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Rutherford County Economic Development Corporation

Tax-deductible

Forest City, NC501(c)(3)Community Development EIN 81-5460810Revenue $170K in FY2025

On file with the IRS142 East Main St Ste 100, 28043-3101 · Forest City, NCTax-exempt since Jun 2017Publicly supported charity — 170(b)(1)(A)(vi)

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To cultivate Economic Development opportunities for Rutherford County.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2025 · 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
2 of 4
filings with a surplus
Average surplus $97K a year · 77% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
218 mo
of spending, in cash
Looks good: 218.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $999K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2K
0.2% 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
$170K
×62 vs prior year
Spent
$24K
To programs
100%
Net assets
$748K
By yearFY2020–FY2025
Revenue
$170K
FY2025▲ ×62
Tap a bar for its year
Revenue by fiscal year
FY2020$72K
FY2021$97K
FY2022$332K
FY2023$3K
FY2024$3K
FY2025$170K
Expenses
$24K
FY2025▲ +159%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021Not on file
FY2022$5K
FY2023$80K
FY2024$9K
FY2025$24K
Net assets
$748K
FY2025▲ +24%
Tap a bar for its year
Net assets by fiscal year
FY2020$265K
FY2021$358K
FY2022$685K
FY2023$608K
FY2024$601K
FY2025$748K

From the FY2025 Form 990 (year ending June 2025) · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2017.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $24K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
Thad Harrill
Vice Chair
$0Pt VII · Sec A
Terry Hines
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Rutherford County Economic 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 15aNo

Programs and updates

Fosters economic growth and creates jobs within Rutherford County.

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Provided by the organization

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2 programs · $24K · in their own filed words · FY2024
01

The organization purchases and manages shovel ready business park properties within the county as a means to cultivate further economic and industrial growth in rutherford county. Costs within the business park(s) are paid by the organization and a portion is reimbursed by other business park property owners through regime fees.

$24Kprogram expense
02

Receives donations from local businesses and uses the donation to further the economy development and industry growth in rutherford county.

Pt IX · col B

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 · FY2021
The Golden L E A F Long-Term Economic Advancement Foundation inFY2021$999K
Total grants receivedfrom 1 funder$999K

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$170K
Ln 12
Gifts and grantsLn 1h$168K
Other incomeLn 4–11$2K
Money outPt IX
$24K
Ln 25
Programscol B$24K
Owns and owesPt X
$748K
net assets · Ln 32
Cash and savingsLn 1–2$429K
Total assetsLn 16$749K
LiabilitiesLn 26$2K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$168K
Other incomeLn 4–11$2K
Total revenueLn 12$170K
Assets in detailPt X, end of year
CashLn 1$429K
Cash and savings togetherLn 1–2$429K
Other assetsLn 15$320K
Total assetsLn 16$749K
LiabilitiesLn 26$2K
Net assetsLn 32$748K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$282K$429K
Total assetsLn 16$601K$749K
LiabilitiesLn 26$0$2K
Net assetsLn 32$601K$748K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other expenses (24a–d)Ln 24$24K$24K
Total functional expensesLn 25$24K$24K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $170K$24K$146K$748K 990 PDF
FY2024 $3K$9K−$6K$601K 990 PDF
FY2023 $3K$80K−$77K$608K 990 PDF
FY2022 $332K$5K$327K$685K 990 PDF
FY2021 $97K$358K 990 PDF
FY2020 $72K$265K 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 FY2025 990 (6 parts)
Part I · Summary $169,843 revenue, 12 lines filed
I-8 Contributions and grants$167,700
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenuePrior year $2,721$2,143
I-12 Total revenuePrior year $2,721$169,843
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 $9,097$23,594
I-18 Total expensesPrior year $9,097$23,594
I-19 Revenue less expensesPrior year −$6,376$146,249
Part VI · Governance 6 of 6 board members independent, 2 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-12a Written conflict of interest policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $169,843 across 4 lines filed
VIII-1f All other contributions, gifts and grants$167,700
VIII-1h Total contributions, gifts and grants$167,700
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,143$2,143
VIII-12 Total revenueRelated to mission $2,143$169,843
Part IX · Statement of functional expenses $23,594 across 1 line filed
IX-24 Other expenses (24a–d)Programs $23,594$23,594
IX-25 Total functional expensesPrograms $23,594 · Management $0 · Fundraising $0$23,594
Part X · Balance sheet $749,072 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $281,655$429,417
X-15 Other assetsStart of year $319,655$319,655
X-16 Total assetsStart of year $601,310$749,072
X-17 Accounts payable and accrued expenses$1,513
X-26 Total liabilitiesStart of year $0$1,513
X-27 Net assets without donor restrictionsStart of year $601,310$747,559
X-32 Total net assets or fund balancesStart of year $601,310$747,559
X-33 Total liabilities and net assetsStart of year $601,310$749,072
Part XI · Reconciliation of net assets $747,559 net assets at year end
XI-1 Total revenue$169,843
XI-2 Total expenses$23,594
XI-3 Revenue less expenses$146,249
XI-4 Net assets at start of year$601,310
XI-10 Net assets at end of year$747,559

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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