Lawrence Economic Development Corporation
- Assets
- $62.3m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 0
- Location
- South Point, OH
- Founding
- 06/1987
- Data as of
- 12/2021
- EIN
- 31-1075744
Organization Overview
Lawrence Economic Development Corporation is located in South Point, OH. The organization was established in 1987. According to its NTEE Classification (S30) the organization is classified as: 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. Lawrence Economic 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, Lawrence Economic Development Corporation generated $9.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $8.7m during the year ending 12/2021. While expenses have increased by 15.4% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT IN THE CITY OF IRONTON AND THE COUNTY OF LAWRENCE, OHIO TO ACT AS THE DESIGNATED AGENT FOR PROVIDING GOVERNMENTAL ASSISTANCE TO BUSINESS ENTERPRISE AND TO PROMOTE THE GENERAL ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROCUREMENT TECHNICAL ASSISTANCE CENTER: DURING FY21, THE SOUTHERN OHIO PROCUREMENT TECHNICAL ASSISTANCE CENTER (PTAC) SPONSORED 26 WORKSHOPS FOR SMALL BUSINESSES. THE PTAC WORKED WITH 169 ACTIVE CLIENTS DURING THE YEAR. CLIENTS RECEIVED 224 CONTRACTS FROM FEDERAL, STATE, AND/OR LOCAL GOVERNMENT ENTITIES. OF THOSE CONTRACTS, 203 WERE PRIME CONTRACTS AND 21 WERE SUB CONTRACTS.
LEDC: CONTINUES TO WORK WITH PURECYCLE, WHO RECEIVED AN AWARD FROM JOBSOHIO FOR SOUTHERN OHIO'S BEST PROJECT. TO SUPPORT PURECYCLE AND OTHER CURRENT AND FUTURE BUSINESS AT LEDC'S SOUTHERN OHIO INDUSTRIAL DISTRICT (SOID), LEDC RECEIVED $3.5 MILLION FROM JOBSOHIO TO EXTEND THE SEWER SYSTEM TO BETTER SERVE INDUSTRIAL NEEDS. THIS PROJECT WAS COMPLIMENTED BY A $4.1 MILLION GAS LINE EXTENSION TO SERVE THE INDUSTRIAL PARK AS WELL. IN 2021, LEDC RECRUITED ENGINEERED PROFILES TO LEASE THE NEWLY UPDATED 92,000 SQ FT FACILITY AT SOID. THIS COMPANY HAS CREATED 65+ NEW JOBS IN THE COUNTY.
CONVENTION AND VISITORS BUREAU: CVB CONTINUED TO WORK WITH LOCAL SMALL BUSINESSES THAT WERE AFFECTED BY THE PANDEMIC TO PROMOTE THEMSELVES THROUGH LOCAL MEDIA CHANNELS. CVB BEGAN WORKING WITH TOURISMOHIO TO PROMOTE LAWRENCE COUNTY ON A STATEWIDE SCALE THAT WAS NOT PRESENT IN THE PAST. A VIDEO COMMERCIAL WAS CREATED TO PROMOTE THE COUNTY AND IS POSTED ON OHIO'S TOURISM SITE AS WELL AS INTERNAL SITES AND SOCIAL MEDIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bill Dingus Executive Director | Officer | 40 | $0 |
Jesse Layne CFO | Officer | 40 | $0 |
Jeremy Clay Director Of The Point | Officer | 40 | $0 |
Carl Darling Board Member - President | Trustee | 2 | $0 |
Rick Slack Board Member - Vice President | Trustee | 2 | $0 |
George Moore Board Member - Treasurer | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mullins Construction Co Inc Construction | 12/30/21 | $1,434,791 |
J&h Reinforcing And Structural Erectors Inc Construction | 12/30/21 | $406,733 |
The Shelly Company Construction | 12/30/21 | $327,295 |
Tribute Contracting & Consulting Construction | 12/30/21 | $4,050,297 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,603,352 |
| All other contributions, gifts, grants, and similar amounts not included above | $699,441 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,302,793 |
| Total Program Service Revenue | $586,815 |
| Investment income | $36 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,446,305 |
| Net Gain/Loss on Asset Sales | $226,923 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,945,474 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $512,490 |
| Compensation of current officers, directors, key employees. | $264,886 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $601,613 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $33,260 |
| Fees for services: Accounting | $14,383 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,579 |
| Advertising and promotion | $14,150 |
| Office expenses | $78,743 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $243,232 |
| Travel | $13,315 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $35,082 |
| Interest | $255,918 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $986,548 |
| Insurance | $110,839 |
| All other expenses | $0 |
| Total functional expenses | $8,692,159 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,546,084 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,252,788 |
| Accounts receivable, net | $373,757 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,854,080 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $55,252,246 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,060,285 |
| Total assets | $62,339,240 |
| Accounts payable and accrued expenses | $31,236 |
| 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 | $11,991,323 |
| Total liabilities | $12,022,559 |
| Net assets without donor restrictions | $50,238,214 |
| Net assets with donor restrictions | $78,467 |
| 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 | $62,339,240 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lawrence Economic Development Corporation has recieved totaling $500,000.
| Awarding Organization | Amount |
|---|---|
Jobsohio Columbus, OH PURPOSE: ECONOMIC DEVELOPMENT | $500,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |