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Albemarle Downtown Development Corp

Tax-deductible

Albemarle, NC501(c)(3)Community DevelopmentEIN 56-1683012Revenue $496K in FY2025

On file with the IRSalbemarledowntown.comPo Box 2123, 28002-2123 · Albemarle, NCTax-exempt since Feb 1992Publicly supported charity — 170(b)(1)(A)(vi)

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To create an environment for Development that enhances Downtown Albemarle as the cultural, historic, social, economic, and educational center of the

501(c)(3) charity; gifts are tax-deductible.
98¢ of each $1 spent went to programs.
Run by 50 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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FY2025 · 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
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
1 of 5
filings with a surplus
Average deficit $21K a year · 4% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 4.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2K
0.3% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$496K
+7% vs prior year
Spent
$503K
To programs
98%
Net assets
$665K
By yearFY2021–FY2025
Revenue
$496K
FY2025▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2021$437K
FY2022$541K
FY2023$496K
FY2024$464K
FY2025$496K
Expenses
$503K
FY2025▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2021$469K
FY2022$579K
FY2023$528K
FY2024$459K
FY2025$503K
Net assets
$665K
FY2025▼ -1.0%
Tap a bar for its year
Net assets by fiscal year
FY2021$736K
FY2022$698K
FY2023$667K
FY2024$671K
FY2025$665K

From the FY2025 Form 990 (year ending June 2025) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1992.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $491K Management & general 2% · $12K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
Beth Olivieri
Immediate Past Chair
$0Pt VII · Sec A
Bradley Eudy
Vice Chair
$0Pt VII · Sec A
Tammy Branch
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Albemarle Downtown Development Corp 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 15aNo

Programs and updates

Enhances downtown Albemarle as a vibrant cultural, historic, social, economic, and educational hub.

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Provided by the organization

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1 program · $491K · in their own filed words · FY2024
01

Various programs to promote downtown development and revitalization and to promote downtown business in the community

$491Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$496K
Ln 12
Fees for servicesLn 2g$458K
Gifts and grantsLn 1h$27K
Other incomeLn 4–11$9K
Money outPt IX
$503K
Ln 25
Programscol B$491K
Managementcol C$12K
Owns and owesPt X
$665K
net assets · Ln 32
Cash and savingsLn 1–2$194K
Total assetsLn 16$667K
LiabilitiesLn 26$2K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$27K
Fundraising eventsLn 1c$7K
Fees for servicesLn 2g$458K
Investment incomeLn 3$2K
Other incomeLn 4–11$9K
Total revenueLn 12$496K
Assets in detailPt X, end of year
CashLn 1$194K
Cash and savings togetherLn 1–2$194K
Land, buildings, equipmentLn 10c$473K
Total assetsLn 16$667K
LiabilitiesLn 26$2K
Net assetsLn 32$665K
OperationsPt I, VI
EmployeesI 50
VolunteersI 650
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$172K$194K
Land, buildings, equipmentLn 10c$501K$473K
Total assetsLn 16$673K$667K
LiabilitiesLn 26$2K$2K
Net assetsLn 32$671K$665K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$4K$0$4K$0
Advertising and promotionLn 12$1K$1K$0$0
Depreciation, depletion and amortizationLn 22$28K$28K$0$0
InsuranceLn 23$7K$0$7K$0
Other expenses (24a–d)Ln 24$376K$376K$0$0
All other expensesLn 24e$86K$85K$696$0
Total functional expensesLn 25$503K$491K$12K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $496K$503K−$6K$665K 990 PDF
FY2024 $464K$459K$5K$671K 990 PDF
FY2023 $496K$528K−$32K$667K 990 PDF
FY2022 $541K$579K−$38K$698K 990 PDF
FY2021 $437K$469K−$33K$736K 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 FY2025 990 (6 parts)
Part I · Summary $496,366 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $3,500$26,858
I-9 Program service revenuePrior year $442,599$457,659
I-10 Investment incomePrior year $872$2,419
I-11 Other revenuePrior year $16,937$9,430
I-12 Total revenuePrior year $463,908$496,366
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $459,195$502,750
I-18 Total expensesPrior year $459,195$502,750
I-19 Revenue less expensesPrior year $4,713−$6,384
Part VI · Governance 11 of 11 board members independent, 4 to look at
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $496,366 across 7 lines filed
VIII-1c Fundraising events$6,564
VIII-1f All other contributions, gifts and grants$20,294
VIII-1h Total contributions, gifts and grants$26,858
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$457,659
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$2,419
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $9,430 · Unrelated business $0 · Excluded from tax $0$9,430
VIII-12 Total revenueRelated to mission $469,508 · Unrelated business $0 · Excluded from tax $0$496,366
Part IX · Statement of functional expenses $502,750 across 6 lines filed
IX-11c Accounting feesPrograms $0 · Management $3,880 · Fundraising $0$3,880
IX-12 Advertising and promotionPrograms $1,230 · Management $0 · Fundraising $0$1,230
IX-22 Depreciation, depletion and amortizationPrograms $28,271 · Management $0 · Fundraising $0$28,271
IX-23 InsurancePrograms $0 · Management $6,989 · Fundraising $0$6,989
IX-24 Other expenses (24a–d)Programs $376,287 · Management $0 · Fundraising $0$376,287
IX-24e All other expensesPrograms $85,397 · Management $696 · Fundraising $0$86,093
IX-25 Total functional expensesPrograms $491,185 · Management $11,565 · Fundraising $0$502,750
Part X · Balance sheet $667,070 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $171,858$193,950
X-10c Land, buildings and equipment, netStart of year $501,391$473,120
X-16 Total assetsStart of year $673,249$667,070
X-17 Accounts payable and accrued expensesStart of year $594$429
X-25 Other liabilitiesStart of year $1,210$1,580
X-26 Total liabilitiesStart of year $1,804$2,009
X-27 Net assets without donor restrictionsStart of year $671,445$665,061
X-32 Total net assets or fund balancesStart of year $671,445$665,061
X-33 Total liabilities and net assetsStart of year $673,249$667,070
Part XI · Reconciliation of net assets $665,061 net assets at year end
XI-1 Total revenue$496,366
XI-2 Total expenses$502,750
XI-3 Revenue less expenses−$6,384
XI-4 Net assets at start of year$671,445
XI-10 Net assets at end of year$665,061

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

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