Montrose Economic Development Council Inc
- Assets
- $509.6k
- Revenue
- $376.0k
- Investments
- $0.0
- Employees
- 2
- Location
- Montrose, CO
- Founding
- 08/1979
- Data as of
- 12/2021
- EIN
- 74-2041618
Organization Overview
Montrose Economic Development Council Inc is located in Montrose, CO. The organization was established in 1979. 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 12/2021, Montrose Economic Development Council Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montrose Economic Development Council Inc 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, Montrose Economic Development Council Inc generated $376.0k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $213.0k during the year ending 12/2021. 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
THE MISSION OF MEDC IS TO STRENGTHEN MONTROSE COUNTY'S ECONOMIC BASE AND INCREASE THE STANDARD OF LIVING FOR ALL OF ITS RESIDENTS THROUGH THE RETENTION, EXPANSION, ATTRACTION, AND DEVELOPMENT OF PRIMARY JOBS AND CAPITAL INVESTMENTS. THIS MISSION INCLUDES THE PROMOTION OF WORKFORCE ENHANCEMENT, AGRICULTURE ADVANCEMENT, AND OTHER BUSINESS DEVELOPMENT THAT PROVIDES ECONOMIC DIVERSIFICATION AND STABILIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT IN MONTROSE COUNTY, COLORADO INCLUDING ASSISTING IN RETAINING/EXPANDING EXISTING FIRMS AND HELPING BUSINESSES RELOCATE INTO THE AREA. INDIRECT BENEFIT TO ALL RESIDENTS OF COUNTY.
ACQUIRE AND DEVELOP SITES FOR INDUSTRIAL/COMMERCIAL USE AS AN AID TO RETAINING/EXPANDING EXISTING FIRMS AND HELPING BUSINESSES TO RELOCATE INTO THE AREA. INDIRECT BENEFIT TO ALL RESIDENTS OF COUNTY.
ACQUIRE AND DEVELOP INFRASTRUCTURE FOR INDUSTRIAL/COMMERCIAL USE AS AN AID TO RETAINING/EXPANDING EXISTING FIRMS AND HELPING BUSINESSES TO RELOCATE INTO THE AREA. INDIRECT BENEFIT TO ALL RESIDENTS OF COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandy Head Executive Director | Trustee | 40 | $80,000 |
Patricia Cummings Executive Assistant | Trustee | 40 | $45,760 |
Mike Kusar Chair | OfficerTrustee | 1 | $0 |
Mandy Miller Secretary | OfficerTrustee | 1 | $0 |
Doug Seacat Treasurer | OfficerTrustee | 1 | $0 |
Tyler Dahl Vice Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $106,600 |
| Fundraising events | $11,500 |
| Related organizations | $0 |
| Government grants | $81,298 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,217 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $200,615 |
| Total Program Service Revenue | $0 |
| Investment income | $2,580 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $177,635 |
| Net Income from Fundraising Events | -$4,839 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $375,991 |
| 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. | $125,760 |
| Compensation of current officers, directors, key employees. | $125,760 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,880 |
| Fees for services: Management | $1,300 |
| 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 | $0 |
| Advertising and promotion | $3,452 |
| Office expenses | $6,402 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,026 |
| 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 | $1,503 |
| Insurance | $19,870 |
| All other expenses | $60 |
| Total functional expenses | $213,008 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $134,478 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $180,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $191,100 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $509,578 |
| Accounts payable and accrued expenses | $2,355 |
| 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 | $100,380 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $102,735 |
| Net assets without donor restrictions | $0 |
| 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 | $406,843 |
| Total liabilities and net assets/fund balances | $509,578 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Entertainment & Omaha, NE | $158,635,208 | $95,451,675 |
Visit Salt Lake Salt Lake City, UT | $7,092,794 | $14,927,768 |
Greater Phoenix Convention & Visitors Bureau Phoenix, AZ | $19,191,750 | $16,242,591 |
Central Oklahoma Workforce Investment Board Inc Oklahoma City, OK | $3,420,947 | $10,316,235 |
Greater Phoenix Economic Council Phoenix, AZ | $6,926,984 | $7,545,492 |
Region 10 League For Economic Assistance & Planning Inc Montrose, CO | $16,331,779 | $8,034,942 |
Cplc Nevada Inc Phoenix, AZ | $8,204,824 | $6,300,794 |
Wichita Convention & Tourism Bureau Wichita, KS | $3,697,930 | $5,439,635 |
South Central Kansas Economic Development District Inc Sckedd Bel Aire, KS | $6,963,572 | $7,360,259 |
Omaha Economic Development Corp Omaha, NE | $18,549,776 | $6,962,293 |
I2e Inc Oklahoma City, OK | $27,869,803 | $5,344,576 |
Partnership For Economic Innovation Tempe, AZ | $1,809,665 | $4,093,737 |