Morehead-Rowan County Ecomomic Development Council Inc
- Assets
- $2.4m
- Revenue
- $187.9k
- Investments
- $0.0
- Employees
- 1
- Location
- Morehead, KY
- Founding
- 08/1992
- Data as of
- 06/2022
- EIN
- 61-1206371
Organization Overview
Morehead-Rowan County Ecomomic Development Council Inc is located in Morehead, KY. The organization was established in 1992. According to its NTEE Classification (C03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morehead-Rowan County Ecomomic Development Council Inc 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 06/2022, Morehead-Rowan County Ecomomic Development Council Inc generated $187.9k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $121.7k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (6.1%) per year over the past 8 years. 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
PROMOTE ECONOMIC GROWTH AND DEVELOPMENT IN ROWAN COUNTY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE ECONOMIC GROWTH AND DEVELOPMENT IN ROWAN COUNTY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joy Brown Director | Trustee | $0 | |
Harry Clark Director | Trustee | $0 | |
Paul Goodpaster Director | Trustee | $0 | |
Joseph Morgan Director | Trustee | $0 | |
Jason Slone Director | Trustee | $0 | |
Donald Lloyd Vice Chairma | Officer | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $185,460 |
| Investment income | $2,449 |
| 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 | $187,909 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $46,780 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,000 |
| Payroll taxes | $3,503 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,040 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,559 |
| Office expenses | $5,411 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,221 |
| Travel | $1,169 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $769 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $121,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,363,808 |
| Savings and temporary cash investments | $16,380 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,380,188 |
| Accounts payable and accrued expenses | $1,337 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $58 |
| Total liabilities | $1,395 |
| Net assets without donor restrictions | $2,378,793 |
| 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 |
| Total liabilities and net assets/fund balances | $2,378,793 |