Lake Norman Regional Economic Development Corporation
- Assets
- $374.3k
- Revenue
- $358.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Huntersville, NC
- Founding
- 06/2004
- Data as of
- 06/2023
- EIN
- 51-0463069
Organization Overview
Lake Norman Regional Economic Development Corporation is located in Huntersville, NC. The organization was established in 2004. 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. Lake Norman Regional Economic Development Corporation 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 06/2023, Lake Norman Regional Economic Development Corporation generated $358.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $420.7k during the year ending 06/2023. While expenses have increased by 6.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO FACILITATE AND ENHANCE THE ECONOMIC DEVELOPMENT OF THE LAKE NORMAN AREA AND SURROUNDING COMMUNITIES AND TO PROMOTE JOB GROWTH IN THE AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTRACTED SALARIES: THIS PROGRAM SERVICE INCLUDES SALARIES FOR THREE EMPLOYEES, THE EXECUTIVE DIRECTOR AND THE COMMUNITY RELATIONS MANAGER, AND WORKFORCE DEVELOPMENT MANAGER. SERVICES PROVIDED INCLUDE MARKETING, PROJECT MANAGEMENT, PROPERTY ANALYSIS AND DEVELOPMENT, WORKFORCE DEVELOPMENT, FUNDRAISING, AND EXISTING INDUSTRY CALLS. OTHER SERVICES ARE PROVIDED TO THE TOWNS OF CORNELIUS, DAVIDSON AND HUNTERSVILLE AS REQUESTED ON A CASE-BY-CASE BASIS.
CONTRACTED EMPLOYEE BENEFITS: THIS PROGRAM SERVICE COVERS USUAL BENEFITS INCLUDING HEALTH INSURANCE, LIFE INSURANCE, DISABILITY INSURANCE, 401K, RETIREMENT, AND ANNUAL LEAVE FOR THE TWO EMPLOYEES DESCRIBED ABOVE.
TRAVEL AND TRAINING: THIS PROGRAM SERVICE COVERS TRAVEL EXPENSES RELATED TO PROJECTS AND TRAINING SESSIONS SUCH AS THE IEDC ANNUAL CONFERENCE ATTENDED BY THE EXECUTIVE DIRECTOR. IT ALSO INCLUDES EXPENSES RELATED TO ATTENDING PROFESSIONAL DEVELOPMENT SEMINARS SPONSORED BY THE INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL AND THE NC ECONOMIC DEVELOPERS ASSOCIATION. IN ADDITION, OTHER EXPENSES IN THIS CATEGORY COMPRISE OF PROFESSIONAL CERTIFICATION CLASSES AND ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Roberts Board Of Directors | OfficerTrustee | 2 | $0 |
Andy Myers Chair | OfficerTrustee | 2 | $0 |
Mike Griffin Secretary / Treasurer | OfficerTrustee | 2 | $0 |
Katrina King Board Of Directors | Trustee | 2 | $0 |
Jamie Justice Board Of Directors | Trustee | 2 | $0 |
Woody Washam Board Of Directors | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $354,362 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $354,362 |
| Total Program Service Revenue | $0 |
| Investment income | $3,709 |
| 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 | $358,071 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $113,848 |
| Compensation of current officers, directors, key employees. | $42,807 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $108,937 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $80,718 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,446 |
| Office expenses | $2,093 |
| Information technology | $7,212 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $324 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,057 |
| Interest | $2,943 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,439 |
| Insurance | $4,765 |
| All other expenses | $6,986 |
| Total functional expenses | $420,691 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,050 |
| Savings and temporary cash investments | $244,746 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,444 |
| 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 | $90,081 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,023 |
| Total assets | $374,344 |
| Accounts payable and accrued expenses | $34,680 |
| 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 | $93,145 |
| Total liabilities | $127,825 |
| Net assets without donor restrictions | $246,519 |
| Net assets with donor restrictions | $0 |
| 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 | $374,344 |