McDowell Economic Development Association INC: FY2021 Nonprofit Profile & Form 990 (EIN 56-1346748)

Revenue by fiscal year
FY2021	$155K
FY2022	$127K
FY2023	$228K

Expenses by fiscal year
FY2021	$139K
FY2022	$137K
FY2023	$181K

Net assets by fiscal year
FY2021	$46K
FY2022	$36K
FY2023	$82K

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023. IRS ruling in Oct 1983.

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

Where the money goes

70 cents of each dollar spent went to programs.

70%

30%

Program services 70% · $97K Management & general 30% · $42K

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

4 people listed on the 990; $86K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII

Charles Abernathy

Executive Director

$86,078Pt VII · Sec A

David Wooten

Vice Chairperson

$0Pt VII · Sec A

Jeffery Judd

Chairperson

$0Pt VII · Sec A

Dennis Whitson

Secretary Treasurer

$0Pt VII · Sec A

Charles Abernathy’s $86K as Executive Director is at the 62nd percentile of top reported officer pay among 1709 $100K–1M community development 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.

See McDowell Economic Development Association INC 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

McDowell Economic Development Association INC is a membership association based in Marion, NC.

Provided by the organization

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1 program · $96K · in their own filed words · FY2020

01

To improve the economic conditions for the people of mcdowell county through the recruitment of new businesses and the expansion of existing businessess in the county

$96Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record

Grants received · FY2021

The Golden L E A F Long-Term Economic Advancement Foundation inFY2021$95K

Total grants receivedfrom 1 funder$95K

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$155K

Ln 12

Gifts and grantsLn 1h$154K

Investment incomeLn 3$2

Money outPt IX

$139K

Ln 25

Programscol B$97K

Managementcol C$42K

Owns and owesPt X

$46K

net assets · Ln 32

Cash and savingsLn 1–2$43K

Total assetsLn 16$49K

LiabilitiesLn 26$4K

PeoplePt VI, VII

4

listed · VII A

PaidVII A1

Voting boardVI 1a20

IndependentVI 1b20

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$154K

Government grantsLn 1e$146K

Noncash giftsLn 1g$3K

Investment incomeLn 3$2

Total revenueLn 12$155K

Assets in detailPt X, end of year

CashLn 1$34K

SavingsLn 2$9K

Cash and savings togetherLn 1–2$43K

Land, buildings, equipmentLn 10c$6K

Total assetsLn 16$49K

LiabilitiesLn 26$4K

Net assetsLn 32$46K

OperationsPt I, VI

EmployeesI 52

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13No

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$27K	$43K
Land, buildings, equipmentLn 10c	$7K	$6K
Total assetsLn 16	$33K	$49K
LiabilitiesLn 26	$3K	$4K
Net assetsLn 32	$30K	$46K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Other salaries and wagesLn 7	$109K	$82K	$27K
Payroll taxesLn 10	$8K	$6K	$2K
Accounting feesLn 11c	$3K		$3K
Office expensesLn 13	$2K		$2K
OccupancyLn 16	$4K		$4K
Conferences, conventions and meetingsLn 19	$118		$118
Depreciation, depletion and amortizationLn 22	$800	$800
InsuranceLn 23	$2K	$2K	$500
Other expenses (24a–d)Ln 24	$9K	$6K	$2K
All other expensesLn 24e	$13		$13
Total functional expensesLn 25	$139K	$97K	$42K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2023 Latest	$228K	$181K	$47K	$82K	990 PDF
FY2022	$127K	$137K	−$10K	$36K	990 PDF
FY2021 Viewing	$155K	$139K	$15K	$46K	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2021 990 (6 parts)

Part I · Summary $154,501 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $180,858$154,499

I-9 Program service revenue$0

I-10 Investment income$2

I-11 Other revenue$0

I-12 Total revenuePrior year $180,858$154,501

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $118,121$117,860

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $52,618$21,147

I-18 Total expensesPrior year $170,739$139,007

I-19 Revenue less expensesPrior year $10,119$15,494

Part VI · Governance 20 of 20 board members independent, 2 to look at

VI-1a Voting members of the governing body20

VI-1b Independent voting members20

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $154,501 across 6 lines filed

VIII-1b Membership dues$8,072

VIII-1e Government grants$146,427

VIII-1g Noncash contributions (included above)$2,511

VIII-1h Total contributions, gifts and grants$154,499

VIII-3 Investment incomeExcluded from tax $2$2

VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $2$154,501

Part IX · Statement of functional expenses $139,007 across 10 lines filed

IX-7 Other salaries and wagesPrograms $82,113 · Management $27,371$109,484

IX-10 Payroll taxesPrograms $6,282 · Management $2,094$8,376

IX-11c Accounting feesManagement $2,706$2,706

IX-13 Office expensesManagement $2,500$2,500

IX-16 OccupancyManagement $4,339$4,339

IX-19 Conferences, conventions and meetingsManagement $118$118

IX-22 Depreciation, depletion and amortizationPrograms $800$800

IX-23 InsurancePrograms $1,501 · Management $500$2,001

IX-24 Other expenses (24a–d)Programs $6,474 · Management $2,196$8,670

IX-24e All other expensesManagement $13$13

IX-25 Total functional expensesPrograms $97,170 · Management $41,837 · Fundraising $0$139,007

Part X · Balance sheet $49,086 assets, 9 lines filed

X-1 Cash, non-interest-bearingStart of year $18,002$34,417

X-2 Savings and temporary cash investmentsStart of year $8,935$8,936

X-10c Land, buildings and equipment, netStart of year $6,533$5,733

X-16 Total assetsStart of year $33,470$49,086

X-17 Accounts payable and accrued expensesStart of year $3,389$3,510

X-26 Total liabilitiesStart of year $3,389$3,510

X-27 Net assets without donor restrictionsStart of year $30,081$45,576

X-32 Total net assets or fund balancesStart of year $30,081$45,576

X-33 Total liabilities and net assetsStart of year $33,470$49,086

Part XI · Reconciliation of net assets $45,576 net assets at year end

XI-1 Total revenue$154,501

XI-2 Total expenses$139,007

XI-3 Revenue less expenses$15,494

XI-4 Net assets at start of year$30,081

XI-9 Other changes in net assets$1

XI-10 Net assets at end of year$45,576

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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McDowell Economic Development Association INC FY2021 filing

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Funders

Grants

By the numbers

Filing history

Schedules filed Part IV