Civic Intelligence

East Carolina Development Company Inc.

990 • Fiscal year 2015 • EIN 56-2044953

Oct 01, 2014 to Sep 30, 2015 • Filed on May 13, 2016

Organization ProfileN/A
2910 W Vernon AvenueKinston, NC 28504

(252) 522-2966

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2015

Liabilities / Revenue

100th percentile

42.80x

Higher debt load relative to revenue than 100% of similar nonprofits.

2015 filings • NTEE S • <$500k nonprofits • Source year 2015

Net Margin

98th percentile

90%

Higher net margin than 98% of similar nonprofits.

2015 filings • NTEE S • <$500k nonprofits • Source year 2015

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • NTEE S • <$500k nonprofits • Source year 2015

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2015 filings • NTEE S • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

3rd percentile

-81%

Faster revenue growth than 3% of similar nonprofits.

2015 filings • NTEE S • <$500k nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $3,877,849 (-100%) from 2014

Net Assets

Down

-$834,447

Down $594,868 (-248%) from 2014

Liabilities

Down

$834,447

Down $3,282,981 (-80%) from 2014

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin98th percentile

Revenue

Down

$19,497

Down $84,621 (-81%) from 2014

Expenses

Down

$1,950

Down $90,460 (-98%) from 2014

Net Income

Up

$17,547

Up $5,839 (+50%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2010: $5,698,409Liabilities 2010: $5,195,121Net Assets 2010: $503,2882010Assets 2011: $5,635,070Liabilities 2011: $5,237,161Net Assets 2011: $397,9092011Assets 2012: $4,504,885Liabilities 2012: $4,843,545Net Assets 2012: -$338,6602012Assets 2013: $4,371,312Liabilities 2013: $4,603,022Net Assets 2013: -$231,7102013Assets 2014: $3,877,849Liabilities 2014: $4,117,428Net Assets 2014: -$239,5792014Assets 2015: $0Liabilities 2015: $834,447Net Assets 2015: -$834,4472015Assets 2016: $0Liabilities 2016: $712,508Net Assets 2016: -$712,5082016Assets 2017: $0Liabilities 2017: $847,945Net Assets 2017: -$847,9452017

Highlighted filing

2015

Assets$0
Liabilities$834,447
Net Assets-$834,447
Open 2015 Filing

Operations Trend

Revenue Growth3rd percentile

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

$1.0M$500K$0Expenses 2010: $468,7722010Expenses 2011: $326,0702011Expenses 2012: $918,2302012Revenue 2013: $249,214Expenses 2013: $160,697Net Income 2013: $88,5172013Revenue 2014: $104,118Expenses 2014: $92,410Net Income 2014: $11,7082014Revenue 2015: $19,497Expenses 2015: $1,950Net Income 2015: $17,5472015Revenue 2016: $121,150Expenses 2016: $477Net Income 2016: $120,6732016Revenue 2017: $0Expenses 2017: $0Net Income 2017: $02017

Highlighted filing

2015

Revenue$19,497
Expenses$1,950
Net Income$17,547
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2014 to Sep 30, 2015
Signed
May 13, 2016
Return Version
2014v6.0
Gross Receipts
$472,647
Mission and Program Overview

Mission

EXPAND SMALL BUSINESSES

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,775,367$0▼ $2,775,367
Other Notes and Loans Receivable, Net$657,622$0▼ $657,622
Accounts Receivable$674$0▼ $674
Cash and Non-Interest-Bearing Accounts-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$3,877,849$0▼ $3,877,849
Other Assets Total$444,186$0▼ $444,186
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,071,573$792,812▼ $3,278,761
Accounts Payable and Accrued Expenses$45,855$41,635▼ $4,220
Total Liabilities$4,117,428$834,447▼ $3,282,981
Net Assets / Fund Balance
Temporarily Rstr Net Assets$-239,579$-834,447▼ $594,868
Total Net Assets Fund Balance$-239,579$-834,447▼ $594,868
Total Liabilities and Net Assets / Fund Balance$3,877,849$0▼ $3,877,849
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Lloyd MoodyChairman
Chad KornegayDirector
Misty ChaseDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$10,812
Investment Income
$-47,445
Other Revenue
$56,130
Change in Net Assets
$17,547
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,950
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,587--$1,587
Other Expenses$115$5-$5
Total Functional Expenses$1,892$58$0$1,950
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Stephen LaRoqueFmr Exec DirAccrued SalariesNo$37,500

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
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, Line 11B: Form 990 Review Process

“Form 990 reviewed by chairman of the board.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Governing documents are made available for public inspection upon request.”

Filing and Contact Details

Filer

Filer Name
East Carolina Development Co Inc
EIN
56-2044953
Phone
2525222966
Address
2910 W VERNON AVENUE, KINSTON, NC 28504

Signing Officer

Name
Lloyd Moody
Title
Chairman
Signed
2016-05-13
Discuss with paid preparer
Yes

Organization Details

Formed
1997
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Lloyd Moody CPA
Address
2910 W Vernon Ave, Kinston, NC 28504
Preparer
Lloyd Moody
Phone
2525222966
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Return of RBEG Grant Funds to USDA = -$224679”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Transfer of A/R IRP Note Balances to Dunn Area Committee = -$625047”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Transfer of A/R RBEG Note Balances to Dunn Area Committee = -$20494”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Transfer of Bank Account Balances to Dunn Area Committee = -$1052356”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Transfer of CD Balances to Dunn Area Committee = -$1515657”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Transfer of USDA Loan Balances to Dunn Area Committee = $2825818”

Form 990, Part XII, Line 3: Explain Why No Required Audit

“The Organization did not receive any federal funding during the current year. The Executive Director of the Organization was indicted on July 17, 2012, and later pled guilty to one count of theft from a program receiving federal funds. He was sentenced in July of 2015 and is currently serving a 24 month term in federal prison. The case was prosecuted by the U.S. Attorney's Office and the Internal Revenue Service. USDA did not direct that an audit be conducted for the current year.”

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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt037500
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0Accrued Salaries
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0Accrued salaries of $37,500 are shown, the validity of which is still being adjudicated.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule L, Part V Supplemental Information
IRS990ScheduleN/DirectorOfSuccessor2Ind0false
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0Rural Business Enterprise Grant Program Funds (RBEG)
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1Cash
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc2Certificates of Deposit
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc3Accounts Receivable-IRP Program
IRS990ScheduleN/DispositionOfAssetsDetail/AssetsDistriOrExpnssPaidDesc4Accounts Receivable - RBEG Program
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt0US Dept of Agriculture
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt1The Dunn Area Committee of 100
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt2The Dunn Area Committee of 100
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt3The Dunn Area Committee of 100
IRS990ScheduleN/DispositionOfAssetsDetail/BusinessName/BusinessNameLine1Txt4The Dunn Area Committee of 100
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt02014-11-21
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt12014-11-20
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt22014-11-20
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt32015-11-30
IRS990ScheduleN/DispositionOfAssetsDetail/DistributionDt42015-11-30
IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt0224679
IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt11052356
IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt21515657
IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt3625047
IRS990ScheduleN/DispositionOfAssetsDetail/FairMarketValueOfAssetAmt420494
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt0Governmental
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt1501(c)(3)
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt2501(c)(3)
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt3501(c)(3)
IRS990ScheduleN/DispositionOfAssetsDetail/IRCSectionTxt4501(c)(3)
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt0Actual Value
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt1Actual Value
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt2Actual Value
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt3Actual Amount
IRS990ScheduleN/DispositionOfAssetsDetail/MethodOfFMVDeterminationTxt4Actual Amount
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine1Txt04405 Bland Road Suite 260
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine1Txt1600 South Magnolia Avenue
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine1Txt2600 South Magnolia Avenue
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine1Txt3600 South Magnolia Avenue
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/AddressLine1Txt4600 South Magnolia Avenue
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/CityNm0Raleigh
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/CityNm1Dunn
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/CityNm2Dunn
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/CityNm3Dunn
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/CityNm4Dunn
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/StateAbbreviationCd0NC
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/StateAbbreviationCd1NC
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/StateAbbreviationCd2NC
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/StateAbbreviationCd3NC
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/StateAbbreviationCd4NC
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/ZIPCd027609
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/ZIPCd128334
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/ZIPCd228334
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/ZIPCd328334
IRS990ScheduleN/DispositionOfAssetsDetail/USAddress/ZIPCd428334
IRS990ScheduleN/EmployeeOfSuccessor2Ind0false
IRS990ScheduleN/OwnerOfSuccessor2Ind0false
IRS990ScheduleN/ReceiveCompensation2Ind0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 REVIEWED BY CHAIRMAN OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1GOVERNING DOCUMENTS ARE MADE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Return of RBEG Grant Funds to USDA = -$224679
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Transfer of A/R IRP Note Balances to Dunn Area Committee = -$625047
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Transfer of A/R RBEG Note Balances to Dunn Area Committee = -$20494
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Transfer of Bank Account Balances to Dunn Area Committee = -$1052356
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Transfer of CD Balances to Dunn Area Committee = -$1515657
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Transfer of USDA Loan Balances to Dunn Area Committee = $2825818
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8The Organization did not receive any federal funding during the current year. The Executive Director of the Organization was indicted on July 17, 2012, and later pled guilty to one count of theft from a program receiving federal funds. He was sentenced in July of 2015 and is currently serving a 24 month term in federal prison. The case was prosecuted by the U.S. Attorney's Office and the Internal Revenue Service. USDA did not direct that an audit be conducted for the current year.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Other Changes In Net Assets Or Fund Balances - Other Decreases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Other Changes In Net Assets Or Fund Balances - Other Increases
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part XII, Line 3: Explain Why No Required Audit
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt0-239579
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0-834447
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt03877849
IRS990/TotalAssetsEOYAmt00
IRS990/TotalAssetsGrp/BOYAmt03877849
IRS990/TotalAssetsGrp/EOYAmt00
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt058
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01892
IRS990/TotalFunctionalExpensesGrp/TotalAmt01950
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04117428
IRS990/TotalLiabilitiesEOYAmt0834447
IRS990/TotalLiabilitiesGrp/BOYAmt04117428
IRS990/TotalLiabilitiesGrp/EOYAmt0834447
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-239579
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-834447
IRS990/TotalProgramServiceExpensesAmt01892

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$834,447
Net assets
-$834,447
Revenue
$19,497
Expenses
$1,950
Net income
$17,547
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.85$0.85$0.00$0.00$0.00
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.71$0.71$0.12$0.00$0.12
2015Detailed filing. Detailed filing data is available for this year.$0.00$0.83$0.83$0.02$0.00$0.02
2014Detailed filing. Detailed filing data is available for this year.$3.88$4.12$0.24$0.10$0.09$0.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.37$4.60$0.23$0.25$0.16$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.50$4.84$0.34$0.92
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.64$5.24$0.40$0.33
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.70$5.20$0.50$0.47