Fayette County Local Development Corporation
- Assets
- $7.7m
- Revenue
- $649.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Lexington, KY
- Founding
- 02/1986
- Data as of
- 06/2021
- EIN
- 61-1057380
Organization Overview
Fayette County Local Development Corporation is located in Lexington, KY. The organization was established in 1986. According to its NTEE Classification (S32) the organization is classified as: Rural 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. Fayette County Local 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 06/2021, Fayette County Local Development Corporation generated $649.6k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $685.8k during the year ending 06/2021. While expenses have increased by 3.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE ECONOMIC DEVELOPMENT WITH PRIMARY FOCUS ON THE DEVELOPMENT OF AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FURTHERANCE OF ECONOMIC DEVELOPMENT IN THE FAYETTE COUNTY AREA THROUGH THE PURCHASE, RENOVATION, AND SALE OF PROPERTIES TO LOWER-INCOME HOMEBUYERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Porter G Peeples Sr President | OfficerTrustee | 20 | $0 |
Norman P Franklin Authorized Officer | Officer | 0 | $0 |
Denise Brown Board Member | Trustee | 2 | $0 |
John Logan Board Member | Trustee | 2 | $0 |
Sherry Fields Board Member | Trustee | 2 | $0 |
Larry Forester Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $35,170 |
| 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 | $35,170 |
| Total Program Service Revenue | $463,074 |
| Investment income | $48,176 |
| 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 | $649,620 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $96 |
| Fees for services: Accounting | $5,155 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,000 |
| Advertising and promotion | $0 |
| Office expenses | $2,868 |
| Information technology | $0 |
| 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 | $164,311 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $261,718 |
| Insurance | $73,282 |
| All other expenses | $13,473 |
| Total functional expenses | $685,827 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $209,103 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $139,291 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,375,525 |
| Inventories for sale or use | $338,914 |
| Prepaid expenses and deferred charges | $12,195 |
| Net Land, buildings, and equipment | $5,665,891 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,740,919 |
| Accounts payable and accrued expenses | $35,855 |
| Grants payable | $0 |
| Deferred revenue | $2,913 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $43,520 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,875,031 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,597,925 |
| Total liabilities | $6,555,244 |
| Net assets without donor restrictions | $1,185,675 |
| 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 | $7,740,919 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Fayette County Local Development Corporation has recieved totaling $5,286.
| Awarding Organization | Amount |
|---|---|
Calipari Foundation Inc Lexington, KY PURPOSE: NON PROFIT ACTIVITY SUPPORT | $5,286 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northern Kentucky Area Developement District Florence, KY | $12,601,851 | $23,919,138 |
Hoosier Uplands Economic Development Corporation Mitchell, IN | $50,608,889 | $20,253,454 |
Mid-Atlantic Broadband Communities Corporation South Boston, VA | $87,739,365 | $16,699,414 |
Adams And Brown Counties Economic Opportunities Inc Georgetown, OH | $10,344,175 | $16,374,406 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Kentucky River Area Development District Inc Hazard, KY | $5,857,667 | $4,838,342 |
Missouri Incutech Foundation Rolla, MO | $1,463,624 | $4,973,546 |
Rural Action Inc The Plains, OH | $1,800,530 | $4,307,921 |
Mountain Association For Community Economic Development Inc Berea, KY | $33,227,736 | $8,576,709 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Southeast Kentucky Economic Development Corporation Inc Somerset, KY | $28,123,081 | $3,726,346 |
Virginia Coalfield Coalition Inc Lebanon, VA | $15,855,826 | $1,388,700 |