Skip to content
Nonprofiteer
← ALAMANCE COUNTY ECONOMIC DEVELOPMENT FOUNDATION

Form 990 for tax year 2023

Filed by ALAMANCE COUNTY ECONOMIC DEVELOPMENT FOUNDATION.

Totals

Total revenue
$400,737
Total expenses
$398,302
Contributions and grants received
$376,530
Grants paid
$128,546
Program service revenue
$0
Investment income
$24,207
Other revenue
$0
Total assets, end of year
$1,454,659
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$1,454,659
Program services expenses (Part IX)
$359,719
Management and general expenses
$38,583
Fundraising expenses
$0
Program service expenses (Part III)
$359,719

Program services were 90.3% 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.

  • 1f · All other contributions, gifts and grants

    $376,530

  • 3 · Investment income

    total $24,207 · excluded $24,207

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $128,546 · program services $128,546

  • 7 · Other salaries and wages

    total $115,274 · program services $115,274

  • 8 · Pension plan contributions

    total $7,185 · program services $7,185

  • 9 · Other employee benefits

    total $20,646 · program services $20,646

  • 10 · Payroll taxes

    total $14,931 · program services $14,931

  • 11c · Fees: accounting

    total $5,305 · management and general $5,305

  • 11g · Fees: other

    total $1,990 · program services $995 · management and general $995

  • 12 · Advertising and promotion

    total $4,028 · program services $1,791 · management and general $2,237

  • 13 · Office expenses

    total $10,430 · management and general $10,430

  • 17 · Travel

    total $6,000 · program services $6,000

  • 22 · Depreciation, depletion and amortization

    total $285 · management and general $285

  • 24a · Other expenses: FACILITY EXPENSES

    total $44,278 · program services $44,278

  • 24b · Other expenses: PROJECT EXPENSES

    total $17,505 · program services $17,505

  • 24c · Other expenses: STAFF DEVELOPMENT

    total $10,497 · management and general $10,497

  • 24d · Other expenses: INVESTOR RELATIONS

    total $4,801 · management and general $4,801

  • 24e · All other expenses

    total $6,601 · program services $2,568 · management and general $4,033

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $355,857 · end of year $334,633

  • 2 · Savings and temporary cash investments

    beginning of year $1,095,082 · end of year $1,119,027

  • 10a · Land, buildings and equipment: cost or other basis

    $6,964

  • 10b · Land, buildings and equipment: accumulated depreciation

    $5,965

  • 10c · Land, buildings and equipment, net

    beginning of year $1,285 · end of year $999

  • 27 · Net assets without donor restrictions

    beginning of year $1,415,005 · end of year $1,423,956

  • 28 · Net assets with donor restrictions

    beginning of year $37,219 · end of year $30,703

Mission and programs · 2023

Mission

THE MISSION OF THE FOUNDATION IS TO ENHANCE THE WELFARE OF BUSINESS AND TO PROMOTE AND STIMULATE ECONOMIC VITALITY IN THE ALAMANCE COUNTY AREA FOR THE BENEFIT OF ITS MEMBERS AND THE COMMUNITY.

  • THE FOUNDATION'S ACTIVITIES SEEK TO INCREASE JOBS AND NEW INVESTMENT IN THE ALAMANCE COUNTY AREA AND TO ASSIST IN AND FACILITATE THE GROWTH OF JOBS AND INVESTMENT IN EXISTING INDUSTRY IN THE AREA THROUGH MARKETING, RESEARCH, AND PUBLIC/MEDIA RELATIONS.IN 2023, THE FOUNDATION AWARDED 4 GROWTH GRANTS AND 2 LAUNCH GRANTS, TOTALING $60,0000.

    Expenses $359,719 · Grants $128,546

As filed on the 2023 return.

Listed in Part VII

  • Reagan Gural

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

  • Reed Laplante

    PAST CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Patricia Rhodes

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Doug Hyman

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Ed Hooks

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Griffin McClure

    CHAIR-ELECT

    Total calculated
    $0
    Hours/week
    5

  • Greg Lunsford

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jeff Stein Resigned

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ted Chandler

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tom McGowen

    DIRECTOR - NON-VOTING

    Total calculated
    $0
    Hours/week
    1

  • Kelly G May

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patrick Noltemeyer Replacement

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

  • LABORATORY CORPORATION OF AMERICA HOLDINGS

    $50,000

    ECONOMIC INCENTIVE - PROJECT SKYKING

  • HAW RIVER MUSHROOMS LLC

    $15,000

    2023 GROWTH GRANT RECIPIENT

  • KENYON'S MEAT MARKET

    $14,000

    2023 GROWTH GRANT RECIPIENT

  • IT'S ALL GOOD SOUTHERN KITCHEN

    $12,000

    2023 GROWTH GRANT RECIPIENT

  • UPSIDE AERIAL ARTS & FITNESS LLC

    $10,000

    2023 GROWTH GRANT RECIPIENT

  • ALAMANCE COUNTY CHAMBER - TEACHER OF THE YEAR

    $8,701

    TO REIMBURSE THE CHAMBER FOR EXCELLENCE IN EDUCATION TEACHER OF THE YEAR EXPENSES.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2024
IRS schema version
2023v5.0
Source object
202411439349300136

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.