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Cabarrus Economic Development INC

Not tax-deductible

Concord, NC501(c)(4)Since 1985 EIN 56-1513284Revenue $818K in FY2025Latest return filed May 12, 2026

On file with the IRScabarrusedc.comConcord, NCTax-exempt since Jul 1988

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Community Economic Development

Form 990 Part I, line 1, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 56-1513284) · Dispute this line
501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
85¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
The IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $61K a year · 8% of revenue · last 5 filings
A surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
85%
of spending
85% of spending went to programs.
Pt IX · Ln 25 · col B
Cash reserves
16.5 mo
of spending, in cash
16.5 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $30K
1 funder names it on their filings.
Funders’ Sch. I, 990-PF
Liabilities
$179K
19% of total assets
Liabilities are 19% of assets.
Pt X · Ln 26
Independent board members
12
of 12 voting members
12 of 12 voting members are independent.
Pt VI · Ln 1a–1b
In line with peersDifferent from peersFar from peersNo peer rangeNo data yetTap a box for the reason.
Revenue
$818K
+4% vs prior year
Spent
$701K
To programs
85%
Net assets
$787K
By yearFY2021–FY2025
Revenue
$818K
FY2025▲ +4%
Tap a bar for its year
Revenue by fiscal year
FY2021$749K
FY2022$867K
FY2023$698K
FY2024$786K
FY2025$818K
Expenses
$701K
FY2025▼ -22%
Tap a bar for its year
Expenses by fiscal year
FY2021$681K
FY2022$581K
FY2023$754K
FY2024$897K
FY2025$701K
Net assets
$787K
FY2025▲ +17%
Tap a bar for its year
Net assets by fiscal year
FY2021$551K
FY2022$837K
FY2023$782K
FY2024$671K
FY2025$787K

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1988.

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

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $593K Management & general 15% · $108K

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

12 people listed on the 990.

Part VII, Section A · reportable compensation
Lloyd Payne
Board Member
$0Pt VII · Sec A
Mike Legg
Treasurer
$0Pt VII · Sec A
Sean Newton
Secretary
$0Pt VII · Sec A
Chad Voncannon
Board Member
$0Pt VII · Sec A
Randy Holloway
Board Member
$0Pt VII · Sec A
Steve Fisher
Board Chair
$0Pt VII · Sec A
Greg Walter
Board Member
$0Pt VII · Sec A
Sharee Carter
Past Chair
$0Pt VII · Sec A
See Cabarrus Economic Development INC executive salaries →

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

Cabarrus Economic Development INC is a membership association based in Concord, NC, formed in 1985.

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1 program · $593K · in their own filed words · FY2024
01

The organization has worked to lay the foundation for attracting new businesses to the area, and is meeting with specific businesses in its recruiting process to create more economic opportunities.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 56-1513284) · Dispute this line
$593Kprogram 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
NC IdeaFY2021$30K
Total grants receivedfrom 1 funder$30K

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$818K
Ln 12
Fees for servicesLn 2g$786K
Investment incomeLn 3$31K
Money outPt IX
$701K
Ln 25
Programscol B$593K
Managementcol C$108K
Owns and owesPt X
$787K
net assets · Ln 32
Cash and savingsLn 1–2$966K
Total assetsLn 16$966K
LiabilitiesLn 26$179K
PeoplePt VI, VII
12
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$786K
Investment incomeLn 3$31K
Total revenueLn 12$818K
Assets in detailPt X, end of year
CashLn 1$352K
SavingsLn 2$614K
Cash and savings togetherLn 1–2$966K
Land, buildings, equipmentLn 10c$461
Total assetsLn 16$966K
LiabilitiesLn 26$179K
Net assetsLn 32$787K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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 FY25End FY25
Cash and savingsLn 1–2$843K$966K
Land, buildings, equipmentLn 10c$804$461
Total assetsLn 16$844K$966K
LiabilitiesLn 26$174K$179K
Net assetsLn 32$671K$787K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$298K$253K$45K
Accounting feesLn 11c$31K$31K
Advertising and promotionLn 12$156K$156K
Office expensesLn 13$353$300$53
OccupancyLn 16$37K$31K$6K
TravelLn 17$7K$6K$1K
Depreciation, depletion and amortizationLn 22$343$291$52
InsuranceLn 23$4K$4K$671
Other expenses (24a–d)Ln 24$164K$140K$25K
All other expensesLn 24e$3K$2K$440
Total functional expensesLn 25$701K$593K$108K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS May 12, 2026 $818K$701K$116K$787K 990 PDF
FY2024Filed with the IRS May 5, 2025 $786K$897K−$111K$671K 990 PDF
FY2023Filed with the IRS Dec 14, 2023 $698K$754K−$55K$782K 990 PDF
FY2022Filed with the IRS Nov 15, 2022 $867K$581K$286K$837K 990 PDF
FY2021Filed with the IRS Apr 28, 2022 $749K$681K$68K$551K 990 PDF

Schedules filed Part IV

D · Assets and endowments O · Explanations
See the full FY2025 990
Part I · Summary $817,629 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $780,490$786,154
I-10 Investment incomePrior year $5,378$31,475
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $785,868$817,629
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $463,333$297,556
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $433,464$403,624
I-18 Total expensesPrior year $896,797$701,180
I-19 Revenue less expensesPrior year −$110,929$116,449
Part VI · Governance 12 of 12 board members independent, no flags
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
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 $817,629 across 3 lines filed
Lines not itemized here account for $192,154 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $594,000$594,000
VIII-3 Investment incomeExcluded from tax $31,475$31,475
VIII-12 Total revenueRelated to mission $786,154 · Unrelated business $0 · Excluded from tax $31,475$817,629
Part IX · Statement of functional expenses $701,180 across 10 lines filed
IX-7 Other salaries and wagesPrograms $252,923 · Management $44,633$297,556
IX-11c Accounting feesManagement $31,040$31,040
IX-12 Advertising and promotionPrograms $155,944$155,944
IX-13 Office expensesPrograms $300 · Management $53$353
IX-16 OccupancyPrograms $31,365 · Management $5,535$36,900
IX-17 TravelPrograms $6,308 · Management $1,113$7,421
IX-22 Depreciation, depletion and amortizationPrograms $291 · Management $52$343
IX-23 InsurancePrograms $3,801 · Management $671$4,472
IX-24 Other expenses (24a–d)Programs $139,589 · Management $24,634$164,223
IX-24e All other expensesPrograms $2,488 · Management $440$2,928
IX-25 Total functional expensesPrograms $593,009 · Management $108,171 · Fundraising $0$701,180
Part X · Balance sheet $966,254 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $296,025$351,793
X-2 Savings and temporary cash investmentsStart of year $547,000$614,000
X-9 Prepaid expenses and deferred chargesStart of year $551$0
X-10c Land, buildings and equipment, netStart of year $804$461
X-16 Total assetsStart of year $844,380$966,254
X-17 Accounts payable and accrued expensesStart of year $61,055$68,980
X-18 Grants payableStart of year $110,043$110,043
X-19 Deferred revenueStart of year $2,500$0
X-26 Total liabilitiesStart of year $173,598$179,023
X-27 Net assets without donor restrictionsStart of year $663,504$779,953
X-28 Net assets with donor restrictionsStart of year $7,278$7,278
X-32 Total net assets or fund balancesStart of year $670,782$787,231
X-33 Total liabilities and net assetsStart of year $844,380$966,254
Part XI · Reconciliation of net assets $787,231 net assets at year end
XI-1 Total revenue$817,629
XI-2 Total expenses$701,180
XI-3 Revenue less expenses$116,449
XI-4 Net assets at start of year$670,782
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$787,231

Form 990 e-file FY2025 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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