Green County Industrial Foundation Inc
- Assets
- $1.9m
- Revenue
- $63.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Greensburg, KY
- Founding
- 07/1947
- Data as of
- 12/2021
- EIN
- 61-6040745
The information for Green County Industrial Foundation Inc is as of the organization's most recent filing in December 2019. This organization is located in Greensburg, KY and has been in existence for 72 years, following its founding in 1947.
Organization Classification
The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.
The Green County Industrial Foundation Inc's NTEE code is B12. The "B" tells us that the organization is classified along with Fund Raising & Fund Distribution. The "12" tells us that the organization is an Education major classification. The NTEE describes Education major classification as organizations that raise and distribute funds for multiple organizations within the Education major group area.
Every organization is also governed by a specific section of the Internal Revenue Code. The most common type is a 501(c)(3) organization. However, there are actually 29 different types of organizations that are identified by the Internal Revenue Code. This organization happens to be a 501(c)(6) organization. The IRS describes these organizations as Business Leagues, Chambers of Commerce, or Real Estate Boards.
Program Areas
The organization is dedicated to sponsoring, aiding, assisting, and encouraging the expansion of existing industry and development of additional industry in Green Co., KY.
Board Governance
The Green County Industrial Foundation Inc is not well-governed, as evidenced by the information provided. With only three voting members, there is not enough representation for the organization. Furthermore, there are no independent members, which means there is no one to provide an unbiased perspective. Additionally, the organization does not have any policies in place to prevent potential conflicts of interest, nor do they have any policies in place to document board or committee meetings. Furthermore, the organization does not have any policies in place to substantiate and review leadership or officer salaries, nor do they provide copies of the 990 to the board prior to filing. All of these factors indicate that the Green County Industrial Foundation Inc is not well-governed.
Organization Growth
The Green County Industrial Foundation Inc has experienced growth over the given time period as evidenced by an increase in both total revenue and total expenses. Investment income also saw an increase over the same period which is likely a contributing factor.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Griffiths President | OfficerTrustee | 20 | $0 |
Bill Patterson Treasurer | OfficerTrustee | 10 | $0 |
Tom Noe Secretary | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $1,073 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $58,806 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $63,711 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,687 |
| All other expenses | $847 |
| Total functional expenses | $29,194 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $385,697 |
| Savings and temporary cash investments | $0 |
| 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 | $505,854 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,057,733 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,949,284 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,949,284 |
| 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 | $1,949,284 |
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