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Cabarrus Economic Development INC FY2024 filing

Not tax-deductible

Concord, NC501(c)(4)Since 1985EIN 56-1513284Revenue $786K in FY2024

On file with the IRScabarrusedc.com57 Union Street South, 28025-5264 · Concord, NCTax-exempt since Jul 1988

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Community Economic Development

84¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2024 · 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
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
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
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
11 mo
of spending, in cash
Looks good: 11.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $30K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$174K
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$786K
+13% vs prior year
Spent
$897K
To programs
84%
Net assets
$671K
By yearFY2021–FY2025
Revenue
$786K
FY2024▲ +13%
Tap a bar for its year
Revenue by fiscal year
FY2021$749K
FY2022$867K
FY2023$698K
FY2024$786K
FY2025$818K
Expenses
$897K
FY2024▲ +19%
Tap a bar for its year
Expenses by fiscal year
FY2021$681K
FY2022$581K
FY2023$754K
FY2024$897K
FY2025$701K
Net assets
$671K
FY2024▼ -14%
Tap a bar for its year
Net assets by fiscal year
FY2021$551K
FY2022$837K
FY2023$782K
FY2024$671K
FY2025$787K

From the FY2024 Form 990 (year ending June 2024) · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

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

84 cents of each dollar spent went to programs.

Program services 84% · $757K Management & general 16% · $140K

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 · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Lloyd Payne
Board Member
$0Pt VII · Sec A
Mike Legg
Treasurer
$0Pt VII · Sec A
Mike Downs
Secretary
$0Pt VII · Sec A
Doug Paris
Board Member
$0Pt VII · Sec A
Randy Holloway
Board Member
$0Pt VII · Sec A
Steve Fisher
Vice Chair
$0Pt VII · Sec A
Michael Wilson
Board Member
$0Pt VII · Sec A
Greg Walter
Past Chair
$0Pt VII · Sec A
See Cabarrus Economic Development 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

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

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Provided by the organization

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1 program · $757K · in their own filed words · FY2023
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.

$757Kprogram 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 FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$786K
Ln 12
Fees for servicesLn 2g$780K
Investment incomeLn 3$5K
Money outPt IX
$897K
Ln 25
Programscol B$757K
Managementcol C$140K
Owns and owesPt X
$671K
net assets · Ln 32
Cash and savingsLn 1–2$843K
Total assetsLn 16$844K
LiabilitiesLn 26$174K
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$780K
Investment incomeLn 3$5K
Total revenueLn 12$786K
Assets in detailPt X, end of year
CashLn 1$296K
SavingsLn 2$547K
Cash and savings togetherLn 1–2$843K
Land, buildings, equipmentLn 10c$804
Total assetsLn 16$844K
LiabilitiesLn 26$174K
Net assetsLn 32$671K
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 FY24End FY24
Cash and savingsLn 1–2$929K$843K
Land, buildings, equipmentLn 10c$1K$804
Total assetsLn 16$930K$844K
LiabilitiesLn 26$148K$174K
Net assetsLn 32$782K$671K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$463K$394K$70K
Accounting feesLn 11c$29K$29K
Advertising and promotionLn 12$211K$211K
Office expensesLn 13$1K$895$157
OccupancyLn 16$37K$18K$18K
TravelLn 17$10K$9K$2K
Depreciation, depletion and amortizationLn 22$692$588$104
InsuranceLn 23$4K$3K$581
Other expenses (24a–d)Ln 24$137K$117K$20K
All other expensesLn 24e$3K$3K$481
Total functional expensesLn 25$897K$757K$140K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $818K$701K$116K$787K 990 PDF
FY2024 Viewing $786K$897K−$111K$671K 990 PDF
FY2023 $698K$754K−$55K$782K 990 PDF
FY2022 $867K$581K$286K$837K 990 PDF
FY2021 $749K$681K$68K$551K 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 FY2024 990 (6 parts)
Part I · Summary $785,868 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $697,391$780,490
I-10 Investment incomePrior year $964$5,378
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $698,355$785,868
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 $356,811$463,333
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $397,039$433,464
I-18 Total expensesPrior year $753,850$896,797
I-19 Revenue less expensesPrior year −$55,495−$110,929
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 $785,868 across 3 lines filed
Lines not itemized here account for $214,490 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $566,000$566,000
VIII-3 Investment incomeExcluded from tax $5,378$5,378
VIII-12 Total revenueRelated to mission $780,490 · Unrelated business $0 · Excluded from tax $5,378$785,868
Part IX · Statement of functional expenses $896,797 across 10 lines filed
IX-7 Other salaries and wagesPrograms $393,833 · Management $69,500$463,333
IX-11c Accounting feesManagement $29,090$29,090
IX-12 Advertising and promotionPrograms $211,428$211,428
IX-13 Office expensesPrograms $895 · Management $157$1,052
IX-16 OccupancyPrograms $18,433 · Management $18,433$36,866
IX-17 TravelPrograms $8,849 · Management $1,562$10,411
IX-22 Depreciation, depletion and amortizationPrograms $588 · Management $104$692
IX-23 InsurancePrograms $3,293 · Management $581$3,874
IX-24 Other expenses (24a–d)Programs $116,867 · Management $19,981$136,848
IX-24e All other expensesPrograms $2,722 · Management $481$3,203
IX-25 Total functional expensesPrograms $756,908 · Management $139,889 · Fundraising $0$896,797
Part X · Balance sheet $844,380 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $928,572$296,025
X-2 Savings and temporary cash investments$547,000
X-9 Prepaid expenses and deferred charges$551
X-10c Land, buildings and equipment, netStart of year $1,495$804
X-16 Total assetsStart of year $930,067$844,380
X-17 Accounts payable and accrued expensesStart of year $34,677$61,055
X-18 Grants payableStart of year $113,679$110,043
X-19 Deferred revenue$2,500
X-26 Total liabilitiesStart of year $148,356$173,598
X-27 Net assets without donor restrictionsStart of year $764,299$663,504
X-28 Net assets with donor restrictionsStart of year $17,412$7,278
X-32 Total net assets or fund balancesStart of year $781,711$670,782
X-33 Total liabilities and net assetsStart of year $930,067$844,380
Part XI · Reconciliation of net assets $670,782 net assets at year end
XI-1 Total revenue$785,868
XI-2 Total expenses$896,797
XI-3 Revenue less expenses−$110,929
XI-4 Net assets at start of year$781,711
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$670,782

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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