Areawide Development Corporation
- Assets
- $1.4m
- Revenue
- $340.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Alcoa, TN
- Founding
- 04/1983
- Data as of
- 09/2023
- EIN
- 62-1133405
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 09/2023, Areawide Development Corporation generated $340.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.5%) each year. All expenses for the organization totaled $362.2k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (7.3%) per year over the past 8 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
2023
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teri Brahams Vice Preside | OfficerTrustee | $0 | |
Greg Davis Director | Trustee | $0 | |
Rosa Mar Director | Trustee | $0 | |
Jim Mcbrearty Treasurer | OfficerTrustee | $0 | |
Darren Murray Director | Trustee | $0 | |
Bill Steverson Director | Trustee | $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 | $294,411 |
| Investment income | $33,597 |
| 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 | $340,224 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,304 |
| Fees for services: Accounting | $7,200 |
| 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 | $566 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,087 |
| Travel | $8,152 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,084 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,874 |
| All other expenses | $13,925 |
| Total functional expenses | $362,151 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,386,299 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,010 |
| Total assets | $1,408,309 |
| Accounts payable and accrued expenses | $31,298 |
| 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 | $7,823 |
| Total liabilities | $39,121 |
| Net assets without donor restrictions | $1,369,188 |
| 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 | $1,408,309 |