Rutherford County Economic Development Corporation
- Assets
- $685.0k
- Revenue
- $332.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Forest City, NC
- Founding
- 06/2017
- Data as of
- 06/2022
- EIN
- 81-5460810
Organization Overview
Rutherford County Economic Development Corporation is located in Forest City, NC. The organization was established in 2017. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Rutherford 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, Rutherford County Economic Development Corporation generated $332.4k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 18.0% each year .
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CULTIVATE ECONOMIC DEVELOPMENT OPPORTUNITIES FOR RUTHERFORD COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVES DONATIONS FROM LOCAL BUSINESSES AND USES THE DONATION TO FURTHER THE ECONOMY DEVELOPMENT AND INDUSTRY GROWTH IN RUTHERFORD COUNTY.
THE ORGANIZATION PURCHASES AND MANAGES SHOVEL READY BUSINESS PARK PROPERTIES WITHIN THE COUNTY AS A MEANS TO CULTIVATE FURTHER ECONOMIC AND INDUSTRIAL GROWTH IN RUTHERFORD COUNTY. COSTS WITHIN THE BUSINESS PARK(S) ARE PAID BY THE ORGANIZATION AND A PORTION IS REIMBURSED BY OTHER BUSINESS PARK PROPERTY OWNERS THROUGH REGIME FEES. PROCEEDS FRPM SALE OF BUSINESS PARK PROPERTY IS REINVESTED AND USED TO CULTIVATE FURTHER ECONOMIC AND INDUSTRIAL DEVELOPMENT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Birgit Dilgert Director | Officer | 10 | $0 |
David Sutton Member | Trustee | 0.25 | $0 |
Michael Walker Member | Trustee | 0.25 | $0 |
Thad Harrill Treasurer | Trustee | 0.5 | $0 |
Andy Cobb Chairman | Trustee | 0.5 | $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 | $81,300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $81,300 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $249,530 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $332,403 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $378 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,433 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $449,760 |
| 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 | $235,255 |
| Total assets | $685,015 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $685,015 |
| 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 | $685,015 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rutherford County Economic Development Corporation has recieved totaling $998,513.
| Awarding Organization | Amount |
|---|---|
The Golden L E A F Long-Term Economic Advancement Foundation In Rocky Mount, NC PURPOSE: SEE PART IV | $998,513 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Yaplus Arlington, VA | $14,080,198 | $11,268,285 |
Virginia Utility Protection Service Inc Roanoke, VA | $16,444,690 | $8,907,059 |
Virginia Community Capital Inc Christiansburg, VA | $56,421,694 | $9,502,783 |
Southeast Coastal Ocean Observing Regional Association Charleston, SC | $1,939,455 | $5,560,971 |
Goodie Nation Inc Atlanta, GA | $6,929,090 | $12,181,074 |
Better Business Bureau Of Metropoliton Atlanta Inc Atlanta, GA | $4,995,221 | $6,438,546 |
Business Finance Group Inc Fairfax, VA | $8,925,508 | $4,589,110 |
Better Business Bureau Of Nashville Middle Tennessee Inc Nashville, TN | $1,542,443 | $3,414,512 |
Herman J Russell Center For Innovation And Entrepreneurship In Atlanta, GA | $21,225,162 | $9,072,660 |
Better Business Bureau Of Southern Piedmont Inc Matthews, NC | $2,483,072 | $3,109,120 |
Center For Nonprofit Management Inc Nashville, TN | $2,067,333 | $2,514,298 |
National Wireless Safety Alliance Fairfax, VA | $1,145,428 | $2,677,518 |