Franklin Development Corporation
- Assets
- $2.1m
- Revenue
- $140.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Franklin, IN
- Founding
- 10/2010
- Data as of
- 12/2021
- EIN
- 26-3993888
Organization Overview
Franklin Development Corporation is located in Franklin, IN. The organization was established in 2010. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin 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 12/2021, Franklin Development Corporation generated $140.2k 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 (13.1%) each year. All expenses for the organization totaled $170.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (15.8%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE FRANKLIN DEVELOPMENT CORPORATION IS COMMUNITY BETTERMENT PRIMARILY THROUGH ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE GRANTS TO NEW AND EXISTING BUSINESSES TO REHABILITATE DOWNTOWN FRANKLIN AND ENCOURAGE INVESTMENT IN THE CITY OF FRANKLIN.
PROVIDE DOLLAR FOR DOLLAR MATCHING GRANTS TO COMMERCIAL PROPERTY OWNERS IN A SELECTED AREA OF DOWNTOWN FRANKLIN TO RENOVATE BUILDINGS AND INCREASE THE STREET APPEAL.
PROVIDE LOW INTEREST RATE LOANS TO RESIDENTIAL OR COMMERCIAL PROPERTY OWNERS TO ENCOURAGE AND AID IN THE REHABILITATION/RENOVATION OF HISTORIC AND/OR UNDERUTILIZED HOMES AND BUILDINGS LOCATED WITHIN THE INTEGRATED ECONOMIC DEVELOPMENT AREA OF HISTORIC FRANKLIN. PORTIONS OF THE RESIDENTIAL LOANS MAY ALSO BE FORGIVEN IN THE FORM OF A GRANT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Kasting President | OfficerTrustee | 1.5 | $0 |
Lisa Jones Treasurer | OfficerTrustee | 1.5 | $0 |
Tina Gross Director | Trustee | 1 | $0 |
Dana Monson Director | Trustee | 1 | $0 |
Robert H Schafstall Director | Trustee | 1 | $0 |
Amanda Ott Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $100,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,000 |
| Total Program Service Revenue | $17,241 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $22,828 |
| 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 | $140,219 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $150,992 |
| 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 | $2,028 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $321 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,650 |
| Fees for services: Accounting | $10,058 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,828 |
| All other expenses | $0 |
| Total functional expenses | $170,682 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $840,522 |
| Savings and temporary cash investments | $262,395 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $35,904 |
| Notes and loans receivable | $609,195 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $259,508 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $123,425 |
| Total assets | $2,130,949 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $6,000 |
| 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 | $6,000 |
| Net assets without donor restrictions | $1,115,750 |
| Net assets with donor restrictions | $1,009,199 |
| 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 | $2,130,949 |
Grants Awarded
Over the last fiscal year, Franklin Development Corporation has awarded $768,867 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
MCDONALD'S CORPORATION PURPOSE: DIERCT INVESTMENT | $217,624 |
BASTIN LOGAN PURPOSE: DIRECT INVESTMENT | $150,000 |
RAPID PROTOTYPE & ENGINEERING PURPOSE: DIRECT INVESTMENT | $100,000 |
RECOVERY ONE PURPOSE: DIRECT INVESTMENT | $53,351 |
MADISON ST RENOVATION PURPOSE: DOWNTOWN MATCHING | $50,000 |
MAIN & MADISON MARKET CAFE PURPOSE: DOWNTOWN MATCHING | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Indianapolis Foundation Inc Indianapolis, IN | $352,748,809 | $43,731,535 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Embarras River Basin Agency Inc Greenup, IL | $2,961,671 | $18,793,359 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Tri-County Opportunities Council Rock Falls, IL | $4,101,390 | $18,238,868 |
Inner-City Muslim Action Network Chicago, IL | $22,441,569 | $25,574,850 |
Will County Center For Community Concerns Inc Joliet, IL | $2,259,108 | $13,384,526 |