Laurel Main Street Inc
- Assets
- $214.9k
- Revenue
- $419.9k
- Investments
- $0.0
- Employees
- 2
- Location
- Laurel, MS
- Founding
- 06/2008
- Data as of
- 12/2023
- EIN
- 20-8570449
Organization Overview
Laurel Main Street Inc is located in Laurel, MS. The organization was established in 2008. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Laurel Main Street Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Laurel Main Street Inc 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 12/2023, Laurel Main Street Inc generated $419.9k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $302.4k during the year ending 12/2023. While expenses have increased by 11.0% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO REVITALIZE HISTORIC DOWNTOWN LAUREL IN PARTNERSHIP WITH MEMBERS, PUBLIC AND PRIVATE CONTRIBUTORS AND AS PART OF THE MISSISSIPPI MAIN STREET ASSOCIATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WINNER OF THE 2018 OUTSTANDING COMMUNITY TRANSFORMATION MID SIZED TOWNTHIS IS AN OVERALL AWARD THAT GOES TO A MAIN STREET PROGRAM THAT HAS ACHIEVED A SUCCESSFUL, PRESERVATION-BASED DOWNTOWN REVIVAL. NAMED BY SMITHSONIAN MAGAZINE AS ONE OF THE TOP 20 SMALL TOWNS TO VISIT IN 2018.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicki Hudson Vice President | Officer | 2 | $0 |
Mandy Hegwood President | Officer | 2 | $0 |
Mallorie Rasberry Treasurer | Officer | 2 | $0 |
Elizabeth Kent Secretary | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $39,911 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $158,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,587 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $206,498 |
| Total Program Service Revenue | $213,402 |
| Investment income | $0 |
| 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 | $419,900 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $63,584 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $17,788 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,610 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,850 |
| Advertising and promotion | $27,892 |
| Office expenses | $10,288 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,432 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,759 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,430 |
| Insurance | $6,588 |
| All other expenses | $0 |
| Total functional expenses | $302,425 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,380 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $17,506 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $214,886 |
| Accounts payable and accrued expenses | $30 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $30 |
| Net assets without donor restrictions | $0 |
| 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 | $214,856 |
| Total liabilities and net assets/fund balances | $214,886 |
Grants Awarded
Over the last fiscal year, Laurel Main Street Inc has awarded $15,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
OFFICE PRODUCTS CENTER INC | | | $5,000 |
MARCELLA INVESTMENT GROUP LLC | | | $5,000 |
GRITS & SOME | | | $5,000 |