Valdese Economic Development Investment Corporation
Organization summary
Type of Nonprofit
Designated as a Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.
Category: Community Improvement, Capacity Building / Rural Development (NTEE)
Donations to this organization are tax deductible.
Details
An independent audit commissioned by this organization for the fiscal year ending June 2023 identified:
Summary charts: organization finances over time
Revenue $288k (2023)
Expenses $199k (2023)
Total Assets $3.4M (2023)
Total Liabilities $2.15M (2023)
Tax Filings and Audits by Year
Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.
Audits are required to be submitted by nonprofit organizations that spend $750,000 or more in federal grant money in a fiscal year. "Single audits" look at the entire organization's finances and compliance, while other audits are program specific. Nonprofit Explorer has PDFs of audits for some nonprofits for fiscal year 2015 and later. Audit data is from the Federal Audit Clearinghouse.
Fiscal Year Ending June
2023
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $137,979 |
47.8%
|
| Program Services | $9,111 |
3.2%
|
| Investment Income | $141,341 |
49.0%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $104,301 |
52.4%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $3,398,377 | |
| Total Liabilities | $2,148,157 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Kerri Poteat (Director) | $72,711 | $0 | $0 |
| Jessica Bargsley (Boardmember) | $0 | $0 | $0 |
| Timothy Barus (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 2, 2024Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
This audit found:
Fiscal Year Ending June
2022
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $123,492 |
43.6%
|
| Program Services | $5,911 |
2.1%
|
| Investment Income | $153,700 |
54.3%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $97,072 |
66.6%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $3,433,560 | |
| Total Liabilities | $2,272,578 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Kerri Poteat (Director) | $67,203 | $0 | $0 |
| Robert Benfield (Boardmember) | $0 | $0 | $0 |
| John Branstrom (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 11, 2023Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
Fiscal Year Ending June
2021
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $156,703 |
46.6%
|
| Program Services | $8,295 |
2.5%
|
| Investment Income | $171,474 |
51.0%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $97,975 |
55.8%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $3,414,352 | |
| Total Liabilities | $2,390,800 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Kerri Poteat (Director) | $64,849 | $0 | $0 |
| Robert Benfield (Boardmember) | $0 | $0 | $0 |
| John Branstrom (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 12, 2022Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
Fiscal Year Ending June
2020
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $181,346 |
53.3%
|
| Program Services | $6,463 |
1.9%
|
| Investment Income | $152,687 |
44.8%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $0 |
| Assets/Debt | ||
|---|---|---|
| Total Assets | $3,245,163 | |
| Total Liabilities | $2,382,373 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Robert R Robinson (Boardmember) | $0 | $0 | $0 |
| Rev Dr Kevin E Frederick (Boardmember) | $0 | $0 | $0 |
| Rick Mcclurd (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 12, 2021Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
Fiscal Year Ending June
2019
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $142,887 |
46.7%
|
| Program Services | $9,523 |
3.1%
|
| Investment Income | $153,651 |
50.2%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $105,480 |
50.4%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $3,146,157 | |
| Total Liabilities | $2,389,202 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Robert R Robinson (Boardmember) | $0 | $0 | $0 |
| Rev Dr Kevin E Frederick (Boardmember) | $0 | $0 | $0 |
| Rick Mcclurd (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 11, 2020Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
Fiscal Year Ending June
2018
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $122,525 |
48.4%
|
| Program Services | $9,645 |
3.8%
|
| Investment Income | $117,207 |
46.3%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $3,766 |
1.5%
|
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $90,986 |
37.2%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $3,139,700 | |
| Total Liabilities | $2,479,550 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Robert R Robinson (Boardmember) | $0 | $0 | $0 |
| Rev Dr Kevin E Frederick (Boardmember) | $0 | $0 | $0 |
| Rick Mcclurd (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 3, 2019Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
Fiscal Year Ending June
2017
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $146,582 |
53.8%
|
| Program Services | $8,034 |
2.9%
|
| Investment Income | $117,843 |
43.3%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $85,127 |
54.9%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $3,193,338 | |
| Total Liabilities | $2,541,733 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Robert R Robinson (Boardmember) | $0 | $0 | $0 |
| Rev Dr Kevin E Frederick (Boardmember) | $0 | $0 | $0 |
| Rick Mcclurd (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 11, 2018Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
Fiscal Year Ending June
2016
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $106,829 |
54.5%
|
| Program Services | $8,387 |
4.3%
|
| Investment Income | $80,759 |
41.2%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $59,253 |
36.8%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $2,583,398 | |
| Total Liabilities | $2,049,080 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Ed Hallyburton (Boardmember) | $0 | $0 | $0 |
| Rev Dr Kevin E Frederick (Boardmember) | $0 | $0 | $0 |
| Rick Mcclurd (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on Feb. 15, 2017Primary tax return for a nonprofit’s activities, finances, and governance
Audit
Audit for an entity that spends $750,000+ in federal grant money in a fiscal year
Fiscal Year Ending June
2015
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $247,794 |
83.5%
|
| Program Services | $10,310 |
3.5%
|
| Investment Income | $38,584 |
13.0%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $36 |
0.0%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $20,916 |
12.7%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $1,761,934 | |
| Total Liabilities | $1,262,695 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Ed Hallyburton (Boardmember) | $0 | $0 | $0 |
| Rev Dr Kevin E Frederick (Boardmember) | $0 | $0 | $0 |
| Rick Mcclurd (Boardmember) | $0 | $0 | $0 |
Document Links
990
Filed on May 16, 2016Primary tax return for a nonprofit’s activities, finances, and governance
Fiscal Year Ending June
2014
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $167,500 |
88.8%
|
| Program Services | $2,274 |
1.2%
|
| Investment Income | $18,931 |
10.0%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $9 |
0.0%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $0 |
| Assets/Debt | ||
|---|---|---|
| Total Assets | $538,883 | |
| Total Liabilities | $172,020 |
Compensation
| Key Employees and Officers | Compensation | Related | Other |
|---|---|---|---|
| Carroll Franklin (Board Member) | $0 | $0 | $0 |
| Ed Hallyburton (Board Member) | $0 | $0 | $0 |
| Rick Mcclurd (Board Member) | $0 | $0 | $0 |
Document Links
990
Filed on May 6, 2015Primary tax return for a nonprofit’s activities, finances, and governance
Fiscal Year Ending June
2013
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $53,194 |
82.6%
|
| Program Services | $2,653 |
4.1%
|
| Investment Income | $8,547 |
13.3%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $36 |
0.1%
|
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $0 |
| Assets/Debt | ||
|---|---|---|
| Total Assets | $437,926 | |
| Total Liabilities | $161,152 |
Document Links
990
Filed on July 3, 2014Primary tax return for a nonprofit’s activities, finances, and governance
Fiscal Year Ending June
2012
Extracted Financial Data
Extracted Financial Data from 990-EZ
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $90,825 |
93.9%
|
| Program Services | $0 | |
| Investment Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $5,944 |
6.1%
|
| Assets/Debt | ||
|---|---|---|
| Total Assets | $419,320 | |
| Total Liabilities | $0 |
Document Links
990-EZ
Short form tax return for a nonprofit’s activities, finances, and governance
Fiscal Year Ending June
2011
Extracted Financial Data
Extracted Financial Data from Form 990
| Notable Sources of Revenue | Percent of Total Revenue | |
|---|---|---|
| Contributions | $366,887 |
99.8%
|
| Program Services | $0 | |
| Investment Income | $833 |
0.2%
|
| Bond Proceeds | $0 | |
| Royalties | $0 | |
| Rental Property Income | $0 | |
| Net Fundraising | $0 | |
| Sales of Assets | $0 | |
| Net Inventory Sales | $0 | |
| Other Revenue | $0 |
| Notable Expenses | Percent of Total Expenses | |
|---|---|---|
| Executive Compensation | $0 | |
| Professional Fundraising Fees | $0 | |
| Other Salaries and Wages | $0 |
| Assets/Debt | ||
|---|---|---|
| Total Assets | $389,885 | |
| Total Liabilities | $0 |
No Document Links
The IRS has provided extracted financial data for this filing, but has not yet released the source documents.
Fiscal Year Ending June
2010
No Extracted Financial Data
Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.
Document Links
990-EZ
Short form tax return for a nonprofit’s activities, finances, and governance
About This Data
Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.
The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.
In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.
We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.