MARTIN COUNTY ECONOMIC DEVELOPMENT CORPORATION

EIN: 562042675 501(c)(3) Community Improvement

WILLIAMSTON, NC

Total Revenue
$379,980
Total Expenses
$237,446
Total Assets
$2,087,140
Net Assets
$1,961,827
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1997
Legal Domicile
NC
Principal Officer
SARAH SPROAT
Phone
2527894904
Tax Period
2023-07-01 to 2024-06-30

MARTIN COUNTY ECONOMIC DEVELOPMENT CORPORATION, founded in 1997, is a small nonprofit in the Community Improvement sector that reported $380K in total revenue in fiscal year 2023. Revenue surged 50% from the prior year, signaling strong growth momentum. The organization ran a surplus of $143K, a strong 38% operating margin.

Mission

TO PROMOTE ECONOMIC DEVELOPMENT WITHIN MARTIN COUNTY, NORTH CAROLINA AND SURROUNDING AREAS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $180,788
Program Service Revenue $120,275
Investment Income $78,917
Other Revenue $0
TOTAL REVENUE $379,980

Expense Breakdown

Grants Paid $0
Salaries & Benefits $63,615
Fundraising Expenses $0
Program Expenses $237,446
Other Expenses $173,831
TOTAL EXPENSES $237,446

Year-over-Year Comparison

2023 2022 Change
Revenue $379,980 $253,673 +0.5%
Expenses $237,446 $212,947 +0.1%
Net Income $142,534 $40,726 +2.5%
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
11
Independent Members
11
Employees
2
Volunteers
11

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
5
$0
Total Directors
11
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SARAH SPROAT BOARD CHAIR 1.50
Officer Director
$0 $0 $0
LARRY BIGGS VICE CHAIRMA 1.50
Officer Director
$0 $0 $0
HANK WINSLOW SECRETARY 1.50
Officer Director
$0 $0 $0
GRIF TAYLOR ASSISTANT SE 1.50
Officer Director
$0 $0 $0
BUTCH WHITLEY BOARD MEMBER 1.00
Director
$0 $0 $0
RENEE PURVIS BOARD MEMBER 1.00
Director
$0 $0 $0
DAVID GURGANUS BOARD MEMBER 1.00
Director
$0 $0 $0
WILLIE BROWN BOARD MEMBER 1.00
Director
$0 $0 $0
GEORGIE GRIFFIN BOARD MEMBER 1.00
Director
$0 $0 $0
GRAY COREY BOARD MEMBER 1.00
Director
$0 $0 $0
MELVIN BOWEN BOARD MEMBER 1.00
Director
$0 $0 $0
STEVE BIGGS PRESIDENT/CE 40.00
Officer
$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
2025 No data No data No data No data
2024 $379,980 $237,446 $2,087,140 $142,534
2023 $253,673 $212,947 $1,956,605 $40,726
2022 $234,468 $219,193 $1,786,300 $15,275
2021 $273,295 $229,644 $1,779,076 $43,651
2020 $205,096 $290,380 $1,734,390 $-85,284
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