Fayetteville Area Economic Development Corp in Fayetteville, North Carolina (NC)

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Fayetteville Area Economic Development Corp
Employer Identification Number (EIN)561547512
Name of OrganizationFayetteville Area Economic Development Corp
AddressFayetteville, NC 28302
Tax Period2001
Asset Amount$769,439
Amount of Income$441,660
Form 990 Revenue Amount$441,660
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2001: $441,660
Fayetteville Area Economic Development Corp: 

 $441,660
Other organizations performing similar types of work: 

 $623,666

Assets in 2001: $769,439
This organization: 

 $769,439
Other organizations performing similar types of work: 

 $2,159,711

Expenses in 2001: $302,756
Fayetteville Area Economic Development Corp: 

 $302,756
Other organizations performing similar types of work: 

 $483,294

Income to expenses ratio in 2001: 1.5
This organization: 

 1.5
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2001: 0.0%
Fayetteville Area Economic Development Corp: 

 0.0%
Other organizations performing similar types of work: 

 25.8%

Grants share in income in 2001: 64.3%
This organization: 

 64.3%
Other organizations performing similar types of work: 

 28.9%

Financial snapshot for 2001 ($)

Revenue for 2001

Assets at end of 2001

Income-Producing Activities for 2001

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2001
Total revenue$441,660
Contributions, gifts, grants, and similar amounts received$284,148
Contributions to donor advised funds
Direct public support$15,948
Indirect public support$0
Government contributions (grants)$268,200
Program service revenue including government fees and contracts$0
Membership dues and assessments$143,420
Interest on savings and temporary cash investments$11,416
Dividends and interest from securities$0
Net rental income or (loss)$0
Gross rents$0
Less: rental expenses$0
Other investment income$0
Gain or (loss) from sales of assets other than inventory$0
Gross amount from sales of assets other than inventory$0
Less: cost or other basis and sales expenses$0
Net income or (loss) from special events and activities$0
Gross revenue$0
Less: direct expenses other than fundraising expenses$0
Gross profit or (loss) from sales of inventory$0
Gross sales of inventory, less returns and allowances$0
Less: cost of goods sold$0
Other revenue$2,676
Total expenses$302,756
Program services$0
Management and general$0
Fundraising$0
Payments to affiliates$0
Net assets or fund balances at end of year$769,439
Excess or (deficit) for the year$138,904
Net assets or fund balances at beginning of year$630,535
Other changes in net assets or fund balances$0
Statement of Functional Expenses (for 2001)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$302,756$0$0$0
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$114,527$0$0$0
Pension plan contributions not included above$7,090$0$0$0
Employee benefits not included above$0$0$0$0
Payroll taxes$7,594$0$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$9,130$0$0$0
Legal fees$0$0$0$0
Supplies$4,085$0$0$0
Telephone$6,243$0$0$0
Postage and shipping$2,852$0$0$0
Occupancy$43,841$0$0$0
Equipment rental and maintenance$15,287$0$0$0
Printing and publications$3,585$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$12,569$0$0$0
Other expenses not covered above$75,953$0$0$0
Balance Sheets
2001
Total assets$2,581,518
Cash - non-interest-bearing$35,979
Savings and temporary cash investments$616,211
Accounts receivable less allowance for doubtful accounts$6,870
Pledges receivable less allowance for doubtful accounts$0
Grants receivable$65,000
Receivables from current and former officers, directors, trustees, and key employees$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0
Inventories for sale or use$0
Prepaid expenses and deferred charges$3,653
Investments - publicly-traded securities
Investments - other securities$0
Investments - land, buildings, and equipment less accumulated depreciation$0
Investments - other$0
Land, buildings, and equipment less accumulated depreciation$1,853,805
Other assets, including program-related investments$0
Total liabilities$1,812,079
Accounts payable and accrued expenses$277,515
Grants payable$0
Deferred revenue$23,100
Loans from officers, directors, trustees, and key employees$0
Tax-exempt bond liabilities$0
Mortgages and other notes payable$1,504,534
Other liabilities$6,930
Total liabilities and net assets/fund balances$2,581,518
Total net assets or fund balances$769,439
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2001
Total revenue$441,660
Total revenue, gains, and other support per audited financial statements$441,660
Other expenses$0
Net unrealized gains on investments$0
Donated services and use of facilities$0
Recoveries of prior year grants$0
Other$0
Other revenue$0
Investment expenses$0
Other$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2001
Total expenses$302,765
Total expenses and losses per audited financial statements$302,756
Other revenue$0
Donated services and use of facilities$0
Prior year adjustments$0
Losses$0
Other$0
Other expenses$0
Investment expenses$0
Other$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$143,420
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2001)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$0$157,512
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$143,420
Interest on savings and temporary cash investments000000$000$0$11,416
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$2,676
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2001)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2001)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2001)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
The aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
2000
Total$0
Gifts, grants, and contributions received$0
Membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0
Net income from unrelated business activities not included above$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0
Other income$0
Lobbying Expenditures by Electing Public Charities (for 2001)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1North Carolina Community Development Initiative IncPO BOX 98148, Raleigh, NC 27624-8148NC1994-03$1,285,600
2Spirit Of 76 IncPO BOX 1876, Junction City, KS 66441-6876KS1976-07$1,102,440
3Fayetteville Area Economic Development CorpFayetteville, NC 28302NC$441,660
4South End Development CorpCharlotte, NC 28284NC$339,200
5Avista Business Development CorporationPO BOX 7032, Asheville, NC 28802-7032NC1982-09$334,389
6Johnston County Industrial Development CorporationPO BOX 1179, Smithfield, NC 27577-1179NC1987-02$267,922
7Lenoir Committee Of 100 Inc101 N Queen St, Kinston, NC 28501-4927NC1986-02$90,369
8South Iredell Community Development CorporationPO BOX 628, Mooresville, NC 28115-0628NC1994-06$10,808
9Hertford County Committee Of 100 LtdPO BOX 429, Winton, NC 27986-0429NC1990-04$2,196
10Wisconsin Business Development Finance Corporation100 River Pl1 Board Walkll, Monona, WI 53716WI1982-07$6,747,667
11Tri-County Council For Southern MarylandPO BOX 745, Hughesville, MD 20637-0745MD1983-05$6,090,097
12City Urban Revitalization Corporation68-700 Avenida Lalo Guerrero, Cathedral City, CA 92234-1208CA2002-06$6,002,442
13Iron County Action Plan CommitteePO BOX 108, Ironton, MO 63650MO2000-02$5,517,378
14West Central Arkansas Planning & Development District IncPO BOX 6409, Hot Springs, AR 71902-6409AR1996-03$4,534,357
15Southwest Arkansas Planning &101 Harvey Couch Blvd, Magnolia, AR 71754AR1978-02$3,421,370
16Carolinas Gateway Partnership Inc427 Falls Rd, Rocky Mt, NC 27804-4808NC1996-08$960,190
17Ocracoke Foundation Inc, Ellen Baskill Treas Robin Payne ExPO BOX 1689, Ocracoke, NC 27960-1689NC2007-10$245,171
18Stokes Core IncPO BOX 1163, Walnut Cove, NC 27052-1163NC2007-09$155,901
19Jacksonville Onslow Economic Development Partnership1099 Gum Branch Rd, Jacksonville, NC 28540-5740NC2009-04$15,000
20Wilmington Mission Net Inc6010 Inland Greens Dr, Wilmington, NC 28405-3872NC2009-07$0
Number of organizations performing similar types of work
Alaska7
Alabama4
Arkansas8
Arizona5
California16
Colorado7
Connecticut3
District of Columbia3
Delaware3
Florida7
Georgia2
Iowa13
Idaho2
Illinois10
Indiana11
Kansas5
Kentucky8
Louisiana11
Massachusetts4
Maryland9
Maine3
Michigan11
Minnesota5
Missouri5
Mississippi5
Montana3
North Carolina13
North Dakota2
Nebraska3
New Hampshire3
New Jersey8
New Mexico2
New York18
Ohio10
Oklahoma2
Oregon1
Pennsylvania39
South Carolina5
South Dakota4
Tennessee3
Texas25
Utah3
Virginia8
Vermont5
Washington6
Wisconsin12
West Virginia6
International1
Total349

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