Choanoke Area Development Assoc
- Assets
- $3.1m
- Revenue
- $10.0m
- Investments
- $0.0
- Employees
- 194
- Location
- Rich Square, NC
- Founding
- 03/1965
- Data as of
- 06/2022
- EIN
- 56-0841757
Organization Overview
Choanoke Area Development Assoc is located in Rich Square, NC. The organization was established in 1965. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Choanoke Area Development Assoc employed 194 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Choanoke Area Development Assoc 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 06/2022, Choanoke Area Development Assoc generated $10.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $10.1m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ASSISTANCE TO LOW-INCOME INDIVIDUALS AND FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
HEAD START PROGRAM - THE PROGRAM SERVES ECONOMICALLY DISADVANTAGED PRESCHOOL CHILDREN BY PROVIDING COMPREHENSIVE HEALTH, EDUCATION, NUTRITION, SOCIAL, AND OTHER SERVICES.
COMMUNITY SERVICES, WORKFORCE INVESTMENT, FATHERS' IN FOCUS, REUNIFICATION & FAMILY PRESERVATION, EMERGENCY FOOD & SHELTER SERVICE, IDA, ENERGY SHARE PROGRAMS, PARENTS AS TEACHERS, LOSS MITIGATION, WOODLAND OLNEY LOW INCOME HOUSING, AND OTHER PROGRAMS - THESE PROGRAMS PROVIDE SERVICES AND ASSISTANCE TO LOW-INCOME INDIVIDUALS AND FAMILIES AND ASSISTS THEM IN ACHIEVING SELF-SUFFICIENCY.
THE WEATHERIZATION ASSISTANCE PROGRAM ENABLES LOW-INCOME FAMILIES TO PERMANENTLY REDUCE THEIR ENERGY BILLS BY MAKING THEIR HOMES MORE ENERGY EFFICIENT. FUNDS ARE USED TO IMPROVE THE ENERGY PERFORMANCE OF DWELLINGS OF NEEDY FAMILIES USING THE MOST ADVANCED TECHNOLOGIES AND TESTING PROTOCOLS AVAILABLE IN THE HOUSING INDUSTRY.
HUD SECTION 8 HOUSING PROGRAM - THIS PROGRAM PROVIDES RENTAL AND UTILITY ASSISTANCE TO LOW-INCOME FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Catherine Moody President | OfficerTrustee | 2 | $0 |
Vivian Saunders 1st Vice Pre | OfficerTrustee | 2 | $0 |
Nathan Mizell 2nd Vice Pre | OfficerTrustee | 2 | $0 |
Jackson Brown Jr 3rd Vice Pre | OfficerTrustee | 2 | $0 |
James Peele Secretary/tr | OfficerTrustee | 2 | $0 |
Robin Williams Asst Secreta | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Smith Insulation Insulation Cont | 6/29/19 | $131,211 |
Dm Bennett Construction Inc Construction | 6/29/19 | $139,200 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,530,981 |
| All other contributions, gifts, grants, and similar amounts not included above | $95,937 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,626,918 |
| Total Program Service Revenue | $80,820 |
| Investment income | $39 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $5,715 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,029,317 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,089,938 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $316,488 |
| Compensation of current officers, directors, key employees. | $31,649 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,981,624 |
| Pension plan accruals and contributions | $113,581 |
| Other employee benefits | $789,950 |
| Payroll taxes | $357,585 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $59,725 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $523,168 |
| Advertising and promotion | $41,807 |
| Office expenses | $260,700 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $285,393 |
| Travel | $41,972 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,524 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $178,263 |
| Insurance | $182,743 |
| All other expenses | $112,744 |
| Total functional expenses | $10,100,985 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,715 |
| Savings and temporary cash investments | $101,180 |
| Pledges and grants receivable | $312,611 |
| Accounts receivable, net | $148,764 |
| 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 | $24,382 |
| Net Land, buildings, and equipment | $2,200,799 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $181,691 |
| Intangible assets | $0 |
| Other assets | $46,633 |
| Total assets | $3,058,775 |
| Accounts payable and accrued expenses | $937,550 |
| 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 | $1,118,532 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $59,914 |
| Total liabilities | $2,115,996 |
| Net assets without donor restrictions | $716,611 |
| Net assets with donor restrictions | $226,168 |
| 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 | $3,058,775 |