Mitchell County Development Foundation INC EIN 56-2262436

Mitchell County Development Foundation INC

EIN  56-2262436 Public charity (501(c)(3)) Spruce Pine, NC
Form 990 (PDF) Compare with another nonprofit →
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Size
$1–10M
What they do
Promotes economic development and growth in Mitchell County communities to foster local business opportunities and job creation.
Leadership
Lee Ellis · Treasurer
Money in and out
$1.2M revenue, $1.3M expenses
Bottom line
99% program efficiency

Promotes economic development and growth in Mitchell County communities to foster local business opportunities and job creation. For fiscal year 2025 it reported $1.2M in revenue, $1.3M in expenses, and $748K in net assets.Pt I

Where the money goes · FY2025
Total revenue
$1.2M
Pt VIII · Ln 12
Total expenses
$1.3M
Pt IX · Ln 25
Net assets
$748K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$165K
Where spending went · Part IX cols B–D
Program services $0.99 Management & general $0.01
Program efficiency
99%
of spending reaches programs▲ +8% vs prior filing year
Operating runway
6.8mo
months of highly liquid reserves at operating expense rate▼ -91% vs prior filing year
Surplus margin
-14%
revenue over expenses, this year▼ -121% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$1.2M
FY2025▲ +474%
Expenses
$1.3M
FY2025▲ ×21
Total assets
$748K
FY2025▼ -18%
Total liabilities
$590
FY2025▲ +149%
Total revenue
$1.2M
Pt VIII · Ln 12
Total expenses
$1.3M
Pt IX · Ln 25
Net assets
$748K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$165K
Total assetsPt X · Ln 16$748K
Program-expense ratioPt IX · col B99%
Voting members of governing bodyPt I · Ln 313
Independent voting membersPt I · Ln 413
Mission & Programs · Part III

Where the work happens

1 program service account for $1.3M of program spending, described in the organization's own filed words · FY2025.
01

To promote economic development and growth of local mitchell county communities

$1.3Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMitchell County Development Foundation INC
EINHdr · item D56-2262436
Principal addressHdr · item CSpruce Pine, NC
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFArts & Culture (A65)
Ruling yearIRS BMFMar 2002

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a13
Independent voting membersPt VI · Ln 1b13
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Treasurer
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
See Mitchell County Development Foundation INC executive salaries →

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Statement of Revenue

Part VIII
Contributions & grants104%$1.2M
Total revenueLn 12$1.2M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.99 Management & general $0.01
Program services99%$1.3M
Management & general1%$14K
Total functional expensesLn 25$1.3M

Balance Sheet

Part X · end of year
CashLn 1$748K
Total assetsLn 16$748K
Total liabilitiesLn 26$590
Total net assetsLn 32$748K
Months of cash on handcomputed6.8

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $748K · Operating expenses/yr $1.3M
6.8 months
Where the money goes
Program services
Program services $1.3M · Total expenses $1.3M
99%
Management & General
Management & general $14K · Total expenses $1.3M
1%
Fundraising
Fundraising $0 · Total expenses $1.3M
0%
Cost to raise $1
Fundraising expense (2-yr avg) $0 · Solicited contributions (2-yr avg) $600K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $1.2M · Total revenue $1.2M
104%
Government reliance
Government grants — · Total revenue $1.2M
Earned-income share
Program service revenue $0 · Total revenue $1.2M
0%
Investment reliance
Investment income $-86K · Total revenue $1.2M
-7%
Program self-sufficiency
Program service revenue $0 · Total expenses $1.3M
0%
Growth & trend
Revenue growth (YoY)
This year $1.2M · Prior year $202K
+474%
Net-asset trend (YoY)
End of year $748K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $1.2M · Expenses $1.3M
-14%
Liabilities-to-Assets
Total liabilities — · Total assets $748K
Net-asset ratio
Net assets $748K · Total assets $748K
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $748K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Lee Ellis · Reported title TREASURER · Highest reported compensation $0 · Total expenses $1.3M
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $23K · Total expenses $1.3M
2%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 99%
Overhead ratio 1%
Fundraising cost ratio 0%
Revenue growth 474%
Legal fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$510K
Grants paid · 41 grants · $1.4M · 2025–2025
Unitemized GrantFY2025$182,000
Morgan Oil CompanyFY2025$60,000
Lynn Peterson StoreFY2025$60,000
Hefs INCFY2025$60,000
Hardings Landscape & MaintenanceinFY2025$60,000
Gem CityFY2025$60,000
Dt Niven Enterprises INCFY2025$60,000
Niven Properties INCFY2025$55,000
Youngs FuelFY2025$50,000
Styles Office BuildingFY2025$50,000
Los Garcia INCFY2025$50,000
Long Range BallisticsFY2025$50,000
D & S Propane LLCFY2025$50,000
Blue Ridge Outdoor AdventuresFY2025$50,000
Riddle Financial SolutionFY2025$42,000
Hopsons Country StoreFY2025$35,000
H & B ContractingFY2025$35,000
Rentals of Spruce PineFY2025$30,000
See all 41 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$1.2M revenue · viewing · ⤓ 990 PDF
FY2024$202K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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