Clay County Economic Development Corporation
- Assets
- $244.9k
- Revenue
- $711.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Fleming Island, FL
- Founding
- 07/2019
- Data as of
- 09/2023
- EIN
- 46-5287847
Organization Overview
Clay County Economic Development Corporation is located in Fleming Island, FL. The organization was established in 2019. 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 09/2023, Clay County Economic Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Clay County Economic 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 09/2023, Clay County Economic Development Corporation generated $711.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $704.9k during the year ending 09/2023. While expenses have increased by 10.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE WORK OF THE ECONOMIC DEVELOPMENT CORPORATION IS TO PROMOTE HIGH-WAGE JOB CREATION AND TAXABLE CAPITAL INVESTMENT IN CLAY COUNTY FLORIDA. THIS IS DONE THROUGH RECRUITMENT OF HIGH-WAGE EMPLOYERS TO CLAY COUNTY FLORIDA; SUPPORT AND PROMOTE THE EXPANSION OF EXISTING HIGH-WAGE EMPLOYERS IN CLAY COUNTY FLORIDA; SUPPORT AND PROMOTE START-UP BUSINESSES THAT HAVE THE CAPACITY TO CREATE NEW HIGH-WAGE JOBS IN CLAY COUNTY FLORIDA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CLAY COUNTY ECONOMIC DEVELOPMENT CORPORATION SUPPORTED OVER $500 MILLION IN REAL ESTATE, INFRASTRUCTURE, AND CAPITAL INVESTMENT PROJECTS FOR CLAY COUNTY. PROJECTS CONSIST OF BUSINESS RECRUITMENT OF A MAJOR MANUFACTURER, HEALTH CARE AND LIFE SCIENCE SERVICES, QUALITY OF LIFE, AND A SIGNIFICANT TOURISM UNDERTAKING. OVER 200 NEW HIGH-WAGE JOBS WILL BE CREATED FROM THESE PROJECTS AND THERE ARE ANOTHER 600 POTENTIAL JOBS IN THE PIPELINE.
CLAY COUNTY ECONOMIC DEVELOPMENT CORPORATION (CLAY EDC) HOSTED THREE LUNCHEON PRESENTATIONS PROVIDING RELEVANT INFORMATION TO AREA BUSINESS LEADERS AND STAKEHOLDERS. CLAY EDC HOSTED A WORKFORCE DEVELOPMENT SUMMIT ON CRITICAL TALENT DEVELOPMENT AND ALIGNMENT EFFORTS. CLAY EDC HOSTED A FIRST COAST EXPRESSWAY SUMMIT TO PROVIDE IN-DEPTH AND COMPREHENSIVE INFORMATION ON PROJECT UPDATES RELATED TO THE INFRASTRUCTURE PLANNING AND DEVELOPMENT ALONG AND CONNECTING TO THE CONSTRUCTION OF SR-23. CLAY EDC HOSTED A RECEPTION TO UPDATE COMMUNITY ECONOMIC DEVELOPMENT PARTNERS ON THE PROGRESS AND ACCOMPLISHMENTS OF THE ORGANIZATION. CLAY EDC SUPPORTED THE CLAY COUNTY LEGISLATIVE DAY IN TALLAHASSEE, FL TO BRING AWARENESS OF STATE LEVEL SUPPORT NEEDED FOR LOCAL PROJECTS.
WORKING WITH A CONSULTANT, CLAY COUNTY ECONOMIC DEVELOPMENT CORPORATION FACILITATED A COMPREHENSIVE BUSINESS DEVELOPMENT EVALUATION AND RECOMMENDATIONS EFFORT TO SUPPORT THE MUNICIPALITIES IN CLAY COUNTY. THE CONSULTANT EVALUATED WHAT RESOURCES ARE AVAILABLE IN EACH MUNICIPALITY TO SUPPORT THE INCENTIVIZATION OF BUSINESS DEVELOPMENT WITHIN THE MUNICIPALITY. THE CONSULTANT ALSO MET WITH STAKEHOLDERS TO DETERMINE WHAT DEVELOPMENT GOALS THE MUNICIPALITY HAS. THE CONSULTANT SUGGESTED PROGRAMS THAT COULD BE IMPLEMENTED TO SUPPORT THE GOALS OF THE MUNICIPALITIES IN COMBINATION WITH COUNTY AND STATE LEVEL GRANT PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cador C Powell President | Officer | 50 | $130,650 |
Laura Pavlus Senior Vice President | Officer | 50 | $121,521 |
Michael Rathjen Board Member | Trustee | 5 | $0 |
Jerry Agresti Board Member | Trustee | 5 | $0 |
Joe Mobley Board Member | Trustee | 5 | $0 |
Brian Knight Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $496,749 |
| Fundraising events | $13,950 |
| Related organizations | $0 |
| Government grants | $170,690 |
| All other contributions, gifts, grants, and similar amounts not included above | $29,726 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $711,115 |
| Total Program Service Revenue | $0 |
| 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 | $711,115 |
| 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. | $310,388 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $15,322 |
| Other employee benefits | $5,612 |
| Payroll taxes | $23,940 |
| Fees for services: Management | $1,814 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,120 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $49,971 |
| Office expenses | $54,997 |
| Information technology | $6,389 |
| Royalties | $0 |
| Occupancy | $36,979 |
| Travel | $14,440 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,236 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,692 |
| All other expenses | $0 |
| Total functional expenses | $704,886 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,688 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,289 |
| 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 | $17,884 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $244,861 |
| Accounts payable and accrued expenses | $7,421 |
| 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 | $7,421 |
| Net assets without donor restrictions | $226,836 |
| Net assets with donor restrictions | $10,604 |
| 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 | $244,861 |