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Southeastern Partnership INC FY2023 filing

Not tax-deductible

Elizabethtown, NC501(c)(6)Mutual / membership EIN 56-1911431Revenue $2.2M in FY2023

On file with the IRSncse.orgPo Box 2556, 28337-2556 · Elizabethtown, NCTax-exempt since Jul 1995

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Attract and improve industry in the region

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
96¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
2 of 5
filings with a surplus
Average deficit $36K a year · 2% of revenue · last 5 filings
Concern: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
23 mo
of spending, in cash
Looks good: 23.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $15K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.7M
89% of total assets
Concern: liabilities are 89% of assets; over 80%.
Pt X · Ln 26
Independent board members
44
of 44 voting members
Looks good: 44 of 44 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.2M
+179% vs prior year
Spent
$2.1M
To programs
96%
Net assets
$443K
By yearFY2021–FY2025
Revenue
$2.2M
FY2023▲ +179%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.6M
FY2022$773K
FY2023$2.2M
FY2024$3.8M
FY2025$2.9M
Expenses
$2.1M
FY2023▲ +162%
Tap a bar for its year
Expenses by fiscal year
FY2021$1.5M
FY2022$820K
FY2023$2.1M
FY2024$3.8M
FY2025$3.0M
Net assets
$443K
FY2023▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2021$461K
FY2022$429K
FY2023$443K
FY2024$406K
FY2025$308K

From the FY2023 Form 990 (year ending June 2023) · 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 (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1995.

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

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $2.1M Management & general 4% · $89K

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

45 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Aaron Brott
Director
$0Pt VII · Sec A
Allen Bryant
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Jason Cox
Director
$0Pt VII · Sec A
See Southeastern Partnership 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 15aNo

Programs and updates

Promotes economic development in southeastern North Carolina by attracting new industries and supporting business growth to improve the regional economy.

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Provided by the organization

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1 program · $2.0M · in their own filed words · FY2022
01

Promotion of the Region

Southeastern north carolina

$2.0Mprogram 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 · FY2025
North Carolina Electric Membership CorporationFY2025$15K
Total grants receivedfrom 1 funder$15K

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.2M
Ln 12
Gifts and grantsLn 1h$2.1M
Fees for servicesLn 2g$9K
Investment incomeLn 3$980
Money outPt IX
$2.1M
Ln 25
Programscol B$2.1M
Managementcol C$89K
Owns and owesPt X
$443K
net assets · Ln 32
Cash and savingsLn 1–2$4.1M
Total assetsLn 16$4.1M
LiabilitiesLn 26$3.7M
PeoplePt VI, VII
45
listed · VII A
PaidVII A0
Voting boardVI 1a44
IndependentVI 1b44
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.1M
Government grantsLn 1e$1.7M
Fees for servicesLn 2g$9K
Investment incomeLn 3$980
Total revenueLn 12$2.2M
Assets in detailPt X, end of year
SavingsLn 2$4.1M
Cash and savings togetherLn 1–2$4.1M
Total assetsLn 16$4.1M
LiabilitiesLn 26$3.7M
Net assetsLn 32$443K
OperationsPt I, VI
EmployeesI 54
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 FY23End FY23
Cash and savingsLn 1–2$5.4M$4.1M
Total assetsLn 16$5.4M$4.1M
LiabilitiesLn 26$5.0M$3.7M
Net assetsLn 32$429K$443K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$445K$392K$53K
Accounting feesLn 11c$10K$10K
Office expensesLn 13$6K$5K$498
Information technologyLn 14$21K$17K$4K
OccupancyLn 16$5K$568$4K
TravelLn 17$13K$13K
InsuranceLn 23$6K$2K$4K
Other expenses (24a–d)Ln 24$1.6M$1.6M$2K
All other expensesLn 24e$9K$9K
Total functional expensesLn 25$2.1M$2.1M$89K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.9M$3.0M−$118K$308K 990 PDF
FY2024 $3.8M$3.8M−$57K$406K 990 PDF
FY2023 Viewing $2.2M$2.1M$14K$443K 990 PDF
FY2022 $773K$820K−$47K$429K 990 PDF
FY2021 $1.6M$1.5M$25K$461K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $2,159,454 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $763,344$2,149,796
I-9 Program service revenuePrior year $8,678$8,678
I-10 Investment income$980
I-11 Other revenuePrior year $1,133$0
I-12 Total revenuePrior year $773,155$2,159,454
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $430,499$445,006
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $389,660$1,700,355
I-18 Total expensesPrior year $820,159$2,145,361
I-19 Revenue less expensesPrior year −$47,004$14,093
Part VI · Governance 44 of 44 board members independent, 4 to look at
VI-1a Voting members of the governing body44
VI-1b Independent voting members44
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 $2,159,454 across 6 lines filed
VIII-1e Government grants$1,690,900
VIII-1f All other contributions, gifts and grants$458,896
VIII-1h Total contributions, gifts and grants$2,149,796
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,678$8,678
VIII-3 Investment incomeExcluded from tax $980$980
VIII-12 Total revenueRelated to mission $8,678 · Excluded from tax $980$2,159,454
Part IX · Statement of functional expenses $2,145,361 across 9 lines filed
IX-7 Other salaries and wagesPrograms $391,605 · Management $53,401$445,006
IX-11c Accounting feesManagement $10,250$10,250
IX-13 Office expensesPrograms $5,039 · Management $498$5,537
IX-14 Information technologyPrograms $16,909 · Management $4,477$21,386
IX-16 OccupancyPrograms $568 · Management $4,194$4,762
IX-17 TravelPrograms $12,552$12,552
IX-23 InsurancePrograms $1,545 · Management $4,477$6,022
IX-24 Other expenses (24a–d)Programs $1,628,470 · Management $1,890$1,630,360
IX-24e All other expensesManagement $9,486$9,486
IX-25 Total functional expensesPrograms $2,056,688 · Management $88,673 · Fundraising $0$2,145,361
Part X · Balance sheet $4,132,284 assets, 8 lines filed
X-2 Savings and temporary cash investmentsStart of year $5,416,360$4,132,284
X-16 Total assetsStart of year $5,416,360$4,132,284
X-17 Accounts payable and accrued expensesStart of year $17,594$16,822
X-19 Deferred revenueStart of year $4,970,050$3,672,653
X-26 Total liabilitiesStart of year $4,987,644$3,689,475
X-27 Net assets without donor restrictionsStart of year $428,716$442,809
X-32 Total net assets or fund balancesStart of year $428,716$442,809
X-33 Total liabilities and net assetsStart of year $5,416,360$4,132,284
Part XI · Reconciliation of net assets $442,809 net assets at year end
XI-1 Total revenue$2,159,454
XI-2 Total expenses$2,145,361
XI-3 Revenue less expenses$14,093
XI-4 Net assets at start of year$428,716
XI-10 Net assets at end of year$442,809

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

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