Civic Intelligence

Wilkes Economic Development Corporation

990 • Fiscal year 2016 • EIN 56-1957642

Jul 01, 2015 to Jun 30, 2016 • Filed on May 11, 2017

Organization ProfileWWW.WILKESEDC.COM
213 Ninth StreetNorth Wilkesboro, NC 28659

(336) 838-1402

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$1,522,495

Down $99,167 (-6.1%) from 2015

Net Assets

Down

$1,520,956

Down $100,706 (-6.2%) from 2015

Liabilities

Up

$1,539

Up $1,539 from 2015

Revenue And Expenses

Revenue

Down

$408,547

Down $48,232 (-11%) from 2015

Expenses

Up

$510,705

Up $115,904 (+29%) from 2015

Net Income

Down

-$102,158

Down $164,136 (-265%) from 2015

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2010: $576,313Liabilities 2010: $723Net Assets 2010: $575,5902010Assets 2012: $1,297,651Liabilities 2012: $27Net Assets 2012: $1,297,6242012Assets 2013: $1,421,397Liabilities 2013: $4,168Net Assets 2013: $1,417,2292013Assets 2014: $1,559,680Liabilities 2014: $0Net Assets 2014: $1,559,6802014Assets 2015: $1,621,662Liabilities 2015: $0Net Assets 2015: $1,621,6622015Assets 2016: $1,522,495Liabilities 2016: $1,539Net Assets 2016: $1,520,9562016Assets 2017: $1,549,515Liabilities 2017: $0Net Assets 2017: $1,549,5152017Assets 2018: $1,549,444Liabilities 2018: $0Net Assets 2018: $1,549,4442018Assets 2019: $1,588,299Liabilities 2019: $26,497Net Assets 2019: $1,561,8022019Assets 2020: $1,653,312Liabilities 2020: $1,344Net Assets 2020: $1,651,9682020Assets 2021: $1,468,078Liabilities 2021: $1,517Net Assets 2021: $1,466,5612021Assets 2022: $3,607,748Liabilities 2022: $0Net Assets 2022: $3,607,7482022Assets 2023: $4,481,472Liabilities 2023: $4,439Net Assets 2023: $4,477,0332023Assets 2024: $4,824,394Liabilities 2024: $13,257Net Assets 2024: $4,811,1372024

Highlighted filing

2016

Assets$1,522,495
Liabilities$1,539
Net Assets$1,520,956
Open 2016 Filing

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2010: $442,565Expenses 2010: $394,186Net Income 2010: $48,3792010Expenses 2012: $353,3032012Expenses 2013: $359,9012013Revenue 2014: $454,853Expenses 2014: $312,396Net Income 2014: $142,4572014Revenue 2015: $456,779Expenses 2015: $394,801Net Income 2015: $61,9782015Revenue 2016: $408,547Expenses 2016: $510,705Net Income 2016: -$102,1582016Revenue 2017: $442,350Expenses 2017: $399,611Net Income 2017: $42,7392017Revenue 2018: $359,399Expenses 2018: $359,472Net Income 2018: -$732018Revenue 2019: $369,819Expenses 2019: $357,460Net Income 2019: $12,3592019Revenue 2020: $532,003Expenses 2020: $441,837Net Income 2020: $90,1662020Revenue 2021: $374,575Expenses 2021: $559,982Net Income 2021: -$185,4072021Revenue 2022: $2,586,920Expenses 2022: $445,733Net Income 2022: $2,141,1872022Revenue 2023: $1,430,166Expenses 2023: $560,880Net Income 2023: $869,2862023Revenue 2024: $1,118,327Expenses 2024: $784,225Net Income 2024: $334,1022024

Highlighted filing

2016

Revenue$408,547
Expenses$510,705
Net Income-$102,158
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 11, 2017
Return Version
2015v3.0
Gross Receipts
$408,774
Mission and Program Overview

Mission

Economic development of wilkes county

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$594,269$864,087▲ $269,818
Pledges and Grants Receivable$466,320$434,761▼ $31,559
Cash and Non-Interest-Bearing Accounts$487,928$175,246▼ $312,682
Other Notes and Loans Receivable, Net$47,438$30,242▼ $17,196
Land, Buildings, and Equipment, Net$25,707$18,159▼ $7,548
Total Assets$1,621,662$1,522,495▼ $99,167
Liabilities
Accounts Payable and Accrued Expenses-$1,539-
Total Liabilities$0$1,539▲ $1,539
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,039,410$1,007,079▼ $32,331
Unrestricted Net Assets$582,252$513,877▼ $68,375
Total Net Assets Fund Balance$1,621,662$1,520,956▼ $100,706
Total Liabilities and Net Assets / Fund Balance$1,621,662$1,522,495▼ $99,167

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$18,159$40,665$58,824
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dan LittlePresidentFT$83,500$13,273$96,773

Board Members and Trustees

NameTitle
Jim SmoakChairman
Eric CramerVice Chairma
Bart HayesDirector
Bill WardenDirector
Blake LovetteDirector
Cody SootsDirector
Eddie SettleDirector
Frank TaracidoDirector
Gary JohnsonDirector
John CothernDirector
Lee HerringDirector
Terry BumgarnerDirector
Vaughn HayesDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$406,663
Program Service Revenue
$0
Investment Income
$1,884
Other Revenue
$0
All Other Contributions
$26,663
Change in Net Assets
$-102,158
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$334,976
Salaries, Compensation, and Employee Benefits$175,729
Total Fundraising Expense$30,884
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$72,278$1,507$12,942$86,727
Current Officers, Directors, Trustees, and Key Employees$16,700$58,450$8,350$83,500
Other Salaries and Wages$38,170$18,750$6,250$63,170
Other Expenses$14,275--$14,275
Occupancy$9,240$3,960-$13,200
Payroll Taxes$4,612$6,424$1,221$12,257
Office Expenses$9,686--$9,686
Fees for Services Accounting-$8,641-$8,641
Other Employee Benefits-$7,220$1,292$8,512
Pension Plan Contributions$3,009$4,452$829$8,290
Depreciation Depletion$7,320--$7,320
Conferences and Meetings$5,722--$5,722
Travel$1,372--$1,372
Total Functional Expenses$370,417$109,404$30,884$510,705
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
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
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 finance committee meets to review the form 990 in detail before it is submitted. The finance committee chairman reports the financial information to the full board at the next meeting. At that time copies are available for interested board members.”

Form 990, Page 6, Part VI, Line 12C

“Any edc board member who is affiliated in any way with a company or potential project does not participate in discussion or vote on such matters pertaining to their involvement outside of our organization.”

Form 990, Page 6, Part VI, Line 15A

“The north carolina school of government compiles information regarding compensation levels for a multitude of county and government positions across north carolina including economic developers. The results of this study are used in determining the compensation level of edc staff. Annual performance evaluations of staff members are performed by the executive committee. The executive committee is comprised of a representative from all funding partners (county, towns, and chamber). Any changes in compensation will be taken as a committee recommendation before the board at the next meeting for approval.”

Form 990, Page 6, Part VI, Line 15B

“Same as for executive director”

Form 990, Page 6, Part VI, Line 19

“Copies are available upon request.”

Filing and Contact Details

Filer

Filer Name
Wilkes Economic Development
EIN
56-1957642
Phone
3368381402
Address
213 NINTH STREET, NORTH WILKESBORO, NC 28659

Signing Officer

Name
Dan Little
Title
President
Phone
3368381402
Signed
2017-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dan Little
Formed
1996
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
3

Preparer

Firm
Benson Blevins & Associates Pllc
Address
302 9TH ST PO BOX 1026, NORTH WILKESBORO, NC 28659-4106
Preparer
Jody R Hamby
Phone
3368383175
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Business plan competition 0 0 12,942 education/training 12,825 0 0 publicity/public relation 12,705 0 0 business recruitment 11,498 0 0 repairs & maintenance 10,703 0 0 promotions 9,210 0 0 insurance 6,712 0 0 utilities 2,712 0 0 equipment expense-golden 2,149 0 0 web site maintenance 1,845 0 0 memberships & subscriptio 0 1,507 0 education/training-golden 1,400 0 0 miscellaneous 275 0 0 professional development 244 0 0”

Financial Statement Notes

Schedule D, Page 3, Part X

“The corporation files income tax returns in the u.s. Federal jurisdiction. The corporation is no longer subject to u.s federal income tax examinations by tax authorites for fiscal years that ended before june 30, 2013. The corporation follows the provisions of uncertain tax positions as addressed in fasb accounting standards codification 740-10-65-1. The corporation recognized no increase in the liability for unrecognized tax benefits. The corporation has no tax position at june 30, 2016 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The corporation recognized interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The corporation had no accruals for interest and penalties at june 30, 2016.”

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IRS990/PrincipalOfficerNm0DAN LITTLE
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME 10,777
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0454254
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt040665
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt058824
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. THE CORPORATION IS NO LONGER SUBJECT TO U.S FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITES FOR FISCAL YEARS THAT ENDED BEFORE JUNE 30, 2013. THE CORPORATION FOLLOWS THE PROVISIONS OF UNCERTAIN TAX POSITIONS AS ADDRESSED IN FASB ACCOUNTING STANDARDS CODIFICATION 740-10-65-1. THE CORPORATION RECOGNIZED NO INCREASE IN THE LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE CORPORATION HAS NO TAX POSITION AT JUNE 30, 2016 FOR WHICH THE ULTIMATE DEDUCTIBILITY IS HIGHLY CERTAIN BUT FOR WHICH THERE IS UNCERTAINTY ABOUT THE TIMING OF SUCH DEDUCTIBILITY. THE CORPORATION RECOGNIZED INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. NO SUCH INTEREST OR PENALTIES WERE RECOGNIZED DURING THE PERIOD PRESENTED. THE CORPORATION HAD NO ACCRUALS FOR INTEREST AND PENALTIES AT JUNE 30, 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FINANCE COMMITTEE MEETS TO REVIEW THE FORM 990 IN DETAIL BEFORE IT IS SUBMITTED. THE FINANCE COMMITTEE CHAIRMAN REPORTS THE FINANCIAL INFORMATION TO THE FULL BOARD AT THE NEXT MEETING. AT THAT TIME COPIES ARE AVAILABLE FOR INTERESTED BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANY EDC BOARD MEMBER WHO IS AFFILIATED IN ANY WAY WITH A COMPANY OR POTENTIAL PROJECT DOES NOT PARTICIPATE IN DISCUSSION OR VOTE ON SUCH MATTERS PERTAINING TO THEIR INVOLVEMENT OUTSIDE OF OUR ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE NORTH CAROLINA SCHOOL OF GOVERNMENT COMPILES INFORMATION REGARDING COMPENSATION LEVELS FOR A MULTITUDE OF COUNTY AND GOVERNMENT POSITIONS ACROSS NORTH CAROLINA INCLUDING ECONOMIC DEVELOPERS. THE RESULTS OF THIS STUDY ARE USED IN DETERMINING THE COMPENSATION LEVEL OF EDC STAFF. ANNUAL PERFORMANCE EVALUATIONS OF STAFF MEMBERS ARE PERFORMED BY THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE IS COMPRISED OF A REPRESENTATIVE FROM ALL FUNDING PARTNERS (COUNTY, TOWNS, AND CHAMBER). ANY CHANGES IN COMPENSATION WILL BE TAKEN AS A COMMITTEE RECOMMENDATION BEFORE THE BOARD AT THE NEXT MEETING FOR APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SAME AS FOR EXECUTIVE DIRECTOR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COPIES ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5BUSINESS PLAN COMPETITION 0 0 12,942 EDUCATION/TRAINING 12,825 0 0 PUBLICITY/PUBLIC RELATION 12,705 0 0 BUSINESS RECRUITMENT 11,498 0 0 REPAIRS & MAINTENANCE 10,703 0 0 PROMOTIONS 9,210 0 0 INSURANCE 6,712 0 0 UTILITIES 2,712 0 0 EQUIPMENT EXPENSE-GOLDEN 2,149 0 0 WEB SITE MAINTENANCE 1,845 0 0 MEMBERSHIPS & SUBSCRIPTIO 0 1,507 0 EDUCATION/TRAINING-GOLDEN 1,400 0 0 MISCELLANEOUS 275 0 0 PROFESSIONAL DEVELOPMENT 244 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 24E
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$1,522,495
Liabilities
$1,539
Net assets
$1,520,956
Revenue
$408,547
Expenses
$510,705
Net income
-$102,158
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.82$0.01$4.81$1.12$0.78$0.33
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.48$0.00$4.48$1.43$0.56$0.87
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.61$0.00$3.61$2.59$0.45$2.14
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.47$0.00$1.47$0.37$0.56$0.19
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.65$0.00$1.65$0.53$0.44$0.09
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.59$0.03$1.56$0.37$0.36$0.01
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.55$0.00$1.55$0.36$0.36$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.55$0.00$1.55$0.44$0.40$0.04
2016Detailed filing. Detailed filing data is available for this year.$1.52$0.00$1.52$0.41$0.51$0.10
2015Detailed filing. Detailed filing data is available for this year.$1.62$0.00$1.62$0.46$0.39$0.06
2014Detailed filing. Detailed filing data is available for this year.$1.56$0.00$1.56$0.45$0.31$0.14
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.42$0.00$1.42$0.36
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.30$0.00$1.30$0.35
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.58$0.00$0.58$0.44$0.39$0.05