Bloomington-Normal Area Economic Development Council
- Assets
- $1.1m
- Revenue
- $742.3k
- Investments
- $0.0
- Employees
- 8
- Location
- Normal, IL
- Founding
- 07/1987
- Data as of
- 12/2023
- EIN
- 37-1169886
Organization Overview
Bloomington-Normal Area Economic Development Council is located in Normal, IL. The organization was established in 1987. 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 12/2023, Bloomington-Normal Area Economic Development Council employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bloomington-Normal Area Economic Development Council 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 12/2023, Bloomington-Normal Area Economic Development Council generated $742.3k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 2.5% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP BUSINESSES AND COMMUNITIES IN THE MCLEAN COUNTY AREA PROSPER BY ATTRACTING NEW BUSINESSES AIDING THE DEVELOPMENT OF EXISTING BUSINESSES WITHIN THE COMMUNITY. THE EDC IS A LEADERSHIP ORGANIZATION, INVESTING IN THE COMMUNITY'S ASSETS TO PROSPER AND IMPROVE THE QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Stephens Board Member | Trustee | 1 | $0 |
Ryan Gammelgard Board Member | Trustee | 1 | $0 |
Neil Finlen Board Member | Trustee | 1 | $0 |
Ryan Whitehouse Board Member | Trustee | 1 | $0 |
Puneet Leekha Board Member | Trustee | 1 | $0 |
Keith Cornille Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $563,850 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $563,850 |
| Total Program Service Revenue | $167,942 |
| Investment income | $1,361 |
| 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 | $742,304 |
| 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. | $211,554 |
| Compensation of current officers, directors, key employees. | $57,120 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $289,464 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $67,259 |
| Payroll taxes | $40,985 |
| Fees for services: Management | $40,070 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,017 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,715 |
| Office expenses | $3,465 |
| Information technology | $20,769 |
| Royalties | $0 |
| Occupancy | $55,357 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,928 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,898 |
| Insurance | $6,024 |
| All other expenses | $1,093 |
| Total functional expenses | $1,056,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $999,696 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,468 |
| Net Land, buildings, and equipment | $10,809 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38,674 |
| Total assets | $1,057,647 |
| Accounts payable and accrued expenses | $74,101 |
| Grants payable | $0 |
| Deferred revenue | $37,966 |
| 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 | $38,674 |
| Total liabilities | $150,741 |
| Net assets without donor restrictions | $906,906 |
| 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 | $1,057,647 |