Binghampton Development Corporation
- Assets
- $13.9m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Memphis, TN
- Founding
- 06/2004
- Data as of
- 06/2022
- EIN
- 20-0062075
Organization Overview
Binghampton Development Corporation is located in Memphis, TN. The organization was established in 2004. According to its NTEE Classification (S31) the organization is classified as: Urban & Community 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. Binghampton 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 06/2022, Binghampton Development Corporation generated $3.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.5% each year . All expenses for the organization totaled $1.7m during the year ending 06/2022. While expenses have increased by 3.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF LIFE IN THE BINGHAMPTON COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE THE QUALITY OF LIFE IN THE BINGHAMPTON COMMUNITY.
TO IMPROVE THE QUALITY OF LIFE IN THE BINGHAMPTON COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phil Mischke Chairman | Trustee | 3 | $0 |
Robert Montague President | OfficerTrustee | 3 | $0 |
Brian Crenshaw Secretary | Trustee | 3 | $0 |
Stephen W Bowie Treasurer | Trustee | 3 | $0 |
Tom Marino Board Member | Trustee | 1 | $0 |
Jeanita Davis Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,633,126 |
| Noncash contributions included in lines 1a–1f | $1,350,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,633,126 |
| Total Program Service Revenue | $629,463 |
| Investment income | $472 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$27,606 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,329,941 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,600 |
| 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. | $75,000 |
| Compensation of current officers, directors, key employees. | $7,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $536,108 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $48,241 |
| Payroll taxes | $45,668 |
| Fees for services: Management | $23,693 |
| Fees for services: Legal | $48,716 |
| Fees for services: Accounting | $30,579 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $48,542 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,637 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $88,708 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $251,816 |
| Insurance | $75,075 |
| All other expenses | $35,687 |
| Total functional expenses | $1,661,473 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $603,208 |
| Savings and temporary cash investments | $256,545 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $947,472 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $744,848 |
| Inventories for sale or use | $1,383,349 |
| Prepaid expenses and deferred charges | $22,276 |
| Net Land, buildings, and equipment | $8,577,887 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $159,839 |
| Other assets | $1,229,369 |
| Total assets | $13,924,793 |
| Accounts payable and accrued expenses | $60,264 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $4,913,439 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,652 |
| Total liabilities | $5,003,355 |
| Net assets without donor restrictions | $8,614,162 |
| Net assets with donor restrictions | $307,276 |
| 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 | $13,924,793 |