Chatham County Economic Development Corporation
- Assets
- $874.2k
- Revenue
- $396.6k
- Investments
- $267.5k
- Employees
- 4
- Location
- Pittsboro, NC
- Founding
- 01/1998
- Data as of
- 06/2021
- 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 06/2021, 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 06/2021, Chatham County Economic Development Corporation generated $396.6k 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 (4.0%) each year. All expenses for the organization totaled $451.0k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (4.3%) 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
2021
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 |
|---|---|---|---|
Alyssa Byrd July 2020-Aug 2020 President | Officer | 40 | $72,693 |
Greg Lewis Chair | Officer | 2 | $0 |
Jeff Wilson Past Chair | Officer | 2 | $0 |
Chreatha Alston Vice Chair | Officer | 1 | $0 |
Craig Wood Secretary/treasurer | Officer | 2 | $0 |
C Michael Smith Jan 2021-Present President | Officer | 40 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $394,705 |
| Investment income | $1,930 |
| 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 | $396,635 |
| Statement of Expenses | |
|---|---|
| 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. | $78,594 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $108,011 |
| Pension plan accruals and contributions | $12,988 |
| Other employee benefits | $30,144 |
| Payroll taxes | $13,901 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $50,750 |
| Fees for services: Investment Management | $2,805 |
| Fees for services: Other | $54,874 |
| Advertising and promotion | $26,550 |
| Office expenses | $3,211 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $11,909 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,451 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $944 |
| Insurance | $4,456 |
| All other expenses | $0 |
| Total functional expenses | $451,016 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $78,383 |
| Savings and temporary cash investments | $398,303 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,831 |
| 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 | $9,623 |
| Investments—publicly traded securities | $111,645 |
| Investments—other securities | $267,451 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $874,185 |
| Accounts payable and accrued expenses | $44,964 |
| 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 | $86,310 |
| Total liabilities | $131,274 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $742,911 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Chatham County Economic Development Corporation has recieved totaling $7,000.
| Awarding Organization | Amount |
|---|---|
Triangle Community Foundation Durham, NC PURPOSE: FOR THE SILER CITY UNIDOS PROJECT (ATTN: ALYSSA BYRD) | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metro Atlanta Host Committee Inc Atlanta, GA | $222,399 | $14,582,853 |
Economic Development Partnership Of North Carolina Inc Raleigh, NC | $8,246,221 | $25,900,688 |
Atlanta Convention & Vistors Bureau Inc Atlanta, GA | $20,280,984 | $17,066,911 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Richmond Metropolitan Convention & Vistors Bureau Richmond, VA | $6,099,091 | $8,138,093 |
Knoxville Convention & Visitors Bureau Inc Knoxville, TN | $5,768,468 | $5,619,069 |
South Carolina I-77 Alliance Richburg, SC | $4,361,702 | $6,505,378 |