Mmrc Regional Industrial Development Authority Inc
- Assets
- $9.9m
- Revenue
- $476.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Morehead, KY
- Founding
- 03/2000
- Data as of
- 06/2022
- EIN
- 61-1322607
Organization Overview
Mmrc Regional Industrial Development Authority Inc is located in Morehead, KY. The organization was established in 2000. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, 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. Mmrc Regional Industrial Development Authority 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, Mmrc Regional Industrial Development Authority Inc generated $476.3k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.5% each year . All expenses for the organization totaled $499.2k during the year ending 06/2022. While expenses have increased by 0.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ACT AS AN INDEPENDENT AGENCY AND INSTRUMENTALITY AND CONSTITUTED AUTHORITY OF COUNTIES OF MENIFEE, MORGAN, ROWAN AND CRATER IN THE ACQUISITION FINANCING AND DEVELOPMENT OF THE REGIONAL INDUSTRIAL PARK
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACT AS AN INDEPENDENT AGENCY AND INSTRUMENTALITY AND CONSTITUTED AUTHORITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Trent Hamilton Director | Trustee | $0 | |
Jack Howard Director | Trustee | $0 | |
Jason Sloan Director | OfficerTrustee | $0 | |
Sid Stewart Director | Trustee | $0 | |
Mike Helton President | Officer | $0 | |
Debbie Little Vice Preside | Officer | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $453,212 |
| Investment income | $23,137 |
| 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 | $476,349 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $675 |
| Fees for services: Accounting | $5,875 |
| 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 | $0 |
| Royalties | $0 |
| Occupancy | $6,130 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $207,360 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $162,925 |
| Insurance | $499 |
| All other expenses | $0 |
| Total functional expenses | $499,217 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $671,496 |
| Savings and temporary cash investments | $748,637 |
| Pledges and grants receivable | $316,000 |
| 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 | $2,354,123 |
| 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 | $9,870,893 |
| Accounts payable and accrued expenses | $11,638 |
| 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 | $6,301,529 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,313,167 |
| Net assets without donor restrictions | $3,486,926 |
| Net assets with donor restrictions | $70,800 |
| 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 | $3,557,726 |