Building on the county's strategic location between the triad and triangle, edc is positioning Chatham as the preferred location for emerging growth companies. The policy-driven approach focuses on targeted attraction, retention, and entrepreneurship to improve the lives of County residents. Edc supports infrastructure improvements and preservation of the county's strong quality of place.

501(c)(3) charity; gifts are tax-deductible.
66¢ of each $1 spent went to programs.
Run by 12 volunteers and 5 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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 6
filings with a surplus
Average surplus $53K a year · 8% of revenue · last 6 filings
Worth a look: a surplus in 1 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
66%
of spending
Fine: 66% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$153K
to officers and key staff · 22% of spending
Worth a look: pay to officers and key staff is 22% of spending; over 20%.
Pt VII · Sec A
4 mo
of spending, in cash
Plus $615K in investments, Pt X · Ln 11–13
Looks good: 3.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $5K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$64K
5% of total assets
Looks good: liabilities are 5% 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
$609K
+14% vs prior year
Spent
$703K
To programs
66%
Net assets
$1.1M
By yearFY2020–FY2025
Revenue
$609K
FY2025▲ +14%
Tap a bar for its year
Revenue by fiscal year
FY2020$432K
FY2021$397K
FY2022$1.3M
FY2023$519K
FY2024$532K
FY2025$609K
Expenses
$703K
FY2025▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$468K
FY2021$451K
FY2022$693K
FY2023$534K
FY2024$648K
FY2025$703K
Net assets
$1.1M
FY2025▼ -7%
Tap a bar for its year
Net assets by fiscal year
FY2020$784K
FY2021$743K
FY2022$1.4M
FY2023$1.3M
FY2024$1.2M
FY2025$1.1M

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 Jan 1998.

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

Where the money goes

66 cents of each dollar spent went to programs.

Program services 66% · $466K Management & general 34% · $237K

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

13 people listed on the 990; $153K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$153,000Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary/Tr
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

C Michael Smith’s $153K as President is at the 91st percentile of top reported officer pay among 1709 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
C Michael Smith$153,000$153,000$150,597$121,212——
Alyssa Byrd—————$88,615
Alyssa Byrd July 2020-Aug 2020————$72,693—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Chatham County Economic 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 15aYes

Programs and updates

Drives economic growth, creating jobs and boosting community prosperity.

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1 program · $466K · in their own filed words · FY2024
01

Coordinate efforts of chatham county and municipal governments with a policy-driven approach designed to create jobs, increase the commercial tax base, and build prosperity for residents by focusing on attraction, retention and entrepreneurship.

$466Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 1 funder$5K
Grants paid · 1 grant · $22K · 2021–2021
Unitemized GrantFY2021$21,630

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$609K
Ln 12
Gifts and grantsLn 1h$585K
Investment incomeLn 3$23K
Other incomeLn 4–11$1K
Money outPt IX
$703K
Ln 25
Programscol B$466K
Managementcol C$237K
Owns and owesPt X
$1.1M
net assets · Ln 32
Cash and savingsLn 1–2$229K
Total assetsLn 16$1.2M
LiabilitiesLn 26$64K
PeoplePt VI, VII
13
listed · VII A
PaidVII A1
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$585K
Government grantsLn 1e$507K
Noncash giftsLn 1g$28K
Investment incomeLn 3$23K
Other incomeLn 4–11$1K
Gains on assetsLn 7$4K
Total revenueLn 12$609K
Assets in detailPt X, end of year
CashLn 1$74K
SavingsLn 2$155K
Cash and savings togetherLn 1–2$229K
InvestmentsLn 11–13$615K
Land, buildings, equipmentLn 10c$3K
Other assetsLn 15$22K
Total assetsLn 16$1.2M
LiabilitiesLn 26$64K
Net assetsLn 32$1.1M
OperationsPt I, VI
EmployeesI 55
VolunteersI 612
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
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$364K$229K
InvestmentsLn 11–13$418K$615K
Land, buildings, equipmentLn 10c$3K$3K
Total assetsLn 16$1.3M$1.2M
LiabilitiesLn 26$21K$64K
Net assetsLn 32$1.2M$1.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$182K$115K$68K
Other salaries and wagesLn 7$173K$109K$64K
Pension plan contributionsLn 8$13K$8K$5K
Other employee benefitsLn 9$42K$27K$16K
Payroll taxesLn 10$30K$19K$11K
Accounting feesLn 11c$47K$12K$35K
Investment management feesLn 11f$3K$3K
Other fees for servicesLn 11g$42K$39K$3K
Advertising and promotionLn 12$60K$60K
Office expensesLn 13$4K$2K$1K
Information technologyLn 14$2K$1K$712
OccupancyLn 16$45K$28K$17K
TravelLn 17$17K$17K
InterestLn 20$390$390
Depreciation, depletion and amortizationLn 22$1K$809$475
InsuranceLn 23$5K$4K$1K
Other expenses (24a–d)Ln 24$29K$19K$9K
All other expensesLn 24e$6K$4K$2K
Total functional expensesLn 25$703K$466K$237K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $609K$703K−$93K$1.1M 990 PDF
FY2024 $532K$648K−$116K$1.2M 990 PDF
FY2023 $519K$534K−$15K$1.3M 990 PDF
FY2022 $1.3M$693K$635K$1.4M 990 PDF
FY2021 $397K$451K−$54K$743K 990 PDF
FY2020 $432K$468K−$36K$784K 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 M · Noncash J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $609,331 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $525,653$585,070
I-9 Program service revenue$0
I-10 Investment incomePrior year $4,923$23,027
I-11 Other revenuePrior year $1,812$1,234
I-12 Total revenuePrior year $532,388$609,331
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $449,770$440,796
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $198,450$261,803
I-18 Total expensesPrior year $648,220$702,599
I-19 Revenue less expensesPrior year −$115,832−$93,268
Part VI · Governance 12 of 12 board members independent, 2 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $609,331 across 8 lines filed
VIII-1e Government grants$506,516
VIII-1f All other contributions, gifts and grants$78,554
VIII-1g Noncash contributions (included above)$28,332
VIII-1h Total contributions, gifts and grants$585,070
VIII-3 Investment incomeExcluded from tax $18,694$18,694
VIII-7 Net gain or loss on sales of assetsRelated to mission $4,333$4,333
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,234$1,234
VIII-12 Total revenueRelated to mission $5,567 · Excluded from tax $18,694$609,331
Part IX · Statement of functional expenses $702,599 across 18 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $114,934 · Management $67,501$182,435
IX-7 Other salaries and wagesPrograms $108,758 · Management $63,874$172,632
IX-8 Pension plan contributionsPrograms $8,340 · Management $4,898$13,238
IX-9 Other employee benefitsPrograms $26,551 · Management $15,593$42,144
IX-10 Payroll taxesPrograms $19,119 · Management $11,228$30,347
IX-11c Accounting feesPrograms $11,829 · Management $35,491$47,320
IX-11f Investment management feesManagement $3,030$3,030
IX-11g Other fees for servicesPrograms $39,266 · Management $2,906$42,172
IX-12 Advertising and promotionPrograms $59,731$59,731
IX-13 Office expensesPrograms $2,307 · Management $1,354$3,661
IX-14 Information technologyPrograms $1,212 · Management $712$1,924
IX-16 OccupancyPrograms $28,245 · Management $16,587$44,832
IX-17 TravelPrograms $16,961$16,961
IX-20 InterestManagement $390$390
IX-22 Depreciation, depletion and amortizationPrograms $809 · Management $475$1,284
IX-23 InsurancePrograms $3,898 · Management $1,299$5,197
IX-24 Other expenses (24a–d)Programs $19,474 · Management $9,446$28,920
IX-24e All other expensesPrograms $4,146 · Management $2,235$6,381
IX-25 Total functional expensesPrograms $465,580 · Management $237,019 · Fundraising $0$702,599
Part X · Balance sheet $1,207,639 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $89,906$74,032
X-2 Savings and temporary cash investmentsStart of year $274,500$155,014
X-3 Pledges and grants receivableStart of year $269,294$311,029
X-9 Prepaid expenses and deferred chargesStart of year $1,210$27,173
X-10c Land, buildings and equipment, netStart of year $2,686$2,536
X-12 Other securitiesStart of year $417,732$615,489
X-15 Other assetsStart of year $197,794$22,366
X-16 Total assetsStart of year $1,253,122$1,207,639
X-17 Accounts payable and accrued expensesStart of year $12,798$33,773
X-25 Other liabilitiesStart of year $8,238$30,066
X-26 Total liabilitiesStart of year $21,036$63,839
X-27 Net assets without donor restrictionsStart of year $1,232,086$1,143,800
X-32 Total net assets or fund balancesStart of year $1,232,086$1,143,800
X-33 Total liabilities and net assetsStart of year $1,253,122$1,207,639
Part XI · Reconciliation of net assets $1,143,800 net assets at year end
XI-1 Total revenue$609,331
XI-2 Total expenses$702,599
XI-3 Revenue less expenses−$93,268
XI-4 Net assets at start of year$1,232,086
XI-5 Net unrealized gains (losses) on investments$4,982
XI-10 Net assets at end of year$1,143,800

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

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