Martin County Economic Development Corporation
- Assets
- $1.8m
- Revenue
- $273.3k
- Investments
- $0.0
- Employees
- 5
- Location
- Williamston, NC
- Founding
- 02/1998
- Data as of
- 06/2021
- EIN
- 56-2042675
Organization Overview
Martin County Economic Development Corporation is located in Williamston, NC. The organization was established in 1998. 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 06/2021, Martin County Economic Development Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Martin County 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 06/2021, Martin County Economic Development Corporation generated $273.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (27.1%) each year. All expenses for the organization totaled $229.6k during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT WITHIN MARTIN COUNTY, NORTH CAROLINA AND SURROUNDING AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS SUPPORT AND INDUSTRIAL RECRUITMENT INCLUDES COST OF PROVIDING LEASED SPACE TO EXISTING INDUSTRY, COST OF REHABILITATING EXISTING FACILITY FOR NEW INDUSTRY, SOFT COST OF NEW SHELL BUILDING AND INCENTIVES TO NEW INDUSTRY.
BUSINESS AND TECHNOLOGY CENTER INCLUDES PROVIDING INCUBATOR SPACE FOR SMALL BUSINESS AND ACCESS TO ADVANCED TECHNOLOGIES TO AREA BUSINESS, THE PUBLIC, AND AREA SCHOOLS. ALSO PROVIDES OFFICE SPACE TO FEDERAL, STATE, AND LOCAL GOVERNMENT ORGANIZATIONS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason Semple President / | Officer | 40 | $6,518 |
Roy Lilley Board Chair | OfficerTrustee | 1.5 | $0 |
Taylor Slade Vice Chairma | OfficerTrustee | 1.5 | $0 |
Larry Biggs Secretary | OfficerTrustee | 1.5 | $0 |
Mitchell Manning Assistant Se | OfficerTrustee | 1.5 | $0 |
Judge Regina Parker Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $154,061 |
| 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 | $154,061 |
| Total Program Service Revenue | $117,644 |
| Investment income | $1,590 |
| 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 | $273,295 |
| 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. | $46,704 |
| Compensation of current officers, directors, key employees. | $621 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,089 |
| Pension plan accruals and contributions | $1,206 |
| Other employee benefits | $2,879 |
| Payroll taxes | $4,138 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,714 |
| Fees for services: Accounting | $7,600 |
| 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 | $22,617 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,724 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,771 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $175 |
| Insurance | $9,375 |
| All other expenses | $9,539 |
| Total functional expenses | $229,644 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $261,233 |
| Savings and temporary cash investments | $1,512,435 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,007 |
| 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 | $860 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,541 |
| Total assets | $1,779,076 |
| Accounts payable and accrued expenses | $5,674 |
| 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 | $10,110 |
| Total liabilities | $15,784 |
| Net assets without donor restrictions | $250,857 |
| Net assets with donor restrictions | $1,512,435 |
| 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 | $1,779,076 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Martin County Economic Development Corporation has recieved totaling $37,500.
| Awarding Organization | Amount |
|---|---|
The Golden L E A F Long-Term Economic Advancement Foundation In Rocky Mount, NC PURPOSE: SEE PART IV | $29,500 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: MARTIN COUNTY EQUESTRIAN TRAIL PROJECT | $8,000 |
Peer Organizations
| 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 |