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Areawide Development Corporation FY2024 filing

Alcoa, TNUnknown exempt organization EIN 62-1133405Revenue $347K in FY2024

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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FY2024 · 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
49 mo
of spending, in cash
Looks good: 48.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$43K
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
$347K
+2% vs prior year
Spent
$345K
To programs
92%
Net assets
$1.4M
By yearFY2020–FY2025
Revenue
$347K
FY2024▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$386K
FY2021$313K
FY2022$616K
FY2023$340K
FY2024$347K
FY2025$213K
Expenses
$345K
FY2024▼ -5%
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
FY2024+0.4%
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 FY2024 Form 990 (year ending September 2024) · 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 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% · $317K Management & general 8% · $28K

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 (FY2023); the FY2024 filing did not itemize Part VII
Debbie Sudhoff
Executive Di
$0Pt VII · Sec A
Tony Thompson
President
$0Pt VII · Sec A
Teri Brahams
Vice Preside
$0Pt VII · Sec A
Jim McBrearty
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
Greg Davis
Director
$0Pt VII · Sec A
Rosa Mar
Director
$0Pt VII · Sec A
$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 · $317K · in their own filed words · FY2023
01

Providing information about sba loan package to potential borrowers, providing assistance throughout the loan application process for the sba 504 loan program in the state of tennessee, servicing the sba loans post funding. Areawide development corporation has submitted over 393 sba 503/504 applications to the loan review committee.

$317Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$347K
Ln 12
Fees for servicesLn 2g$298K
Investment incomeLn 3$49K
Money outPt IX
$345K
Ln 25
Programscol B$317K
Managementcol C$28K
Owns and owesPt X
$1.4M
net assets · Ln 32
Cash and savingsLn 1–2$1.4M
Total assetsLn 16$1.4M
LiabilitiesLn 26$43K
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$298K
Investment incomeLn 3$49K
Total revenueLn 12$347K
Assets in detailPt X, end of year
CashLn 1$78K
SavingsLn 2$1.3M
Cash and savings togetherLn 1–2$1.4M
Other assetsLn 15$4K
Total assetsLn 16$1.4M
LiabilitiesLn 26$43K
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 FY24End FY24
Cash and savingsLn 1–2$1.4M$1.4M
Total assetsLn 16$1.4M$1.4M
LiabilitiesLn 26$39K$43K
Net assetsLn 32$1.4M$1.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$1K$1K$115
Accounting feesLn 11c$6K$6K$520
Office expensesLn 13$57K$53K$5K
Information technologyLn 14$9K$8K$702
OccupancyLn 16$10K$9K$779
TravelLn 17$8K$8K$666
Conferences, conventions and meetingsLn 19$438$403$35
InsuranceLn 23$9K$8K$696
Other expenses (24a–d)Ln 24$244K$224K$20K
Total functional expensesLn 25$345K$317K$28K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $213K$202K$12K$0 990 PDF
FY2024 Viewing $347K$345K$2K$1.4M 990 PDF
FY2023 $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 FY2024 990 (6 parts)
Part I · Summary $347,247 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $294,411$298,369
I-10 Investment incomePrior year $33,597$48,878
I-11 Other revenuePrior year $12,216$0
I-12 Total revenuePrior year $340,224$347,247
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 $362,151$345,048
I-18 Total expensesPrior year $362,151$345,048
I-19 Revenue less expensesPrior year −$21,927$2,199
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 $347,247 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $298,369$298,369
VIII-3 Investment incomeExcluded from tax $48,878$48,878
VIII-12 Total revenueRelated to mission $298,369 · Excluded from tax $48,878$347,247
Part IX · Statement of functional expenses $345,048 across 9 lines filed
IX-11b Legal feesPrograms $1,321 · Management $115$1,436
IX-11c Accounting feesPrograms $5,980 · Management $520$6,500
IX-13 Office expensesPrograms $52,740 · Management $4,586$57,326
IX-14 Information technologyPrograms $8,073 · Management $702$8,775
IX-16 OccupancyPrograms $8,961 · Management $779$9,740
IX-17 TravelPrograms $7,660 · Management $666$8,326
IX-19 Conferences, conventions and meetingsPrograms $403 · Management $35$438
IX-23 InsurancePrograms $8,004 · Management $696$8,700
IX-24 Other expenses (24a–d)Programs $224,302 · Management $19,505$243,807
IX-25 Total functional expensesPrograms $317,444 · Management $27,604 · Fundraising $0$345,048
Part X · Balance sheet $1,417,816 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $1,386,299$77,708
X-2 Savings and temporary cash investments$1,323,845
X-9 Prepaid expenses and deferred chargesStart of year $6,829$6,663
X-14 Intangible assetsStart of year $7,823$5,345
X-15 Other assetsStart of year $7,358$4,255
X-16 Total assetsStart of year $1,408,309$1,417,816
X-17 Accounts payable and accrued expensesStart of year $31,298$1,794
X-25 Other liabilitiesStart of year $7,823$41,510
X-26 Total liabilitiesStart of year $39,121$43,304
X-27 Net assets without donor restrictionsStart of year $1,369,188$1,374,512
X-32 Total net assets or fund balancesStart of year $1,369,188$1,374,512
X-33 Total liabilities and net assetsStart of year $1,408,309$1,417,816
Part XI · Reconciliation of net assets $1,374,512 net assets at year end
XI-1 Total revenue$347,247
XI-2 Total expenses$345,048
XI-3 Revenue less expenses$2,199
XI-4 Net assets at start of year$1,369,188
XI-8 Prior period adjustments$3,125
XI-10 Net assets at end of year$1,374,512

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

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