Olive Hill Community Economic Development Corporation
- Assets
- $81.6k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 3
- Location
- Morganton, NC
- Founding
- 07/1999
- Data as of
- 12/2023
- EIN
- 31-1639629
Organization Overview
Olive Hill Community Economic Development Corporation, operating under the name Development Corporation Inc, is located in Morganton, NC. The organization was established in 1999. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Development Corporation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Development Corporation Inc 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 12/2023, Development Corporation Inc generated $124.1k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $99.1k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE A POSITIVE IMPACT ON THE ECONOMIC ENVIRONMENT OF AREA RESIDENTS WITH ASSET BUILDING OPPORTUNITIES TO ACHIEVE FINANCIAL STABILITY.
Describe the Organization's Program Activity:
Part 3
ASSIST RESIDENTS IN HOME OWNERSHIP, BUSINESS OWNERSHIP AND COMPUTER SKILLS. SERVES RESIDENTS OF BURKE, CALDWELL, CATAWBA AND MCDOWELL COUNTIES IN NORTH CAROLINA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beverly Carlton Executive Director | 40 | $34,600 | |
Winston Hill Jr Board President | 2 | $0 | |
Leslie Kern Board Secretary | 2 | $0 | |
Ebony Johnson Hill Treasurer | 2 | $0 | |
Rev Anthony Ratcliff Board Member | 2 | $0 | |
Charlita Lytle Board Member | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $96,500 |
| Total Program Service Revenue | $27,556 |
| Membership dues | $0 |
| Investment income | $0 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $124,056 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $70,713 |
| Professional fees and other payments to independent contractors | $3,522 |
| Occupancy, rent, utilities, and maintenance | $10,372 |
| Printing, publications, postage, and shipping | $1,200 |
| Other expenses | $13,260 |
| Total expenses | $99,067 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $56,562 |
| Other assets | $0 |
| Total assets | $81,562 |
| Total liabilities | $53,285 |
| Net assets or fund balances | $28,277 |