Areawide Development Corporation

Organization Overview

Areawide Development Corporation is located in Alcoa, TN. The organization was established in 1983. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Areawide Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.

For the year ending 09/2022, Areawide Development Corporation generated $615.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $445.9k during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (5.5%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE LONG-TERM LOANS TO SMALL BUSINESSES FOR THE PURPOSE OF CONVERSION, OR EXPANSION, INCLUDING THE ACQUISITION OF LAND, BUILDING AND LEASEHOLD IMPROVEMENTS. AREAWIDE DEVELOPMENT CORPORATION ALSO PROVIDES ALL SERVICES FOR THE LOAN PORTFOLIO. SMALL BUSINESS FINANCE IS A MOST IMPORTANT FUNCTION IN ASSITING IN THE CREATION OF PRIVATE SECTOR JOBS. AREAWIDE DEVELOPMENT CORPORATIONS PRIMARY FUNCTION AND GOAL IS PRIVATE SECTOR JOB CREATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDE INFORMATION ABOUT SBA LOAN PACKAGE TO POTENTIAL BORROWERS, PROVIDING ASSISTANCE THROUGHOUT THE LOAN APPLICATION PROCESS FOR THE SBA 504 LOAN PROGRAM IN THIS REGION, SERVICING THE SBA LOANS AFTER THEY ARE FUNDED AREAWIDE DEVELOPMENT CORPORATION HAS SUBMITTED OVER 390 SBA 503/504 APPLICATIONS TO THE LOAN REVIEW COMMITTEE. OF THE APPLICATIONS SENT TO SBA OVER 305 HAVE BEEN APPROVED, 32 APPLICATIONS HAVE BEEN DECLINED, AND 67 AUTHORIZATIONS HAVE BEEN CANCELLED. TO DATE, 237 LOANS HAVE BEEN FUNDED. TOTAL DEBENTURE AMOUNT OF FUNDED LOANS EXCEEDS 92 MILLION AND HAS CREATED OVER 4,700 JOBS.


ADMINISTER, SERVICE, AND PROVIDE TECHNICAL ASSISTANCE TO POTENTIAL BORROWERS FOR THE USDA IRP LOAN PROGRAM FOR 16 COUNTIES IN EAST TENNESSEE. AREAWIDE DEVELOPMENT CORPORATION HAS FUNDED 40 RURAL DEVELOPMENT INTERMEDIARY RELENDING PROGRAM LOANS REPRESENTING 538 JOBS AND OVER 9,320,000 IN TOTAL FINANCING INCLUDING EQUITY INJECTION.


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Board, Officers & Key Employees

Name (title)Compensation
Teri Brahams
Vice Preside
$0
Jim Mcbrearty
Treasurer
$0
Debbie Sudhoff
Executive Di
$0
Tony Thompson
President
$0
Rosemary Wigington
Secretary
$0
Greg Davis
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
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$0
Total Program Service Revenue$279,152
Investment income $1,387
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $85,800
Net Gain/Loss on Asset Sales $247,072
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $615,859

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