Duncan Area Economic Development Foundation
- Assets
- $23.3m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 5
- Location
- Duncan, OK
- Founding
- 10/1998
- Data as of
- 12/2022
- EIN
- 73-0751819
Organization Overview
Duncan Area Economic Development Foundation is located in Duncan, OK. The organization was established in 1998. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Duncan Area Economic Development Foundation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Duncan Area Economic Development Foundation 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 12/2022, Duncan Area Economic Development Foundation generated $5.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $1.0m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (2.0%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CONTINUALLY INCREASE JOB OPPORTUNITIES AND THE DEVELOPMENT OF FAVORABLE BUSINESS CLIMATE AND WORKFORCE DEVELOPMENT PROGRAMS FOR THE BENEFIT OF THE COMMUNITY AND SURROUNDING AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INDUSTRY RECRUITMENT ACTIVITIES DESIGNED TO PROMOTE DUNCAN TO NEW AND RELOCATING OR EXPANDING INDUSTRIES FOR THE PURPOSE OF CREATING NEW EMPLOYMENT OPPORTUNITIES AND CARRYING OUT THE ORGANIZATION'S MISSION.
COMMUNITY WORKFORCE DEVELOPMENT INCLUDES LEARN HERE, EARN HERE BASED INITIATIVES TO ADDRESS WORKFORCE ISSUES IN THE COMMUNITY; INCLUDED ARE PERIODIC JOB FAIRS, CO2 ENGINEERING CONTEST TARGETED TOWARD MIDDLE AND HIGH SCHOOL STUDENTS, JOBS POSTING BOARD SOFTWARE, CONNECTING LOCAL MANUFACTURERS WITH PEER ORGANIZATION RESOURCES, AND SUPPORT FOR DUNCAN HIGH SCHOOL STUDENT INTERNSHIP PROGRAM. DURING 2022, FOUNDATION APPROVED A GRANT TO DUNCAN PUBLIC SCHOOLS SYSTEM IN SUPPORT OF PUBLIC EDUCATION, SPECIFICALLY THE AGRICULTURE EDUCATION PROGRAM.
LEASING ACTIVITIES TO PROVIDE INDUSTRIAL LOCATIONS FOR QUALIFYING BUSINESSES; ACTIVITY DESIGNED TO INCREASE INDUSTRY AND JOB OPPORTUNITIES BY ATTRACTING INDUSTRY TO THE AREA. RENTAL EXPENSES FOR 2021 WERE 1,147,427 AS PRESENTED IN PART VIII, LINE 6B.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lyle Roggow President | Officer | 40 | $185,154 |
Dennis Loafman Chairman | OfficerTrustee | 2 | $0 |
Rick Braught Vice Chairma | OfficerTrustee | 1 | $0 |
Kevin Stewart Secretary | OfficerTrustee | 1 | $0 |
Hal Labyer Treasurer | OfficerTrustee | 1 | $0 |
Bill Gossett Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $52,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,901,633 |
| 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 | $4,954,133 |
| Total Program Service Revenue | $0 |
| Investment income | $36,321 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $304,878 |
| 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 | $5,295,425 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $97,200 |
| 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. | $185,154 |
| Compensation of current officers, directors, key employees. | $9,258 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,447 |
| Pension plan accruals and contributions | $11,764 |
| Other employee benefits | $64,126 |
| Payroll taxes | $21,695 |
| 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 | $43,565 |
| Advertising and promotion | $0 |
| Office expenses | $10,461 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $25,200 |
| Travel | $33,692 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,773 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,500 |
| Insurance | $13,395 |
| All other expenses | $8,068 |
| Total functional expenses | $1,000,538 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,110 |
| Savings and temporary cash investments | $1,824,431 |
| Pledges and grants receivable | $461,673 |
| Accounts receivable, net | $43,626 |
| 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 | $3,462 |
| Net Land, buildings, and equipment | $19,358,944 |
| Investments—publicly traded securities | $1,366,427 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $138,297 |
| Total assets | $23,270,970 |
| Accounts payable and accrued expenses | $86,907 |
| Grants payable | $134,611 |
| Deferred revenue | $3,780 |
| 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 | $1,138,408 |
| Total liabilities | $1,363,706 |
| Net assets without donor restrictions | $12,591,175 |
| Net assets with donor restrictions | $9,316,089 |
| 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 | $23,270,970 |
Grants Awarded
Over the last fiscal year, Duncan Area Economic Development Foundation has awarded $125,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CHRISTIANS CONCERNED PURPOSE: PUBLIC FOOD PROGRAMS | $75,000 |
CHRISTIAN HELPING HANDS PURPOSE: PUBLIC FOOD PROGRAMS | $25,000 |
MARLOW SAMARITANS PURPOSE: PUBLIC FOOD PROGRAMS | $25,000 |