Monroe County Business Development Corporation
- Assets
- $1.3m
- Revenue
- $506.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Monroe, MI
- Founding
- 09/1982
- Data as of
- 12/2022
- EIN
- 38-2415486
Organization Overview
Monroe County Business Development Corporation is located in Monroe, MI. The organization was established in 1982. According to its NTEE Classification (M99) the organization is classified as: Public Safety, Disaster Preparedness & Relief N.E.C., under the broad grouping of Public Safety, Disaster Preparedness & Relief and related organizations. As of 12/2022, Monroe County Business Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Monroe County Business 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, Monroe County Business Development Corporation generated $506.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $422.1k during the year ending 12/2022. While expenses have increased by 8.7% per year over the past 8 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
GROWING MONROE COUNTY'S ECONOMY BY CREATING NEW AND DIVERSIFIED JOB OPPORTUNITIES FOR ITS CITIZENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSIST EXISTING BUSINESSES WITH GROWTH AND EXPANSION WITHIN MONROE COUNTY AND TO WORK WITH OUR REGIONAL PARTNERSHIPS TO ATTRACT NEW BUSINESSES TO SITES WITHIN THE AREA. MONROE BANK & TRUST DONATED THE USE OF FACILITIES IN THE AMOUNT OF 15,428 TO THE MONROE COUNTY BUSINESS DEVELOPMENT CORPORATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory Adanin Director | Trustee | 2 | $0 |
Darrin Arquette Director | Trustee | 2 | $0 |
Michael Baker Director | Trustee | 2 | $0 |
Stephanie Blatt Director | Trustee | 2 | $0 |
Doug Chaffin Past Chairma | OfficerTrustee | 2 | $0 |
Robert Clark Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $234,584 |
| All other contributions, gifts, grants, and similar amounts not included above | $140,588 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $375,172 |
| Total Program Service Revenue | $0 |
| Investment income | $21,525 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,572 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $506,256 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $199,617 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,635 |
| Payroll taxes | $18,741 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,010 |
| Office expenses | $13,067 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,197 |
| Travel | $5,745 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,509 |
| Insurance | $2,336 |
| All other expenses | $5,355 |
| Total functional expenses | $422,097 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $101,644 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $80,602 |
| 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 | $2,185 |
| Net Land, buildings, and equipment | $46,633 |
| Investments—publicly traded securities | $993,068 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $32,734 |
| Other assets | $0 |
| Total assets | $1,256,866 |
| Accounts payable and accrued expenses | $34,941 |
| Grants payable | $0 |
| Deferred revenue | $1,000 |
| 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 | $33,949 |
| Total liabilities | $69,890 |
| Net assets without donor restrictions | $1,047,633 |
| Net assets with donor restrictions | $139,343 |
| 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 | $1,256,866 |