Anderson County Economic Development Association
- Assets
- $239.3k
- Revenue
- $190.3k
- Investments
- $0.0
- Employees
- 1
- Location
- Clinton, TN
- Founding
- 01/1991
- Data as of
- 06/2021
- EIN
- 62-0718526
Organization Overview
Anderson County Economic Development Association is located in Clinton, TN. The organization was established in 1991. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Anderson County Economic Development Association 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 06/2021, Anderson County Economic Development Association generated $190.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (17.2%) each year. All expenses for the organization totaled $163.6k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (18.8%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
INDUSTRIAL DEVELOPMENT PROSPECTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS ENGAGED DURING THE YEAR IN MARKETING THE COMMUNITY TO PROVIDE INDUSTRIAL PROSPECTS FOR THE PURPOSE OF GENERATING PRIVATE CAPITAL INVESTMENTS BROADENING LOCAL TAX BASE AND THE GENERATION OF NEW AND ADDITIONAL JOB OPPORTUNITIES FOR LOCAL RESIDENTS. IN ADDITION THE ORGANIZATION COORDINATES ALL ACTIVITIES RELATED TO FEDERAL LOANS AND GRANTS AS WELL AS PRIVATE BOND ISSUES DIRECTLY RELATED TO INDIVIDUAL INDUSTRIAL SITE DEVELOPMENTS AND FOR THE LARGER TRACTS OF LAND TO BE UTILIZED AS INDUSTRIAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James A Wallace President | Officer | 40 | $0 |
Greg Fay Chairman | Officer | 1 | $0 |
Rick Chinn Treasurer | Officer | 1 | $0 |
Jerry Shattuck Vice Chairman | Officer | 1 | $0 |
Mayor Tim Sharpe Board Member | Trustee | 1 | $0 |
Michael Foster Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $189,950 |
| Investment income | $159 |
| 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 | $190,313 |
| 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. | $92,520 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,000 |
| Pension plan accruals and contributions | $7,977 |
| Other employee benefits | $1,648 |
| Payroll taxes | $8,080 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,664 |
| Advertising and promotion | $705 |
| Office expenses | $3,312 |
| Information technology | $1,280 |
| Royalties | $0 |
| Occupancy | $12,637 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,359 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,265 |
| All other expenses | $0 |
| Total functional expenses | $163,629 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $105,960 |
| Savings and temporary cash investments | $133,294 |
| 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 | $239,254 |
| Accounts payable and accrued expenses | $393 |
| 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 | $393 |
| Net assets without donor restrictions | $0 |
| 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 | $238,861 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Three Rivers Planning & Development District Pontotoc, MS | $48,398,868 | $43,682,575 |
Christian Community Development Corporation Inc Memphis, TN | $275,024,548 | $28,566,509 |
Csra Economic Opportunity Authority Inc Augusta, GA | $4,657,645 | $27,091,304 |
Crawford Sebastian Community Development Council Inc Fort Smith, AR | $10,081,488 | $25,336,007 |
Neighborhood Improvement Project Inc Augusta, GA | $12,770,161 | $24,738,698 |
Hope Enterprise Corporation Jackson, MS | $150,349,143 | $24,959,106 |
Action Pact Inc Waycross, GA | $10,194,672 | $25,026,911 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Upper East Tennessee Human Development Agency Kingsport, TN | $7,143,102 | $23,146,809 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Hampton Roads Community Action Program Inc Newport News, VA | $4,977,691 | $24,100,051 |
Northwest Tennessee Economic Development Council Dresden, TN | $2,980,191 | $21,895,121 |