Area Development Partnership
- Assets
- $1.8m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 17
- Location
- Hattiesburg, MS
- Founding
- 05/1989
- Data as of
- 09/2023
- EIN
- 57-0884979
Organization Overview
Area Development Partnership is located in Hattiesburg, MS. The organization was established in 1989. 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. As of 09/2023, Area Development Partnership employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Area Development Partnership is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2023, Area Development Partnership generated $2.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $2.4m during the year ending 09/2023. While expenses have increased by 5.0% 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
ENHANCE ECONOMIC GROWTH AND DEVELOPMENT THROUGH ENRICHMENT OF COMMUNITY INVOLVEMENT AND SUPPORT
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHAMBER - FACILITATED NUMEROUS PROFESSIONAL DEVELOPMENT PROGRAMS FOR AREA YOUNG PROFESSIONALS, SMALL BUSINESS OWNERS, MEMBERSHIP; ORGANIZED AND HOSTED MEMBER EVENTS WITH OPPORTUNITIES FOR NETWORKING, SHARING STRATEGIES FOR SUCCESS; ORGANIZED AND HOSTED RIBBON CUTTINGS FOR NEW AND EXPANDED BUSINESSES; RECRUITMENT AND RETENTION OF ADP MEMBERSHIP.
ECONOMIC DEVELOPMENT - RECRUITMENT OF DOMESTIC AND INTERNATIONAL BUSINESSES; WORKFORCE DEVELOPMENT PROGRAMS AND EVENTS CONNECTING STUDENTS AND TEACHERS TO AREA EMPLOYERS; COMMUNITY, MILITARY AND GOVERNMENT RELATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chad Newell President | OfficerTrustee | 39 | $347,000 |
John Johnson Treasurer | OfficerTrustee | 0 | $0 |
Allen Anderson Executive Committee | Trustee | 0 | $0 |
Jeff Bowman Chair | OfficerTrustee | 0 | $0 |
John Griffith Executive Committee | Trustee | 0 | $0 |
Shea Mcnease Executive Committee | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $744,996 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $744,996 |
| Total Program Service Revenue | $1,687,264 |
| Investment income | $18,771 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $338 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,451,369 |
| 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. | $696,650 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $376,517 |
| Pension plan accruals and contributions | $36,998 |
| Other employee benefits | $124,141 |
| Payroll taxes | $70,254 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,177 |
| Fees for services: Accounting | $61,325 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,047 |
| Advertising and promotion | $0 |
| Office expenses | $31,860 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,140 |
| Travel | $3,022 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,383 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,445 |
| Insurance | $9,144 |
| All other expenses | $201,842 |
| Total functional expenses | $2,436,037 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $613,077 |
| Savings and temporary cash investments | $478,033 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $102,915 |
| 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 | $287,815 |
| Investments—publicly traded securities | $267,433 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,750 |
| Total assets | $1,751,023 |
| Accounts payable and accrued expenses | $196,784 |
| Grants payable | $0 |
| Deferred revenue | $196,002 |
| 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 | $266,433 |
| Total liabilities | $659,219 |
| Net assets without donor restrictions | $1,091,804 |
| 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 | $1,751,023 |