Chatham County Economic Development Corporation
Nonprofit profile at a glance
- EIN
- 562048401
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024
- Location
- Pittsboro, NC, USA
- Phone
- 9195428274
- Rating
- 70
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Public, Societal Benefit
Reported finances
- Revenue
- $609,331
- Expenses
- $702,599
- Assets
- $1,207,639
- Liabilities
- $63,839
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
13 people listed
Executive titles in this filing
- C MICHAEL SMITH (PRESIDENT)
Highest reported compensation
- C MICHAEL SMITH (PRESIDENT): $178,727 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
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.
What it reported doing in 2024
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.
Operating model
- Revenue model
- Grant-funded. 84% of the money available for current operations came from government grants.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 65
- Transparency & Controls: 66
- Accountability: 90
- Sustainability: 30
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 77.7%; rating input score 78
- Program expense ratio: 66.3%; rating input score 66
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -15.3%; rating input score 12; 12th percentile among comparable filings
- Total-asset coverage ratio: 1.72; rating input score 60; 60th percentile among comparable filings
- Liabilities to assets ratio: 0.05; rating input score 51; 51st percentile among comparable filings
- Officer compensation ratio: 25.4%; rating input score 10; 10th percentile among comparable filings
Growth
- Program expense growth: 7.2% per year; rating input score 100; 52nd percentile among comparable filings
- Revenue growth: 2.2% per year; rating input score 100; 26th percentile among comparable filings
- Asset growth: 6.1% per year; rating input score 100; 44th percentile among comparable filings
Details
- Where the money goes: 77.7% of revenue deployed · 66.3% of spending went to programs
- Governance: 12 of 12 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $466K in reported program spending
- Leadership: top reported pay $179K · 13 people listed · 1 of 6 pay-setting controls reported
- Consistency: 35 of 35 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 6 filing years from 2019 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: 2 of 8 not reported.
- High — Sustainability: Operating margin scored 12/100.
- High — Sustainability: Officer compensation ratio scored 10/100.
- Review — Sustainability: Liabilities to assets ratio scored 51/100.