Lawrence Economic Development Corporation
- Assets
- $62.7m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 0
- Location
- South Point, OH
- Founding
- 06/1987
- Data as of
- 12/2022
- 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 12/2022, Lawrence Economic Development Corporation generated $5.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (18.2%) each year. All expenses for the organization totaled $4.4m during the year ending 12/2022. 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
2022
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
SOUTHERN OHIO APEX ACCELERATORS (FORMERLY PROCUREMENT TECHNICAL ASSISTANCE CENTER): DURING THE FY21/22 YEAR, OUR SOAA PARTICIPATED IN/SPONSORED 22 SMALL BUSINESS WORKSHOPS. SOAA WORKED WITH OVER 162 ACTIVE CLIENTS THIS YEAR. THE TOTAL NUMBER OF CONTRACTS AWARDED FOR THE PROGRAM YEAR WAS OVER 80. THIS INCLUDES 79 PRIME CONTRACTS AND 3 SUBCONTRACT AWARDS.
LEDC: LEDC COMPLETED A NEW 60,000 SQUARE FOOT SPECULATIVE BUILDING IN THE POINT INDUSTRIAL PARK. LEDC HAS COMPLETED LEASING THE 5-UNIT SHOPPING CENTER IN SOUTH POINT. THE CENTER WILL HOST A MEDICAL FACILITY THAT WILL SERVE THE COMMUNITY. LEDC, IN PARTNERSHIP WITH THE LAWRENCE COUNTY PORT AUTHORITY RECEIVED A 3.2MILLION DOLLAR GRANT FROM THE OHIO DEPARTMENT OF DEVELOPMENT AS PART OF THE OHIO BROWNFIELD PROGRAM. THESE FUNDS ARE FOR THE CLEANUP OF CONTAMINATED PROPERTIES IN THE INDUSTRIAL PARK. THIS WILL OPEN ADDITIONAL ACREAGE FOR DEVELOPMENT.
CONVENTION AND VISITOR'S BUREAU: 2022 SAW INCREASED TRAFFIC IN THE CVB SOCIAL MEDIA PLATFORMS. THE CVB GAVE A PRESENTATION AT THE STATEHOUSE ON THE STATE OF TRAVEL AND TOURISM IN LAWRENCE COUNTY. IT DISCUSSED HOW TOURISM AFFECTS OUR ECONOMY AND THE IMPORTANCE OF INVESTING IN TOURISM. ON THE SAME DAY, IT HAPPENED TO BE TOURISM DAY IN OHIO AND LAWRENCE COUNTY WAS ABLE TO SET UP AN INFORMATION BOOTH ALONG WITH OTHER DESTINATIONS ACROSS THE STATE TO INFORM THE PUBLIC OF WHAT WE HAVE TO OFFER. IN LATE 2022, CVB RECEIVED A $1.5 MILLION ARC POWER GRANT. THIS GRANT WILL BE UTILIZED TO DEVELOP THE APPALACHIAN FREEDOM HERITAGE TOURISM INITIATIVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bill Dingus Executive Director | Officer | 40 | $0 |
Jeremy Clay Associate Director | Officer | 40 | $0 |
Jesse Layne CFO | Officer | 40 | $0 |
Carl Darling Board Member | Trustee | 2 | $0 |
George Moore Secretary | OfficerTrustee | 2 | $0 |
Dan Evans President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mullins Construction Co Inc Construction | 12/30/22 | $387,943 |
J&h Reinforcing And Structural Erectors Inc Construction | 12/30/22 | $2,793,913 |
Sme Engineering | 12/30/22 | $160,021 |
The Green Consulting Group Inc Consulting | 12/30/22 | $144,390 |
Scherer Mountain Insurance Agency Insurance | 12/30/22 | $131,742 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $852,117 |
| All other contributions, gifts, grants, and similar amounts not included above | $335,049 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,187,166 |
| Total Program Service Revenue | $406,258 |
| Investment income | $1,984 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,799,376 |
| Net Gain/Loss on Asset Sales | $167,126 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,238,055 |
| 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. | $520,222 |
| Compensation of current officers, directors, key employees. | $236,522 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $462,870 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,423 |
| Fees for services: Accounting | $1,579 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,542 |
| Office expenses | $36,497 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $231,369 |
| Travel | $36,538 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,930 |
| Interest | $376,251 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,046,219 |
| Insurance | $133,236 |
| All other expenses | $430,558 |
| Total functional expenses | $4,448,554 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,897,900 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $118,725 |
| Accounts receivable, net | $345,444 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,699,469 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $56,674,784 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,954,620 |
| Total assets | $62,690,942 |
| Accounts payable and accrued expenses | $127,078 |
| 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 | $11,457,682 |
| Total liabilities | $11,584,760 |
| Net assets without donor restrictions | $51,052,696 |
| Net assets with donor restrictions | $53,486 |
| 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 | $62,690,942 |