The Development Corporation Of Knox County Tennessee
- Assets
- $42.5m
- Revenue
- $632.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Knoxville, TN
- Founding
- 12/1990
- Data as of
- 06/2023
- EIN
- 58-1966772
Organization Overview
The Development Corporation Of Knox County Tennessee is located in Knoxville, TN. The organization was established in 1990. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Development Corporation Of Knox County Tennessee 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, Development Corporation Of Knox County Tennessee generated $632.8k 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 (8.5%) each year. All expenses for the organization totaled $2.1m 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
THE DEVELOPMET CORPORATION WILL REPRESENT THE GREATER KNOXVILLE AREA IN MANAGING AND ALLOCATING LAND AND OTHER RESOURCES TO STRATEGICALLY PROMOTE LONG-TERM QUALITY BUSINESS DEVELOPMENT SPECIFICALLY, THE DEVELOPMENT CORPORATION WILL WORK WITH INTERESTED BUSINESSES, CREATE BUSINESS AND INDUSTRIAL LOCATION OPPORTUNITIES, ASSIST EXISTING BUSINESSES WITH LAND AND TRAINING NEEDS, FOSTER ENTREPRENEURIAL JOB CREATION, INCLUDING MANAGEMENT OF KNOX COUNTY'S BUSINESS INCUBATOR, FAIRVIEW TECHNOLOGY CENTER, AND ENSURE ALLOCATION OF RESOURCES FOR THE ENHANCEMENT OF THE LONG-TERM ECONOMIC CLIMATE FOR KNOXVILLE AND KNOX COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TDC IS CHARGED WITH THE RESPONSIBILITY OF ENSURING THAT KNOX COUNTY HAS LAND RESOURCES AVAILABLE FOR POTENTIAL PROSPECTS. TDC CURRENTLY OWNS OR MANAGES ACREAGE AT CENTERPOINT BUSINESS PARK (APPROXIMATELY 6 ACRES), EASTBRIDGE BUSINESS PARK (APPROXIMATELY 195 DEVELOPABLE ACRES), WESTBRIDGE BUSINESS PARK (APPROXIMATELY 10 ACRES), PELLISIPPI CORPORATE CENTER (APPROXIMATELY 77 DEVELOPABLE ACRES), HARDIN BUSINESS PARK (APPROXIMATELY 12 DEVELOPABLE ACRES), KARNS VALLEY BUSINESS PARK (APPROXIMATELY 82 DEVELOPABLE ACRES), AND MIDWAY BUSINESS PARK (APPROXIMATELY 337 ACRES). TDC MAKES THIS LAND AVAILABLE TO NEW BUSINESSES OR FOR THE EXPANSION OF EXISTING BUSINESSES IN ACCORDANCE WITH ITS EXEMPT PURPOSE. TDC IS CONTINUALLY LOOKING FOR LAND TO PURCHASE FOR FUTURE BUSINESS PARKS. KEY COMPONENTS OF THIS SERVICE INCLUDE PROPERTY DEVELOPMENT, MANAGEMENT, AND MARKETING AND SALE OF PROPERTIES. TDC ADDITIONALLY OWNS APPROXIMATELY 68 ACRES NORTH OF KARNS HIGH SCHOOL AND IS CURRENTLY WORKING ON THE DEVELOPMENT OF THIS PROPERTY INTO KARNS VALLEY BUSINESS PARK. THE PROGRAMS, SERVICES AND ACTIVITIES THAT THE CORPORATION UNDERTAKES AND/OR MANAGES ARE AIMED AT FACILITATING CAPITAL INVESTMENT AND JOB CREATION IN KNOX COUNTY. IN ADDITION TO THE ACTIVITIES AND PROGRAMS THE TDC HAS UNDER ITS DIRECT PURVIEW, IT ALSO PROVIDES STAFF AND MANAGEMENT SERVICES TO SEVERAL QUASI-GOVERNMENTAL BOARDS THAT ALSO PROVIDE UNIQUE PROGRAMS AND SERVICES ON THE COUNTY AND CITY'S BEHALF TO PROMOTE JOB RETENTION AND GROWTH, INCREASING CAPITAL INVESTMENT IN KNOX COUNTY, AND UNDERTAKING SPECIAL PROJECTS FOR THE BENEFIT OF THE CITIZENS OF KNOX COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
M Douglas Campbell Jr Vice Chairman | Trustee | 2 | $0 |
George H Heins III Chairman | Trustee | 2 | $0 |
Nancy Barger Director | Trustee | 2 | $0 |
Carolyn Fairbank Secretary/treasurer | Trustee | 2 | $0 |
Indya Kincannon Director | Trustee | 2 | $0 |
Louise Frazier Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
East Tennessee Turf & Landscape Land Improvements | 6/29/21 | $4,359,287 |
Vaughn & Melton Consulting Consulting | 6/29/21 | $362,852 |
Charles Blalock & Sons Inc Construction Services | 6/29/21 | $165,171 |
Mbp Facilities Facility Performance Consulting | 6/29/21 | $114,895 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $77,000 |
| Government grants | $333,548 |
| 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 | $410,548 |
| Total Program Service Revenue | $215,483 |
| Investment income | $6,727 |
| 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 | $632,758 |
| 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 | $0 |
| Other salaries and wages | $33,648 |
| Pension plan accruals and contributions | $2,024 |
| Other employee benefits | $10,765 |
| Payroll taxes | $3,683 |
| Fees for services: Management | $204 |
| Fees for services: Legal | $51,507 |
| 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 | $0 |
| Office expenses | $0 |
| Information technology | $16,814 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $1,009 |
| Insurance | $29,495 |
| All other expenses | $0 |
| Total functional expenses | $2,119,012 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,303,309 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $106,192 |
| 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 | $22,196 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $39,084,453 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $42,516,150 |
| Accounts payable and accrued expenses | $57,826 |
| Grants payable | $141,695 |
| 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 | $450,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $649,521 |
| Net assets without donor restrictions | $41,750,709 |
| Net assets with donor restrictions | $115,920 |
| 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 | $42,516,150 |