Chesson said the organization had received its annual financial report from its accountant and was preparing its Form 990, the federal filing required of tax-exempt nonprofits. The filing will be available to the public upon request and posted online once filed, he said.
Main Street Edenton’s revenue comes from the town’s contribution, sponsorships, grants, private donations and event income.
The accompanying financial summary listed total revenues of $467,819 and expenses of $375,953. Government funding was listed at $200,000, with sponsorships providing $58,950 and grants $31,542.
The town’s support helps stabilize the budget while the organization builds other revenue sources, Chesson said. A goal is to develop events that produce net income that can be put back into programming.
Expenses include events, advertising, facade grants, special projects, payroll and professional services. Accounting and legal work are outsourced, and training helps the two-person staff keep up with its responsibilities, he said.
Chesson also explained Main Street Edenton’s role as developer and manager of Project Teapot. Project Teapot LLC is a wholly owned subsidiary of the nonprofit and is associated with the project’s New Markets Tax Credit financing.
Project funds are held in a separate account that Main Street Edenton cannot directly access, he said. Monthly payment applications, compliance documents and draw requests must be submitted before funds are released to an operating account to pay contractors. Construction consultants also review the work and payment requests.
The organization’s board combines appointed seats representing public and community organizations with elected members serving staggered two-year terms. Chesson said board members review and sign conflict-of-interest statements annually.
Main Street Edenton has also helped Edenton become a certified North Carolina music destination. Its website will provide information on music venues, performances and local musicians.
Looking ahead, downtown trick-or-treating is scheduled for Oct. 31. The 2027 calendar includes Boogie on Broad April 16, Rockfish May 15 and the Peanut Festival Oct. 2.
Chesson said Boogie on Broad typically draws 2,500 to 3,000 people downtown. About 65 to 70 percent of this year’s Nut Run participants came from out of town, he said.
The organization also tracks volunteer hours, new businesses, jobs and public and private investment for its annual state report. Chesson credited event coordinator Timmy Turner’s volunteer meetups with helping connect residents to local nonprofits and opportunities to participate.
Chesson, Turner and Main Street's progress has been monumental over the past years and is the envy of neighboring communities and throughout eastern North Carolina counties. The organization and its leaders received high praise at the annual NC Main Street Conference on both the regional and state wide stage increasing Edenton's reach and reputation as a charming, inviting, destination town.
