Wilkes Economic Development Corporation
- Assets
- $4.5m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 4
- Location
- North Wilkesboro, NC
- Founding
- 06/2003
- Data as of
- 06/2023
- EIN
- 56-1957642
Organization Overview
Wilkes Economic Development Corporation is located in North Wilkesboro, NC. The organization was established in 2003. 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. As of 06/2023, Wilkes Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wilkes 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, Wilkes Economic Development Corporation generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.5% each year . All expenses for the organization totaled $560.9k during the year ending 06/2023. While expenses have increased by 1.2% 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
ECONOMIC DEVELOPMENT OF WILKES COUNTY
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACTING AS AN ADVISORY COUNCIL TO LOCAL GOVERNMENTAL AGENCIES AND BUSINESSES IN WILKES COUNTY, NC, WHERE RECOMMENDATIONS OF GOALS AND OBJECTIVES ARE GIVEN FOR FUTURE ECONOMIC DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leeann Nixon President | Officer | 40 | $110,313 |
Robin Hamby Vice Preside | OfficerTrustee | 40 | $76,909 |
Shelmer Blackburn Director | Trustee | 1 | $0 |
Amy Blair Director | Trustee | 1 | $0 |
Terry Bumgarner Vice Chair | OfficerTrustee | 1 | $0 |
John Cothern Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,396,998 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,520 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,405,518 |
| Total Program Service Revenue | $0 |
| Investment income | $16,126 |
| 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 | $1,430,166 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,161 |
| 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. | $223,957 |
| Compensation of current officers, directors, key employees. | $57,332 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $11,028 |
| Other employee benefits | $26,041 |
| Payroll taxes | $17,515 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,312 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $41,507 |
| Office expenses | $4,939 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $13,200 |
| Travel | $3,206 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,346 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,600 |
| Insurance | $2,645 |
| All other expenses | $30,900 |
| Total functional expenses | $560,880 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $415,369 |
| Savings and temporary cash investments | $131,369 |
| Pledges and grants receivable | $379,031 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,407 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,100 |
| Net Land, buildings, and equipment | $17,849 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,529,347 |
| Total assets | $4,481,472 |
| 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 | $4,439 |
| Total liabilities | $4,439 |
| Net assets without donor restrictions | $609,194 |
| Net assets with donor restrictions | $3,867,839 |
| 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 | $4,481,472 |