CHATHAM COUNTY ECONOMIC DEVELOPMENT CORPORATION

EIN: 562048401 501(c)(3) Community Improvement

PITTSBORO, NC

Total Revenue
$609,331
Total Expenses
$702,599
Total Assets
$1,207,639
Net Assets
$1,143,800
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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
C MICHAEL SMITH
Phone
9195428274
Tax Period
2024-07-01 to 2025-06-30

CHATHAM COUNTY ECONOMIC DEVELOPMENT CORPORATION, founded in 1997, is a small nonprofit in the Community Improvement sector that reported $609K in total revenue in fiscal year 2024. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $703K exceeded revenue, resulting in a 15% operating deficit.

Mission

BUILDING ON THE COUNTY'S STRATEGIC LOCATION BETWEEN THE TRIAD AND TRIANGLE, EDC IS POSITIONING CHATHAM AS THE PREFERRED LOCATION FOR EMERGING GROWTH COMPANIES. THE POLICY-DRIVEN APPROACH FOCUSES ON TARGETED ATTRACTION, RETENTION, AND ENTREPRENEURSHIP TO IMPROVE THE LIVES OF COUNTY RESIDENTS. EDC SUPPORTS INFRASTRUCTURE IMPROVEMENTS AND PRESERVATION OF THE COUNTY'S STRONG QUALITY OF PLACE.

Program Service Accomplishments

Program 1
Expenses: $465,580

COORDINATE EFFORTS OF CHATHAM COUNTY AND MUNICIPAL GOVERNMENTS WITH A POLICY-DRIVEN APPROACH DESIGNED TO CREATE JOBS, INCREASE THE COMMERCIAL TAX BASE, AND BUILD PROSPERITY FOR RESIDENTS BY FOCUSING...

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COORDINATE EFFORTS OF CHATHAM COUNTY AND MUNICIPAL GOVERNMENTS WITH A POLICY-DRIVEN APPROACH DESIGNED TO CREATE JOBS, INCREASE THE COMMERCIAL TAX BASE, AND BUILD PROSPERITY FOR RESIDENTS BY FOCUSING ON ATTRACTION, RETENTION AND ENTREPRENEURSHIP.

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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 $585,070
Program Service Revenue $0
Investment Income $23,027
Other Revenue $1,234
TOTAL REVENUE $609,331

Expense Breakdown

Grants Paid $0
Salaries & Benefits $440,796
Fundraising Expenses $0
Program Expenses $465,580
Other Expenses $261,803
TOTAL EXPENSES $702,599

Year-over-Year Comparison

2024 2023 Change
Revenue $609,331 $532,388 +0.1%
Expenses $702,599 $648,220 +0.1%
Net Income $-93,268 $-115,832 -0.2%
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

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Liquidity & Cash Position

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Governance

Voting Members
12
Independent Members
12
Employees
5
Volunteers
12

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
3
$178,727
Total Directors
12
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
C MICHAEL SMITH PRESIDENT 40.00
Officer
$153,000 $25,727 $178,727
CHREATHA ALSTON DIRECTOR 0.50
Director
$0 $0 $0
SALLY ROMERO-TORRES DIRECTOR 0.50
Director
$0 $0 $0
SHANNON BECKER SECRETARY/TR 0.50
Officer Director
$0 $0 $0
DEBBIE ANDLETON DIRECTOR 0.50
Director
$0 $0 $0
ANTONIO MCBROOM CHAIR 0.50
Officer Director
$0 $0 $0
JENNIFER PLATT DIRECTOR 0.50
Director
$0 $0 $0
STEPHANIE TERRY DIRECTOR 0.50
Director
$0 $0 $0
JUSTIN KING-GAINES DIRECTOR 0.50
Director
$0 $0 $0
DAVID MCGREGOR DIRECTOR 0.50
Director
$0 $0 $0
ALLISON BOLIN DIRECTOR 0.50
Director
$0 $0 $0
JERRY HUDSON DIRECTOR 0.50
Director
$0 $0 $0
TRAVIS KOSOSKI DIRECTOR 0.50
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
2025 $609,331 $702,599 $1,207,639 $-93,268
2024 No data No data No data No data
2023 $519,154 $534,387 $1,378,829 $-15,233
2022 $1,328,079 $692,724 $1,387,229 $635,355
2021 $396,635 $451,016 $874,185 $-54,381
2020 $431,985 $467,645 $930,074 $-35,660
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