Rowan Economic Development Council
- Assets
- $671.4k
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 6
- Location
- Salisbury, NC
- Founding
- 03/1986
- Data as of
- 12/2023
- EIN
- 56-1442745
Organization Overview
Rowan Economic Development Council is located in Salisbury, NC. The organization was established in 1986. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Rowan Economic Development Council employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rowan Economic Development Council 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 12/2023, Rowan Economic Development Council generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 7.9% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
PROMOTING ECONOMIC AND INDUSTRIAL DEVELOPMENT IN ROWAN COUNTY, NORTH CAROLINA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTED ECONOMIC AND INDUSTRIAL DEVELOPMENT IN ROWAN COUNTY, NORTH CAROLINA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Blabon Chairman | OfficerTrustee | $0 | |
Luke Fisher Immediate Pa | Trustee | $0 | |
Nicole Holmes Matangira Vice-Chairma | OfficerTrustee | $0 | |
Rod Crider President & | OfficerTrustee | 40 | $199,241 |
Tim Proper Secretary | OfficerTrustee | $0 | |
Gary Hamblin Treasurer | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $868,902 |
| All other contributions, gifts, grants, and similar amounts not included above | $312,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,181,402 |
| Total Program Service Revenue | $0 |
| Investment income | $1,226 |
| 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 | $1,182,628 |
| 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. | $199,241 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $367,558 |
| Pension plan accruals and contributions | $53,697 |
| Other employee benefits | $64,286 |
| Payroll taxes | $41,876 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,341 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $28,046 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $68,968 |
| Advertising and promotion | $23,697 |
| Office expenses | $9,733 |
| Information technology | $19,886 |
| Royalties | $0 |
| Occupancy | $28,657 |
| Travel | $12,122 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,321 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,616 |
| Insurance | $4,057 |
| All other expenses | $23,476 |
| Total functional expenses | $1,106,231 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $360,002 |
| Savings and temporary cash investments | $258,483 |
| 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 | $52,934 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $671,419 |
| Accounts payable and accrued expenses | $2,510 |
| 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 | $2,510 |
| Net assets without donor restrictions | $604,725 |
| Net assets with donor restrictions | $64,184 |
| 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 | $671,419 |
Grants Awarded
Over the last fiscal year, Rowan Economic Development Council has awarded $40,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CHEWY PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
EASTERN WHOLESALE FENCE LLC PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |