Madisonville-Hopkins County Development Corporation

Organization Overview

Madisonville-Hopkins County Development Corporation is located in Madisonville, KY. The organization was established in 1995. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Madisonville-Hopkins County Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Madisonville-Hopkins County 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, Madisonville-Hopkins County Development Corporation generated $841.2k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $721.9k during the year ending 06/2021. While expenses have increased by 7.8% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO MAINTAIN, ENHANCE, IMPROVE, AND ENLARGE THE EMPLOYMENT BASE OF MADISONVILLE AND HOPKINS COUNTY, KENTUCKY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

TO MAINTAIN, ENHANCE, IMPROVE, AND ENLARGE THE EMPLOYMENT BASE OF THE CITIZENS AND RESIDENTS OF MADISONVILLE AND HOPKINS COUNTY.


TO PROMOTE INDUSTRIAL FACILITIES AND LAND TO PROSPECTIVE INDUSTRIES.


MAKER SPACE - THE INVESTMENT WILL FACILITATE AN ENTREPRENEURIAL ECOSYSTEM IN THE REGION THAT WILL FOCUS ON TRANSFORMING DISPLACED COAL WORKERS AND SPOUSES OF DISPLACED WORKERS INTO ENTREPRENEURS IN HOPKINS AND MUHLENBERG COUNTIES.


INMATE TRAINING - THE GOAL IS TO SERVE A NINIMUM OF 50 INMATES THROUGH THE SKILLS DEVELOPMENT TRAINING PROGRAM. THUS ENABLING THEM TO OBTAIN EMPLOYMENT ONCE THEY ARE RELEASED FROM JAIL.


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Board, Officers & Key Employees

Name (title)Compensation
Ray Hagerman
President
$155,000
Bentley Badgett
Director
$0
Robert Carter
Director
$0
Joe Collins
Director
$0
Deanna Ashby
Director
$0
Kevin Cotton
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$73,375
Fundraising events$0
Related organizations$0
Government grants $309,107
All other contributions, gifts, grants, and similar amounts not included above$373,778
Noncash contributions included in lines 1a–1f $141,778
Total Revenue from Contributions, Gifts, Grants & Similar$756,260
Total Program Service Revenue$46,778
Investment income $35,010
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 $841,217

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Madisonville-Hopkins County Development Corporation has recieved totaling $5,000.

Awarding OrganizationAmount
J Rogers Badgett Sr Foundation Inc

Madisonville, KY

PURPOSE: TO BE USED IN EXEMPT PURPOSE

$5,000
View Grant Recipient Profile

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