Civic Intelligence

Roanoke Economic Development Incorporated

990 • Fiscal year 2022 • EIN 56-2182551

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 08, 2023

Organization Profile
518 NC 561 WestAulander, NC 27805

(252) 209-2236

Siviq Scores

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

Liabilities / Assets

98th percentile

1.92x

Higher debt load relative to assets than 98% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

92nd percentile

4.21x

Higher debt load relative to revenue than 92% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Net Margin

5th percentile

-107%

Higher net margin than 5% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

32nd percentile

$0

Higher top officer pay than 32% of similar nonprofits.

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

2022 filings • NTEE S • $1M-$5M nonprofits • Source year 2022

Asset Growth

84th percentile

48%

Faster asset growth than 84% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

7th percentile

-52%

Faster revenue growth than 7% of similar nonprofits.

2022 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$1,564,458

Up $507,712 (+48%) from 2021

Net Assets

Down

-$1,436,509

Down $762,594 (-113%) from 2021

Liabilities

Up

$3,000,967

Up $1,270,306 (+73%) from 2021

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin5th percentile

Revenue

Down

$712,657

Down $784,904 (-52%) from 2021

Expenses

Up

$1,475,251

Up $630,210 (+75%) from 2021

Net Income

Down

-$762,594

Down $1,415,114 (-217%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth84th percentile

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

$4.0M$2.0M$0-$2.0M-$4.0MAssets 2010: $497,101Liabilities 2010: $1,804,823Net Assets 2010: -$1,307,7222010Assets 2011: $443,268Liabilities 2011: $1,887,014Net Assets 2011: -$1,443,7462011Assets 2012: $526,525Liabilities 2012: $1,921,443Net Assets 2012: -$1,394,9182012Assets 2013: $497,367Liabilities 2013: $1,892,510Net Assets 2013: -$1,395,1432013Assets 2014: $658,781Liabilities 2014: $1,984,125Net Assets 2014: -$1,325,3442014Assets 2015: $713,994Liabilities 2015: $1,951,050Net Assets 2015: -$1,237,0562015Assets 2016: $692,647Liabilities 2016: $1,925,805Net Assets 2016: -$1,233,1582016Assets 2017: $818,552Liabilities 2017: $2,184,788Net Assets 2017: -$1,366,2362017Assets 2018: $845,844Liabilities 2018: $2,196,443Net Assets 2018: -$1,350,5992018Assets 2019: $897,813Liabilities 2019: $1,772,464Net Assets 2019: -$874,6512019Assets 2020: $1,171,513Liabilities 2020: $2,497,948Net Assets 2020: -$1,326,4352020Assets 2021: $1,056,746Liabilities 2021: $1,730,661Net Assets 2021: -$673,9152021Assets 2022: $1,564,458Liabilities 2022: $3,000,967Net Assets 2022: -$1,436,5092022Assets 2023: $1,414,748Liabilities 2023: $3,038,593Net Assets 2023: -$1,623,8452023Assets 2024: $1,508,518Liabilities 2024: $3,689,365Net Assets 2024: -$2,180,8472024

Highlighted filing

2022

Assets$1,564,458
Liabilities$3,000,967
Net Assets-$1,436,509
Open 2022 Filing

Operations Trend

Revenue Growth7th percentile

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

$2.0M$1.0M$0-$1.0MRevenue 2010: $432,554Expenses 2010: $506,663Net Income 2010: -$74,1092010Revenue 2011: $315,468Expenses 2011: $451,492Net Income 2011: -$136,0242011Revenue 2012: $365,375Expenses 2012: $316,547Net Income 2012: $48,8282012Revenue 2013: $288,010Expenses 2013: $288,235Net Income 2013: -$2252013Revenue 2014: $482,108Expenses 2014: $412,309Net Income 2014: $69,7992014Revenue 2015: $744,612Expenses 2015: $656,324Net Income 2015: $88,2882015Revenue 2016: $688,209Expenses 2016: $684,311Net Income 2016: $3,8982016Revenue 2017: $486,218Expenses 2017: $619,296Net Income 2017: -$133,0782017Revenue 2018: $403,192Expenses 2018: $387,555Net Income 2018: $15,6372018Revenue 2019: $983,849Expenses 2019: $507,901Net Income 2019: $475,9482019Revenue 2020: $223,015Expenses 2020: $674,799Net Income 2020: -$451,7842020Revenue 2021: $1,497,561Expenses 2021: $845,041Net Income 2021: $652,5202021Revenue 2022: $712,657Expenses 2022: $1,475,251Net Income 2022: -$762,5942022Revenue 2023: $766,357Expenses 2023: $953,693Net Income 2023: -$187,3362023Revenue 2024: $515,618Expenses 2024: $1,072,620Net Income 2024: -$557,0022024

Highlighted filing

2022

Revenue$712,657
Expenses$1,475,251
Net Income-$762,594
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 8, 2023
Return Version
2022v5.0
Gross Receipts
$712,657
Mission and Program Overview

Mission

This corporation is organized for the following purposes: charitable, educational, scientific, indulging, for such purposes, the making of distributions to organizations that qualify as exempt organizations under the sections 501(c)(3) and 170(c)(2) of the internal revenue code of 1986.

This corporation is organized for the following purposes: charitable, educational, scientific, indulging, for such purposes, the making of distributions to organizations that qualify as exempt organizations under sections 501(c)(3) and 170(c)(2) of the internal revenue code of 1986.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$938,700$1,448,762▲ $510,062
Accounts Receivable$118,046$115,636▼ $2,410
Prepaid Expenses and Deferred Charges-$60-
Rtn Earn Endowment Incm Other Fnds$-673,915$-1,436,509▼ $762,594
Total Assets$1,056,746$1,564,458▲ $507,712
Liabilities
Accounts Payable and Accrued Expenses$1,720,096$2,997,387▲ $1,277,291
Unsecured Notes Loans Payable$10,565$3,580▼ $6,985
Total Liabilities$1,730,661$3,000,967▲ $1,270,306
Net Assets / Fund Balance
Total Net Assets Fund Balance$-673,915$-1,436,509▼ $762,594
Total Liabilities and Net Assets / Fund Balance$1,056,746$1,564,458▲ $507,712
Compensation and Service Providers
Top Officer Pay32nd percentile

Board Members and Trustees

NameTitle
Allen W SpellerChairman
Marshall CherryPresident &
Robert NriddickVice Chair
Carolyn D BradleyDirector
Cindy VaughanDirector
Columbus JeffersDirector
Darnell LeeDirector
Kenneth JerniganDirector
Marva BondDirector
Delores H AmasonSec./treasur
Revenue and Support

Revenue Composition

Contributions and Grants
$664,054
Program Service Revenue
$48,603
Investment Income
$0
Other Revenue
$0
All Other Contributions
$664,054
Change in Net Assets
$-762,594

Audited Revenue Reconciliation

Revenue per Audited Statements
$712,657
Total Revenue per Audited Statements
$712,657
Total Revenue per Form 990
$712,657
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,249,785
Salaries, Compensation, and Employee Benefits$225,466
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$49,356$176,110-$225,466
Information Technology$16,908$34,408-$51,316
Conferences and Meetings$34,102--$34,102
Travel$18,157$257-$18,414
Advertising$11,100--$11,100
Fees for Services Accounting-$7,500-$7,500
Other Expenses$2,733$1,376-$1,376
Office Expenses$776$210-$986
Total Functional Expenses$1,240,776$234,475$0$1,475,251

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,475,251
Total Expenses per Audited Statements$1,475,251
Total Expenses per Form 990$1,475,251
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
No
Annual disclosure for covered persons
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed by the board with all supporting documentation made available to them.”

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

“The organization regularly and consistently monitors and enforces compliance with their conflict of interest policy as provided for in its policy.”

Form 990, Page 6, Part VI, Line 19

“The corporation makes its financial statements available to the public as part of its form 990. The form 990 is available upon request as reflected in part vi section c line 18.”

Filing and Contact Details

Filer

Filer Name
Roanoke Economic Development Inc
EIN
56-2182551
Phone
2522092236
Address
518 NC 561 WEST, AULANDER, NC 27805

Signing Officer

Name
Marshall Cherry
Title
President & CEO
Phone
2522092236
Signed
2023-09-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marshall Cherry
Formed
1999
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
0

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
William R Rountree
Phone
4787466277
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“This corporation is organized for the following purposes: charitable, educational, scientific, indulging, for such purposes, the making of distributions to organizations that qualify as exempt organizations under the sections 501(c)(3) and 170(c)(2) of the internal revenue code of 1986.”

Raw XML Appendix398 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THIS CORPORATION IS ORGANIZED FOR THE FOLLOWING PURPOSES: CHARITABLE, EDUCATIONAL, SCIENTIFIC, INDULGING, FOR SUCH PURPOSES, THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER THE SECTIONS 501(C)(3) AND 170(C)(2) OF THE INTERNAL REVENUE CODE OF 1986.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REVIEWED BY THE BOARD WITH ALL SUPPORTING DOCUMENTATION MADE AVAILABLE TO THEM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THEIR CONFLICT OF INTEREST POLICY AS PROVIDED FOR IN ITS POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CORPORATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS PART OF ITS FORM 990. THE FORM 990 IS AVAILABLE UPON REQUEST AS REFLECTED IN PART VI SECTION C LINE 18.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MARSHALL CHERRY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT & CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02522092236
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-09-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ROANOKE ECONOMIC DEVELOPMENT INC
ReturnHeader/Filer/BusinessNameControlTxt0ROAN
ReturnHeader/Filer/EIN0562182551
ReturnHeader/Filer/PhoneNum02522092236
ReturnHeader/Filer/USAddress/AddressLine1Txt0518 NC 561 WEST
ReturnHeader/Filer/USAddress/CityNm0AULANDER
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0581094351
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MCNAIR MCLEMORE MIDDLEBROOKS & CO LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0POST OFFICE BOX ONE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MACON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0GA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0312020001
ReturnHeader/PreparerPersonGrp/PhoneNum04787466277
ReturnHeader/PreparerPersonGrp/PreparationDt02023-10-09
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0WILLIAM R ROUNTREE
ReturnHeader/ReturnTs02023-10-09T08:56:11-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MARSHALL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0CHERRY
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,564,458
Liabilities
$3,000,967
Net assets
-$1,436,509
Revenue
$712,657
Expenses
$1,475,251
Net income
-$762,594
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.51$3.69$2.18$0.52$1.07$0.56
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.41$3.04$1.62$0.77$0.95$0.19
2022Detailed filing. Detailed filing data is available for this year.$1.56$3.00$1.44$0.71$1.48$0.76
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.06$1.73$0.67$1.50$0.85$0.65
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.17$2.50$1.33$0.22$0.67$0.45
2019Detailed filing. Detailed filing data is available for this year.$0.90$1.77$0.87$0.98$0.51$0.48
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.85$2.20$1.35$0.40$0.39$0.02
2017Summary only. Only limited summary data is available for this year.$0.82$2.18$1.37$0.49$0.62$0.13
2016Summary only. Only limited summary data is available for this year.$0.69$1.93$1.23$0.69$0.68$0.00
2015Summary only. Only limited summary data is available for this year.$0.71$1.95$1.24$0.74$0.66$0.09
2014Summary only. Only limited summary data is available for this year.$0.66$1.98$1.33$0.48$0.41$0.07
2013Summary only. Only limited summary data is available for this year.$0.50$1.89$1.40$0.29$0.29$0.00
2012Summary only. Only limited summary data is available for this year.$0.53$1.92$1.39$0.37$0.32$0.05
2011Summary only. Only limited summary data is available for this year.$0.44$1.89$1.44$0.32$0.45$0.14
2010Summary only. Only limited summary data is available for this year.$0.50$1.80$1.31$0.43$0.51$0.07