Hempstead County Economic Development Corporation
- Assets
- $675.0k
- Revenue
- $214.6k
- Investments
- $0.0
- Employees
- 2
- Location
- Hope, AR
- Founding
- 03/1987
- Data as of
- 12/2023
- EIN
- 71-0638559
Organization Overview
Hempstead County Economic Development Corporation is located in Hope, AR. The organization was established in 1987. 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. As of 12/2023, Hempstead County Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hempstead 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 12/2023, Hempstead County Economic Development Corporation generated $214.6k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $169.0k during the year ending 12/2023. 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
INDUSTRIAL & ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE INDUSTRIAL DEVELOPMENT BY RECRUITING, PROCURING, MAINTAINING, AND EXPANDING INDUSTRIAL AND COMMERCIAL DEVELOPMENT THROUGHOUT HEMPSTEAD COUNTY, ARKANSAS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anna Powell Executive Director | 40 | $75,683 | |
Lester Sitzes III Chairman | OfficerTrustee | 5 | $0 |
Steve Montgomery Director | Trustee | 0 | $0 |
Mark Ross Director | Trustee | 0 | $0 |
Ed Darling Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $203,526 |
| 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 | $203,526 |
| Total Program Service Revenue | $0 |
| Investment income | $11,119 |
| 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 | $214,645 |
| 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. | $75,683 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,106 |
| Pension plan accruals and contributions | $10,777 |
| Other employee benefits | $10,381 |
| Payroll taxes | $6,578 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,925 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,586 |
| Advertising and promotion | $3,541 |
| Office expenses | $7,588 |
| Information technology | $1,002 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,900 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,649 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,308 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $169,031 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $70,180 |
| Savings and temporary cash investments | $442,258 |
| 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 | $3,974 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $997 |
| Other assets | $157,544 |
| Total assets | $674,953 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $674,953 |
| 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 | $674,953 |