Civic Intelligence

Wilkes Economic Development Corporation

990 • Fiscal year 2021 • EIN 56-1957642

Jul 01, 2020 to Jun 30, 2021 • Filed on May 03, 2022

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

(336) 838-1402

Siviq Scores

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

Liabilities / Assets

12th percentile

0.00x

Higher debt load relative to assets than 12% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

13th percentile

0.00x

Higher debt load relative to revenue than 13% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Net Margin

8th percentile

-49%

Higher net margin than 8% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

58th percentile

$117,930

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 31.5% of source-year revenue.

2021 filings • NTEE S • $1M-$5M nonprofits • Source year 2021

Asset Growth

10th percentile

-11%

Faster asset growth than 10% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

11th percentile

-30%

Faster revenue growth than 11% of similar nonprofits.

2021 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets12th percentile

Assets

Down

$1,468,078

Down $185,234 (-11%) from 2020

Net Assets

Down

$1,466,561

Down $185,407 (-11%) from 2020

Liabilities

Up

$1,517

Up $173 (+13%) from 2020

Revenue And Expenses
Liabilities / Revenue13th percentileNet Margin8th percentile

Revenue

Down

$374,575

Down $157,428 (-30%) from 2020

Expenses

Up

$559,982

Up $118,145 (+27%) from 2020

Net Income

Down

-$185,407

Down $275,573 (-306%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth10th percentile

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

2021

Assets$1,468,078
Liabilities$1,517
Net Assets$1,466,561
Open 2021 Filing

Operations Trend

Revenue Growth11th percentile

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

2021

Revenue$374,575
Expenses$559,982
Net Income-$185,407
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 3, 2022
Return Version
2020v4.0
Gross Receipts
$374,575
Mission and Program Overview

Mission

Economic development of wilkes county

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$411,787$504,997▲ $93,210
Savings and Temporary Cash Investments$799,892$482,680▼ $317,212
Pledges and Grants Receivable$309,800$341,800▲ $32,000
Investments Program Related$74,824$74,824→ $0
Land, Buildings, and Equipment, Net$55,909$43,179▼ $12,730
Other Notes and Loans Receivable, Net-$19,498-
Prepaid Expenses and Deferred Charges$1,100$1,100→ $0
Total Assets$1,653,312$1,468,078▼ $185,234
Liabilities
Accounts Payable and Accrued Expenses$1,344$1,517▲ $173
Total Liabilities$1,344$1,517▲ $173
Net Assets / Fund Balance
Net Assets With Donor Restrictions$958,755$828,120▼ $130,635
Net Assets Without Donor Restrictions$693,213$638,441▼ $54,772
Total Net Assets Fund Balance$1,651,968$1,466,561▼ $185,407
Total Liabilities and Net Assets / Fund Balance$1,653,312$1,468,078▼ $185,234

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$43,179$77,770$120,949
Investment Program Related Org$74,824--
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Leeann NixonPresidentFT$103,000$14,930$117,930
Robin HambyVice PresideFT$69,850$13,273$83,123

Board Members and Trustees

NameTitle
Brett CothrenChair
Gary DaemerVice Chair
Amanda PerryDirector
Dale IsomDirector
Debbie FergusonDirector
George SmithDirector
John CothernDirector
Keith ElmoreDirector
Matt DayeDirector
Ron WilcoxDirector
Russ FerreeDirector
Sandra SimmonsDirector
Shelmer BlackburnDirector
Terry BumgarnerDirector
Victor VarelaDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$356,413
Program Service Revenue
$0
Investment Income
$4,542
Other Revenue
$13,620
All Other Contributions
$14,613
Change in Net Assets
$-185,407
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$245,740
Grants and Similar Amounts Paid$177,863
Other Expenses$136,379
Total Fundraising Expense$10,733
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$177,863--$177,863
Current Officers, Directors, Trustees, and Key Employees$74,645$89,562$8,642$172,849
Advertising$25,480--$25,480
Other Salaries and Wages$23,920--$23,920
Other Employee Benefits$13,366$9,291$978$23,635
All Other Expenses$17,461$1,580-$19,041
Fees for Services Accounting-$15,874-$15,874
Payroll Taxes$7,763$7,054$681$15,498
Occupancy$9,240$3,960-$13,200
Depreciation Depletion$12,730--$12,730
Pension Plan Contributions$4,928$4,478$432$9,838
Conferences and Meetings$5,153--$5,153
Other Expenses$3,827--$3,827
Office Expenses$2,541--$2,541
Insurance$2,370--$2,370
Travel$354--$354
Total Functional Expenses$417,450$131,799$10,733$559,982
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 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
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 PRESIDENT”

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
Leeann Nixon
Title
President
Phone
3368381402
Signed
2022-05-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leeann Nixon
Formed
1996
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
9
Employees
2

Preparer

Firm
Benson Blevins & Associates Pllc
Address
302 9TH ST PO BOX 1026, NORTH WILKESBORO, NC 28659-4106
Preparer
Jody R Hamby
Phone
3368383175
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IRS990/PayrollTaxesGrp/FundraisingAmt0681
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IRS990/PensionPlanContributionsGrp/FundraisingAmt0432
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME 8,789
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, LINE 10
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0538400
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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 PRESIDENT
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4COPIES ARE AVAILABLE UPON REQUEST.
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
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IRS990/TotalAssetsBOYAmt01653312

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,468,078
Liabilities
$1,517
Net assets
$1,466,561
Revenue
$374,575
Expenses
$559,982
Net income
-$185,407
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
2021Detailed filing. Detailed filing data is available for this year.$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
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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