Mcdowell Economic Development Association Inc is located in Marion, NC. The organization was established in 1983. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Mcdowell Economic Development Association Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mcdowell Economic Development Association 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 06/2022, Mcdowell Economic Development Association Inc generated $127.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.8%) each year. All expenses for the organization totaled $136.8k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (3.9%) 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE THE ECONOMIC CONDITIONS FOR THE PEOPLE OF MCDOWELL COUNTY THROUGH THE RECRUITMENT OF NEW BUSINESSES AND THE EXPANSION OF EXISTING BUSINESSESS IN THE COUNTY
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Jeffery Judd Chairperson | Officer | 5 | $0 |
David Wooten Vice Chairperson | Officer | 5 | $0 |
Charles Abernathy Executive Director | Officer | 40 | $0 |
Dennis Whitson Secretary Treasurer | Officer | 5 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $6,575 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $120,544 |
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 | $127,119 |
Total Program Service Revenue | $0 |
Investment income | $3 |
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 | $127,122 |
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. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $109,245 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $8,357 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $2,713 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $4,107 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $1,789 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $1,434 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $800 |
Insurance | $1,996 |
All other expenses | $192 |
Total functional expenses | $136,831 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $23,406 |
Savings and temporary cash investments | $11,033 |
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 | $4,933 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $39,372 |
Accounts payable and accrued expenses | $3,504 |
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 | $3,504 |
Net assets without donor restrictions | $35,868 |
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 | $39,372 |
Over the last fiscal year, we have identified 1 grants that Mcdowell Economic Development Association Inc has recieved totaling $95,000.
Awarding Organization | Amount |
---|---|
The Golden L E A F Long-Term Economic Advancement Foundation In Rocky Mount, NC PURPOSE: SEE PART IV | $95,000 |
Organization Name | Assets | Revenue |
---|---|---|
Americans For Prosperity Arlington, VA | $36,122,323 | $113,776,550 |
Self Help Ventures Fund Durham, NC | $1,059,061,327 | $60,531,771 |
Carter Street Corporation Chattanooga, TN | $16,714,346 | $6,596,539 |
Charlotte Center City Partners Charlotte, NC | $3,090,178 | $6,164,890 |
Venture Richmond Inc Richmond, VA | $7,025,585 | $5,575,003 |
Catawba Regional Council Of Governments Rock Hill, SC | $18,118,741 | $10,188,786 |
Enterprise Center Inc Chattanooga, TN | $3,677,488 | $5,998,300 |
Common Ground Alliance Alexandria, VA | $4,149,136 | $2,873,132 |
Metanoia North Charleston, SC | $10,676,090 | $4,102,984 |
Forward Cities Inc Durham, NC | $1,196,373 | $2,460,187 |
Industrial Commons Morganton, NC | $6,060,975 | $4,558,553 |
Partners In Ministry Laurinburg, NC | $1,633,972 | $2,541,350 |