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Nonprofit · EIN 56-1513284

CABARRUS ECONOMIC DEVELOPMENT INC

Tax-exempt · CONCORD, NC 28025

Financials

$786K$897K2023$818K$701K2024
Revenue Expenses · by fiscal year end
Financials of CABARRUS ECONOMIC DEVELOPMENT INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
June 30, 2025990$817,629$701,180$116,449$966,254$179,023$787,231
June 30, 2024990$785,868$896,797-$110,929$844,380$173,598$670,782
Financial details: 990 for the year ended June 30, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$786,154
Investment income
$31,475
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Other salaries and wages
$297,556
Salaries, compensation and benefits (total)
$297,556
Professional fundraising fees
$0
Accounting fees
$31,040
Occupancy
$36,900
Travel
$7,421
Depreciation
$343
Program services (functional)
$593,009
Management and general (functional)
$108,171

Balance sheet and other

Total assets, start of year
$844,380
Total assets, end of year
$966,254
Total liabilities, end of year
$179,023
Net assets, end of year
$787,231
Land, buildings and equipment
$461
Net assets without donor restrictions
$779,953
Net assets with donor restrictions
$7,278
Gross receipts
$817,629
Employees
0
Volunteers
0
Year formed
1985
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 June 30, 2025, highest compensation first.

NameTitleHours / weekCompensation
LLOYD PAYNEBOARD MEMBER
Trustee or director
0.5$0
MIKE LEGGTREASURER
Trustee or director, Officer
1$0
SEAN NEWTONSECRETARY
Trustee or director, Officer
1$0
CHAD VONCANNONBOARD MEMBER
Trustee or director
0.5$0
RANDY HOLLOWAYBOARD MEMBER
Trustee or director
0.5$0
STEVE FISHERBOARD CHAIR
Trustee or director, Officer
1$0
GREG WALTERBOARD MEMBER
Trustee or director
0.5$0
SHAREE CARTERPAST CHAIR
Trustee or director
1$0
JAY EAVESBOARD MEMBER
Trustee or director
0.5$0
ROB DONHAMBOARD MEMBER
Trustee or director
0.5$0
DONNA CARPENTERBOARD CHAIR
Trustee or director
0.5$0
ROY HAWKINSBOARD CHAIR
Trustee or director
0.5$0
990 for the year ended June 30, 2024: 12 people
NameTitleHours / weekCompensation
LLOYD PAYNEBOARD MEMBER
Trustee or director
0.5$0
MIKE LEGGTREASURER
Trustee or director, Officer
1$0
MIKE DOWNSSECRETARY
Trustee or director, Officer
1$0
DOUG PARISBOARD MEMBER
Trustee or director
0.5$0
RANDY HOLLOWAYBOARD MEMBER
Trustee or director
0.5$0
STEVE FISHERVICE CHAIR
Trustee or director, Officer
0.5$0
MICHAEL WILSONBOARD MEMBER
Trustee or director
0.5$0
GREG WALTERPAST CHAIR
Trustee or director
0.5$0
SHAREE CARTERBOARD CHAIR
Trustee or director, Officer
1$0
JAY EAVESBOARD MEMBER
Trustee or director
0.5$0
ROB DONHAMBOARD MEMBER
Trustee or director
0.5$0
DONNA CARPENTERBOARD MEMBER
Trustee or director
0.5$0

Address and contacts

Address (IRS master file)
57 UNION STREET SOUTH, CONCORD, NC 28025-5264
Principal officer (990 for 2024)
GRETCHEN CARSON, 57 UNION STREET SOUTH, CONCORD, NC 28025
Signed the 990
GRETCHEN CARSON, PRESIDENT & CEO
Phone
(704) 782-4000
Return prepared by
DMJPS PLLC

Mission

COMMUNITY ECONOMIC DEVELOPMENT

990 for the year ended June 30, 2025

Program accomplishments

  • THE ORGANIZATION HAS WORKED TO LAY THE FOUNDATION FOR ATTRACTING NEW BUSINESSES TO THE AREA, AND IS MEETING WITH SPECIFIC BUSINESSES IN ITS RECRUITING PROCESS TO CREATE MORE ECONOMIC OPPORTUNITIES.
    Expenses $593,009 · revenue $786,154

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 June, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025June 30, 2026November 16, 2026Not due yet
2024June 30, 2025November 17, 2025990 on file
2023June 30, 2024November 15, 2024990 on file

IRS record

EIN
56-1513284
Tax-exempt status
501(c)(4): Social welfare organization
Donations deductible
No
Exempt since
1988
Accounting year ends
June
Files
Form 990 or 990-EZ
Assets (IRS master file)
$966,254
Income (IRS master file)
$817,629

Filing history

FormYear endedRevenueExpensesAssetsReturn
990June 2025$817,629$701,180$966,254IRS
990June 2024$785,868$896,797$844,380IRS
990June 2023$698,355$753,850$930,067IRS
990June 2022–––IRS
990June 2021–––IRS
990June 2019–––IRS
990June 2018–––IRS

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 56-1513284).

Questions about CABARRUS ECONOMIC DEVELOPMENT INC

What is the EIN of CABARRUS ECONOMIC DEVELOPMENT INC?
The employer identification number (EIN) of CABARRUS ECONOMIC DEVELOPMENT INC is 56-1513284.
Is CABARRUS ECONOMIC DEVELOPMENT INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1988.
Are donations to CABARRUS ECONOMIC DEVELOPMENT INC tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does CABARRUS ECONOMIC DEVELOPMENT INC 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 CABARRUS ECONOMIC DEVELOPMENT INC due?
The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did CABARRUS ECONOMIC DEVELOPMENT INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended June 2025.
Who is the principal officer of CABARRUS ECONOMIC DEVELOPMENT INC?
The 990 for the year ended June 30, 2025 names GRETCHEN CARSON.
Who are the officers and directors of CABARRUS ECONOMIC DEVELOPMENT INC?
The 990 for the year ended June 30, 2025 lists 12 people; 0 received compensation from the organization.
How much revenue does CABARRUS ECONOMIC DEVELOPMENT INC have?
On its 990 for the year ended June 30, 2025 it reported revenue of $817,629, expenses of $701,180 and total assets of $966,254 at year end.

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