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Mid-East Development Corporation

Tax-deductible

Washington, NC501(c)(3)HousingEIN 56-1701175Revenue $348K in FY2025

On file with the IRSmideastcom.org1502 N Market St Ste A, 27889-3377 · Washington, NCTax-exempt since Aug 1990Publicly supported charity — 170(b)(1)(A)(vi)

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Facilitate affordable housing for the elderly.

501(c)(3) charity; gifts are tax-deductible.
77¢ 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)(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 $8K a year · 2% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
77%
of spending
Looks good: 77% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
16 mo
of spending, in cash
Looks good: 15.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.3M
122% of total assets
Concern: liabilities are 122% of assets; over 80%.
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
$348K
+4% vs prior year
Spent
$354K
To programs
77%
Net assets
−$236K
By yearFY2021–FY2025
Revenue
$348K
FY2025▲ +4%
Tap a bar for its year
Revenue by fiscal year
FY2021$317K
FY2022$316K
FY2023$327K
FY2024$335K
FY2025$348K
Expenses
$354K
FY2025▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2021$321K
FY2022$338K
FY2023$336K
FY2024$332K
FY2025$354K
Net assets
−$236K
FY2025▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2021−$201K
FY2022−$224K
FY2023−$233K
FY2024−$230K
FY2025−$236K

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 Aug 1990.

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

Where the money goes

77 cents of each dollar spent went to programs.

Program services 77% · $272K Management & general 23% · $83K

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
Bryant Buck
Executive Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Sherri Bunch
Finance Officer
$0Pt VII · Sec A
Ed Booth
Commissioner
$0Pt VII · Sec A
Dina Harrell
1st Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Alice Langley
Secretary
$0Pt VII · Sec A
See Mid-East Development Corporation 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

Builds and manages affordable homes for seniors.

Questions for Mid-East Development Corporation

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Provided by the organization

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1 program · $272K · in their own filed words · FY2024
01

Facilitate affordable housing for the elderly.

$272Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$348K
Ln 12
Fees for servicesLn 2g$238K
Gifts and grantsLn 1h$110K
Investment incomeLn 3$405
Money outPt IX
$354K
Ln 25
Programscol B$272K
Managementcol C$83K
Owns and owesPt X
−$236K
net assets · Ln 32
Cash and savingsLn 1–2$471K
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.3M
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$110K
Government grantsLn 1e$110K
Fees for servicesLn 2g$238K
Investment incomeLn 3$405
Total revenueLn 12$348K
Assets in detailPt X, end of year
CashLn 1$471K
Cash and savings togetherLn 1–2$471K
Land, buildings, equipmentLn 10c$597K
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.3M
Net assetsLn 32−$236K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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$470K$471K
Land, buildings, equipmentLn 10c$626K$597K
Total assetsLn 16$1.1M$1.1M
LiabilitiesLn 26$1.4M$1.3M
Net assetsLn 32−$230K−$236K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$83K$83K
Other fees for servicesLn 11g$217K$217K
InterestLn 20$5K$5K
Payments to affiliatesLn 21$49K$49K
Total functional expensesLn 25$354K$272K$83K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $348K$354K−$6K−$236K 990 PDF
FY2024 $335K$332K$3K−$230K 990 PDF
FY2023 $327K$336K−$9K−$233K 990 PDF
FY2022 $316K$338K−$23K−$224K 990 PDF
FY2021 $317K$321K−$4K−$201K 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 $348,315 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $107,300$110,342
I-9 Program service revenuePrior year $227,519$237,568
I-10 Investment incomePrior year $412$405
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $335,231$348,315
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $331,861$354,463
I-18 Total expensesPrior year $331,861$354,463
I-19 Revenue less expensesPrior year $3,370−$6,148
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 $348,315 across 5 lines filed
VIII-1e Government grants$110,342
VIII-1h Total contributions, gifts and grants$110,342
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $237,568$237,568
VIII-3 Investment incomeRelated to mission $405$405
VIII-12 Total revenueRelated to mission $237,973 · Unrelated business $0 · Excluded from tax $0$348,315
Part IX · Statement of functional expenses $354,463 across 4 lines filed
IX-11a Management feesManagement $82,839$82,839
IX-11g Other fees for servicesPrograms $217,440$217,440
IX-20 InterestPrograms $4,797$4,797
IX-21 Payments to affiliatesPrograms $49,387$49,387
IX-25 Total functional expensesPrograms $271,624 · Management $82,839 · Fundraising $0$354,463
Part X · Balance sheet $1,094,527 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $470,440$470,997
X-4 Accounts receivableStart of year $20,637$22,506
X-9 Prepaid expenses and deferred chargesStart of year $5,582$4,196
X-10c Land, buildings and equipment, netStart of year $625,709$596,828
X-16 Total assetsStart of year $1,122,368$1,094,527
X-17 Accounts payable and accrued expensesStart of year $35,186$54,754
X-25 Other liabilitiesStart of year $1,317,248$1,275,987
X-26 Total liabilitiesStart of year $1,352,434$1,330,741
X-27 Net assets without donor restrictionsStart of year −$230,066−$236,214
X-32 Total net assets or fund balancesStart of year −$230,066−$236,214
X-33 Total liabilities and net assetsStart of year $1,122,368$1,094,527
Part XI · Reconciliation of net assets −$236,214 net assets at year end
XI-1 Total revenue$348,315
XI-2 Total expenses$354,463
XI-3 Revenue less expenses−$6,148
XI-4 Net assets at start of year−$230,066
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$236,214

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

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