Conway County Economic Development Corporation
- Assets
- $1.6m
- Revenue
- $220.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Morrilton, AR
- Founding
- 02/1974
- Data as of
- 12/2021
- EIN
- 71-0424896
Organization Overview
Conway County Economic Development Corporation is located in Morrilton, AR. The organization was established in 1974. According to its NTEE Classification (S30) the organization is classified as: Economic 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. Conway County Economic Development Corporation 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 12/2021, Conway County Economic Development Corporation generated $220.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (9.2%) each year. All expenses for the organization totaled $111.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (10.9%) per year over the past 6 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
PROVIDE GENERAL AND ADMINISTRATIVE SERVICES TO COMMUNITY IN THE PURSUIT OF NEW AND EXPANDING INDUSTRY. SPECIFIC INDUSTRIAL SERVICE IS PROVIDED IN PROSPECTING FOR NEW INDUSTRY THROUGH DIRECT CONTACT, MAIL CAMPAIGN, ADVERTISING AND TECHNICAL ASSISTANCE IN REGARD TO OBTAINING NEW INDUSTRIAL SITES AND DEVELOPMENT THEREOF.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION PROVIDES GENERAL AND ADMINISTRATIVE SERVICES TO THE COMMUNITY IN THE PURSUIT OF NEW AND EXPANDING INDUSTRY. SPECIFIC INDUSTRIAL SERVICE IS PROVIDED IN PROSPECTING FOR NEW INDUSTRY THROUGH DIRECT CONTACT MAIL CAMPAIGNS, ADVERTISING AND TECHNICAL ASSISTANCE IN REGARD TO OBTAINING NEW INDUSTRIAL SITES AND DEVELOPMENT THEREOF.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephanie Lipsmeyer Interim Dire | Officer | 20 | $0 |
Rich Moellers Director | Trustee | 0.5 | $0 |
Lee Green Director | Trustee | 0.5 | $0 |
Charles Penick Treasurer | Trustee | 0.5 | $0 |
Brandon Zinser Chairman | Trustee | 0.5 | $0 |
Allen Lipsmeyer Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $61,250 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $69,000 |
| Total Program Service Revenue | $115,650 |
| Investment income | $1,602 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $34,397 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,649 |
| 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 | $58,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,125 |
| 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 | $17,968 |
| Insurance | $0 |
| All other expenses | $1,434 |
| Total functional expenses | $111,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $401,410 |
| Savings and temporary cash investments | $402,961 |
| 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 | $6,916 |
| Net Land, buildings, and equipment | $810,885 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,622,172 |
| Accounts payable and accrued expenses | $20,000 |
| 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 | $20,000 |
| Net assets without donor restrictions | $1,602,172 |
| 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 | $1,622,172 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Arkansas Development Council Benton, AR | $22,711,775 | $63,852,394 |
Southern Mississippi Planning And Development District Inc Gulfport, MS | $44,385,657 | $33,837,059 |
Manned Space Flight Education Foundation Incorporated Houston, TX | $76,743,192 | $45,013,359 |
New Orleans & Company New Orleans, LA | $100,855,624 | $31,406,983 |
Mississippi County Arkansas Economic Opportunity Commission In Blytheville, AR | $4,387,153 | $19,452,667 |
Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Saisd Historic Preservation Corporation San Antonio, TX | $3,795,273 | $2,962,141 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |