Rowan Economic Development Council FY2023 filing

Tax-deductible

Salisbury, NC501(c)(4)EIN 56-1442745Revenue $1.2M in FY2023

On file with the IRSrowanedc.com204 E Innes St Ste 220, 28144-5191 · Salisbury, NCTax-exempt since Mar 1986

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Promoting Economic and industrial Development in Rowan county, north carolina

501(c)(4) charity; gifts are tax-deductible.
97¢ of each $1 spent went to programs.
$199K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
3 of 4
filings with a surplus
Average surplus $1K a year · under 1% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
97%
of spending
Looks good: 97% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$199K
to officers and key staff · 18% of spending
Fine: pay to officers and key staff is 18% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
7 mo
of spending, in cash
Looks good: 6.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $250K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3K
0.4% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.2M
+2% vs prior year
Spent
$1.1M
To programs
97%
Net assets
$669K
By yearFY2021–FY2024
Revenue
$1.2M
FY2023▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.0M
FY2021$615K
FY2022$1.2M
FY2023$1.2M
FY2024$1.2M
Expenses
$1.1M
FY2023▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2021$1.0M
FY2021$491K
FY2022$1.1M
FY2023$1.1M
FY2024$1.4M
Net assets
$669K
FY2023▲ +13%
Tap a bar for its year
Net assets by fiscal year
FY2021$359K
FY2021$483K
FY2022$593K
FY2023$669K
FY2024$465K

From the FY2023 Form 990 · 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 1986.

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

Where the money goes

97 cents of each dollar spent went to programs.

Program services 97% · $1.1M Fundraising 3% · $28K

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

13 people listed on the 990; $199K paid to officers and key staff.

Part VII, Section A · reportable compensation
President &
$199,241Pt VII · Sec A
Immediate PA
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2021FY2021
Rod Crider$208,317$199,241$181,584$92,474$180,795

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.

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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

Promotes economic and industrial growth in Rowan County, North Carolina.

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Provided by the organization

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1 program · $1.1M · in their own filed words · FY2023
01

Promoted economic and industrial development in rowan county, north carolina

$1.1Mprogram 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
Total grants receivedfrom 1 funder$250K
Grants paid · 2 grants · $40K · 2020–2020
Eastern Wholesale Fence LLCFY2020$20,000
ChewyFY2020$20,000

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$1.2M
Ln 12
Gifts and grantsLn 1h$1.2M
Investment incomeLn 3$1K
Money outPt IX
$1.1M
Ln 25
Programscol B$1.1M
Fundraisingcol D$28K
Owns and owesPt X
$669K
net assets · Ln 32
Cash and savingsLn 1–2$618K
Total assetsLn 16$671K
LiabilitiesLn 26$3K
PeoplePt VI, VII
13
listed · VII A
PaidVII A1
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.2M
Government grantsLn 1e$869K
Investment incomeLn 3$1K
Total revenueLn 12$1.2M
Assets in detailPt X, end of year
CashLn 1$360K
SavingsLn 2$258K
Cash and savings togetherLn 1–2$618K
Land, buildings, equipmentLn 10c$53K
Total assetsLn 16$671K
LiabilitiesLn 26$3K
Net assetsLn 32$669K
OperationsPt I, VI
EmployeesI 55
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
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$529K$618K
Land, buildings, equipmentLn 10c$61K$53K
Total assetsLn 16$595K$671K
LiabilitiesLn 26$3K$3K
Net assetsLn 32$593K$669K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$199K$199K
Other salaries and wagesLn 7$368K$368K
Pension plan contributionsLn 8$54K$54K
Other employee benefitsLn 9$64K$64K
Payroll taxesLn 10$42K$42K
Accounting feesLn 11c$12K$12K
Professional fundraising feesLn 11e$28K$28K
Other fees for servicesLn 11g$69K$69K
Advertising and promotionLn 12$24K$24K
Office expensesLn 13$10K$10K
Information technologyLn 14$20K$20K
OccupancyLn 16$29K$29K
TravelLn 17$12K$12K
Conferences, conventions and meetingsLn 19$18K$18K
Depreciation, depletion and amortizationLn 22$10K$10K
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$121K$121K
All other expensesLn 24e$23K$23K
Total functional expensesLn 25$1.1M$1.1M$0$28K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.2M$1.4M−$204K$465K 990 PDF
FY2023 Viewing $1.2M$1.1M$76K$669K 990 PDF
FY2022 $1.2M$1.1M$110K$593K 990 PDF
FY2021 $1.0M$1.0M$22K$359K 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 FY2023 990 (6 parts)
Part I · Summary $1,182,628 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,162,567$1,181,402
I-9 Program service revenue$0
I-10 Investment incomePrior year $381$1,226
I-11 Other revenue$0
I-12 Total revenuePrior year $1,162,948$1,182,628
I-13 Grants and similar amounts paidPrior year $4,000$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $672,510$726,658
I-16a Professional fundraising feesPrior year $27,121$28,046
I-17 Other expensesPrior year $349,785$351,527
I-18 Total expensesPrior year $1,053,416$1,106,231
I-19 Revenue less expensesPrior year $109,532$76,397
Part VI · Governance 13 of 13 board members independent, 1 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,182,628 across 5 lines filed
VIII-1e Government grants$868,902
VIII-1f All other contributions, gifts and grants$312,500
VIII-1h Total contributions, gifts and grants$1,181,402
VIII-3 Investment incomeExcluded from tax $1,226$1,226
VIII-12 Total revenueExcluded from tax $1,226$1,182,628
Part IX · Statement of functional expenses $1,106,231 across 18 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $199,241$199,241
IX-7 Other salaries and wagesPrograms $367,558$367,558
IX-8 Pension plan contributionsPrograms $53,697$53,697
IX-9 Other employee benefitsPrograms $64,286$64,286
IX-10 Payroll taxesPrograms $41,876$41,876
IX-11c Accounting feesPrograms $12,341$12,341
IX-11e Professional fundraising feesFundraising $28,046$28,046
IX-11g Other fees for servicesPrograms $68,968$68,968
IX-12 Advertising and promotionPrograms $23,697$23,697
IX-13 Office expensesPrograms $9,733$9,733
IX-14 Information technologyPrograms $19,886$19,886
IX-16 OccupancyPrograms $28,657$28,657
IX-17 TravelPrograms $12,122$12,122
IX-19 Conferences, conventions and meetingsPrograms $18,321$18,321
IX-22 Depreciation, depletion and amortizationPrograms $9,616$9,616
IX-23 InsurancePrograms $4,057$4,057
IX-24 Other expenses (24a–d)Programs $120,653$120,653
IX-24e All other expensesPrograms $23,476$23,476
IX-25 Total functional expensesPrograms $1,078,185 · Management $0 · Fundraising $28,046$1,106,231
Part X · Balance sheet $671,419 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $272,181$360,002
X-2 Savings and temporary cash investmentsStart of year $257,255$258,483
X-10c Land, buildings and equipment, netStart of year $61,073$52,934
X-16 Total assetsStart of year $595,021$671,419
X-17 Accounts payable and accrued expensesStart of year $2,509$2,510
X-26 Total liabilitiesStart of year $2,509$2,510
X-27 Net assets without donor restrictionsStart of year $500,111$604,725
X-28 Net assets with donor restrictionsStart of year $92,401$64,184
X-32 Total net assets or fund balancesStart of year $592,512$668,909
X-33 Total liabilities and net assetsStart of year $595,021$671,419
Part XI · Reconciliation of net assets $668,909 net assets at year end
XI-1 Total revenue$1,182,628
XI-2 Total expenses$1,106,231
XI-3 Revenue less expenses$76,397
XI-4 Net assets at start of year$592,512
XI-10 Net assets at end of year$668,909

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

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