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Valdese Economic Development Invest Corporation

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 270301275 ✦ Valdese, NC ✦ Designated as a 501(c)(3)

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Overview

What is Valdese Economic Development Invest Corporation?

Valdese Economic Development Invest Corporation is a nonprofit organization located in Valdese, North Carolina. With a modest workforce of three individuals, its primary mission is to engage in charitable and educational efforts, focusing on economic development and community development within Valdese and Burke County, North Carolina. By establishing a revolving loan fund, the corporation provides funding to businesses, aiming to strengthen the small business sector in the region. This initiative ultimately contributes to job creation, an increase in the tax base, and an improvement in the overall quality of life in Valdese and Burke County.

Is Valdese Economic Development Invest Corporation legitimate?

Valdese Economic Development Invest Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Valdese Economic Development Invest Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.


Heare are some key statistics you may want to consider:

Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $97,072

For more financial information, click here

What is the mission statement of Valdese Economic Development Invest Corporation?

The Valdese Economic Development Invest Corporation is dedicated to engaging in charitable and educational endeavors with a focus on supporting economic development and community development. Their mission is to create job opportunities, increase the tax base, and enhance the quality of life by promoting businesses in a specific region. They achieve this by establishing a revolving loan fund, providing funding to support the small business sector. This initiative aims to stimulate economic growth and contribute positively to the local community.

Who is the CEO of Valdese Economic Development Invest Corporation?

Forrest Fleming is the Chairman of Valdese Economic Development Invest Corporation.

What is the revenue of Valdese Economic Development Invest Corporation?

Valdese Economic Development Invest Corporation's revenue in 2022 was $283,103.

Who are the executives of Valdese Economic Development Invest Corporation and what are their salaries?

The average compensation at Valdese Economic Development Invest Corporation during 2022 was $32,357. There are 3 employees at Valdese Economic Development Invest Corporation.


Here are 21 key members and their salaries:


Kerri Poteat (Director)
  • Compensation: $67,203
  • Related: $0
  • Other: $0
Robert Benfield (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
John Branstrom (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Seth Eckard (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Kenneth Geathers (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Kylie Gera (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sharon Jablonski (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Rick Justice (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Clyde Mcswain (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Scott Mulwee (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Byron Ogle (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Nancy Page (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Karen Robinson (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Robert R Robinson (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Tonia Stephenson (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Marla Thompson (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Suzanne Wallace (Boardmember)
  • Compensation: $0
  • Related: $0
  • Other: $0
Johnny Berry (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sherri Bradshaw (Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
Forrest Fleming (Chairman)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sherry Long (Vice Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Where can I find the form 990 for Valdese Economic Development Invest Corporation?

Valdese Economic Development Invest Corporation's most recent form 990 was submitted in 2022 and can be accessed here.

Mission Statement of Valdese Economic Development Invest Corporation

Valdese Economic Development Invest Corporation, as a charitable and educational organization, is committed to supporting economic development and community development in Valdese, North Carolina, and Burke County. Their mission is to create jobs, increase the tax base, and improve the quality of life in these areas. To achieve this, they have established a revolving loan fund, providing funding to promote the small business sector in North Carolina. By supporting local businesses, Valdese Economic Development Invest Corporation aims to stimulate economic growth and improve the overall well-being of the community.

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Impact




October, 2024

The Valdese Economic Development Invest Corporation significantly impacts the local economy and community by fostering economic development and supporting businesses in Valdese, NC, and Burke County. By establishing a revolving loan fund, the organization provides essential funding that promotes the growth of the small business sector, which is vital for job creation and economic stability in the region.

This initiative directly contributes to increasing the tax base, which in turn supports community services and infrastructure improvements. Additionally, by focusing on charitable and educational efforts, the corporation enhances the overall quality of life for residents. Through its commitment to economic and community development, the Valdese Economic Development Invest Corporation plays a crucial role in shaping a thriving, sustainable future for the area.




This information is meant to be a general summary of Valdese Economic Development Invest Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.


Financials

This financial information is from Propublica.

Revenue
$283,103 (2022)
Expenses
$145,673 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $153,700
  • Program Service Revenue: $5,911
  • Gross Receipts: $283,103

Assets and Liabilities:

  • Total Assets: $3,433,560
  • Total Liabilities: $2,272,578
  • Net Assets: $1,160,982

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

LOAN ADMIN FEES

Revenue

$5,911

Organization Details

Founding Year

2008

Principal Officer

Forrest Fleming

Main Address

PO BOX 1225, VALDESE, NC, 28690

NTEE Category

Code: S32 - Community improvement

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