Gallatin Development Corporation Inc
- Assets
- $11.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 15
- Location
- Bozeman, MT
- Founding
- 10/1986
- Data as of
- 12/2023
- EIN
- 81-0435350
Organization Overview
Gallatin Development Corporation Inc is located in Bozeman, MT. The organization was established in 1986. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Gallatin Development Corporation Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gallatin Development Corporation 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 12/2023, Gallatin Development Corporation Inc generated $1.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $1.3m during the year ending 12/2023. While expenses have increased by 8.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Gallatin Development Corporation Inc has awarded 45 individual grants totaling $967,459. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE AND INSPIRE DIVERSE ECONOMIES AND RESILIENT COMMUNITIES IN SOUTHWEST MONTANA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OTHER ECONOMIC DEVELOPMENT:WE COORDINATE AND APPLY FOR VARIOUS GRANTS ON BEHALF OF BUSINESSES AND LOCAL GOVERNMENTS TO SUPPORT ECONOMIC DEVELOPMENT JOB CREATION AND PLANNING PROJECTS, RURAL BUSINESS DEVELOPMENT GRANTS, AND OTHER FEDERAL, STATE AND PRIVATE GRANTS AWARDED FOR DIVERSE COMMUNITY AND ECONOMIC DEVELOPMENT.
MONTANA WOMEN'S BUSINESS CENTER:THE MONTANA WOMEN'S BUSINESS CENTER PROVIDES BUSINESS COUNSELING, TRAINING,NETWORKING, AND MENTORING SERVICES TO NASCENT AND ESTABLISHED WOMEN ENTREPRENEURS, ANUMBER OF WHOM ARE SOCIALLY AND/OR ECONOMICALLY DISADVANAGED. THE PROGRAM ISPARTIALLY FUNDED THROUGH A COOPERATIVE AGREEMENT WITH THE U.S. SMALL BUSINESSADMINISTRATION. THE SERVICES ARE AVAILABLE TO EVERYONE.
MEMBERSHIP AND EVENTS:MEMBERSHIP SERVICES INCLUDE A HOST OF NETWORKING, TRAINING, AND RESEARCH FUNCTIONS THAT ARE DESIGNED TO ADVANCE OUR MISSION. WE HOLD MORE THAN 20 FUNCTIONS PER YEAR, PLUS CREATE OUR OWN PUBLICATIONS AND MATERIALS DISTRIBUTION, ATTEND PUBLIC SPEAKING EVENTS AND MEDIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Reichert Executive Dir | Officer | 40 | $104,869 |
Carolyn Murray Finance Dir | Officer | 40 | $89,597 |
Stephanie Gray Director | Trustee | 1 | $0 |
Marley Mckenna Past President | OfficerTrustee | 1.5 | $0 |
Sky Cook President | OfficerTrustee | 1.5 | $0 |
Anna Johnson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $173,775 |
| Fundraising events | $18,650 |
| Related organizations | $0 |
| Government grants | $428,576 |
| All other contributions, gifts, grants, and similar amounts not included above | $167,219 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $788,220 |
| Total Program Service Revenue | $284,697 |
| Investment income | $369,871 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$3,083 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,492,955 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $70,056 |
| 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. | $194,466 |
| Compensation of current officers, directors, key employees. | $34,004 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $426,523 |
| Pension plan accruals and contributions | $16,896 |
| Other employee benefits | $64,053 |
| Payroll taxes | $49,435 |
| 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 | $143,433 |
| Advertising and promotion | $0 |
| Office expenses | $21,129 |
| Information technology | $38,170 |
| Royalties | $0 |
| Occupancy | $90,538 |
| Travel | $23,373 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,601 |
| Interest | $28,446 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,513 |
| Insurance | $8,892 |
| All other expenses | $301 |
| Total functional expenses | $1,308,234 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300,204 |
| Savings and temporary cash investments | $3,055,190 |
| Pledges and grants receivable | $140,237 |
| Accounts receivable, net | $17,774 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,567,648 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,927 |
| Net Land, buildings, and equipment | $116,245 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $458,068 |
| Total assets | $11,661,293 |
| Accounts payable and accrued expenses | $62,004 |
| Grants payable | $0 |
| Deferred revenue | $4,085 |
| 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 | $4,009,324 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,729,803 |
| Total liabilities | $10,805,216 |
| Net assets without donor restrictions | $856,077 |
| 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 | $11,661,293 |
Grants Awarded
Over the last fiscal year, Gallatin Development Corporation Inc has awarded $64,403 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BIG SKY EDA PURPOSE: ECONOMIC DEVELOPMENT | $9,400 |
MONTANA PHOTONICS INDUSTRY PURPOSE: ECONOMIC DEVELOPMENT | $36,150 |
OPTIMALABS INC PURPOSE: ECONOMIC DEVELOPMENT | $18,853 |