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
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 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Graves County Economic Development Inc has recieved totaling $12,000.
| Awarding Organization | Amount |
|---|---|
Paducah-Area Community Reuse Organization Paducah, KY PURPOSE: THE AMOUNT IS TO PAY FOR AN ARCHAEOLOGICAL SURVEY OF THE SOUTH HOLLAND PROPERTY. | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northern Kentucky Area Developement District Florence, KY | $12,601,851 | $23,919,138 |
Hoosier Uplands Economic Development Corporation Mitchell, IN | $50,608,889 | $20,253,454 |
Mid-Atlantic Broadband Communities Corporation South Boston, VA | $87,739,365 | $16,699,414 |
Adams And Brown Counties Economic Opportunities Inc Georgetown, OH | $10,344,175 | $16,374,406 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Kentucky River Area Development District Inc Hazard, KY | $5,857,667 | $4,838,342 |
Missouri Incutech Foundation Rolla, MO | $1,463,624 | $4,973,546 |
Rural Action Inc The Plains, OH | $1,800,530 | $4,307,921 |
Mountain Association For Community Economic Development Inc Berea, KY | $33,227,736 | $8,576,709 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Southeast Kentucky Economic Development Corporation Inc Somerset, KY | $28,123,081 | $3,726,346 |
Virginia Coalfield Coalition Inc Lebanon, VA | $15,855,826 | $1,388,700 |