Roanoke Economic Development Incorporated

Tax-deductible

Aulander, NC501(c)(3)Community DevelopmentEIN 56-2182551

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This corporation is organized for the following purposes: charitable, educational, scientific, indulging, for such purposes, the making of distributions to organizations that qualify as exempt organizations under sections 501(c)(3) and 170(c)(2) of the internal revenue code of 1986.

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $261K a year · 35% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
16 mo
of spending, in cash
Looks good: 16.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $668K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$3.7M
245% of total assets
Concern: liabilities are 245% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$516K
-33% vs prior year
Spent
$1.1M
To programs
91%
Net assets
−$2.2M
By yearFY2020–FY2024
Revenue
$516K
FY2024▼ -33%
Revenue by fiscal year
FY2020$223K
FY2021$1.5M
FY2022$713K
FY2023$766K
FY2024$516K
Expenses
$1.1M
FY2024▲ +12%
Expenses by fiscal year
FY2020$675K
FY2021$845K
FY2022$1.5M
FY2023$954K
FY2024$1.1M
Net assets
−$2.2M
FY2024▼ -34%
Net assets by fiscal year
FY2020−$1.3M
FY2021−$674K
FY2022−$1.4M
FY2023−$1.6M
FY2024−$2.2M

From the FY2024 Form 990 · see the original

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 2000.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $978K Management & general 9% · $95K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Sec./Treasur
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Roanoke Economic Development Incorporated 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

Supports charitable, educational, and scientific causes by making grants to qualifying organizations.

Provided by the organization

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1 program service account for $978K of program spending, described in the organization's own filed words · FY2024.
01

Sustainable Forestry and Land Retention Project (sflrp)

The SFLRP helps families in roanoke electric membership corporation's service territory and a growing number of other north carolina counties increase the income and asset value of family-owned forestland. It also encourages forest health, land retention and the opportunity to create intergenerational wealth.

$978Kprogram expense

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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 · FY2024
Windward FundFY2024$500K
Total grants receivedfrom 3 funders$668K
See all 3 funders →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$516K
Ln 12
Gifts and grantsLn 1h$467K
Fees for servicesLn 2g$48K
Money outPt IX
$1.1M
Ln 25
Programscol B$978K
Managementcol C$95K
Owns and owesPt X
−$2.2M
net assets · Ln 32
Cash and savingsLn 1–2$1.4M
Total assetsLn 16$1.5M
LiabilitiesLn 26$3.7M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$467K
Fees for servicesLn 2g$48K
Total revenueLn 12$516K
Assets in detailPt X, end of year
CashLn 1$1.4M
Cash and savings togetherLn 1–2$1.4M
Total assetsLn 16$1.5M
LiabilitiesLn 26$3.7M
Net assetsLn 32−$2.2M
OperationsPt I, VI
EmployeesI 51
Fiscal year endsHeaderDecember
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$1.3M$1.4M
Total assetsLn 16$1.4M$1.5M
LiabilitiesLn 26$3.0M$3.7M
Net assetsLn 32−$1.6M−$2.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$6K$6K
Other fees for servicesLn 11g$394K$394K
Advertising and promotionLn 12$11K$11K
Office expensesLn 13$8K$8K
Information technologyLn 14$67K$67K
TravelLn 17$66K$66K
Conferences, conventions and meetingsLn 19$47K$47K
Other expenses (24a–d)Ln 24$400K$305K$95K
All other expensesLn 24e$73K$73K
Total functional expensesLn 25$1.1M$978K$95K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $516K$1.1M−$557K−$2.2M 990 PDF
FY2023 $766K$954K−$187K−$1.6M 990 PDF
FY2022 $713K$1.5M−$763K−$1.4M 990 PDF
FY2021 $1.5M$845K$653K−$674K 990 PDF
FY2020 $223K$675K−$452K−$1.3M 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 (4 parts)
Part VIII · Statement of revenue $515,618 across 4 lines filed
VIII-1f All other contributions, gifts and grants$467,373
VIII-1h Total contributions, gifts and grants$467,373
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $48,245$48,245
VIII-12 Total revenueRelated to mission $48,245$515,618
Part IX · Statement of functional expenses $1,072,620 across 9 lines filed
IX-11b Legal feesPrograms $5,676$5,676
IX-11g Other fees for servicesPrograms $394,317$394,317
IX-12 Advertising and promotionPrograms $11,124$11,124
IX-13 Office expensesPrograms $7,973$7,973
IX-14 Information technologyPrograms $67,185$67,185
IX-17 TravelPrograms $66,426$66,426
IX-19 Conferences, conventions and meetingsPrograms $47,332$47,332
IX-24 Other expenses (24a–d)Programs $304,975 · Management $94,713$399,688
IX-24e All other expensesPrograms $72,899$72,899
IX-25 Total functional expensesPrograms $977,907 · Management $94,713 · Fundraising $0$1,072,620
Part X · Balance sheet $1,508,518 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $1,293,561$1,433,624
X-4 Accounts receivableStart of year $121,126$74,833
X-9 Prepaid expenses and deferred chargesStart of year $61$61
X-16 Total assetsStart of year $1,414,748$1,508,518
X-17 Accounts payable and accrued expensesStart of year $4,420$6,002
X-19 Deferred revenueStart of year $1,100,659$1,432,605
X-25 Other liabilitiesStart of year $1,933,514$2,250,758
X-26 Total liabilitiesStart of year $3,038,593$3,689,365
X-32 Total net assets or fund balancesStart of year −$1,623,845−$2,180,847
X-33 Total liabilities and net assetsStart of year $1,414,748$1,508,518
Part XI · Reconciliation of net assets −$2,180,847 net assets at year end
XI-1 Total revenue$515,618
XI-2 Total expenses$1,072,620
XI-3 Revenue less expenses−$557,002
XI-4 Net assets at start of year−$1,623,845
XI-10 Net assets at end of year−$2,180,847

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

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