SOUTH IREDELL COMMUNITY DEVELOPMENT CORPORATION

EIN: 561572573

MOORESVILLE, NC

Total Revenue
$35,510
Total Expenses
$163,031
Total Assets
$8,584,024
Net Assets
$5,398,334
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1984
Legal Domicile
NC
Principal Officer
Steve McGlothlin
Phone
7046623146
Tax Period
2024-01-01 to 2024-12-31

SOUTH IREDELL COMMUNITY DEVELOPMENT CORPORATION, founded in 1984, is a micro nonprofit that reported $36K in total revenue in fiscal year 2024. Revenue fell 58% from the prior year — a significant decline worth monitoring. Expenses of $163K exceeded revenue, resulting in a 359% operating deficit.

Mission

Economic Development

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $31,010
Other Revenue $4,500
TOTAL REVENUE $35,510

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $130,463
Other Expenses $163,031
TOTAL EXPENSES $163,031

Year-over-Year Comparison

2024 2023 Change
Revenue $35,510 $85,341 -0.6%
Expenses $163,031 $160,989 +0.0%
Net Income $-127,521 $-75,648 +0.7%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
15
Independent Members
15
Employees
N/A
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$0
Total Directors
15
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Mark Brady President 0.00
Officer Director
$0 $0 $0
Abigail Jennings Vice President 0.00
Officer Director
$0 $0 $0
Steve McGlothlin Treasurer 0.00
Officer Director
$0 $0 $0
Bill Thunberg Secretary 0.00
Officer Director
$0 $0 $0
Chris Carney Board Member 0.00
Director
$0 $0 $0
Jenn Bosser Board Member 0.00
Director
$0 $0 $0
Tim Brewer Board Member 0.00
Director
$0 $0 $0
Meghan Caldwell Board Member 0.00
Director
$0 $0 $0
Tracey Jerome Board Member 0.00
Director
$0 $0 $0
Jeff McNeely Board Member 0.00
Director
$0 $0 $0
Beth Mull Board Member 0.00
Director
$0 $0 $0
Melissa Neader Board Member 0.00
Director
$0 $0 $0
David Alexander Board Member 0.00
Director
$0 $0 $0
William Ruff Board Member 0.00
Director
$0 $0 $0
Tiffany Webber Board Member 0.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $35,510 $163,031 $8,584,024 $-127,521
2023 $85,341 $160,989 $8,711,546 $-75,648
2022 $7,471 $134,580 $9,604,542 $-127,109
2021 $542,015 $154,320 $9,731,651 $387,695
2020 $564,056 $165,275 $9,293,956 $398,781
2019 $1,066,307 $163,284 $9,633,738 $903,023
2018 $1,866,757 $414,390 $10,011,538 $1,452,367
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