Martinsvill-Henry County Economic Development Corporation
- Assets
- $6.0m
- Revenue
- $1.9m
- Investments
- $5.0m
- Employees
- 0
- Location
- Martinsville, VA
- Founding
- 09/2008
- Data as of
- 06/2023
- EIN
- 11-3843016
Organization Overview
Martinsvill-Henry County Economic Development Corporation is located in Martinsville, VA. The organization was established in 2008. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Martinsvill-Henry County Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Martinsvill-Henry County Economic Development Corporation generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.0%) each year. All expenses for the organization totaled $2.2m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (3.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Martinsvill-Henry County Economic Development Corporation has awarded 38 individual grants totaling $1,851,783. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO EXPAND THE TAX BASE AND PROVIDE JOBS FOR THE MARTINSVILLE/HENRY COUNTY BY ENCOURAGING EXPANSION OF LOCAL BUSINESSES AND INDUSTRIES AND BY RECRUITING NEW BUSINESSES TO LOCATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION'S SOLE PURPOSE IS TO EXPAND TAX BASE AND PROVIDE JOBS BY ENCOURAGING EXPANSION OF LOCAL BUSINESSES AND INDUSTRIES AND BY RECRUITING NEW BUSINESES TO LOCATE IN MARTINSVILLE/HENRY COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Heath President & CEO | Officer | 40 | $268,417 |
Rhonda Hodges Director | Trustee | 2 | $0 |
Leon Towarnicki Director | Trustee | 2 | $0 |
Gracie Agnew Secretary | OfficerTrustee | 2 | $0 |
David Stone Vice Chairman | OfficerTrustee | 2 | $0 |
Amy Lampe Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $610,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,251,440 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,861,440 |
| Total Program Service Revenue | $0 |
| Investment income | $54,537 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,915,977 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $252,810 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $320,676 |
| Compensation of current officers, directors, key employees. | $32,068 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $444,992 |
| Pension plan accruals and contributions | $82,818 |
| Other employee benefits | $75,042 |
| Payroll taxes | $49,008 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $288 |
| Fees for services: Accounting | $42,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,700 |
| Advertising and promotion | $285,769 |
| Office expenses | $25,243 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $98,435 |
| Travel | $18,292 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,425 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $57,269 |
| Insurance | $18,281 |
| All other expenses | $24,317 |
| Total functional expenses | $2,165,563 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,443 |
| Savings and temporary cash investments | $671,581 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $70,216 |
| Net Land, buildings, and equipment | $227,944 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,016,624 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,994,808 |
| Accounts payable and accrued expenses | $7,114 |
| Grants payable | $0 |
| Deferred revenue | $579,315 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $586,429 |
| Net assets without donor restrictions | $5,408,379 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,994,808 |
Grants Awarded
Over the last fiscal year, Martinsvill-Henry County Economic Development Corporation has awarded $247,810 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF MARTINSVILLE PURPOSE: UPTOWN LIGHTS | $5,310 |
COUNTY OF HENRY PURPOSE: RIVERVIEW PARK; LAND ACQ | $22,000 |
HENRY COUNTY PARKS & REC PURPOSE: SMITH RIVER FEST; HENRY COUNTY FAIR | $8,000 |
PRESS GLASS PURPOSE: LEASE COMMONWEALTH CENTRE | $195,000 |
ROOSTER WALK PURPOSE: MUSIC FESTIVAL | $7,500 |
SOUTHERN VIRGINIA RECREATION PURPOSE: ANNUAL SPONSORSHIP | $10,000 |