Choanoke Area Development Assoc
EIN: 560841757 · Rich Square, NC · NTEE: L21Z
| Metric | Value |
|---|---|
| Total Revenue | $11.3M |
| Total Expenses | $10.7M |
| Net Assets | $398K |
Is Choanoke Area Development Assoc Legit?
Insufficient Data
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
About Choanoke Area Development Assoc
Choanoke Area Development Assoc (EIN: 560841757) is a nonprofit organization based in Rich Square, NC, classified under NTEE code L21Z. The organization reported total revenue of $11.3M and total assets of $7.8M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Choanoke Area Development Assoc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Choanoke Area Development Assoc is a large nonprofit that has been operating for 61 years, with 13 years of IRS 990 filings on record (2011–2023). Revenue has grown at a compound annual rate of -2.9%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $10.2M |
| Total Expenses | $10.7M |
| Surplus / Deficit | $-544,894 |
| Total Assets | $3.3M |
| Total Liabilities | $2.9M |
| Net Assets | $398K |
| Operating Margin | -5.4% |
| Debt-to-Asset Ratio | 87.8% |
| Months of Reserves | 3.7 months |
Financial Health Grade: C
In 2023, Choanoke Area Development Assoc reported a deficit of $545K with expenses exceeding revenue, holds 3.7 months of operating reserves (adequate), has a debt-to-asset ratio of 87.8% (high leverage).
Financial Trends
Over 13 years of filings (2011–2023), Choanoke Area Development Assoc's revenue has declined at a compound annual growth rate (CAGR) of -2.9%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | +1.5% | +6.2% | +7.0% |
| 2022 | -3.5% | -2.5% | -5.7% |
| 2021 | +4.6% | +1.6% | -54.3% |
| 2020 | -1.4% | -2.6% | +79.0% |
| 2019 | -6.6% | -4.4% | -12.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 1965 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Analysis Pending
AI enrichment for Choanoke Area Development Assoc has not yet been completed. Basic IRS 990 data is shown below. Check back later for a full transparency report including a Mission Score, spending breakdown, executive compensation analysis, and red flags assessment.
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Choanoke Area Development Assoc with a Mission Score of 0 out of 100 (Very Poor). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $545K, with expenses exceeding revenue.
- Debt-to-asset ratio: 87.8%.
Frequently Asked Questions about Choanoke Area Development Assoc
Is Choanoke Area Development Assoc a legitimate charity?
Choanoke Area Development Assoc (EIN: 560841757) is a registered tax-exempt nonprofit based in North Carolina. It has 13 years of IRS 990 filings on record. Total revenue: $11.3M. No red flags identified. Financial health grade: C.
How does Choanoke Area Development Assoc spend its money?
Choanoke Area Development Assoc reported $11.3M in total revenue in IRS 990 filings. 13 years of filing data available. Expenses exceeded revenue in the most recent year. Review the full spending breakdown on NonprofitSpending.
Are donations to Choanoke Area Development Assoc tax-deductible?
Choanoke Area Development Assoc is registered as a tax-exempt nonprofit (EIN: 560841757). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Where is Choanoke Area Development Assoc located?
Choanoke Area Development Assoc is headquartered in Rich Square, North Carolina and files with the IRS under EIN 560841757. It is classified under NTEE code L21Z.
How many years of IRS 990 filings does Choanoke Area Development Assoc have?
Choanoke Area Development Assoc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $11.3M in total revenue.
Filing History
IRS 990 filing history for Choanoke Area Development Assoc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2011–2023), Choanoke Area Development Assoc's revenue has declined by 29.9%, moving from $14.5M to $10.2M. Total assets decreased by 33.6% over the same period, from $4.9M to $3.3M. Total functional expenses fell by 23.5%, from $14.0M to $10.7M. In its most recent filing year (2023), Choanoke Area Development Assoc reported a deficit of $545K, with expenses exceeding revenue. The organization holds $2.9M in liabilities against $3.3M in assets (debt-to-asset ratio: 87.8%), resulting in net assets of $398K.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $10.2M | $10.7M | $3.3M | $2.9M | — | — |
| 2022 | $10.0M | $10.1M | $3.1M | $2.1M | — | View 990 |
| 2021 | $10.4M | $10.4M | $3.2M | $2.2M | — | — |
| 2020 | $9.9M | $10.2M | $7.1M | $5.4M | — | View 990 |
| 2019 | $10.1M | $10.5M | $4.0M | $2.7M | — | View 990 |
| 2018 | $10.8M | $10.9M | $4.5M | $2.9M | — | View 990 |
| 2017 | $11.2M | $11.2M | $4.5M | $2.7M | — | View 990 |
| 2016 | $10.6M | $10.5M | $4.6M | $2.8M | — | View 990 |
| 2015 | $9.9M | $10.0M | $3.5M | $2.5M | — | View 990 |
| 2014 | $9.9M | $10.0M | $3.6M | $2.6M | — | View 990 |
| 2013 | $10.7M | $10.8M | $4.0M | $2.9M | — | View 990 |
| 2012 | $11.2M | $12.2M | $4.0M | $2.8M | — | View 990 |
| 2011 | $14.5M | $14.0M | $4.9M | $2.7M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $10.2M, expenses of $10.7M, and assets of $3.3M (revenue +1.5% year-over-year).
- 2022: Revenue of $10.0M, expenses of $10.1M, and assets of $3.1M (revenue -3.5% year-over-year).
- 2021: Revenue of $10.4M, expenses of $10.4M, and assets of $3.2M (revenue +4.6% year-over-year).
- 2020: Revenue of $9.9M, expenses of $10.2M, and assets of $7.1M (revenue -1.4% year-over-year).
- 2019: Revenue of $10.1M, expenses of $10.5M, and assets of $4.0M (revenue -6.6% year-over-year).
- 2018: Revenue of $10.8M, expenses of $10.9M, and assets of $4.5M (revenue -3.7% year-over-year).
- 2017: Revenue of $11.2M, expenses of $11.2M, and assets of $4.5M (revenue +5.7% year-over-year).
- 2016: Revenue of $10.6M, expenses of $10.5M, and assets of $4.6M (revenue +6.7% year-over-year).
- 2015: Revenue of $9.9M, expenses of $10.0M, and assets of $3.5M (revenue +0.5% year-over-year).
- 2014: Revenue of $9.9M, expenses of $10.0M, and assets of $3.6M (revenue -7.6% year-over-year).
- 2013: Revenue of $10.7M, expenses of $10.8M, and assets of $4.0M (revenue -4.0% year-over-year).
- 2012: Revenue of $11.2M, expenses of $12.2M, and assets of $4.0M (revenue -23.2% year-over-year).
- 2011: Revenue of $14.5M, expenses of $14.0M, and assets of $4.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Choanoke Area Development Assoc:
Data Sources and Methodology
This transparency report for Choanoke Area Development Assoc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.