Albion Economic Development Corporation

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 03/2022, Albion Economic Development Corporation generated $157.5k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 52.2% each year . All expenses for the organization totaled $116.6k during the year ending 03/2022. You can explore the organizations financials more deeply in the financial statements section below.

Since 2016, Albion Economic Development Corporation has awarded 18 individual grants totaling $520,000. 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

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)GAVE DOWNTOWN REVITALIZATION GRANTS & BUSINESS DEVELOPMENT GRANTS TO 10 LOCAL BUSINESSES AND INDIVIDUALS TOTALING 60,128. THE AEDC ALSO PROVIDES FUNDS OF 30,000 TO THE BOONE COUNTY DEVELOPMENT ASSOCIATION (BCDA), INC TO PROMOTE THE ALBION TRADE AREA, 10,000 TO THE BOONE COUNTY AG SOCIETY TO HELP FUND A FAIRGROUND PROJECT AND 10,000 TO THE BOONE BEGINNINGS TO HELP FUND EARLY CHILDHOOD DEVELOPMENT.


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Board, Officers & Key Employees

Name (title)Compensation
Jeffrey C Jarecki
President/di
$0
Andy Roberts
Vice Preside
$0
Steven Ruzek
Treasurer/di
$0
Michelle Gragert
Director
$0
Brock Kuester
Director
$0
Tony Levander
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $104,213
All other contributions, gifts, grants, and similar amounts not included above$51,089
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$155,302
Total Program Service Revenue$0
Investment income $2,156
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 $157,458

Grants Awarded

Over the last fiscal year, Albion Economic Development Corporation has awarded $100,000 in support to 4 organizations.

Grant RecipientAmount

CARQUEST

|

|

$50,000

Albion, NE

PURPOSE: PROMOTE BOONE COUNTY

$30,000

Albion, NE

PURPOSE: EARLY CHILDHOOD DEV

$10,000

BO CO AG ED CENTER

Org PageRecipient Profile

Albion, NE

PURPOSE: FAIRGROUND PROJECT

$10,000
View Grant Profile

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