Liabilities / Assets
23rd percentile
Higher debt load relative to assets than 23% of similar nonprofits.
Chatham County Economic Development Corporation
990 • Fiscal year 2024 • EIN 56-2048401
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.02x
Liabilities / Revenue
24th percentile
Higher debt load relative to revenue than 24% of similar nonprofits.
Net Margin
14th percentile
Higher net margin than 14% of similar nonprofits.
Top Officer Pay
65th percentile
Higher top officer pay than 65% of similar nonprofits.
Top officer pay equals 28.7% of source-year revenue.
Asset Growth
16th percentile
Faster asset growth than 16% of similar nonprofits.
Revenue Growth
40th percentile
Faster revenue growth than 40% of similar nonprofits.
Balance Sheet
Assets
Down$1,253,122
Down $125,707 (-9.1%) from 2023
Net Assets
Down$1,232,086
Down $111,189 (-8.3%) from 2023
Liabilities
Down$21,036
Down $14,518 (-41%) from 2023
Revenue And Expenses
Revenue
Up$532,388
Up $13,234 (+2.5%) from 2023
Expenses
Up$648,220
Up $113,833 (+21%) from 2023
Net Income
Down-$115,832
Down $100,599 (-660%) from 2023
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2023 to Jun 30, 2024
- Signed
- May 14, 2025
- Return Version
- 2023v6.0
- Gross Receipts
- $580,804
Mission and Program Overview
Mission
Building on the county's strategic location between the triad and triangle, edc is positioning chatham as the preferred location for emerging growth companies. The policy-driven approach focuses on targeted attraction, retention, and entrepreneurship to improve the lives of county residents. Edc supports infrastructure improvements and preservation of the county's strong quality of place.
To coordinate and promote economic development, creating good paying jobs, increasing the commercial tax base, and improving the standard of living for county residents.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Savings and Temporary Cash Investments | $222,818 | $274,500 | ▲ $51,682 |
| Pledges and Grants Receivable | $565,377 | $269,294 | ▼ $296,083 |
| Investments Other Securities | $293,231 | $265,737 | ▼ $27,494 |
| Investments in Publicly Traded Securities | $136,382 | $151,995 | ▲ $15,613 |
| Cash and Non-Interest-Bearing Accounts | $152,138 | $89,906 | ▼ $62,232 |
| Land, Buildings, and Equipment, Net | $4,040 | $2,686 | ▼ $1,354 |
| Prepaid Expenses and Deferred Charges | $4,843 | $1,210 | ▼ $3,633 |
| Total Assets | $1,378,829 | $1,253,122 | ▼ $125,707 |
| Other Assets Total | - | $197,794 | - |
| Liabilities | |||
| Accounts Payable and Accrued Expenses | $22,180 | $12,798 | ▼ $9,382 |
| Other Liabilities | $13,374 | $8,238 | ▼ $5,136 |
| Total Liabilities | $35,554 | $21,036 | ▼ $14,518 |
| Net Assets / Fund Balance | |||
| Net Assets Without Donor Restrictions | $1,343,275 | $1,232,086 | ▼ $111,189 |
| Total Net Assets Fund Balance | $1,343,275 | $1,232,086 | ▼ $111,189 |
| Total Liabilities and Net Assets / Fund Balance | $1,378,829 | $1,253,122 | ▼ $125,707 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $2,686 | $40,895 | $43,581 |
| Other Assets Org | $197,794 | - | - |
| Other Securities | $265,737 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Total |
|---|---|---|---|---|
| C Michael Smith | President | FT | $153,000 | $153,000 |
Board Members and Trustees
| Name | Title |
|---|---|
| Chreatha Alston | Chair |
| Craig Wood | Vice Chair |
| Anthony Jackson | Director |
| Antonio Mcbroom | Director |
| Cindy Poindexter | Director |
| Dan Lamontagne | Director |
| Debbie Andleton | Director |
| Greg Lewis | Director |
| Hank Raper | Director |
| Jeff Wilson | Director |
| Jennifer Platt | Director |
| Lisa Chapman | Director |
| Taylor Hobbs | Director |
| Shannon Becker | Secretary/tr |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $525,653
- Program Service Revenue
- $0
- Investment Income
- $4,923
- Other Revenue
- $1,812
- All Other Contributions
- $66,582
- Change in Net Assets
- $-115,832
Noncash Contribution Practices
- Property subject to holding requirements
- No
- Reviewed unusual noncash gifts
- No
- Third parties used for noncash contributions
- No
Noncash Contributions
| Contribution Type | Contribution Count | Reported Amount | Valuation Method |
|---|---|---|---|
| Other Non Cash Contri Table | 1 | $28,332 | Recorded at Fair Market Value (FMV) |
| Total Noncash Contributions | 1 | $28,332 | - |
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $449,770 |
| Other Expenses | $198,450 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $211,981 | $124,497 | - | $336,478 |
| Payroll Taxes | $71,374 | $41,918 | - | $113,292 |
| Fees for Services Other | $41,358 | $22,201 | - | $63,559 |
| Advertising | $53,016 | - | - | $53,016 |
| Occupancy | $17,849 | $10,483 | - | $28,332 |
| Travel | $14,024 | - | - | $14,024 |
| All Other Expenses | $3,065 | $1,529 | - | $4,594 |
| Insurance | $2,046 | $682 | - | $2,728 |
| Office Expenses | $1,688 | $991 | - | $2,679 |
| Other Expenses | $484 | $1,453 | - | $1,937 |
| Depreciation Depletion | $853 | $501 | - | $1,354 |
| Interest | - | $196 | - | $196 |
| Total Functional Expenses | $438,821 | $209,399 | $0 | $648,220 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Accrued Vacation | $8,238 |
Governance and Compliance
Governance Checklist
- Compiled or reviewed by an accountant
- No
- Annual disclosure for covered persons
- Yes
- Audit committee
- 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
- Yes
- Compensation from other sources disclosed
- No
- CEO compensation reviewed
- Yes
- Other officer compensation reviewed
- No
- 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 4
“Updated board of directors terms and dates of service”
Form 990, Page 6, Part VI, Line 11B
“No review was or will be conducted.”
Form 990, Page 6, Part VI, Line 12C
“The conflict of interest policy covers all members of the board of directors and all employees with significant decision-making authority. These covered persons are required to complete and update annually in june a conflict of interest disclosure statement, and are required to disclose actual or potential conflicts of interest as soon as they are identified. Employees make disclosures to the ceo, who is responsible for determining if an actual conflict of interest exists, and documenting the rationale for the conclusion. The ceo reviews all transactions for which a covered employee has an actual conflict of interest, and prescribes a course of action to minimize the effect of the conflict of interest on the transaction. At a minimum, employees with a conflict of interest must be absent from any discussions of relevant transactions. The ceo and members of the board of directors make disclosures to the secretary of the board of directors, who is responsible for determining if an actual conflict of interest exists, and documenting the rationale for the conclusion. The secretary of the board of directors reviews all transactions for which a member of the board of directors has an actual conflict of interest, and prescribes a course of action to minimize the effect of the conflict of interest on the transaction. At a minimum, members of the board of directors with a conflict of interest must be absent from any discussions of relevant transactions.”
Form 990, Page 6, Part VI, Line 15A
“Performance reviews and core inflation metrics were used to appropriate updated funding for salaries for ceo and key employees.”
Form 990, Page 6, Part VI, Line 19
“The by-laws are available from the organization's website. Requests for other governing documents, conflicts of interest policy, and financial statements are provided upon request.”
Filing and Contact Details
Filer
- Filer Name
- Chatham County Economic Development
- EIN
- 56-2048401
- Phone
- 9195428274
- Address
- PO BOX 1627, PITTSBORO, NC 27312
Signing Officer
- Name
- Craig Wood
- Title
- Vice Chair
- Phone
- 9195428274
- Signed
- 2025-05-14
Organization Details
- Principal Officer
- Craig Wood
- Formed
- 1997
- Legal Domicile
- Nc
- Voting Board Members
- 15
- Independent Board Members
- 14
- Employees
- 5
- Volunteers
- 12
Preparer
- Firm
- Rose Group Cpas Pllc
- Address
- 101 COSGROVE AVE STE 260, CHAPEL HILL, NC 27514
- Preparer
- Christina Stroud Ea
- Phone
- 9199138081
Supplemental Narrative
Additional Explanations
FORM 990 - ORGANIZATION'S MISSION
“Building on the county's strategic location between the triad and triangle, edc is positioning chatham as the preferred location for emerging growth companies. The policy-driven approach focuses on targeted attraction, retention, and entrepreneurship to improve the lives of county residents. Edc supports infrastructure improvements and preservation of the county's strong quality of place.”
Financial Statement Notes
Schedule D, Page 3, Part X
“The organization is exempt from income taxes under section 501(c)(3) of the internal revenue code, except for income taxes pertaining to unrelated business income. The financial accounting standards board issued guidance that requires tax effects from uncertain tax positions to be recognized in the financial statements only if the position is more likely than not to be sustained if the position were to be challenged by a taxing authority. Management has determined there are no material uncertain positions that require recognition in the financial statements. As of june 30, 2023, tax periods for tax years, 2022, 2021, and 2020 remain open to examinations by the federal and state taxing jurisdictions to which the organization is subject.”
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| IRS990/Desc | 0 | COORDINATE EFFORTS OF CHATHAM COUNTY AND MUNICIPAL GOVERNMENTS WITH A POLICY-DRIVEN APPROACH DESIGNED TO CREATE JOBS, INCREASE THE COMMERCIAL TAX BASE, AND BUILD PROSPERITY FOR RESIDENTS BY FOCUSING ON ATTRACTION, RETENTION AND ENTREPRENEURSHIP. |
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| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 1 |
| IRS990/IndoorTanningServicesInd | 0 | false |
| IRS990/InfoInScheduleOPartIIIInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InsuranceGrp/ManagementAndGeneralAmt | 0 | 682 |
| IRS990/InsuranceGrp/ProgramServicesAmt | 0 | 2046 |
| IRS990/InsuranceGrp/TotalAmt | 0 | 2728 |
| IRS990/InterestGrp/ManagementAndGeneralAmt | 0 | 196 |
| IRS990/InterestGrp/TotalAmt | 0 | 196 |
| IRS990/InvestmentExpenseAmt | 0 | -2799 |
| IRS990/InvestmentIncomeGrp/ExclusionAmt | 0 | 5593 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 5593 |
| IRS990/InvestmentInJointVentureInd | 0 | false |
| IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt | 0 | 293231 |
| IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt | 0 | 265737 |
| IRS990/InvestmentsPubTradedSecGrp/BOYAmt | 0 | 136382 |
| IRS990/InvestmentsPubTradedSecGrp/EOYAmt | 0 | 151995 |
| IRS990/IRPDocumentCnt | 0 | 0 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 40895 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 4040 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 2686 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 43581 |
| IRS990/LegalDomicileStateCd | 0 | NC |
| IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt | 0 | 48416 |
| IRS990/LoanOutstandingInd | 0 | false |
| IRS990/LobbyingActivitiesInd | 0 | false |
| IRS990/LocalChaptersInd | 0 | false |
| IRS990/MaterialDiversionOrMisuseInd | 0 | false |
| IRS990/MembersOrStockholdersInd | 0 | false |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | true |
| IRS990/MinutesOfGoverningBodyInd | 0 | true |
| IRS990/MissionDesc | 0 | BUILDING ON THE COUNTY'S STRATEGIC LOCATION BETWEEN THE TRIAD AND TRIANGLE, EDC IS POSITIONING CHATHAM AS THE PREFERRED LOCATION FOR EMERGING GROWTH COMPANIES. THE POLICY-DRIVEN APPROACH FOCUSES ON TARGETED ATTRACTION, RETENTION, AND ENTREPRENEURSHIP TO IMPROVE THE LIVES OF COUNTY RESIDENTS. EDC SUPPORTS INFRASTRUCTURE IMPROVEMENTS AND PRESERVATION OF THE COUNTY'S STRONG QUALITY OF PLACE. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | false |
| IRS990/MoreThan5000KToOrgInd | 0 | false |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 1343275 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 1232086 |
| IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt | 0 | -670 |
| IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt | 0 | -670 |
| IRS990/NetUnrlzdGainsLossesInvstAmt | 0 | 10496 |
| IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt | 0 | 1343275 |
| IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt | 0 | 1232086 |
| IRS990/NoncashContributionsAmt | 0 | 28332 |
| IRS990/NondeductibleContributionsInd | 0 | false |
| IRS990/OccupancyGrp/ManagementAndGeneralAmt | 0 | 10483 |
| IRS990/OccupancyGrp/ProgramServicesAmt | 0 | 17849 |
| IRS990/OccupancyGrp/TotalAmt | 0 | 28332 |
| IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt | 0 | 991 |
| IRS990/OfficeExpensesGrp/ProgramServicesAmt | 0 | 1688 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 2679 |
| IRS990/OfficerMailingAddressInd | 0 | false |
| IRS990/OperateHospitalInd | 0 | false |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsFASB117Ind | 0 | X |
| IRS990/OtherAssetsTotalGrp/EOYAmt | 0 | 197794 |
| IRS990/OtherExpensesGrp/Desc | 0 | DEVELOPMENT AND TRAINING |
| IRS990/OtherExpensesGrp/Desc | 1 | DUES AND SUBSCRIPTIONS |
| IRS990/OtherExpensesGrp/Desc | 2 | FUNDRAISING PROGRAMS |
| IRS990/OtherExpensesGrp/Desc | 3 | BOARD MEMBER EXPENSE |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 0 | 2424 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 1 | 2524 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 2 | 1453 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 0 | 18659 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 2424 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 2 | 484 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 18659 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 4848 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 2524 |
| IRS990/OtherExpensesGrp/TotalAmt | 3 | 1937 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 13374 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 8238 |
| IRS990/OtherRevenueMiscGrp/Desc | 0 | MISCELLANEOUS REVENUE |
| IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt | 0 | 1812 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 0 | 1812 |
| IRS990/OtherRevenueTotalAmt | 0 | 1812 |
| IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt | 0 | 124497 |
| IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt | 0 | 211981 |
| IRS990/OtherSalariesAndWagesGrp/TotalAmt | 0 | 336478 |
| IRS990/PartialLiquidationInd | 0 | false |
| IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt | 0 | 41918 |
| IRS990/PayrollTaxesGrp/ProgramServicesAmt | 0 | 71374 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 113292 |
| IRS990/PledgesAndGrantsReceivableGrp/BOYAmt | 0 | 565377 |
| IRS990/PledgesAndGrantsReceivableGrp/EOYAmt | 0 | 269294 |
| IRS990/PoliticalCampaignActyInd | 0 | false |
| IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt | 0 | 4843 |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 1210 |
| IRS990/PrincipalOfficerNm | 0 | CRAIG WOOD |
| IRS990/PriorPeriodAdjustmentsAmt | 0 | -3054 |
| IRS990/ProfessionalFundraisingInd | 0 | false |
| IRS990/ProhibitedTaxShelterTransInd | 0 | false |
| IRS990/PYContributionsGrantsAmt | 0 | 508666 |
| IRS990/PYExcessBenefitTransInd | 0 | false |
| IRS990/PYInvestmentIncomeAmt | 0 | 10488 |
| IRS990/PYOtherExpensesAmt | 0 | 145142 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | -15233 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 387745 |
| IRS990/PYTotalExpensesAmt | 0 | 534387 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 1500 |
| IRS990/PYTotalRevenueAmt | 0 | 519154 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | -115832 |
| IRS990/RegularMonitoringEnfrcInd | 0 | true |
| IRS990/RelatedEntityInd | 0 | false |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | false |
| IRS990/ReportInvestmentsOtherSecInd | 0 | true |
| IRS990/ReportLandBuildingEquipmentInd | 0 | true |
| IRS990/ReportOtherAssetsInd | 0 | true |
| IRS990/ReportOtherLiabilitiesInd | 0 | true |
| IRS990/ReportProgramRelatedInvstInd | 0 | false |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 222818 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 274500 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt | 0 | 525653 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt | 0 | 508666 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 1347298 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 394705 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 427625 |
| IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt | 0 | 3203947 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt | 0 | 5593 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt | 0 | 10488 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 7781 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 1930 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 4360 |
| IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt | 0 | 30152 |
| IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt | 0 | 1812 |
| IRS990ScheduleA/PublicOrganization170Ind | 0 | X |
| IRS990ScheduleA/PublicSupportCY170Pct | 0 | 0.99070 |
| IRS990ScheduleA/PublicSupportPY170Pct | 0 | 0.97740 |
| IRS990ScheduleA/PublicSupportTotal170Amt | 0 | 3203947 |
| IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind | 0 | X |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt | 0 | 525653 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt | 0 | 508666 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt | 0 | 1347298 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt | 0 | 394705 |
| IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt | 0 | 427625 |
| IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt | 0 | 3203947 |
| IRS990ScheduleA/TotalSupportAmt | 0 | 3234099 |
| IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorNum | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine1 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine2 | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode | 0 | RESTRICTED |
| IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt | 0 | RESTRICTED |
| IRS990/ScheduleBRequiredInd | 0 | true |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 2686 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 40895 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 43581 |
| IRS990ScheduleD/FootnoteTextInd | 0 | X |
| IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt | 0 | 197794 |
| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 0 | PROMISES TO GIVE |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 8238 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | ACCRUED VACATION |
| IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt | 0 | 265737 |
| IRS990ScheduleD/OtherSecuritiesGrp/Desc | 0 | CERTIFICATE OF DEPOSIT |
| IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd | 0 | C |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | THE ORGANIZATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT FOR INCOME TAXES PERTAINING TO UNRELATED BUSINESS INCOME. THE FINANCIAL ACCOUNTING STANDARDS BOARD ISSUED GUIDANCE THAT REQUIRES TAX EFFECTS FROM UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN POSITIONS THAT REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. AS OF JUNE 30, 2023, TAX PERIODS FOR TAX YEARS, 2022, 2021, AND 2020 REMAIN OPEN TO EXAMINATIONS BY THE FEDERAL AND STATE TAXING JURISDICTIONS TO WHICH THE ORGANIZATION IS SUBJECT. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | SCHEDULE D, PAGE 3, PART X |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 2686 |
| IRS990ScheduleD/TotalBookValueOtherAssetsAmt | 0 | 197794 |
| IRS990ScheduleD/TotalBookValueSecuritiesAmt | 0 | 265737 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 8238 |
| IRS990ScheduleJ/AnyNonFixedPaymentsInd | 0 | false |
| IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd | 0 | false |
| IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd | 0 | false |
| IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd | 0 | false |
| IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd | 0 | false |
| IRS990ScheduleJ/EquityBasedCompArrngmInd | 0 | false |
| IRS990ScheduleJ/InitialContractExceptionInd | 0 | false |
| IRS990/ScheduleJRequiredInd | 0 | true |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt | 0 | 153000 |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm | 0 | C MICHAEL SMITH |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt | 0 | PRESIDENT |
| IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt | 0 | 153000 |
| IRS990ScheduleJ/SeverancePaymentInd | 0 | false |
| IRS990ScheduleJ/SupplementalNonqualRtrPlanInd | 0 | false |
| IRS990ScheduleJ/WrittenEmploymentContractInd | 0 | X |
| IRS990ScheduleM/AnyPropertyThatMustBeHeldInd | 0 | false |
| IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt | 0 | 1 |
| IRS990ScheduleM/OtherNonCashContriTableGrp/Desc | 0 | RENT/UTILITIES |
| IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt | 0 | RECORDED AT FMV |
| IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd | 0 | X |
| IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt | 0 | 28332 |
| IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd | 0 | false |
| IRS990ScheduleM/ThirdPartiesUsedInd | 0 | false |
| IRS990/ScheduleORequiredInd | 0 | false |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | BUILDING ON THE COUNTY'S STRATEGIC LOCATION BETWEEN THE TRIAD AND TRIANGLE, EDC IS POSITIONING CHATHAM AS THE PREFERRED LOCATION FOR EMERGING GROWTH COMPANIES. THE POLICY-DRIVEN APPROACH FOCUSES ON TARGETED ATTRACTION, RETENTION, AND ENTREPRENEURSHIP TO IMPROVE THE LIVES OF COUNTY RESIDENTS. EDC SUPPORTS INFRASTRUCTURE IMPROVEMENTS AND PRESERVATION OF THE COUNTY'S STRONG QUALITY OF PLACE. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | UPDATED BOARD OF DIRECTORS TERMS AND DATES OF SERVICE |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | NO REVIEW WAS OR WILL BE CONDUCTED. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE CONFLICT OF INTEREST POLICY COVERS ALL MEMBERS OF THE BOARD OF DIRECTORS AND ALL EMPLOYEES WITH SIGNIFICANT DECISION-MAKING AUTHORITY. THESE COVERED PERSONS ARE REQUIRED TO COMPLETE AND UPDATE ANNUALLY IN JUNE A CONFLICT OF INTEREST DISCLOSURE STATEMENT, AND ARE REQUIRED TO DISCLOSE ACTUAL OR POTENTIAL CONFLICTS OF INTEREST AS SOON AS THEY ARE IDENTIFIED. EMPLOYEES MAKE DISCLOSURES TO THE CEO, WHO IS RESPONSIBLE FOR DETERMINING IF AN ACTUAL CONFLICT OF INTEREST EXISTS, AND DOCUMENTING THE RATIONALE FOR THE CONCLUSION. THE CEO REVIEWS ALL TRANSACTIONS FOR WHICH A COVERED EMPLOYEE HAS AN ACTUAL CONFLICT OF INTEREST, AND PRESCRIBES A COURSE OF ACTION TO MINIMIZE THE EFFECT OF THE CONFLICT OF INTEREST ON THE TRANSACTION. AT A MINIMUM, EMPLOYEES WITH A CONFLICT OF INTEREST MUST BE ABSENT FROM ANY DISCUSSIONS OF RELEVANT TRANSACTIONS. THE CEO AND MEMBERS OF THE BOARD OF DIRECTORS MAKE DISCLOSURES TO THE SECRETARY OF THE BOARD OF DIRECTORS, WHO IS RESPONSIBLE FOR DETERMINING IF AN ACTUAL CONFLICT OF INTEREST EXISTS, AND DOCUMENTING THE RATIONALE FOR THE CONCLUSION. THE SECRETARY OF THE BOARD OF DIRECTORS REVIEWS ALL TRANSACTIONS FOR WHICH A MEMBER OF THE BOARD OF DIRECTORS HAS AN ACTUAL CONFLICT OF INTEREST, AND PRESCRIBES A COURSE OF ACTION TO MINIMIZE THE EFFECT OF THE CONFLICT OF INTEREST ON THE TRANSACTION. AT A MINIMUM, MEMBERS OF THE BOARD OF DIRECTORS WITH A CONFLICT OF INTEREST MUST BE ABSENT FROM ANY DISCUSSIONS OF RELEVANT TRANSACTIONS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | PERFORMANCE REVIEWS AND CORE INFLATION METRICS WERE USED TO APPROPRIATE UPDATED FUNDING FOR SALARIES FOR CEO AND KEY EMPLOYEES. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | THE BY-LAWS ARE AVAILABLE FROM THE ORGANIZATION'S WEBSITE. REQUESTS FOR OTHER GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE PROVIDED UPON REQUEST. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990 - ORGANIZATION'S MISSION |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PAGE 6, PART VI, LINE 4 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PAGE 6, PART VI, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PAGE 6, PART VI, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PAGE 6, PART VI, LINE 15A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PAGE 6, PART VI, LINE 19 |
| IRS990/SchoolOperatingInd | 0 | false |
| IRS990/SignificantChangeInd | 0 | false |
| IRS990/SignificantNewProgramSrvcInd | 0 | false |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2024 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $1,253,122
- Liabilities
- $21,036
- Net assets
- $1,232,086
- Revenue
- $532,388
- Expenses
- $648,220
- Net income
- -$115,832