Central Mississippi Development Company Inc
- Assets
- $1.1m
- Revenue
- $117.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Pearl, MS
- Founding
- 06/1983
- Data as of
- 09/2023
- EIN
- 64-0671015
Organization Overview
Central Mississippi Development Company Inc is located in Pearl, MS. The organization was established in 1983. According to its NTEE Classification (S43) the organization is classified as: Small Business 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. Central Mississippi Development Company Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2023, Central Mississippi Development Company Inc generated $117.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.3%) each year. All expenses for the organization totaled $166.2k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (4.6%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE A SOURCE OF LONG-TERM FINANCING FOR SMALL BUSINESS CONCERNS AND THEIR GROWTH, MODERNIZATION AND EXPANSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CENTRAL MISSISSIPPI DEVELOPMENT CO., INC. (CMDC) IS AUTHORIZED TO ISSUE BONDS. THE PROCEEDS FROM THE ISSUANCE OF BONDS ARE LOANED TO SMALL BUSINESSES TO FINANCE FIXED ASSETS. THE BONDS, WHICH ARE GUARANTEED BY THE SMALL BUSINESS ADMINISTRATION, ARE REPAID SOLELY FROM THE PROCEEDS OF THE PROMISSORY NOTES ISSUED. SINCE CMDC HAS NO PRIMARY OBLIGATION UNDER THE BONDS, THE AMOUNT OF THE BONDS OUTSTANDING IS NOT SHOWN ON THE FINANCIAL STATEMENTS. THE AMOUNT OF OUTSTANDING BONDS AND RELATED NOTES RECEIVABLE TOTALED APPROXIMATELY $13,648,000 AT SEPTEMBER 30, 2023. EXPENSES INCURRED DURING THE YEAR IN FURTHERANCE OF THIS PROGRAM SERVICE TOTALED $150,608.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
De'keither Stamps President | OfficerTrustee | 1 | $0 |
Jared Morrison Vice President | OfficerTrustee | 1 | $0 |
Frank Quinn Secretary/treasurer | OfficerTrustee | 1 | $0 |
David Starling Director | Trustee | 1 | $0 |
Johnny Donaldson Director | Trustee | 1 | $0 |
John Morgan Hughes Director | Trustee | 1 | $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 | $85,058 |
| Investment income | $32,298 |
| 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 | $117,356 |
| 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 | $404 |
| Fees for services: Accounting | $8,580 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $139,907 |
| Advertising and promotion | $0 |
| Office expenses | $8,331 |
| 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 | $6,574 |
| All other expenses | $0 |
| Total functional expenses | $166,166 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $1,129,153 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,129,253 |
| Accounts payable and accrued expenses | $11,988 |
| 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 | $11,988 |
| Net assets without donor restrictions | $1,117,265 |
| 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 | $1,129,253 |