Mount Vernon Development Company Inc
- Assets
- $0.0
- Revenue
- $22.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Mount Vernon, OH
- Founding
- 12/2015
- Data as of
- 12/2020
- EIN
- 47-5380096
Organization Overview
Mount Vernon Development Company Inc is located in Mount Vernon, OH. The organization was established in 2015. 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. Mount Vernon Development Company Inc 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 12/2020, Mount Vernon Development Company Inc generated $22.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (22.2%) each year. All expenses for the organization totaled $5.9m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Mount Vernon Development Company Inc has awarded 12 individual grants totaling $7,829,701. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE CORPORATION SHALL BE TO SUPPORT CIVIC RENOVATION EFFORTS IN MOUNT VERNON, OHIO, AND IN DOING SO, LESSEN THE BURDENS OF GOVERNMENT, AND TO RECEIVE DONATIONS CONSISTENT WITH THE PURPOSES OF THE CORPORATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MOUNT VERNON DEVELOPMENT COMPANY HAS BEEN ACTIVE IN THE ACQUISITION OF PROPERTIES IN DOWNTOWN MOUNT VERNON THAT WERE IN A STATE OF DISREPAIR. SOME UPGRADES TO THOSE PROPERTIES HAVE BEEN COMPLETED AND OTHERS ARE PRESENTLY UNDERWAY. IN ADDITION, THE MOUNT VERNON DEVELOPMENT COMPANY ACQUIRED DILAPIDATED PROPERTIES AND CONSTRUCTED FOUR PARKING AREAS ADJACENT TO DOWNTOWN ON THOSE PROPERTIES. HAVING PARKING AVAILABLE IS CRITICAL TO THE LONG-TERM VIABILITY OF DOWNTOWN MOUNT VERNON. THESE LOTS ARE AVAILABLE TO THE PUBLIC AND WILL ALSO BE UTILIZED BY THE FOLLOWING ORGANIZATIONS WHICH RECENTLY RENOVATED PROPERTIES IN DOWNTOWN MOUNT VERNON: KNOX COMMUNITY HOSPITAL, MOUNT VERNON NAZARENE UNIVERSITY, AND KENYON COLLEGE. HAVING EMPLOYEES AND STUDENTS LOCATED IN DOWNTOWN MOUNT VERNON BRINGS CONSUMERS TO A FORMERLY INACTIVE DOWNTOWN. THE WORK AND INVESTMENTS OF THE MOUNT VERNON DEVELOPMENT COMPANY HAVE RESULTED IN A SIGNIFICANT ECONOMIC IMPACT TO THE CITY OF MOUNT VERNON AND ITS REGROWTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kim Rose President | 3 | $0 | |
Jodi Pursel Secretary | 1 | $0 | |
Kurt Schisler Treasurer | 1 | $0 | |
Mark R Ramser Vice President | 1 | $0 | |
Jennifer Odenweller Director | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sol Harris Day Architecture Contractor | 12/30/19 | $300,670 |
Shrock Permier Constuction Llc Contractor | 12/30/19 | $1,757,231 |
Claggett & Sons Inc Contractor | 12/30/19 | $121,998 |
United Aggregates Inc Contractor | 12/30/19 | $101,144 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $22,143 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $22,143 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $19,471 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $93,417 |
| Total operating and administrative expenses | $113,288 |
| Contributions, gifts, grants paid | $5,738,693 |
| Total expenses and disbursements | $5,851,981 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Mount Vernon Development Company Inc has awarded $5,738,693 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
KNOX COUNTY FOUNDATION PURPOSE: TO ADDRESS COMMUNITY ECONOMIC DEVELOPMENT STRATEGIES IN MOUNT VERNON, OHIO CONSISTENT WITH THE MISSION OF THE ORGANIZATION | $255,750 |
MOUNT VERNON NAZARENE UNIVERSITY PURPOSE: TO ADDRESS NEEDS OF EMPLOYEES AND OTHER ASSOCIATED PARTIES OF THE NON-PROFIT ORGANIZAITON | $1,163,453 |
KNOX COMMUNITY HOSPITAL PURPOSE: TO ADDRESS COMMUNITY ECONOMIC DEVELOPMENT STRATEGIES IN MOUNT VERNON, OHIO CONSISTENT WITH THE MISSION OF THE ORGANIZATION | $909,353 |
KNOX COUNTY FOUNDATION PURPOSE: TO ADDRESS COMMUNITY ECONOMIC DEVELOPMENT STRATEGIES IN MOUNT VERNON, OHIO CONSISTENT WITH THE MISSION OF THE ORGANIZATION | $1,343,931 |
KENYON COLLEGE PURPOSE: TO ADDRESS COMMUNITY ECONOMIC DEVELOPMENT STRATEGIES IN MOUNT VERNON, OHIO CONSISTENT WITH THE MISSION OF THE ORGANIZATION | $2,066,206 |