileWWW.IREDELLEDC.COM
500 S Main Street 449Mooresville, NC 28115-3228

(704) 663-1898

Siviq Scores

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

Liabilities / Assets

69th percentile

0.29x

Higher debt load relative to assets than 69% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

65th percentile

0.29x

Higher debt load relative to revenue than 65% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Net Margin

65th percentile

9.5%

Higher net margin than 65% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

59th percentile

$165,908

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 14.8% of source-year revenue.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2024

Asset Growth

49th percentile

5.6%

Faster asset growth than 49% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

67th percentile

13%

Faster revenue growth than 67% of similar nonprofits.

2024 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$1,087,744

Up $57,817 (+5.6%) from 2023

Net Assets

Up

$767,187

Up $113,601 (+17%) from 2023

Liabilities

Down

$320,557

Down $55,784 (-15%) from 2023

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin65th percentile

Revenue

Up

$1,121,564

Up $129,684 (+13%) from 2023

Expenses

Up

$1,015,367

Up $115,429 (+13%) from 2023

Net Income

Up

$106,197

Up $14,255 (+16%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth49th 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

2024

Assets$1,087,744
Liabilities$320,557
Net Assets$767,187
Open 2024 Filing

Operations Trend

Revenue Growth67th 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

2024

Revenue$1,121,564
Expenses$1,015,367
Net Income$106,197
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 15, 2025
Return Version
2023v6.0
Gross Receipts
$1,125,846
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$368,675$569,423▲ $200,748
Cash and Non-Interest-Bearing Accounts$251,792$172,792▼ $79,000
Land, Buildings, and Equipment, Net$42,990$41,038▼ $1,952
Total Assets$1,029,927$1,087,744▲ $57,817
Other Assets Total$366,470$304,491▼ $61,979
Liabilities
Other Liabilities$376,341$320,557▼ $55,784
Total Liabilities$376,341$320,557▼ $55,784
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$653,586$767,187▲ $113,601
Total Net Assets Fund Balance$653,586$767,187▲ $113,601
Total Liabilities and Net Assets / Fund Balance$1,029,927$1,087,744▲ $57,817

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$27,005$40,422$67,427
Leasehold Improvements$14,033$5,382$19,415
Other Assets Org$300,552--
Compensation and Service Providers
Top Officer Pay59th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jenn BosserPresidentFT$165,908$165,908

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
$874,668
Program Service Revenue
$185,000
Investment Income
$23,014
Other Revenue
$38,882
All Other Contributions
$158,191
Change in Net Assets
$106,197

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,121,564
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,121,564
Total Revenue per Form 990
$1,121,564
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$675,256
Other Expenses$340,111
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$306,453$34,050-$340,503
Current Officers, Directors, Trustees, and Key Employees$149,317$16,591-$165,908
Advertising$74,903--$74,903
Depreciation Depletion$60,466$6,718-$67,184
Other Employee Benefits$56,441$9,188-$65,629
Pension Plan Contributions$55,244$9,749-$64,993
Payroll Taxes$30,196$8,027-$38,223
All Other Expenses$17,918$6,489-$24,407
Fees for Services Legal$16,789$4,735-$21,524
Information Technology$19,885--$19,885
Travel$14,368--$14,368
Other Expenses$5,831$877-$5,831
Occupancy$4,723$525-$5,248
Interest$4,742--$4,742
Insurance$3,391$552-$3,943
Conferences and Meetings$3,247$361-$3,608
Total Functional Expenses$917,505$97,862$0$1,015,367

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,015,367
Total Expenses per Audited Statements$1,015,367
Total Expenses per Form 990$1,015,367
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$505,373
-Contracts for ServicesIredell CountyNo$167,536
-Contracts for ServicesTown of MooresvilleNo$139,768
-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$28,800
-Contracts for ServicesTown of TroutmanNo$10,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Finance Lease Liability Less Current Portion$260,058
Current Potion Financing Lease Liability$57,934
Deferred Rent Revenue$1,315
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
Yes
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 449, MOORESVILLE, NC 28115-3228

Signing Officer

Name
Bill Mccombs
Title
Treasurer
Phone
7046631898
Signed
2025-01-15
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 prior years 12,668. Depreciation on additional fixed assets taken in prior years -5,263.”

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IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherExpensesGrp/ProgramServicesAmt27895
IRS990/OtherExpensesGrp/ProgramServicesAmt35831
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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,087,744
Liabilities
$320,557
Net assets
$767,187
Revenue
$1,121,564
Expenses
$1,015,367
Net income
$106,197
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
2024Detailed filing. Detailed filing data is available for this year.$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