Form

990

Return of Organization Exempt From Income Tax

Under section 501(c ), 527, or 4947(a)(1) of the Internal Revenue Code ( except black lung benefit trust or private foundation)

OMB No 1545-0047

2005

Department of the Treasury Internal Revenue Service

A
B F1 K

Open to Public inspection ^ The organization may have to use a copy of this return to satisfy state reporting requirements 10 - 0 1, 2005 , and ending 09-30,2006 For the 2005 calendar year , or tax year beginning
Please C Name of organization D Employer idenhfiralim number ,

Check if applicable Address change Name change Initial return

use IRS
label or print or type-

PIEDMONT DEVELOPMENT COMPANY

Number and street (or P 0 box if mail is not delivered to street address)

INC
RooMSuite

02-0708580
E Telephone number

see

PO BOX 1034
City or town, state or country, and ZIP + 4

(2 52) 52 7- 3 3 9 9
F Amounting method: K Other (specify) ^ K Cash Accrual

K K K

Final return Amended return Application pending

Specrilic histnit-

Kinston,

NC 2 8 5 0 3
H (a) H(b)

Section 501(c)(3) organiza tions and 4947(axl) nonexempt charitade busts mat attach a completed Schedule A (Form 990 or 990 4EZ).

H and I are not applicable to section 527 organizations I s th is a group re t um f or a HI i is t as ? It 'Yes, ' enter number of affiliates Are all affiliates included? (if 'No,' attach a list See instructions ) Is this a separate return filed by an organization covered by a group ruling' Group Exemption Number ^ ^ K Yes K No K Y es No

G Website:

^ (check only one) ^ 501(c) ( 3 ) .4 (insert no) K 4947(a)(1) or 527

H(c) H(d)

J Organization type K Check here

^ if the organization's gross receipts are normally not more than $25,000 The I

K Y.

No

organization need not file a return with the IRS, but if the organization chooses to file a return, be sure to file a complete return Some states rec$are a complete return ^ 4 7 9 74

L Gross receipts Add lines 6b, 8b, 9b, and 10b to line 12

Fart 1
1

Revenue. Expenses . and Chanaes in Net Assets or F

Check ^ if the organization is not required to attach Sch. B (Form 990, 990-EZ, or 990-PF) Balances (See the instructions-) M 1a lb

Contributions , gifts, grants , and similar amounts received: a Direct public support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Indirect public support . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c Government contributions (grants )

.. ..........................

1c

37500
1d 2 3 4 5 37500 10474

H 0
v e

. . . . . . . . . . . . . . . . . . . . . . . . . . 6a 6a Gross rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6b b Less . rental expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c Net rental income or (loss) (subtract line 6b from line 6a ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ) 7 Other investment income (describe ^ (B) Other 8a Gross amount from sales of assets other ( A) Securities 8a than inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Less cost or other basis and sales expenses . . . . . . . . . . . . . c Gain or ( loss) (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d Net gain or ( loss) ( e,-cof any a ount is from gaming , 9 Special events and ctlvlti (tt^1c EI1 a Gross revenue ( not Incl Of contributions report day 9 . . . . . . . . . . 641 Iln I1 ^ b L ess. d irec t expens h e ;CL u ^d F s l ^^)t p en t p 4 c Net income or (loss fro e 9 from line 9a) . . . . . . . . . . ?llUya ces 10a Gross sales of inve tory, 1 ^r1Ea 8b 8c . . . . . . . . . . . . . . . . . . . . . check here 0- El 9a 9b

noncash $ d Total (add lines 1 a through 1 c) (cash $ 37500 2 Program service revenue including government fees and contracts (from Part VII , line 93) . . . . . . . . . . . . . . . . . . . . . . . . . 3 Membership dues and assessments 4 Interest on savings and temporary cash investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Dividends and interest from securities

) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6c 7

U "I V

8d

. . . . . . . .

Lu c

9c . . . . . . . . 10a 10b . . . . . . . . . . . . . . . . . . . . . . . . ............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... ........ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10c 11 12 13 14 15 16 17 18 19 20 21 1007

b Less - cost of goods d. . . . . . . . . . . . . . . . c Gross profit or (loss) from sales of inventory (attach schedule) (subtract line 10b from line 10a) C4 11 Other revenue (from Part VII , line 103) . . . . . . . . . . . . . . . . . . . . . . . . . . . C ............ 1 12 Total revenue (add lines 1d, 2, 3, 4, 5 , 6c, 7, 8d, 9c, 1 Oc , and 11) E 13 Program services (from line 44 , column (B)) . . . . . . . . . . . . . . . . . . . . . . . . X 14 Management and general (from line 44 , column (C)) . . . . . . . . . . . . . . . . . . . . 15 Fundraising (from line 44 , column ( D)) . . . . . . . . . . . . . . . . . . . . . . . . . . . s e s N A s e
EEA

47974
970 37

16 17 18 19 20 21

Payments to affiliates (attach schedule ) . . . . . . . . . . . . . . . . . . . . . . . . . . .................... Total expenses (add lines 16 and 44, column (A)) Excess or (deficit) for the year (subtract line 17 from line 12) . . . . . . . . . . . . . . . . . . . . . . . . Net assets or fund balances at beginning of year (from Itne 73, column (A)) Other changes in net assets or fund balances ( attach explanation ) . . . . . . . . . . . . . Net assets or fund balances at end of year (combine lines 18 , 19, and 20)

46967

46967
Form 990 (2005) j 0 e

For Privacy Act and Paperwork Reduction Act Notice , see the separate instructions.

Form 990 (2005) PIEDMONT DEVELOPMENT COMPANY, INC 02-0708580 Page 2 All organizations must complete column (A) Columns ( B), (C), and (D) are required for section 501(c)( 3) and (4) Statement of Part [) Functional Expenses organizations and section 4947(a)(1) nonexempt charitable trusts but optional for others. (See the instructions ) Do not include amounts reported on line (B) Program (C) Management (A ) Total (D) Fundraising services and general 6b, 8b, 9b, 10b, or 16 of Part I. . . . . . . . . . 22 Grants and allocations (attach schedule) (cash $ noncash $ If this amount includes foreign grants, check here Specific assistance to individuals (attach schedule) . . . . . . . . . . . . . . . . . . . Benefits paid to or for members (attach schedule) Compensation of officers, directors, etc . . . . . Other salaries and wages . . . . . . . . . . . . Pension plan contributions . . . . . . . . . . . ^ . . . . . . . . . . . . . . . . . . . . . . . . . 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

Other employee benefits . . . . . . . . . . . . . . . . . Payroll taxes . . . . . . . . . . . . . . . . . . . . . . . Professional fundraising fees . . . . . . . . . . . . . . . Accounting fees . . . . . . . . . . . . . . . . . . . . . Legal fees . . . . . Supplies . . . . . . Telephone . . . . . Postage and shipping Occupancy . . . . . . . . . Equipment rental and maintenance . . Printing and publications . . . . . . . Travel . . . . . . . . . . . . . . . . Conferences, conventions, and meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . .

41
42

Interest ..........................
Depreciation, depletion, etc. (attach schedule) . . . . . . .

41
42 43a 43b 43c 43d 43e 43f

970

970

43

Other expenses not covered above (itemize) a Bank Fees

b c d e f

37

37

g
44 Total functional expenses . Add lines 22 through 43. (Organizations completing columns (B)-(D), carry these totals to lines 13-15) .

43g

44 1007 970 0 37 ^ K if following Check you are SOP 98-2. . . . . . . ^ K Yes Are any joint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services? No (i) (ii) the aggregate amount of these joint costs $ , the amount allocated to Program services $ If "Yes," enter (iii) the amount allocated to Management and general $ , and (iv) the amount allocated to Fundraising $ EEA Form 990(2005) Joint Costs .

Form 990 (2005) PIEDMONT DEVELOPMENT COMPANY, INC Statement of Program Service Accomplishments (See the instructions) Part III

02-0708 580

Page 3

Form 990 is available for public inspection and, for some people , serves as the primary or sole source of information about a particular organization . How the public perceives an organization in such cases may be determined by the information presented on its return Therefore , please make sure the return is complete and accurate and fully describes , in Part III, the organization's
nrnnrams and accomplishments

What is the organization ' s primary exempt purpose'

. EXPAND SMALL BUSINESSES

All organizations must describe their exempt purpose achievements in a clear and concise manner . State the number of clients served , publications issued , etc Discuss achievements that are not measurable ( Section 501 (c)(3) and ( 4) organizations and 4947 ( a)(1) nonexempt charitable trusts must also enter the amount of grants and allocations to others )

Program Service Expenses (Required for 501(c)(3) and (4) orgs , and 4947(a)(1) trusts. but optional for others

a FARMERS HOME ADMINISTRATION

(FHMA)

THE AUTHORITY

ASSISTS BORROWERS IN OBTAINING FHMA GUARANTY LOANS FOR BUSINESSES IN RURAL AREAS OF THE PIEDMONT NC AREA 3 BUSINESS DIRECTLY BENEFITED

(Grants and allocations $ b

) If this amount includes foreign grants , check here

^ K

970

(Grants and allocations $ c

) If this amount includes foreign grants , check here

^ K

(Grants and allocations $ d

) If this amount includes foreign grants, check here

^ K

(Grants and allocations $ e Other program services (attach schedule) f

) If this amount includes foreign grants , check here

^ K ^ K . ^ 970 Form 990(2005)

) If this amount includes foreign grants , check here (Grants and allocations $ Total of Program Service Expenses (should equal line 44, column (B), Program services) EEA

Form 990 ( 2005) PIEDMONT DEVELOPMENT COMPANY, Balance Sheets (See the instructions) Part IVI
Note : 45 46

INC
(A) Beginning of year

02-070 8580
(B) End of year 45 46

Page 4

Where required, attached schedules and amounts within the description column should be for end-of-year amounts only . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash - non-interest-bearing Savings and temporary cash investments . . . . . . . . . . . . . . . . . . . . .

25376

47 a Accounts receivable

.................
. . . . . . . .

47a
47b

22 9452
47c

b Less: allowance for doubtful accounts

2 2 94 52

48 a Pledges receivable . . . . . . . . . . . . b Less- allowance for doubtful accounts . . 49 Grants receivable . . . . . . . . . . . . . 50 Receivables from officers, directors, trustees, A s s e t s (attach schedule) . . . . 51 a Other notes and loans receivable (attach schedule) . . . . . . . . . . . . . . . b Less allowance for doubtful accounts 52 Inventories for sale or use . . . . . .

. . . . . . 48a . . . .. . 48b . . . . . . . . . . . . . . . . . . . . and key employees

48c 49 50

. . 51a 51b . . . . . . . . . . . . . . . . . . . . . . ^ 11 Cost 55a 55b . 57a 57b ) . . . . . . . . . 11 FMV

. . . . . . . . . . . . . . . . . . . . . . . . . 53 Prepaid expenses and deferred charges . . . . . . . . 54 Investments - securities (attach schedule) . . . . . . . 55 a Investments - land, buildings, and equipment basis . . . . . . . . . . . b Less: accumulated depreciation (attach schedule) . . . . . . . . . . . . . . 56 Investments - other (attach schedule ) . 57 a Land, buildings, and equipment- basis b Less accumulated depreciation (attach 58 59 60 61 62 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51c 52 53 54

55c 56

schedule) . . . . . . . . . . . . . . . . . . . . . . . Other assets (describe ^ Total assets (must equal line 74). Add lines 45 through 58.

57c 58 59 60 61 62 63 64a 64b 254 828

L a b

Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . Grants payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (attach . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6361

t e

Loans from officers, directors, trustees, and key employees schedule ) . . . . . . . . . . . . . . . . . . . . . . . . 64 a Tax-exempt bond liabilities (attach schedule) . . . . . b Mortgages and other notes payable (attach schedule ) .

65 s
66

Other liabilities (describe ^ I RP NOTE

PAYABLE
.... lines

)
. 0

65
66

201500
207861

F u n d B a a n c e s

....... Total liabilities . Add lines 60 through 65 ..... Organizations that follow SFAS 117, check here ^ and complete 67 through 69 and lines 73 and 74 67 Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Temporarily restricted . . . . . . . . . . . . . . . . . . . . . . . . . 68 . . . 69 Permanently restricted . . . . . . . . . . . . . . . . . Organizations that do not follow SFAS 117, check here complete lines 70 through 74. 70 71 72 73 ^ and

. . . . . . . . . . . . . . . . . .

67 68 69

9467
37500

Capital stock, trust principal, or current funds . . . . . . . . . . . . . . . . . . . . . . Paid-in or capital surplus, or land, building, and equipment fund . Retained earnings, endowment, accumulated income, or other funds Total net assets or fund balances (add lines 67 through 69 or lines 70 through 72, . . . . . . . . . . column (A) must equal line 19; column ( B) must equal line 21) Total liabilities and net assets / fund balances . Add lines 66 and 73 EEA

70 71 72

74

73 74

4 6967 2 54 82 8 Form 990 (2005)

Form 990 (2005) PIEDMONT DEVELOPMENT COMPANY, INC 02-0708580 Reconciliation of Revenue per Audited Financial Statements with Revenue per Return Pad JV-A (See the instructions )
a b Total revenue, gains, and other support per audited financial Amounts included on line a but not on Part I, line 12 1 Net unrealized gains on investments . . . . . . . . . . . 2 Donated services and use of facilities . . . . . . . . . . 3 Recoveries of prior year grants . . . . . . . . . . . . . 4 Other (specify). Add lines b1 through b4 statements . . . . . . . . . . . . . . . . . . . 161 162 b3 a

Page 5

4 7 974

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C
d

Subtract line b from line a

..... ...................... ..............

. . . . . . . . . . . . . d1

4 7974

Amounts included on Part I, line 12, but not on line a: 1 Investment expenses not included on Part I, line 6b 2 Other (specify)

e a b

d2 Add lines dl and d2 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total revenue (Part I, line 12). Add lines c and d ^ . Total expenses and losses per audited financial statements Amounts included on line a but not on Part I, line 17: 1 Donated services and use of facilities . . . . . . . . . . . . 2 Prior year adjustments reported on Part I, line 20 . . . . . . . 3 Losses reported on Part I, line 20 . . . . . . . . . . . . . . 4 Other (specify) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b1 b2 b3

d e a

47974 1007

Part IV-B

Reconciliation of Expenses per Audited Financial Statements With Expenses per Return

C d

1 2 Other (specify)-

b4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b1 b4 . . through Add lines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtract line b from line a Amounts included on Part I, line 17, but not on line a: . . . . . . . . . . . . . d1 Investment expenses not included on Part I, line 6b

b C 1007

d2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d . Add lines dl and d2 e e ^ Total expenses (Part I, line 17). Add lines c and d 1007 Pala V-A Current Officers , Directors, Trustees , and Key Employees (List each person who was an officer, director,
Sn ic tn nr k , omntrs , T env fimn A irinn }hn vcnr -nn if thcv wnrc not emmncnenfed 1 /Coo the inetri intinne 1

(A)

Name and address

(B) Title and average hours per week devoted to position

(C) Compensation (n not paid enter -0..

(D) Contributions to employee benefit plans & deferre d Com p ensation p lans

(E) Expense account and other allowances

DONNA BROOKS STEPHEN LAROQUE MARK POPE

CHAIRMAN 10 PRESIDENT 15 SECRETARY 5 0 0 0 0 0 0 0 0 0

EEA

Form 990(2005)

02-0708580 Form 990 (2005) PIEDMONT DEVELOPMENT COMPANY, INC Pad V-A Current Officers , Directors, Trustees, and Key Employees (continued) 75 a Enter the total number of officers, directors, and trustees permitted to vote on organization business at board
3 meetings compensated or highest listed in Form 990, Part V-A, employees directors, trustees, or key any officers, b Are employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business . . . . . . . . . . . relationships? If "Yes," attach a statement that identifies the individuals and explains the relationship(s) c Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether . . . . . . . . tax exempt or taxable, that are related to this organization through common supervision or common control? Note . Related organizations include section 509(a)(3) supporting organizations If "Yes," attach a statement that identifies the individuals, explains the relationship between this organization and the other organization(s), and describes the compensation arrangements, including amounts paid to each individual by each related organization.

Page 6 Yes No

75b

75c

. 75d X d Does the organization have a written conflict of interest policy? Other Compensation or That Received Trustees and Key Employees Directors , , Officers , Former Part V-E Benefits (If any former officer, director, trustee, or key employee received compensation or other benefits (described below) during the year, list that person below and enter the amount of compensation or other benefits in the appropriate column
-qua tha inctnIetinns 1

(A)

Name and address

(B)

Loans and Advances

(C) Compensation

(D) Contributions to employee benefit plans & dpferr d com p ensation plans

(E) Expense account and other allowances

Part Vl
76

Other Information

(Seethe instructions .)
. . 76 77

Yes

No
X X

Did the organization engage in any activity not previously reported to the IRS? If " Yes," attach a detailed description of each activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Were any changes made in the organizing or governing documents not reported to the IRS? If "Yes," attach a conformed copy of the changes. 78 a Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return ? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b If "Yes ," has it filed a tax return on Form 990- T for this year? 79 Was there a liquidation , dissolution , termination , or substantial contraction during the year? If "Yes," attach a statement ......................................................

X 78a 78b K/N

79
80a X

80 a Is the organization related (other than by association with a statewide or nationwide organization) through common . . . . . . . . . . membership , governing bodies, trustees , officers , etc , to any other exempt or nonexempt organization" ^ EAST CAROLINA DEVELOPMENT CO b If "Yes ," enter the name of the organization exempt or K nonexempt and check whether it is 81a . . . . . . . . . 81 a Enter direct and indirect political expenditures. (See line 81 instructions ) . . . . . . b Did the organization file Form 1120- POL for this year? EEA

X 1b Form 990(2005)

Form 990 ( 2005) PIEDMONT DEVELOPMENT COMPANY,

INC

02-0708580

Page 7
Yes No X

R
82 a

VJ

Other Information (continued)

. . . . 82a

Did the organization receive donated services or the use of materials , equipment , or facilities at no charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . or at substantially less than fair rental value? b If "Yes ," you may indicate the value of these items here Do not include this amount as revenue in Part I or as an expense in Part II (See instructions in Part III ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82b 83 a Did the organization comply with the public inspection requirements for returns and exemption applications? . . b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? . . . . . . . 84 a Did the organization solicit any contributions or gifts that were not tax deductible? . . . . . . . . . . . . . . . . b If "Yes ," did the organization include with every solicitation an express statement that such contributions or . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . gifts were not tax deductible? 85 . . . . . . . . . . 501 (c)(4), (5), or ( 6) organizations . a Were substantially all dues nondeductible by members b Did the organization make only in-house lobbying expenditures of $2,000 or less? . . . . . . . . . . . . . . . . If "Yes" was answered to either 85a or 85b , do not complete 85c through 85h below unless the organization received a waiver for proxy tax owed for the prior year c Dues , assessments , and similar amounts from members . . . . . . . . . . . . . . . . . 85c . . . . . . . . . . . . . . . . . . . . 85d d Section 162(e) lobbying and political expenditures e Aggregate nondeductible amount of section 6033( e)(1)(A) dues notices . . . . . . . . . . 85e f Taxable amount of lobbying and political expenditures ( line 85d less 85e) . . . . . . . . . 85f . . . . . . . . . . . . . . g Does the organization elect to pay the section 6033 (e) tax on the amount on line 85f? h If section 6033 ( e)(1)(A) dues notices were sent , does the organization agree to add the amount on line 85f to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year? 86 . . . . 86a 501 (c)(7) orgs Enter a Initiation fees and capital contributions included on line 12 b Gross receipts , included on line 12, for public use of club facilities . . . . . . . . . . . . . 86b 87 . . . . . . . . . . 87a 501 (c)(12) orgs Enter: a Gross income from members or shareholders

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

83a 83b 84a 84b 85a 85b

X X X

. . . . . . . .

85g 85h

b Gross income from other sources ( Do not net amounts due or paid to other sources against amounts due or received from them ) . . . . . . . . . . . . . . . . . . . 87b 88 At any time during the year, did the organization own a 50% or greater interest in a taxable corporation or partnership , or an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301 7701-3" If "Yes," complete Part IX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 a 501 (c)(3) organizations Enter- Amount of tax imposed on the organization during the year under: section 4911 ^ ; section 4912 ^ , section 4955 ^ b 501(c)(3) and 501(c)(4) orgs Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year" If " Yes," attach a statement explaining each transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c Enter Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912 , 4955 , and 4958 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d Enter: Amount of tax on line 89c , above , reimbursed by the organization 90 a List the states with which a copy of this return is filed ^ b Number of employees employed in the pay period that includes March 12 , 2005 ( See instructions .) 90b . . . . . ^ ^

88

89b

91 a The books are in care of ^ STEPHEN LAROQUE

Telephone no. ^ 2 5 2 - 5 2 3 - 7 7 0 0

Located at

^ 2312 Hodges Rd Kinston,

NC

ZIP+4 ^ 28504
Yes 91 b No X

b At any time during the calendar year, did the organization have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account , securities account , or other financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . account)

^ If "Yes," enter the name of the foreign country See the instructions for exceptions and filing requirements for Form TD F 90- 22.1, Report of Foreign Bank and Financial Accounts. . . . . . . . . 91c c At any time during the calendar year, did the organization maintain an office outside of the United States ? X ^ If "Yes," enter the name of the foreign country . . . . . . . . . ^ . . . . . . . . . 92 Section 4947 (a)(1) nonexempt charitable trusts filing Form 990 in lieu of Form 1041 - Check here . ^ 192 and enter the amount of tax - exempt interest received or accrued during the tax year EEA Form 990 (2005)

Form990 (2005) PIEDMONT DEVELOPMENT COMPANY, INC Analysis of Income - Producing Activities ( See the instructions) I VI[
Note : Enter gross amounts unless otherwise Indicated
93 Program service revenue Unrelated business income Excluded by section 512 ,

02-0708580
513, or 514 (E)

Page8

(A)
Business code

(B)
Amount

(C)
Exclusion code

(D )
Amount

Related or exempt function

income

a b c d e f g 94 95 96 97 a b 98 99 100 101 102 103 b c d e

IRP INTEREST/FEES RBEG INTEREST/FEES MISC FEES

10173 246 55

Medicare/Medicaid payments . . . . . . . . . . . . . . . Fees and contracts from government agencies . . . . . . . . Membership dues and assessments Interest on savings and temporary cash investments Dividends and interest from securities . . . . . . . . Net rental income or (loss) from real estate. . . . . . . . . . . . . . . debt-financed property . . . . . . . . . . . . not debt-financed property Net rental income or (loss) from personal property . . Other investment income . . . . . . . . . . . . . . Gain or (loss) from sales of assets other than inventory Net income or (loss) from special events . . . . . . . . . . Gross profit or (loss) from sales of inventory a Other revenue

. . . . . . 104 Subtotal (add columns (B), (D), and (E)) Total 105 (add line 104, columns (B), (D), and (E)) . . . . . . . . . Note : Line 105 plus line 1d. Part I. should equal the amount on line 12. Part I

10474 10474

Part VIII
Line No . 7

Relationship of Activities to the Accomplishment of Exempt Purposes (See the instructions)

Explain how each activity for which income is reported in column ( E) of Part VII contributed importantly to the accomplishment of the organization 's exempt purposes (other than by providing funds for such purposes).

93A 93B 93C I tart tx i

MINISTRATION OF IRP ALLOWS SMALL BUSINESSES TO EXPAND IN THE

R EGION

AME AS ABOVE FOR RBEG GRANT LOANS AME AS ABOVE information rteaarama I axaoie auosiaianes ana uisregaraea tnnues
(B) p tag of ownershl Interest (C) Nature of activities

(See the instructions)

(A) Name, address, and EIN of corporation, partnershi p, or disregarded entity

D Total Income

E End-of-year is

Part X
(a) (b)

Information Reaardina Transfers Associated with Persona l Benefit Contracts (See the instructio ns ) . . . . . . Did the organization, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
Did the organization, during the year, pay premiums, directly or Indlrec
Under penalties of penury, I declare that I have examined this return, including acc ion o parer (other than offic and belief, it is true, correct, and cgmplete De

F1 Yes

I No

Note : If "Yes" to (b), file Form 8870 and Form 4720 (see instructions)

Please Si g n Here

::ej;
er

Signature of o

S;'EPh',y
Type or punt name and title Preparers

Lf^^O^ll - - ^R6fr

Paid

signature

6*

Preparer's
Use Only Y

name (or yours if self-employed ) address, and ZIP +4

IE JOHNSON, CPA 104 W GORDON STREE

KINSTON NC

SCHEDULE A (Form 990 or 990-EZ)

Department of the Treasury Internal Revenue Service Name of the organization

Organization Exempt Under Section 501(c)(3)

(Except Private Foundation) and Section 501(e), 501(f), 501(k), 501(n), or 4947(a)(1) Nonexempt Charitable Trust Supplementary Information --(See separate instructions.) ^ MUST be completed by the above organizations and attached to their Form 990 or 990-EZ

OMB No 1545-0047

2005

Employer identffication number

02-0708580 PIEDMONT DEVELOPMENT COMPANY, INC Compensation of the Five Highest Paid Employees Other Than Officers , Directors, and Trustees Fart i
(See nano 1 of the instructions List each one. If there are none. enter "None ")
(b) Title and average hours per week devoted to position (c) Compensation (d) Contributions to employee benefit plans & deferred com pensation (e) Expense account and other allowances (a) Name and address of each employee paid more than $50 , 000

None

Total number of other employees paid over $50,000

^
If there are none, enter " None ")
(b) Type of service (c) Compensation

Part II-A Compensation of the Five Highest Paid Independent Contractors for Professional Services
(See page 2 of the instructions . List each one (whether individuals or firms )
(a) Name and address of each independent contractor paid more than $ 50,000

None

Total number of others receiving over $50 ,000 for . . . . professional services

[Part 11-5 Compensation of the F ive Highest Paid inaepenoent contractors for utner services (List each contractor who performed services other than professional services, whether individuals or
firms. If there are none, enter "None." See page 2 of the instructions.)
(a) Name and address of each independent contractor paid more than $50,000 (b) Type of service (c) Compensation

Total number of other contractors receiving over $50,000 for other services . .

^
EEA Schedule A (Fans 990 or 99QEZ) 2005

For Paperwork Reduction Act Nobce, see the Insbuctions for Form 990 and Form 990-E7.

PIEDMONT DEVELOPMENT
Schedule A (Form 990 or 990-EZ) 2005

COMPANY,

INC

02-0708580
Page 2 Yes No

Fart 11l
1

Statements About Activities (See page 2 of the instructions)

During the year, has the organization attempted to influence national, state, or local legislation, including any attempt to influence public opinion on a legislative matter or referendum? If "Yes," enter the total expenses paid (Must equal amounts on line 38, or incurred in connection with the lobbying activities Part VI-A, or line i of Part VI-B.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Organizations that made an election under section 501(h) by filing Form 5768 must complete Part VI-A Other organizations checking "Yes" must complete Part VI-B AND attach a statement giving a detailed description of the lobbying activities During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any substantial contributors, trustees, directors, officers, creators, key employees, or members of their families, or with any taxable organization with which any such person is affiliated as an officer, director, trustee, majority owner, or principal beneficiary? (If the answer to any question is "Yes," attach a detailed statement explaining the

transactions )
a b c d e 3a Sale, exchange, or leasing of property? . . . . . . . . Lending of money or other extension of credit? . . . . Furnishing of goods, services, or facilities . . . . . . . Payment of compensation (or payment or reimbursement . . . . . Transfer of any part of its income or assets? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . of expenses if more than $1,000)" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a 2b 2c 2d 2e 3a 3b 3c 4a 4b X X X X X X X X X X

Do you make grants for scholarships, fellowships, student loans, etc " (If "Yes," attach an explanation of how . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . you determine that recipients qualify to receive payments) . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Do you have a section 403(b) annuity plan for your employees? c During the year, did the organization receive a contribution of qualified real property interest under section 170(h)? 4 a Did you maintain any separate account for participating donors where donors have the right to provide advice on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the use or distribution of funds? b Do you provide credit counseling, debt management, credit repair, or debt negotiation services?

Pala IV
The 5 6 7

Reason for Non-Private Foundation Status (See pages 3 through 6 of the instructions)

organization is not a private foundation because it is- (Please check only ONE applicable box.) K A church, convention of churches, or association of churches Section 170(b)(1)(A)(i). K A school. Section 170(b)(1)(A)(ii) (Also complete Part V.) K A hospital or a cooperative hospital service organization. Section 170(b)(1)(A)(1ii) 8 K A Federal, state, or local government or governmental unit Section 170(b)(1)(A)(v). 9 K A medical research organization operated in conjunction with a hospital Section 170( b)(1)(A)(m). Enter the hospital ' s name, city, and state ^ 10 K An organization operated for the benefit of a college or university owned or operated by a governmental unit. Section 170(b)(1)(A)(iv) (Also complete the Support Schedule in Part IV-A) 11a An organization that normally receives a substantial part of its support from a governmental unit or from the general public Section 170(b)(1)(A)(vi) (Also complete the Support Schedule in Part IV-A.) 11b K A community trust Section 170(b)(1)(A)(vi) (Also complete the Support Schedule in Part IV-A.) 12 K An organization that normally receives ( 1) more than 33 1/3% of its support from contributions, membership fees, and gross receipts from activities related to its charitable, etc., functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2) (Also complete the Support Schedule in Part IV-A.) 13 K An organization that is not controlled by any disqualified persons (other than foundation managers) and supports organizations described in (1) lines 5 through 12 above; or (2) section 501 (c)(4), (5), or (6), if they meet the test of section 509(a)(2) Check ^ K Type 1 K Type 2 K Type 3 the box that descibes the type of supporting organization. Provide the following information about the supported organizations (See page 6 of the instructions ) (b) Line number (a) Name(s) of supported organization(s) from above

14

K An organization organized and operated to test for public safety Section 509(a)(4)

(See page 6 of the instructions )

EEA sche dule A (Form 990 or 990-52) 2005

`m 3 -6