Lees Summit Economic Development Council
- Assets
- $574.1k
- Revenue
- $523.6k
- Investments
- $0.0
- Employees
- 5
- Location
- Lees Summit, MO
- Founding
- 09/1986
- Data as of
- 06/2022
- EIN
- 43-1386718
Organization Overview
Lees Summit Economic Development Council is located in Lees Summit, MO. The organization was established in 1986. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Lees Summit Economic Development Council employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lees Summit Economic Development Council is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Lees Summit Economic Development Council generated $523.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $584.9k during the year ending 06/2022. While expenses have increased by 2.7% 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
TO PROMOTE AND ENHANCE THE CITY OF LEE'S SUMMIT AS A MODEL COMMUNITY FOR ECONOMIC INNOVATION AND GROWTH FUELED BY A PRO-BUSINESS ENVIRONMENT, DIVERSE ECONOMIC BASE AND A COMMITMENT TO STRONG RELATIONSHIPS AND WORK ETHIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS RETENTION AND EXPANSION - WORK WITH LOCAL EMPLOYERS TO ACT AS THEIR OMBUDSMAN TO HELP RESOLVE PROBLEMS AND TO GROW THEIR BUSINESSES.
COMMUNITY PRODUCT DEVELOPMENT - AS A TRUSTED, NEUTRAL ADVISOR, PROMOTE A PRO-BUSINESS ENVIRONMENT AND CIVIC DIALOGUE BY COLLABORATING WITH PUBLIC AND PRIVATE SECTOR STAKEHOLDERS TO IMPROVE THE QUALITY OF LIFE IN LEE'S SUMMIT.
COMMUNITY IMAGE ENHANCEMENT - PUBLICIZE AND MERCHANDISE LEE'S SUMMIT TO KEEP THE COMMUNITY AT THE TOP OF OPINION AND DECISION MAKERS' MINDS. TARGET INDUSTRY ATTRACTION - WORK WITH INVESTORS, COMMUNITY PARTNERS AND ALLIES TO ATTRACT INVESTMENT AND HIGHER PAYING JOBS THAT CONTRIBUTE TO THE TAX BASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Mcdowell President/ce | 50 | $160,428 | |
William Coates Vice Chair | OfficerTrustee | 1 | $0 |
Keith Dorrian Director | Trustee | 0.5 | $0 |
Clint Haynes Director | Trustee | 0.5 | $0 |
Todd Haynes Chair | OfficerTrustee | 1 | $0 |
Larry Hillier Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $278,025 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $230,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,530 |
| Noncash contributions included in lines 1a–1f | $11,200 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $519,555 |
| Total Program Service Revenue | $0 |
| Investment income | $4,043 |
| 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 | $523,598 |
| 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 | $186,968 |
| Other salaries and wages | $108,053 |
| Pension plan accruals and contributions | $1,846 |
| Other employee benefits | $27,466 |
| Payroll taxes | $21,615 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,160 |
| Fees for services: Accounting | $25,040 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,564 |
| Advertising and promotion | $0 |
| Office expenses | $2,565 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,801 |
| Travel | $0 |
| 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 | $1,481 |
| Insurance | $9,301 |
| All other expenses | $51,244 |
| Total functional expenses | $584,871 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,699 |
| Savings and temporary cash investments | $514,749 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,765 |
| 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 | $25,885 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $574,098 |
| Accounts payable and accrued expenses | $9,372 |
| Grants payable | $0 |
| Deferred revenue | $105,000 |
| 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 | $0 |
| Total liabilities | $114,372 |
| Net assets without donor restrictions | $459,726 |
| 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 | $574,098 |