Olive Hill Community Economic Development Corporation
- Assets
- $158.9k
- Revenue
- $214.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Morganton, NC
- Founding
- 07/1999
- Data as of
- 12/2021
- EIN
- 31-1639629
Organization Overview
Olive Hill Community Economic Development Corporation, operating under the name Development Corporation Inc, is located in Morganton, NC. The organization was established in 1999. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Development Corporation Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Development Corporation Inc 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 12/2021, Development Corporation Inc generated $214.5k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $142.8k during the year ending 12/2021. 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
PROVIDE A POSITIVE IMPACT ON THE ECONOMIC ENVIRONMENT OF AREA RESIDENTS WITH ASSET BUILDING OPPORTUNITIES TO ACHIEVE FINANCIAL STABILITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSIST RESIDENTS IN HOME OWNERSHIP, BUSINESS OWNERSHIP AND COMPUTER SKILLS. SERVES RESIDENTS OF BURKE, CALDWELL, CATAWBA AND MCDOWELL COUNTIES IN NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beverly Carlton Executive Director | 30 | $46,000 | |
Winston Hill Chair | Officer | 0 | $0 |
Ebony Johnson Secretarytreasurer | Officer | 0 | $0 |
Leslie Kern Board | Trustee | 0 | $0 |
Anthony Radcliff Board | Trustee | 0 | $0 |
Crystal Laverde Board | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $213,499 |
| 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 | $213,499 |
| Total Program Service Revenue | $966 |
| Investment income | $1 |
| 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 | $214,466 |
| 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. | $46,000 |
| Compensation of current officers, directors, key employees. | $46,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,052 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,767 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,185 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,017 |
| Office expenses | $543 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,346 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $96 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,123 |
| Insurance | $1,902 |
| All other expenses | $100 |
| Total functional expenses | $142,756 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $153,025 |
| 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 | $5,575 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $280 |
| Total assets | $158,880 |
| Accounts payable and accrued expenses | $2,711 |
| 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 | $57,360 |
| Other liabilities | $0 |
| Total liabilities | $60,071 |
| Net assets without donor restrictions | -$149,913 |
| Net assets with donor restrictions | $248,722 |
| 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 | $158,880 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Olive Hill Community Economic Development Corporation has recieved totaling $159,207.
| Awarding Organization | Amount |
|---|---|
North Carolina Housing Coalition Inc Durham, NC | | $101,607 |
Dogwood Health Trust Asheville, NC PURPOSE: LEVERAGE FUND | $57,600 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Housing Collaborative Charlotte, NC | $3,657,105 | $83,275,604 |
People Incorporated Housing Group Abingdon, VA | $23,796,045 | $13,192,041 |
Habitat For Humanity International Inc Charlottesville, VA | $30,158,834 | $8,198,441 |
Southeastern Housing And Community Development Barnwell, SC | $15,553,642 | $5,568,906 |
Distinctive Housing Solutions Inc Brunswick, GA | $6,407,391 | $5,577,789 |
Student Housing Of America Inc Atlanta, GA | $18,887,768 | $4,459,972 |
Habitat For Humanity International Inc Franklin, TN | $15,154,488 | $5,571,320 |
Piedmont Housing Alliance Incorporated Charlottesville, VA | $40,182,499 | $6,545,967 |
Fairview Housing Management Johnson City, TN | $5,768,830 | $3,674,479 |
Stones River Development Corporation Murfreesboro, TN | $15,999,619 | $139,146 |
Albemarle Housing Improvement Program Inc Charlottesville, VA | $5,877,628 | $5,756,026 |
American Opportunity Foundation Inc Atlanta, GA | $36,469,989 | $25,080,242 |