Cherokee Farm Development Corporation
- Assets
- $1.9m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 5
- Location
- Knoxville, TN
- Founding
- 09/2014
- Data as of
- 06/2023
- EIN
- 46-1180603
Organization Overview
Cherokee Farm Development Corporation is located in Knoxville, TN. The organization was established in 2014. According to its NTEE Classification (B19) the organization is classified as: Support N.E.C., under the broad grouping of Education and related organizations. As of 06/2023, Cherokee Farm Development Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cherokee Farm 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 06/2023, Cherokee Farm Development Corporation generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.9%) each year. All expenses for the organization totaled $912.0k during the year ending 06/2023. 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
SUPPORT AND ENHANCE THE UNIVERSITY OF TENNESSEE THROUGH DEVELOPMENT AND OPERATION OF THE UNIVERSITY OF TENNESSEE RESEARCH PARK AT CHEROKEE FARM INNOVATION CAMPUS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPORT AND ENHANCE THE UNIVERSITY OF TENNESSEE THROUGH DEVELOPMENT AND OPERATION OF THE UNIVERSITY OF TENNESSEE RESEARCH PARK AT CHEROKEE FARM INNOVATION CAMPUS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Rogers President An | Officer | 40 | $179,610 |
Rickey Mccallum Vice Preside | Officer | 40 | $86,657 |
Angelee Day COO | Officer | 40 | $53,671 |
Harry Boston Board Member | Trustee | 1 | $0 |
Brandon Bruce Board Member | Trustee | 1 | $0 |
Lori Chamberlain Treasurer | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $174,429 |
| All other contributions, gifts, grants, and similar amounts not included above | $812,674 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $987,103 |
| Total Program Service Revenue | $165,767 |
| Investment income | $0 |
| 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 | $1,152,870 |
| 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. | $319,938 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,533 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $14,015 |
| Payroll taxes | $24,857 |
| Fees for services: Management | $161,106 |
| Fees for services: Legal | $89,093 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $20,683 |
| Office expenses | $9,812 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,677 |
| 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 | $0 |
| Insurance | $69,313 |
| All other expenses | $2,571 |
| Total functional expenses | $911,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $226,571 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $215,053 |
| 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 | $4,126 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,443,692 |
| Total assets | $1,889,442 |
| Accounts payable and accrued expenses | $57,311 |
| 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 | $0 |
| Total liabilities | $57,311 |
| Net assets without donor restrictions | $1,714,156 |
| Net assets with donor restrictions | $117,975 |
| 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 | $1,889,442 |