Form 990-EZ for tax year 2024

Totals

Total revenue

$130,049

Total expenses

$81,190

Contributions and grants received

$127,895

Grants paid

— not reported

Program service revenue

$2,074

Membership dues (line 3)

— not reported

Investment income (line 4)

$80

Gain or loss on sale of assets (line 5c)

$0

Gaming and fundraising events, net (line 6d)

$0

Gross profit on inventory sales (line 7c)

$0

Other revenue (line 8)

— not reported

Total assets, end of year

$77,136

Total liabilities, end of year

$0

Net assets or fund balances, end of year

$77,136

Program service expenses (Part III)

$115,571

Program services were 142.3% of total expenses calculated — Part III's total program service expenses over total expenses, both as filed.

Mission and programs · 2024

• Olive Hill CEDC advanced its homeownership mission in 2024 by conducting 10 education classes each averaging 812 participants from underserved communities across Burke Caldwell Catawba and McDowell Counties. All participants were required to complete financial literacy training as part of the program. We also provided one-on-one counseling to an average of 4 clients per month totaling 48 personalized sessions for the year. These services helped 15 participants successfully transition to homeownership. Despite being led by just two staff members our team extended its reach through recurring Homeownership Month events with Habitat for Humanity of Catawba County and outreach efforts with the Health Department Employment Security Commission Community Health Needs Assessment and the Burke County Housing Development Workgroup. With additional funding Olive Hill CEDC could expand these outcomes and serve significantly more families across the region.

  Expenses $50,571 · Grants $50,571

• In response to Tropical Storm Helene Olive Hill CEDC delivered critical recovery support to over 100 residents across western North Carolina many of whom were low-income renters and homeowners facing displacement property damage or income disruption. Services included post-disaster housing counseling emergency financial literacy workshops individualized rental and mortgage support and direct referrals to housing rehabilitation resources and legal aid partners. These interventions helped stabilize families prevent homelessness and connect households to long-term recovery pathways. Our outreach also extended to community-wide education and coordination with local agencies to ensure equitable recovery assistance reached those most affected. Olive Hill CEDCs disaster recovery model reinforces our capacity to respond quickly serve rural communities with empathy and expertise and advocate for fair and resilient housing systems.

  Expenses $50,000 · Grants $50,000

• Olive Hill CEDC supported local entrepreneurship and economic mobility by providing small business counseling strategic planning support and access to capital guidance to 18 clients in 2024. Services included one-on-one business plan development financial readiness assessments and assistance navigating startup and expansion challenges. As part of our effort to connect underserved entrepreneurs to culturally responsive lending we referred 6 clients to Mountain BizWorks Multicultural Catalyst Fund for non-traditional financing. Additionally 1 client was referred to The Industrial Commons loan program for targeted financial assistance. These referrals helped clients secure capital formalize operations and move closer to sustainable income generation. Through this work Olive Hill CEDC continues to close racial wealth gaps and expand inclusive economic opportunity for emerging business owners in western North Carolina.

  Expenses $15,000 · Grants $15,000

• Form 990-EZ Part III - Homeownership & Financial Literacy Olive Hill CEDC conducted 10 homeownership education classes in 2024 each averaging 8-12 participants. All participants were required to complete financial literacy training. Additionally 48 one-on-one housing counseling sessions were provided throughout the year. These efforts resulted in 15 first-time home purchases. Despite a two-person staff Olive Hill expanded reach through Homeownership Month events with Habitat for Humanity and partnerships with agencies like the Health Department Employment Security Commission and county housing workgroups.

• Form 990-EZ Part III - Disaster Recovery In response to Tropical Storm Helene Olive Hill CEDC provided post-disaster support to over 100 residents in western North Carolina. Services included housing counseling emergency financial literacy rental support and referrals to housing repair and legal aid resources. These efforts helped stabilize vulnerable households and extended Olive Hills capacity to respond equitably and effectively to regional recovery needs.

• Form 990-EZ Part III - Small Business Development Olive Hill CEDC provided small business counseling planning support and capital access navigation to 18 clients. Six were referred to Mountain BizWorks Multicultural Catalyst Fund for nontraditional financing and one was referred to The Industrial Commons loan program. These services helped underserved entrepreneurs build capacity and move toward sustainable income generation.

• Form 990-EZ Part V Line 34 - Changes to Organizing Documents No significant changes were made to the organizations organizing documents in 2024.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part IV

Compensation is as filed in Part IV of the Form 990-EZ: compensation, contributions to benefit plans, expense account, 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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type

form_990_ez

Tax year

2024

Filed

8 May 2025

IRS schema version

2024v5.1

Source object

202501289349200705

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