Form 990 for tax year 2024
Filed by ROCKINGHAM ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $1,841,714
- Total expenses
- $1,864,875
- Contributions and grants received
- $946,403
- Grants paid
- $86,485
- Program service revenue
- $735,734
- Investment income
- $130,768
- Other revenue
- $28,809
- Total assets, end of year
- $18,632,352
- Total liabilities, end of year
- $5,728,352
- Net assets or fund balances, end of year
- $12,904,000
- Program services expenses (Part IX)
- $1,433,027
- Management and general expenses
- $339,950
- Fundraising expenses
- $91,898
- Program service expenses (Part III)
- $1,433,027
Program services were 76.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$865,776
-
1f · All other contributions, gifts and grants
$80,627
-
2a · Program service revenue: Other N/R Interest
total $339,927 · unrelated business $0 · excluded $0
-
2b · Program service revenue: RLF N/R Interest
total $234,855 · unrelated business $0 · excluded $0
-
2c · Program service revenue: IRP N/R Interest
total $146,002 · unrelated business $0 · excluded $0
-
2d · Program service revenue: Application Fees
total $11,350 · unrelated business $0 · excluded $0
-
2e · Program service revenue: Workforce Housing Coalition Income
total $3,600 · unrelated business $0 · excluded $0
-
3 · Investment income
total $130,768 · unrelated business $0 · excluded $130,768
-
11a · Other revenue: Other Income
total $28,809 · related or exempt $28,809 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$28,809
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $86,485 · program services $86,485
-
5 · Compensation of officers, directors and key employees
total $519,571 · program services $348,950 · management and general $103,914 · fundraising $66,707
-
7 · Other salaries and wages
total $514,495 · program services $418,959 · management and general $84,118 · fundraising $11,418
-
8 · Pension plan contributions
total $26,377 · program services $21,586 · management and general $4,791 · fundraising $0
-
9 · Other employee benefits
total $52,582 · program services $42,293 · management and general $10,289 · fundraising $0
-
10 · Payroll taxes
total $66,679 · program services $50,305 · management and general $11,887 · fundraising $4,487
-
11b · Fees: legal
total $7,723 · program services $0 · management and general $7,723 · fundraising $0
-
11c · Fees: accounting
total $26,500 · program services $0 · management and general $26,500 · fundraising $0
-
11g · Fees: other
total $14,588 · program services $11,670 · management and general $2,918 · fundraising $0
-
12 · Advertising and promotion
total $22,932 · program services $0 · management and general $18,346 · fundraising $4,586
-
13 · Office expenses
total $36,283 · program services $27,212 · management and general $7,257 · fundraising $1,814
-
14 · Information technology
total $39,079 · program services $31,263 · management and general $7,816 · fundraising $0
-
16 · Occupancy
total $27,652 · program services $20,739 · management and general $6,913 · fundraising $0
-
17 · Travel
total $11,461 · program services $8,596 · management and general $2,292 · fundraising $573
-
19 · Conferences, conventions and meetings
total $9,504 · program services $9,504 · management and general $0 · fundraising $0
-
20 · Interest
total $50,256 · program services $50,256 · management and general $0 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $35,194 · program services $26,395 · management and general $7,039 · fundraising $1,760
-
23 · Insurance
total $16,148 · program services $8,074 · management and general $8,074 · fundraising $0
-
24a · Other expenses: Bad debt expense
total $252,693 · program services $252,693 · management and general $0 · fundraising $0
-
24b · Other expenses: Dues and subscriptions
total $27,387 · program services $0 · management and general $27,387 · fundraising $0
-
24c · Other expenses: Telephone/Communication
total $11,060 · program services $8,295 · management and general $2,212 · fundraising $553
-
24d · Other expenses: Training and education
total $2,370 · program services $1,896 · management and general $474 · fundraising $0
-
24e · All other expenses
total $7,856 · program services $7,856 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $5,781,628 · end of year $7,150,227
-
3 · Pledges and grants receivable
beginning of year $176,208 · end of year $174,786
-
7 · Other notes and loans receivable
beginning of year $11,083,413 · end of year $10,326,273
-
9 · Prepaid expenses and deferred charges
beginning of year $19,865 · end of year $1,599
-
10a · Land, buildings and equipment: cost or other basis
$1,488,226
-
10b · Land, buildings and equipment: accumulated depreciation
$540,763
-
10c · Land, buildings and equipment, net
beginning of year $982,657 · end of year $947,463
-
15 · Other assets
beginning of year $39,394 · end of year $32,004
-
17 · Accounts payable and accrued expenses
beginning of year $40,542 · end of year $56,124
-
23 · Secured mortgages and notes payable
beginning of year $4,653,126 · end of year $5,215,053
-
24 · Unsecured notes and loans payable
beginning of year $422,942 · end of year $425,171
-
25 · Other liabilities
beginning of year $39,394 · end of year $32,004
-
27 · Net assets without donor restrictions
beginning of year $12,897,161 · end of year $12,904,000
-
28 · Net assets with donor restrictions
beginning of year $30,000
Mission and programs · 2024
Mission
To support and promote the economic stability and development and to create exmployment opportunities in Rockingham County and part of Hillsborough County.
-
Promotion of economic growth to create employment opportunities primarily for low and moderate income persons through the use of the Organizations revolving loan fund.
Expenses $1,433,027 · Grants $86,485 · Revenue $735,734
As filed on the 2024 return.
Listed in Part VII
-
Stephen Falzone
Director
- Total calculated
- $0
- Hours/week
- 1
-
Robert McDonald
Director
- Total calculated
- $0
- Hours/week
- 1
-
George Sioras
Director
- Total calculated
- $0
- Hours/week
- 1
-
William Davis
Director
- Total calculated
- $0
- Hours/week
- 1
-
Andre Garron
Director
- Total calculated
- $0
- Hours/week
- 1
-
Michael Decelle
Director
- Total calculated
- $0
- Hours/week
- 1
-
Nancy Carmer
Director
- Total calculated
- $0
- Hours/week
- 1
-
Stephanie Santos
Director
- Total calculated
- $0
- Hours/week
- 1
-
John Randolph
Director
- Total calculated
- $0
- Hours/week
- 1
-
Thomas Conaton
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Scott Zeller
Chairman
- Total calculated
- $0
- Hours/week
- 1
-
Dianne Connolly
Vice Chairman
- Total calculated
- $0
- Hours/week
- 1
-
Laurel Adams
President
- Total calculated
- $280,735
- From this org
- $255,704
- From related orgs
- $0
- Other
- $25,031
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $230,704
- Bonus
- $25,000
- Other
- $0
- Deferred
- $9,798
- Nontaxable benefits
- $15,233
- Filer's total
- $280,735
-
Daniel Gray
Executive Vice President
- Total calculated
- $222,406
- From this org
- $176,923
- From related orgs
- $0
- Other
- $45,483
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $166,923
- Bonus
- $10,000
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $45,483
- Filer's total
- $222,406
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 4 August 2025
- IRS schema version
- 2024v5.2
- Source object
- 202630139349300528
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