Area Development Foundation Inc
- Assets
- $1.4m
- Revenue
- $707.8k
- Investments
- $0.0
- Employees
- 10
- Location
- Mount Vernon, OH
- Founding
- 07/1957
- Data as of
- 12/2022
- EIN
- 31-6041648
Organization Overview
Area Development Foundation Inc is located in Mount Vernon, OH. The organization was established in 1957. 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. As of 12/2022, Area Development Foundation Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Area Development Foundation Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Area Development Foundation Inc generated $707.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $487.5k during the year ending 12/2022. While expenses have increased by 20.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTING AND ASSISTING INDUSTRIAL AND COMMERCIAL DEVELOPMENTS IN THE MOUNT VERNON AND KNOX COUNTY AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING AND ASSISTING INDUSTRIAL AND COMMERCIAL DEVELOPMENTS IN THE MOUNT VERNON AND KNOX COUNTY AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Gottke President | OfficerTrustee | 40 | $91,000 |
Greg Sands Member | Trustee | 0 | $0 |
Mark Ramser Treasurer | OfficerTrustee | 5 | $0 |
Bruce White Member At Large | Trustee | 1 | $0 |
Bill Buckley Member | Trustee | 0 | $0 |
Gordon Yance Member At Large | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $83,050 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $320,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $137,200 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $540,750 |
| Total Program Service Revenue | $127,581 |
| Investment income | $9,334 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,860 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $707,783 |
| 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. | $91,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $114,800 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,898 |
| Payroll taxes | $17,166 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $558 |
| Fees for services: Accounting | $7,203 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,770 |
| Fees for services: Other | -$331 |
| Advertising and promotion | $554 |
| Office expenses | $2,604 |
| Information technology | $2,764 |
| Royalties | $0 |
| Occupancy | $2,834 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,354 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,756 |
| Insurance | $1,249 |
| All other expenses | $880 |
| Total functional expenses | $487,544 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $60,531 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $799,933 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,597 |
| Investments—publicly traded securities | $571,286 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,533 |
| Total assets | $1,436,880 |
| Accounts payable and accrued expenses | $5,988 |
| Grants payable | $60,119 |
| 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 | $0 |
| Total liabilities | $66,107 |
| Net assets without donor restrictions | $1,370,773 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,436,880 |