Murray-Calloway Economic Development Corporation
- Assets
- $17.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 3
- Location
- Murray, KY
- Founding
- 10/1985
- Data as of
- 12/2022
- EIN
- 61-1034835
Organization Overview
Murray-Calloway Economic Development Corporation is located in Murray, KY. The organization was established in 1985. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Murray-Calloway Economic Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Murray-Calloway Economic Development Corporation 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 12/2022, Murray-Calloway Economic Development Corporation generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.3%) each year. All expenses for the organization totaled $863.1k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY AND ECONOMIC DEVELOPMENT SERVICES FOR MURRAY AND CALLOWAY COUNTY, KY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY AND ECONOMINC DEVELOPMENT
ALL OTHER ACCOMPLISHMENT ECONOMIC DEVELOPMENT FOR MURRAY KY AND CALLOWAY COUNTY KY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Manning President | 40 | $176,071 | |
Richard Crouch Director | Trustee | 1 | $0 |
Amy Futrell Vice Chairman | OfficerTrustee | 1 | $0 |
David Graham Chairman | OfficerTrustee | 1 | $0 |
Bob Jackson Director | Trustee | 1 | $0 |
Harold Doran Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $24,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $106,985 |
| All other contributions, gifts, grants, and similar amounts not included above | $199,788 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $330,773 |
| Total Program Service Revenue | $40,000 |
| Investment income | $12,555 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $722,351 |
| 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 | $1,105,679 |
| 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. | $176,071 |
| Compensation of current officers, directors, key employees. | $176,071 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,482 |
| Pension plan accruals and contributions | $6,756 |
| Other employee benefits | $39,560 |
| Payroll taxes | $15,382 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,551 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $28,774 |
| Office expenses | $20,103 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,379 |
| Travel | $10,740 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $161,004 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $281,193 |
| Insurance | $5,190 |
| All other expenses | $0 |
| Total functional expenses | $863,051 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $968,211 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,267 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $349,745 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $12,097,848 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,708,000 |
| Total assets | $17,164,071 |
| Accounts payable and accrued expenses | $3,591 |
| 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 | $6,137,339 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,491,115 |
| Total liabilities | $8,632,045 |
| Net assets without donor restrictions | $8,532,026 |
| 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 | $17,164,071 |