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Mitchell County Development Foundation INC FY2024 filing

Tax-deductible

Spruce Pine, NC501(c)(3)Arts & Culture EIN 56-2262436Revenue $202K in FY2024

On file with the IRSPo Box 858, 28777-0858 · Spruce Pine, NCTax-exempt since Mar 2002Publicly supported charity — 170(b)(1)(A)(vi)

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To promote in the economic Development of local Mitchell County communities

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

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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
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 2
filings with a surplus
Average deficit $13K a year · 2% of revenue · last 2 filings
Worth a look: a surplus in 1 of the last 2 filings.
Pt I · Ln 19 · 2 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
77 mo
of spending, in cash
Looks good: 76.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $510K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$237
0.03% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$202K
Spent
$63K
To programs
91%
Net assets
$912K
By yearFY2024–FY2025
Revenue
$202K
FY2024
Tap a bar for its year
Revenue by fiscal year
FY2024$202K
FY2025$1.2M
Expenses
$63K
FY2024
Tap a bar for its year
Expenses by fiscal year
FY2024$63K
FY2025$1.3M
Net assets
$912K
FY2024
Tap a bar for its year
Net assets by fiscal year
FY2024$912K
FY2025$748K

From the FY2024 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2024 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 Mar 2002.

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% · $57K Management & general 9% · $5K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation
Lee Ellis
Treasurer
$0Pt VII · Sec A
Charles Vines
Vice President
$0Pt VII · Sec A
Jeff Gouge
President
$0Pt VII · Sec A
See Mitchell County Development Foundation 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 and growth in Mitchell County communities to foster local business opportunities and job creation.

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Provided by the organization

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1 program · $57K · in their own filed words · FY2024
01

To promote economic development and growth of local mitchell county communities

$57Kprogram 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 · FY2025
Center for Disaster Philanthropy INCFY2025$510K
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 →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$202K
Ln 12
Gifts and grantsLn 1h$193K
Other incomeLn 4–11$9K
Investment incomeLn 3$69
Money outPt IX
$63K
Ln 25
Programscol B$57K
Managementcol C$5K
Owns and owesPt X
$912K
net assets · Ln 32
Cash and savingsLn 1–2$400K
Total assetsLn 16$912K
LiabilitiesLn 26$237
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$193K
Government grantsLn 1e$193K
Investment incomeLn 3$69
Other incomeLn 4–11$9K
Total revenueLn 12$202K
Assets in detailPt X, end of year
CashLn 1$400K
Cash and savings togetherLn 1–2$400K
Land, buildings, equipmentLn 10c$512K
Total assetsLn 16$912K
LiabilitiesLn 26$237
Net assetsLn 32$912K
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
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$67K$400K
Land, buildings, equipmentLn 10c$533K$512K
Total assetsLn 16$772K$912K
LiabilitiesLn 26$0$237
Net assetsLn 32$772K$912K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$2K$2K
Other salaries and wagesLn 7$1K$1K
Payroll taxesLn 10$101$101
Management feesLn 11a$700$700
Office expensesLn 13$5K$5K
OccupancyLn 16$13K$13K
Depreciation, depletion and amortizationLn 22$22K$22K
InsuranceLn 23$7K$7K
Other expenses (24a–d)Ln 24$12K$12K
Total functional expensesLn 25$63K$57K$5K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.2M$1.3M−$165K$748K 990 PDF
FY2024 Viewing $202K$63K$139K$912K 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 FY2024 990 (6 parts)
Part I · Summary $201,800 revenue, 12 lines filed
I-8 Contributions and grants$193,158
I-9 Program service revenue$0
I-10 Investment income$69
I-11 Other revenue$8,573
I-12 Total revenue$201,800
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$2,000
I-15 Salaries and benefits$1,421
I-16a Professional fundraising fees$0
I-17 Other expenses$59,108
I-18 Total expenses$62,529
I-19 Revenue less expenses$139,271
Part VI · Governance 6 of 6 board members independent, 1 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $201,800 across 6 lines filed
Lines not itemized here account for $7,626 of total revenue; see the IRS return.
VIII-1e Government grants$193,158
VIII-1h Total contributions, gifts and grants$193,158
VIII-3 Investment incomeRelated to mission $69$69
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $947$947
VIII-12 Total revenueRelated to mission $8,642 · Unrelated business $0 · Excluded from tax $0$201,800
Part IX · Statement of functional expenses $62,529 across 9 lines filed
IX-4 Benefits paid to or for membersPrograms $2,000$2,000
IX-7 Other salaries and wagesPrograms $1,320$1,320
IX-10 Payroll taxesPrograms $101$101
IX-11a Management feesManagement $700$700
IX-13 Office expensesManagement $4,632$4,632
IX-16 OccupancyPrograms $13,123$13,123
IX-22 Depreciation, depletion and amortizationPrograms $21,550$21,550
IX-23 InsurancePrograms $6,962$6,962
IX-24 Other expenses (24a–d)Programs $12,141$12,141
IX-25 Total functional expensesPrograms $57,197 · Management $5,332 · Fundraising $0$62,529
Part X · Balance sheet $912,007 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $67,232$400,104
X-10c Land, buildings and equipment, netStart of year $533,472$511,903
X-16 Total assetsStart of year $772,498$912,007
X-17 Accounts payable and accrued expenses$237
X-26 Total liabilitiesStart of year $0$237
X-27 Net assets without donor restrictionsStart of year $772,498$911,770
X-32 Total net assets or fund balancesStart of year $772,498$911,770
X-33 Total liabilities and net assetsStart of year $772,498$912,007
Part XI · Reconciliation of net assets $911,770 net assets at year end
XI-1 Total revenue$201,800
XI-2 Total expenses$62,529
XI-3 Revenue less expenses$139,271
XI-4 Net assets at start of year$772,498
XI-9 Other changes in net assets$1
XI-10 Net assets at end of year$911,770

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

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