Chatham County Economic Development Corporation
- Assets
- $1.4m
- Revenue
- $1.3m
- Investments
- $293.0k
- Employees
- 4
- Location
- Pittsboro, NC
- Founding
- 01/1998
- Data as of
- 06/2022
- EIN
- 56-2048401
Organization Overview
Chatham County Economic Development Corporation is located in Pittsboro, NC. The organization was established in 1998. 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 06/2022, Chatham County Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chatham 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 06/2022, Chatham County Economic Development Corporation generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 45.4% each year . All expenses for the organization totaled $692.7k during the year ending 06/2022. While expenses have increased by 14.0% per year over the past 3 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO COORDINATE AND PROMOTE ECONOMIC DEVELOPMENT, CREATING GOOD PAYING JOBS, INCREASING THE COMMERCIAL TAX BASE, AND IMPROVING THE STANDARD OF LIVING FOR COUNTY RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COORDINATE EFFORTS OF CHATHAM COUNTY AND MUNICIPAL GOVERNMENTS WITH A POLICY-DRIVEN APPROACH DESIGNED TO CREATE JOBS, INCREASE THE COMMERCIAL TAX BASE, AND BUILD PROSPERITY FOR RESIDENTS BY FOCUSING ON ATTRACTION, RETENTION AND ENTREPRENEURSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Taylor Hobbs Director | Trustee | 1 | $0 |
Jennifer Platt Director | Trustee | 1 | $0 |
Antonio Mcbroom Director | Trustee | 1 | $0 |
Debbie Andleton Director | Trustee | 1 | $0 |
Shannon Becker Director | Trustee | 1 | $0 |
Greg Lewis Chair | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $467,607 |
| All other contributions, gifts, grants, and similar amounts not included above | $852,691 |
| Noncash contributions included in lines 1a–1f | $25,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,320,298 |
| Total Program Service Revenue | $0 |
| Investment income | $2,493 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,288 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,328,079 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $53,370 |
| Grants and other assistance to domestic individuals. | $21,630 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $147,106 |
| Compensation of current officers, directors, key employees. | $32,363 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $155,588 |
| Pension plan accruals and contributions | $20,146 |
| Other employee benefits | $35,699 |
| Payroll taxes | $23,395 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,940 |
| Fees for services: Accounting | $12,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $83,025 |
| Fees for services: Investment Management | $2,933 |
| Fees for services: Other | $30,089 |
| Advertising and promotion | $60,716 |
| Office expenses | $3,562 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $16,692 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,352 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,155 |
| Insurance | $4,435 |
| All other expenses | $711 |
| Total functional expenses | $692,724 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $72,499 |
| Savings and temporary cash investments | $240,505 |
| Pledges and grants receivable | $653,441 |
| 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 | $4,659 |
| Net Land, buildings, and equipment | $2,979 |
| Investments—publicly traded securities | $120,147 |
| Investments—other securities | $292,999 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,387,229 |
| Accounts payable and accrued expenses | $15,684 |
| 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 | $8,510 |
| Total liabilities | $24,194 |
| Net assets without donor restrictions | $1,363,035 |
| 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 | $1,387,229 |