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Nonprofit · EIN 47-2080338

THE INDUSTRIAL COMMONS

Tax-exempt · MORGANTON, NC 28680

Financials

$11.7M$2.2M2023$8.7M$4M2024
Revenue Expenses · by fiscal year end
Financials of THE INDUSTRIAL COMMONS by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$8,682,953$4,017,046$4,665,907$35,394,219$15,229,338$20,164,881
December 31, 2023990$11,657,616$2,236,647$9,420,969$16,084,125$358,333$15,725,792
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$7,817,883
of which government grants
$3,104,638
Program service revenue
$423,910
Investment income
$461,934
Net income from sales of inventory
-$27,619
Other revenue
-$20,774

Expenses

Grants and similar amounts paid
$880,466
Compensation of officers, directors and key employees
$237,552
Other salaries and wages
$1,261,044
Salaries, compensation and benefits (total)
$1,722,123
Professional fundraising fees
$0
Legal fees
$42,980
Accounting fees
$61,001
Occupancy
$383,801
Travel
$86,921
Depreciation
$90,401
Program services (functional)
$3,099,107
Management and general (functional)
$587,858
Fundraising (functional)
$330,081

Balance sheet and other

Total assets, start of year
$16,084,125
Total assets, end of year
$35,394,219
Total liabilities, end of year
$15,229,338
Net assets, end of year
$20,164,881
Land, buildings and equipment
$11,623,897
Net assets without donor restrictions
$10,522,627
Net assets with donor restrictions
$9,642,254
Gross receipts
$8,727,804
Employees
31
Volunteers
9
Year formed
2014
State of legal domicile
NC

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
MOLLY HEMSTREETCO-EXECUTIVE DIRECTOR
Trustee or director, Officer
40$124,125$0
SARA CHESTERCO-EXECUTIVE DIRECTOR
Officer
40$107,925$5,502
DEBORAH SIGMONCHAIRPERSON
Trustee or director, Officer
1$0$0
KIMBERLY HUNTERVICE CHAIR
Trustee or director, Officer
1$0$0
SHARLEY MENDOZA PEREZDIRECTOR
Trustee or director
1$0$0
ERICA DAMMANSECRETARY/TREASURER
Trustee or director, Officer
1$0$0
RENEA CANIPEDIRECTOR (THRU AUGUST)
Trustee or director
1$0$0
LISA MILLERDIRECTOR/SECRETARY (THRU JUNE)
Trustee or director, Officer
1$0$0
MARCELINA MIGUELDIRECTOR
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 11 people
NameTitleHours / weekCompensationOther / benefits
MOLLY HEMSTREETCO-EXECUTIVE DIRECTOR
Officer
40$94,222$0
SARA CHESTERCO-EXECUTIVE DIRECTOR
Officer
40$78,770$5,257
BOBBY CARSWELLDIRECTOR/RESEARCH & DEVELOPMENT DIRECTOR
Trustee or director
40$58,113$5,152
SHARLEY MENDOZA PEREZDIRECTOR/DIRECTOR OF OPERATIONS
Trustee or director
40$57,987$4,461
ALAN CLARKCHAIRMAN (THRU NOVEMBER)
Trustee or director, Officer
1$0$0
ALAN WOODVICE CHAIRMAN (THRU NOVEMBER)
Trustee or director, Officer
1$0$0
DEBORAH SIGMONSECRETARY/TREASURER
Trustee or director, Officer
1$0$0
KIMBERLY HUNTERDIRECTOR
Trustee or director
1$0$0
ERICA DAMMANDIRECTOR
Trustee or director
1$0$0
RENEA CANIPEDIRECTOR
Trustee or director
1$0$0
LISA MILLERDIRECTOR
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
PO BOX 71, MORGANTON, NC 28680-0071
In care of
% MOLLY HEMSTREET
Mailing address (990-N for 2016)
PO Box 71, Morganton NC 28680
Principal officer (990 for 2024)
SARA CHESTER, PO BOX 71, MORGANTON, NC 28680
Principal officer (990-N for 2016)
Sara Chester, 5091 Burkemont Road, Morganton NC 28655
Signed the 990
DEBORAH SIGMON, CHAIRPERSON
Phone
(828) 674-3141
Return prepared by
WEGNER CPAS LLP

Mission

THE MISSION OF THE INDUSTRIAL COMMONS IS TO REBUILD A DIVERSE WORKING CLASS BASED ON LOCALLY-ROOTED WEALTH.

990 for the year ended December 31, 2024

Program accomplishments

  • THE INDUSTRIAL COMMONS FOUNDS AND GROWS INTERCONNECTED ENTERPRISES THAT SOLVE INDUSTRIAL PROBLEMS FOR BUSINESSES AND WORKERS, AND MANUFACTURES HOPE FOR THE PEOPLE OF WESTERN NORTH CAROLINA.THE INDUSTRIAL COMMONS FULFILLS THEIR MISSION BY ENHANCING THE RETENTION AND CREATION OF SMALL TO MID-SIZE MANUFACTURING FIRMS AND MEANINGFUL, GAINFUL EMPLOYMENT; BY PROVIDING ECONOMIC, BUSINESS AND VOCATIONAL EDUCATION SERVICES TO WORKERS AND BUSINESS OWNERS; AND BY SUSTAINABLY ENHANCING THE ECONOMIC WELL-BEING OF ALL MEMBERS OF A COMMUNITY.
    Expenses $3,099,107 · grants $880,466 · revenue $396,291

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
47-2080338
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2015
Accounting year ends
December
Files
Form 990 or 990-EZ
Category (NTEE)
Employment (J20)
Assets (IRS master file)
$35,394,219
Income (IRS master file)
$8,727,804

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$8,682,953$4,017,046$35,394,219IRS
990December 2023$11,657,616$2,236,647$16,084,125XML
990December 2022$2,647,034$2,390,165$6,820,044IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––IRS
990-N for 2016
Officer: Sara Chester
December 31, 2016≤ $50,000 receipts––e-Postcard

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 47-2080338).

Questions about THE INDUSTRIAL COMMONS

What is the EIN of THE INDUSTRIAL COMMONS?
The employer identification number (EIN) of THE INDUSTRIAL COMMONS is 47-2080338.
Is THE INDUSTRIAL COMMONS tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2015.
Are donations to THE INDUSTRIAL COMMONS tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does THE INDUSTRIAL COMMONS file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of THE INDUSTRIAL COMMONS due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did THE INDUSTRIAL COMMONS last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of THE INDUSTRIAL COMMONS?
The 990 for the year ended December 31, 2024 names SARA CHESTER.
Who are the officers and directors of THE INDUSTRIAL COMMONS?
The 990 for the year ended December 31, 2024 lists 9 people; 2 received compensation from the organization, the highest $124,125 (MOLLY HEMSTREET, CO-EXECUTIVE DIRECTOR).
How much revenue does THE INDUSTRIAL COMMONS have?
On its 990 for the year ended December 31, 2024 it reported revenue of $8,682,953, expenses of $4,017,046 and total assets of $35,394,219 at year end.

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