Northwest Tennessee Economic Development Council
- Assets
- $3.4m
- Revenue
- $20.9m
- Investments
- $0.0
- Employees
- 316
- Location
- Dresden, TN
- Founding
- 04/1968
- Data as of
- 06/2022
- EIN
- 62-0729622
Organization Overview
Northwest Tennessee Economic Development Council is located in Dresden, TN. The organization was established in 1968. 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. As of 06/2022, Northwest Tennessee Economic Development Council employed 316 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northwest Tennessee Economic Development Council 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 06/2022, Northwest Tennessee Economic Development Council generated $20.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $20.5m during the year ending 06/2022. While expenses have increased by 3.9% per year over the past 7 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
COMMUNITY BASED ORGANIZATION CREATED FOR THE PURPOSE OF HELPING TO ELIMINATE POVERTY THROUGH COMMUNITY ACTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHILD EDUCATION-PROGRAM DESIGNED TO PROVIDE HEAD START SERVICES TO ECOMONICALLY DISADVANTAGED CHILDREN
FOOD/COMMODITIES DISTRIBUTION. ELIMINATION OF POVERTY
LOW INCOME ENERGY ASSISTANCE- PROGRAM PROVIDES WEATHERIZATION SERVICES TO LOW INCOME PARTICIPANTS.
COMMUNITY SERVICES- PROGRAM PROVIDES COMMUNITY DEVELOPMENT SERVICES TO ELIGIBLE PARTICIPANTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rakaya Humphreys Headstart Di | Officer | 40 | $91,370 |
Tracy Webb Facilities A | Officer | 40 | $77,108 |
Mitzi Gilliam Education Ma | Officer | 40 | $76,941 |
Michael White It Administr | Officer | 40 | $76,370 |
Cheryl Oglesby-Townes Ex. Director | Officer | 38 | $76,547 |
See Attached See Attached | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $20,948,042 |
| 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 | $20,948,042 |
| Total Program Service Revenue | $18,665 |
| Investment income | $140 |
| 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 | $20,881,708 |
| 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 | $6,423,409 |
| 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 | $5,923,048 |
| Pension plan accruals and contributions | $492,469 |
| Other employee benefits | $1,681,344 |
| Payroll taxes | $451,570 |
| 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 | $726,797 |
| Advertising and promotion | $0 |
| Office expenses | $170,471 |
| Information technology | $323,142 |
| Royalties | $0 |
| Occupancy | $1,093,584 |
| Travel | $215,529 |
| 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 | $340,686 |
| Insurance | $0 |
| All other expenses | -$868,240 |
| Total functional expenses | $20,479,236 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,520 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $723,485 |
| Accounts receivable, net | $60,669 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $112,479 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,193,940 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $274,735 |
| Total assets | $3,409,828 |
| Accounts payable and accrued expenses | $596,265 |
| 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 | $773,086 |
| Total liabilities | $1,369,351 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | -$153,463 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,193,940 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,409,828 |