Albion Economic Development Corporation
- Assets
- $2.3m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Albion, NE
- Founding
- 12/2005
- Data as of
- 03/2024
- EIN
- 32-0108328
Organization Overview
Albion Economic Development Corporation is located in Albion, NE. The organization was established in 2005. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albion Economic Development Corporation 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 03/2024, Albion Economic Development Corporation generated $1.5m in total revenue. All expenses for the organization totaled $184.7k during the year ending 03/2024. While expenses have increased by 4.5% per year over the past 9 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.
Since 2016, Albion Economic Development Corporation has awarded 21 individual grants totaling $704,556. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZATION'S PURPOSE IS TO PROMOTE DEVELOPMENT IN THE ALBION TRADE AREA BY LOANING FUNDS AND/OR PROVIDING ECONOMIC ASSISTANCE
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ALBION ECONOMIC DEVELOPMENT CORPORATION (AEDC) IS FOCUSED ON ECONOMIC AND CIVIC DEVELOPMENT IN THE ALBION, NE AREA. DURING THE FISCAL YEAR ENDED MARCH 31, 2024, IT GAVE A LAND GRANT TO BOONE BEGINNINGS FOR THE DEVELOPMENT OF A NON-PROFIT CHILD CARE FACILITY. IT ALSO PROVIDED CASH GRANTS TO BOONE BEGINNINGS FOR SAID FACILITY AND A CASH GRANT TO THE BOONE COUNTY AGRICULUTURAL EDUCATION CENTER FOR THE FAIRGROUNDS PROJECT. FUTURE PROJECTS IN DEVELOPMENT INCLUDE AFFORDABLE HOUSING DEVELOPMENTS, WHICH ARE IN PROGRESS. SEVERAL GRANTS WERE ALSO GIVEN FOR INFRASTRUCE DEVELOPMENT AND DOWNTOWN IMPROVEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Gragert Director | Trustee | 1 | $0 |
Jeffrey C Jarecki President/di | OfficerTrustee | 1 | $0 |
Samantha Kleveland Director | Trustee | 1 | $0 |
Brock Kuester Director | Trustee | 1 | $0 |
Tony Levander Director | Trustee | 1 | $0 |
John Moeller Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $370 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,267,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $41,240 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,309,110 |
| Total Program Service Revenue | $152,605 |
| Investment income | $37,044 |
| 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 | $1,498,759 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $96,050 |
| Grants and other assistance to domestic individuals. | $7,322 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $128 |
| Fees for services: Accounting | $5,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,080 |
| Advertising and promotion | $577 |
| Office expenses | $3,198 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $44,829 |
| Travel | $517 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $738 |
| Interest | $13,112 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,763 |
| Insurance | $2,553 |
| All other expenses | $0 |
| Total functional expenses | $184,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,603 |
| Savings and temporary cash investments | $1,108,434 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $100,627 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $207,413 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $867,102 |
| Total assets | $2,308,179 |
| Accounts payable and accrued expenses | $0 |
| 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 | $184,746 |
| Total liabilities | $184,746 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $2,123,433 |
| Total liabilities and net assets/fund balances | $2,308,179 |
Grants Awarded
Over the last fiscal year, Albion Economic Development Corporation has awarded $89,050 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
BOONE BEGINNINGS PURPOSE: EARLY CHILDHOOD DEV | $10,000 |
VET PROPERTIES LLC PURPOSE: INFRASTRUCTURE GRANT | $30,000 |
BO CO AG ED CENTER PURPOSE: FAIRGROUND PROJECT | $10,000 |
LEVANDER FUNERAL HOME PURPOSE: INFRASTRUCTURE GRANT | $39,050 |