Industrial Development Board
- Assets
- $3.6m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 2
- Location
- Mckenzie, TN
- Founding
- 11/1991
- Data as of
- 06/2022
- EIN
- 62-1248814
Organization Overview
Industrial Development Board is located in Mckenzie, TN. The organization was established in 1991. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Industrial Development Board employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Industrial Development Board 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, Industrial Development Board generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 34.5% each year . All expenses for the organization totaled $406.0k during the year ending 06/2022. While expenses have increased by 9.0% 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
TO ATTRACT AND RETAIN INDUSTRIES IN THE MCKENZIE, TN AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ATTRACT AND RETAIN INDUSTRY
ATTRACT AND RETAIN INDUSTRY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith Priestley Secretary | OfficerTrustee | $0 | |
Gary Simmons Chairman | OfficerTrustee | $0 | |
Joel Washburn Co-Chairman | OfficerTrustee | $0 | |
Letha Basford Director | Trustee | $0 | |
Dennis Coleman Director | Trustee | $0 | |
Terry Howell Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,290,000 |
| Noncash contributions included in lines 1a–1f | $1,290,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,301,000 |
| Total Program Service Revenue | $0 |
| Investment income | $16,314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $158,794 |
| Net Gain/Loss on Asset Sales | $163,656 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,645,711 |
| 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 | $54,820 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,238 |
| 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 | $778 |
| Fees for services: Other | $1,562 |
| Advertising and promotion | $6,778 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $40,077 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,755 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,260 |
| Insurance | $0 |
| All other expenses | $27,969 |
| Total functional expenses | $406,048 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50 |
| Savings and temporary cash investments | $1,360,882 |
| 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 | $850,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,125,651 |
| Investments—publicly traded securities | $261,233 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,274 |
| Total assets | $3,609,090 |
| Accounts payable and accrued expenses | $3,750 |
| 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 | $8,506 |
| Total liabilities | $12,256 |
| Net assets without donor restrictions | $3,596,834 |
| 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 | $3,609,090 |
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