Graves County Economic Development Inc
- Assets
- $7.8m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 3
- Location
- Mayfield, KY
- Founding
- 03/1982
- Data as of
- 06/2020
- EIN
- 31-1027582
Organization Overview
Graves County Economic Development Inc is located in Mayfield, KY. The organization was established in 1982. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2020, Graves County Economic Development Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Graves County Economic Development 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 06/2020, Graves County Economic Development Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 34.6% each year . All expenses for the organization totaled $572.4k during the year ending 06/2020. While expenses have increased by 1.5% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO ACTIVELY SEARCH FOR NEW COMPANIES AND INDUSTRIES TO LOCATE IN THE MAYFIELD, KY AND GRAVES COUNTY, KY AREA FOR ECONOMIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ACTIVELY SEARCH FOR NEW INDUSTRY TO LOCATE IN THE GRAVES COUNTY, KENTUCKY AREA FOR ECONOMIC DEVELOPMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ryan Drane President | Trustee | 40 | $0 |
See List Of Board Members Board | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,717,932 |
| Investment income | $67,384 |
| 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 | $1,841,300 |
| Statement of Expenses | |
|---|---|
| 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. | $187,108 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $102,079 |
| Pension plan accruals and contributions | $16,141 |
| Other employee benefits | $15,920 |
| Payroll taxes | $19,750 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,006 |
| Advertising and promotion | $46,485 |
| Office expenses | $2,687 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,081 |
| Travel | $4,163 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,021 |
| Interest | $4,377 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,891 |
| Insurance | $12,175 |
| All other expenses | $0 |
| Total functional expenses | $572,447 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,019,277 |
| Savings and temporary cash investments | $423,500 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $39 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,507,857 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,355,931 |
| Total assets | $7,819,175 |
| Accounts payable and accrued expenses | $45,562 |
| 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 | $794,814 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $45,348 |
| Total liabilities | $885,724 |
| 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 |
| Total liabilities and net assets/fund balances | $6,933,451 |