Alamance County Economic Development Foundation
- Assets
- $1.5m
- Revenue
- $569.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Burlington, NC
- Founding
- 05/2006
- Data as of
- 12/2022
- EIN
- 20-2384314
Organization Overview
Alamance County Economic Development Foundation is located in Burlington, NC. The organization was established in 2006. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alamance County Economic Development Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Alamance County Economic Development Foundation generated $569.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $472.7k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Alamance County Economic Development Foundation has awarded 28 individual grants totaling $1,006,703. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE FOUNDATION IS TO ENHANCE THE WELFARE OF BUSINESS AND TO PROMOTE AND STIMULATE ECONOMIC VITALITY IN THE ALAMANCE COUNTY AREA FOR THE BENEFIT OF ITS MEMBERS AND THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION'S ACTIVITIES SEEK TO INCREASE JOBS AND NEW INVESTMENT IN THE ALAMANCE COUNTY AREA AND TO ASSIST IN AND FACILITATE THE GROWTH OF JOBS AND INVESTMENT IN EXISTING INDUSTRY IN THE AREA THROUGH MARKETING, RESEARCH, AND PUBLIC/MEDIA RELATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Reagan Gural President | OfficerTrustee | 5 | $0 |
Nikki Ratliff Past Chair | OfficerTrustee | 5 | $0 |
Patricia Rhodes Treasurer | OfficerTrustee | 5 | $0 |
Doug Hyman Chair-Elect | OfficerTrustee | 5 | $0 |
Ed Hooks Director | Trustee | 1 | $0 |
Griffin Mcclure Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $569,400 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $569,400 |
| Total Program Service Revenue | $0 |
| Investment income | $433 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $569,833 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $193,311 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $88,744 |
| Pension plan accruals and contributions | $4,187 |
| Other employee benefits | $18,652 |
| Payroll taxes | $24,466 |
| Fees for services: Management | $53,525 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,004 |
| Advertising and promotion | $4,216 |
| Office expenses | $2,916 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,068 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $143 |
| Insurance | $0 |
| All other expenses | $6,254 |
| Total functional expenses | $472,739 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $355,857 |
| Savings and temporary cash investments | $1,095,082 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,285 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,452,224 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,415,005 |
| Net assets with donor restrictions | $37,219 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,452,224 |
Grants Awarded
Over the last fiscal year, Alamance County Economic Development Foundation has awarded $190,811 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
ALAMANCE COMMUNITY COLLEGE FOUNDATION INC PURPOSE: TO SUPPORT BIOTECHNOLOGY CENTER OF EXCELLENCE'S INVESTMENT IN ALAMANCE COUNTY. | $100,000 |
CHICK-FIL-A FOUNDATION INC PURPOSE: TO SUPPORT ORGANIZATION'S PURPOSE. | $50,000 |
ALAMANCE COUNTY CHAMBER - ALAMANCE YOUTH LEADERSHIP ACADEMY PURPOSE: TO REIMBURSE FOR THE CHAMBER FOR ALAMANCE YOUTH LEADERSHIP ACADEMY EXPENSES. | $17,354 |
ALAMANCE COUNTY CHAMBER - TEACHER OF THE YEAR PURPOSE: TO REIMBURSE THE CHAMBER FOR EXCELLENCE IN EDUCATION TEACHER OF THE YEAR EXPENSES. | $23,457 |