CHATHAM COUNTY ECONOMIC DEVELOPMENT CORPORATION Charity Report

Public IRS 990 nonprofit record

CHATHAM COUNTY ECONOMIC DEVELOPMENT CORPORATION

EIN 56-2048401 · Economic Development (S30)

What they do

BUILDING ON THE COUNTYS STRATEGIC LOCATION BETWEEN THE TRIAD and TRIANGLE, EDC is POSITIONING CHATHAM AS THE PREFERRED LOCATION for EMERGING GROWTH COMPANIES. THE POLICY-DRIVEN APPROACH FOCUSES ON TARGETED ATTRACTION, RETENTION, and ENTREPRENEURSHIP to IMPROVE THE LIVES of COUNTY RESIDENTS. EDC SUPPORTS INFRASTRUCTURE IMPROVEMENTS and PRESERVATION of THE COUNTYS STRONG QUALITY of PLACE.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $66.30 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders13 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

76.41%of revenue went to mission work66.3% of expenses · Program services

$115.31spent for every $100 of revenueSpending was higher than revenue this year.

38.90%of revenue went to management and office costs33.7% of expenses

$1.72in assets for every $1 spent this yearSome assets cannot be spent right away.

96.0%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Worth asking: Expenses exceeded revenue by $93,268 this year. Ask whether that was planned or caused by a one-time event.

Pay context: The highest compensation shown in this filing is $178,727 for C MICHAEL SMITH (PRESIDENT). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$609,331

Mission workProgram services$465,58076.41% of revenue66.3% of expenses

ManagementOffice and general costs$237,01938.90% of revenue33.7% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Total expenses$702,599115.31% of revenue

Expenses were greater than revenue, so the colored ring fills the available $100 and the total above 100% is shown below.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 66.3% mission · 33.7% management · 0.0% fundraisingTotal expenses: 115.31% of revenue

2023Expense mix: 67.7% mission · 32.3% management · 0.0% fundraisingTotal expenses: 121.76% of revenue

2022Expense mix: 64.3% mission · 24.7% management · 11.0% fundraisingTotal expenses: 102.93% of revenue

2021Expense mix: 59.7% mission · 20.0% management · 20.4% fundraisingTotal expenses: 52.16% of revenue

2020Expense mix: 61.0% mission · 22.1% management · 16.9% fundraisingTotal expenses: 113.71% of revenue

2019Expense mix: 76.5% mission · 17.0% management · 6.5% fundraisingTotal expenses: 108.25% of revenue

Money in and money out

Revenue$609,331

Expenses$702,599

Annual shortfall $93,268 Expenses were higher than revenue for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$465,580 · 66.3% of expenses

Management and office costs$237,019 · 33.7% of expenses

See all reported dollar amounts

Revenue$609,331

Expenses$702,599

Assets$1,207,639

Income$614,971

Contributions$585,070

Mission work (program services)$465,580

Management and general$237,019

Executive compensation (total)$94,695

Accounting fees$47,320

Investing fees$3,030

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

C MICHAEL SMITHPRESIDENT · 40 hrs/week $178,727Base $153,000 · Other $25,727

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (13)

C MICHAEL SMITHPRESIDENT

ALLISON BOLINDIRECTOR

ANTONIO MCBROOMCHAIR

CHREATHA ALSTONDIRECTOR

DAVID MCGREGORDIRECTOR

DEBBIE ANDLETONDIRECTOR

JENNIFER PLATTDIRECTOR

JERRY HUDSONDIRECTOR

JUSTIN KING-GAINESDIRECTOR

SALLY ROMERO-TORRESDIRECTOR

SHANNON BECKERSECRETARY/TR

STEPHANIE TERRYDIRECTOR

TRAVIS KOSOSKIDIRECTOR

About this charity

Recognized since: January 1998
Location: 964 EAST ST, PITTSBORO, NC 27312
County: Chatham
In care of: C MICHAEL SMITH
Primary officer: C MICHAEL SMITH, PRESIDENT

How to reach them

WebsiteVisit the charity’s website Phone(919) 542-8274

Filing and classification

Latest tax year: 2024
Tax period began: July 1, 2024
Return type: 990
Tax preparer: ROSE GROUP CPAS PLLC
NTEE classification: Economic Development (S30)
IRS tax category: Economic Development