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Areawide Development Corporation FY2023 filing

Alcoa, TNUnknown exempt organization EIN 62-1133405Revenue $340K in FY2023

On file with the IRSPo Box 249 · Alcoa, TN

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To provide long-term loans to small businesses for the purpose of conversion, or expansion, including the acquisition of land, building and leasehold improvements. Areawide Development Corporation also provides all services for the loan portfolio. Small business finance is a most important function in assiting in the creation of private sector jobs. Areawide Development corporations primary function and goal is private sector job creation.

92¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
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
3 of 6
filings with a surplus
Average deficit $3K a year · under 1% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
46 mo
of spending, in cash
Looks good: 45.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$39K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
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
$340K
-45% vs prior year
Spent
$362K
To programs
92%
Net assets
$1.4M
By yearFY2020–FY2025
Revenue
$340K
FY2023▼ -45%
Tap a bar for its year
Revenue by fiscal year
FY2020$386K
FY2021$313K
FY2022$616K
FY2023$340K
FY2024$347K
FY2025$213K
Expenses
$362K
FY2023▼ -19%
Tap a bar for its year
Expenses by fiscal year
FY2020$434K
FY2021$445K
FY2022$446K
FY2023$362K
FY2024$345K
FY2025$202K
Net assets
$1.4M
FY2023▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.4M
FY2021$1.2M
FY2022$1.4M
FY2023$1.4M
FY2024$1.4M
FY2025$0

From the FY2023 Form 990 (year ending September 2023) · see the original

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

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $333K Management & general 8% · $29K

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

10 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Teri Brahams
Vice Preside
$0Pt VII · Sec A
Greg Davis
Director
$0Pt VII · Sec A
Rosa Mar
Director
$0Pt VII · Sec A
Jim McBrearty
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Debbie Sudhoff
Assistant Se
$0Pt VII · Sec A
Tony Thompson
President
$0Pt VII · Sec A
See Areawide 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

Offers long-term loans for small business expansion, land, and building improvements to create jobs.

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Provided by the organization

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1 program · $333K · in their own filed words · FY2022
01

Provide information about sba loan package to potential borrowers, providing assistance throughout the loan application process for the sba 504 loan program in this region, servicing the sba loans after they are funded areawide development corporation has submitted over 390 sba 503/504 applications to the loan review committee.

$333Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$340K
Ln 12
Fees for servicesLn 2g$294K
Investment incomeLn 3$34K
Other incomeLn 4–11$12K
Money outPt IX
$362K
Ln 25
Programscol B$333K
Managementcol C$29K
Owns and owesPt X
$1.4M
net assets · Ln 32
Cash and savingsLn 1–2$1.4M
Total assetsLn 16$1.4M
LiabilitiesLn 26$39K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$294K
Investment incomeLn 3$34K
Other incomeLn 4–11$12K
Total revenueLn 12$340K
Assets in detailPt X, end of year
CashLn 1$1.4M
Cash and savings togetherLn 1–2$1.4M
Other assetsLn 15$22K
Total assetsLn 16$1.4M
LiabilitiesLn 26$39K
Net assetsLn 32$1.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 69
Fiscal year endsHeaderSeptember
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 FY23End FY23
Cash and savingsLn 1–2$1.4M$1.4M
Total assetsLn 16$1.4M$1.4M
LiabilitiesLn 26$29K$39K
Net assetsLn 32$1.4M$1.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$4K$4K$344
Accounting feesLn 11c$7K$7K$576
Office expensesLn 13$566$521$45
OccupancyLn 16$12K$11K$967
TravelLn 17$8K$8K$652
Conferences, conventions and meetingsLn 19$6K$6K$487
InsuranceLn 23$9K$8K$710
Other expenses (24a–d)Ln 24$301K$277K$24K
All other expensesLn 24e$14K$13K$1K
Total functional expensesLn 25$362K$333K$29K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $213K$202K$12K$0 990 PDF
FY2024 $347K$345K$2K$1.4M 990 PDF
FY2023 Viewing $340K$362K−$22K$1.4M 990 PDF
FY2022 $616K$446K$170K$1.4M 990 PDF
FY2021 $313K$445K−$132K$1.2M 990 PDF
FY2020 $386K$434K−$48K$1.4M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $340,224 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $279,152$294,411
I-10 Investment incomePrior year $248,459$33,597
I-11 Other revenuePrior year $88,248$12,216
I-12 Total revenuePrior year $615,859$340,224
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $445,864$362,151
I-18 Total expensesPrior year $445,864$362,151
I-19 Revenue less expensesPrior year $169,995−$21,927
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $340,224 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $294,411$294,411
VIII-3 Investment incomeRelated to mission $33,597$33,597
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $12,216$12,216
VIII-12 Total revenueRelated to mission $340,224$340,224
Part IX · Statement of functional expenses $362,151 across 9 lines filed
IX-11b Legal feesPrograms $3,960 · Management $344$4,304
IX-11c Accounting feesPrograms $6,624 · Management $576$7,200
IX-13 Office expensesPrograms $521 · Management $45$566
IX-16 OccupancyPrograms $11,120 · Management $967$12,087
IX-17 TravelPrograms $7,500 · Management $652$8,152
IX-19 Conferences, conventions and meetingsPrograms $5,597 · Management $487$6,084
IX-23 InsurancePrograms $8,164 · Management $710$8,874
IX-24 Other expenses (24a–d)Programs $276,881 · Management $24,078$300,959
IX-24e All other expensesPrograms $12,810 · Management $1,115$13,925
IX-25 Total functional expensesPrograms $333,177 · Management $28,974 · Fundraising $0$362,151
Part X · Balance sheet $1,408,309 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $1,415,408$1,386,299
X-15 Other assetsStart of year $5,162$22,010
X-16 Total assetsStart of year $1,420,570$1,408,309
X-17 Accounts payable and accrued expensesStart of year $1,906$31,298
X-25 Other liabilitiesStart of year $27,549$7,823
X-26 Total liabilitiesStart of year $29,455$39,121
X-27 Net assets without donor restrictionsStart of year $1,391,115$1,369,188
X-32 Total net assets or fund balancesStart of year $1,391,115$1,369,188
X-33 Total liabilities and net assetsStart of year $1,420,570$1,408,309
Part XI · Reconciliation of net assets $1,369,188 net assets at year end
XI-1 Total revenue$340,224
XI-2 Total expenses$362,151
XI-3 Revenue less expenses−$21,927
XI-4 Net assets at start of year$1,391,115
XI-10 Net assets at end of year$1,369,188

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

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