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Choanoke Area Development Assoc FY2023 filing

Tax-deductible

Rich Square, NC501(c)(3)Since 1962Housing EIN 56-0841757Revenue $10.2M in FY2023

On file with the IRSnc-cada.orgPo Box 530, 27869-0530 · Rich Square, NCTax-exempt since Mar 1965Publicly supported charity — 170(b)(1)(A)(vi)

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To provide assistance to low-income individuals and families

501(c)(3) charity; gifts are tax-deductible.
94¢ of each $1 spent went to programs.
$85K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $178K a year · 2% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$85K
to officers and key staff · 0.8% of spending
Looks good: pay to officers and key staff is 1% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.3 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $101K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.9M
88% of total assets
Concern: liabilities are 88% of assets; over 80%.
Pt X · Ln 26
Independent board members
29
of 29 voting members
Looks good: 29 of 29 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$10.2M
+1% vs prior year
Spent
$10.7M
To programs
94%
Net assets
$398K
By yearFY2020–FY2024
Revenue
$10.2M
FY2023▲ +1%
Tap a bar for its year
Revenue by fiscal year
FY2020$9.9M
FY2021$10.4M
FY2022$10.0M
FY2023$10.2M
FY2024$10.9M
Expenses
$10.7M
FY2023▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2020$10.2M
FY2021$10.4M
FY2022$10.1M
FY2023$10.7M
FY2024$10.9M
Net assets
$398K
FY2023▼ -58%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.7M
FY2021$1.0M
FY2022$943K
FY2023$398K
FY2024$3.1M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1965.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $10.0M Management & general 6% · $677K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

29 people listed on the 990; $85K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Christopher Moody
Executive Director
$84,875Pt VII · Sec A
Nathan Mizell
2nd Vice President
$0Pt VII · Sec A
Jackson Brown JR
3rd Vice President
$0Pt VII · Sec A
James Peele
Secretary/Treasurer
$0Pt VII · Sec A
Robin Williams
Asst Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Carl Bond
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Christopher Moody’s $75K as Executive Director is at the 2nd percentile of top reported officer pay among 676 $10–100M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Sallie Surface———$86,994$84,372
Christopher Moody$75,309$84,875$66,422——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Choanoke Area Development Assoc executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Helps low-income individuals and families with essential assistance.

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Provided by the organization

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3 programs · $8.0M · in their own filed words · FY2022
01

Head start program the program serves economically disadvantaged preschool children by providing comprehensive health, education, nutrition, social, and other services.

$5.5Mprogram expense
02

Hud section 8 housing program this program provides rental and utility assistance to low income families.

$1.5Mprogram expense
03

The weatherization assistance program enables low income families to permanently reduce their energy bills by making their homes more energy efficient. Funds are used to improve the energy performance of dwellings of needy families using the most advanced technologies and testing protocols available in the housing industry.

$970Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Hertford-Northampton Smart Start Partnership for Children INCFY2024$69K
North Carolina Housing Coalition INCFY2024$32K
Total grants receivedfrom 2 funders$101K
Grants paid · 15 grants · $10.3M · 2019–2023
Unitemized GrantFY2023$1,382,113
Unitemized GrantFY2023$296,279
Unitemized GrantFY2023$270,740
Unitemized GrantFY2022$1,297,896
Unitemized GrantFY2022$483,025
Unitemized GrantFY2022$437,772
Unitemized GrantFY2021$1,329,501
Unitemized GrantFY2021$380,753
Unitemized GrantFY2021$379,684
Unitemized GrantFY2020$1,579,795
Unitemized GrantFY2020$351,845
Unitemized GrantFY2020$115,941
Unitemized GrantFY2019$1,402,508
Unitemized GrantFY2019$329,383
Unitemized GrantFY2019$293,950

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$10.2M
Ln 12
Gifts and grantsLn 1h$10.0M
Fees for servicesLn 2g$206K
Investment incomeLn 3$807
Money outPt IX
$10.7M
Ln 25
Programscol B$10.0M
Managementcol C$677K
Owns and owesPt X
$398K
net assets · Ln 32
Cash and savingsLn 1–2$307K
Total assetsLn 16$3.3M
LiabilitiesLn 26$2.9M
PeoplePt VI, VII
29
listed · VII A
PaidVII A1
Voting boardVI 1a29
IndependentVI 1b29
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$10.0M
Government grantsLn 1e$9.9M
Fees for servicesLn 2g$206K
Investment incomeLn 3$807
Total revenueLn 12$10.2M
Assets in detailPt X, end of year
CashLn 1$307K
Cash and savings togetherLn 1–2$307K
InvestmentsLn 11–13$182K
Land, buildings, equipmentLn 10c$2.2M
Other assetsLn 15$292K
Total assetsLn 16$3.3M
LiabilitiesLn 26$2.9M
Net assetsLn 32$398K
OperationsPt I, VI
EmployeesI 5229
VolunteersI 6351
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$43K$307K
InvestmentsLn 11–13$182K$182K
Land, buildings, equipmentLn 10c$2.2M$2.2M
Total assetsLn 16$3.1M$3.3M
LiabilitiesLn 26$2.1M$2.9M
Net assetsLn 32$943K$398K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$2.2M$2.2M
Pay of current officers, directors and key staffLn 5$85K$77K$8K
Other salaries and wagesLn 7$4.4M$4.0M$412K
Pension plan contributionsLn 8$111K$100K$11K
Other employee benefitsLn 9$819K$764K$55K
Payroll taxesLn 10$362K$328K$34K
Accounting feesLn 11c$16K$5K$10K
Other fees for servicesLn 11g$263K$263K
Advertising and promotionLn 12$32K$32K$94
Office expensesLn 13$151K$124K$26K
Information technologyLn 14$50K$50K$58
OccupancyLn 16$359K$338K$21K
TravelLn 17$113K$113K$328
InterestLn 20$24K$24K
Depreciation, depletion and amortizationLn 22$180K$180K
InsuranceLn 23$233K$213K$20K
Other expenses (24a–d)Ln 24$1.1M$1.0M$47K
All other expensesLn 24e$250K$218K$32K
Total functional expensesLn 25$10.7M$10.0M$677K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $10.9M$10.9M−$43K$3.1M 990 PDF
FY2023 Viewing $10.2M$10.7M−$545K$398K 990 PDF
FY2022 $10.0M$10.1M−$72K$943K 990 PDF
FY2021 $10.4M$10.4M$33K$1.0M 990 PDF
FY2020 $9.9M$10.2M−$261K$1.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $10,178,158 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $9,626,918$9,971,502
I-9 Program service revenuePrior year $80,820$205,849
I-10 Investment incomePrior year $39$807
I-11 Other revenuePrior year $321,540$0
I-12 Total revenuePrior year $10,029,317$10,178,158
I-13 Grants and similar amounts paidPrior year $2,089,938$2,218,693
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,559,228$5,760,889
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,451,819$2,743,470
I-18 Total expensesPrior year $10,100,985$10,723,052
I-19 Revenue less expensesPrior year −$71,668−$544,894
Part VI · Governance 29 of 29 board members independent, no flags
VI-1a Voting members of the governing body29
VI-1b Independent voting members29
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $10,178,158 across 6 lines filed
VIII-1e Government grants$9,906,139
VIII-1f All other contributions, gifts and grants$65,363
VIII-1h Total contributions, gifts and grants$9,971,502
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $205,849$205,849
VIII-3 Investment incomeExcluded from tax $807$807
VIII-12 Total revenueRelated to mission $205,849 · Unrelated business $0 · Excluded from tax $807$10,178,158
Part IX · Statement of functional expenses $10,723,052 across 18 lines filed
IX-2 Grants to domestic individualsPrograms $2,218,693$2,218,693
IX-5 Pay of current officers, directors and key staffPrograms $76,903 · Management $7,972$84,875
IX-7 Other salaries and wagesPrograms $3,972,321 · Management $411,810$4,384,131
IX-8 Pension plan contributionsPrograms $100,222 · Management $11,255$111,477
IX-9 Other employee benefitsPrograms $763,958 · Management $54,630$818,588
IX-10 Payroll taxesPrograms $327,751 · Management $34,067$361,818
IX-11c Accounting feesPrograms $5,391 · Management $10,167$15,558
IX-11g Other fees for servicesPrograms $262,892$262,892
IX-12 Advertising and promotionPrograms $32,117 · Management $94$32,211
IX-13 Office expensesPrograms $124,216 · Management $26,394$150,610
IX-14 Information technologyPrograms $49,869 · Management $58$49,927
IX-16 OccupancyPrograms $337,952 · Management $21,224$359,176
IX-17 TravelPrograms $112,928 · Management $328$113,256
IX-20 InterestPrograms $23,810$23,810
IX-22 Depreciation, depletion and amortizationPrograms $179,840$179,840
IX-23 InsurancePrograms $212,727 · Management $19,830$232,557
IX-24 Other expenses (24a–d)Programs $1,026,891 · Management $47,156$1,074,047
IX-24e All other expensesPrograms $217,577 · Management $32,009$249,586
IX-25 Total functional expensesPrograms $10,046,058 · Management $676,994 · Fundraising $0$10,723,052
Part X · Balance sheet $3,273,783 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $42,715$307,086
X-3 Pledges and grants receivableStart of year $312,611$161,541
X-4 Accounts receivableStart of year $148,764$178,768
X-10c Land, buildings and equipment, netStart of year $2,200,799$2,153,087
X-13 Program-related investmentsStart of year $181,691$181,691
X-15 Other assetsStart of year $46,633$291,610
X-16 Total assetsStart of year $3,058,775$3,273,783
X-17 Accounts payable and accrued expensesStart of year $937,550$1,176,003
X-18 Grants payable$284,233
X-25 Other liabilitiesStart of year $59,914$381,610
X-26 Total liabilitiesStart of year $2,115,996$2,875,898
X-27 Net assets without donor restrictionsStart of year $716,611$216,194
X-28 Net assets with donor restrictionsStart of year $226,168$181,691
X-32 Total net assets or fund balancesStart of year $942,779$397,885
X-33 Total liabilities and net assetsStart of year $3,058,775$3,273,783
Part XI · Reconciliation of net assets $397,885 net assets at year end
XI-1 Total revenue$10,178,158
XI-2 Total expenses$10,723,052
XI-3 Revenue less expenses−$544,894
XI-4 Net assets at start of year$942,779
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$397,885

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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