Ravalli County Economic Development Authority
- Assets
- $5.8m
- Revenue
- $264.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Hamilton, MT
- Founding
- 07/1998
- Data as of
- 06/2022
- EIN
- 81-0515595
Organization Overview
Ravalli County Economic Development Authority is located in Hamilton, MT. The organization was established in 1998. 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 06/2022, Ravalli County Economic Development Authority employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ravalli County Economic Development Authority 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 06/2022, Ravalli County Economic Development Authority generated $264.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (17.5%) each year. All expenses for the organization totaled $230.5k during the year ending 06/2022. 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
PROVIDE ECONOMIC ASSISTANCE TO LOCAL BUSINESS AND ENTREPRENEURS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSIST BUSINESSES IN SECURING FINANCING THAT CAN HELP DEVELOP INFRASTRUCTURE, SUPPORT GROWTH OF EXISTING COMPANIES, NURTURE NEW COMPANY FORMATION, AND WORK TO EXPAND EARLY-STAGE BUSINESS CAPITAL RESOURCES FOR YOUNG COMPANIES.
OPERATE BUSINESS INCUBATOR AND PROVIDE ENTREPRENEURIAL SUPPORT SERVICES AND HELP CREATE THE INFRASTRUCTURE FOR A "KNOWLEDGE-BASED ECONOMY".
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie Foster Executive Director | Officer | 40 | $53,373 |
Robert Whalen Chair | OfficerTrustee | 1.5 | $0 |
Doug Davis Treasurer | OfficerTrustee | 0.8 | $0 |
Michael Bradt Vice Chair | OfficerTrustee | 0.8 | $0 |
Karen Mahar Commissioner | Trustee | 0.5 | $0 |
Jamie Tadvick Commissioner | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $74,575 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,350 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $86,925 |
| Total Program Service Revenue | $170,626 |
| Investment income | $6,430 |
| 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 | $263,981 |
| 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. | $54,580 |
| Compensation of current officers, directors, key employees. | $10,916 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,538 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $7,422 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $48,555 |
| Advertising and promotion | $0 |
| Office expenses | $3,969 |
| Information technology | $50 |
| Royalties | $0 |
| Occupancy | $28,579 |
| Travel | $539 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $396 |
| Interest | $12,803 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,469 |
| Insurance | $0 |
| All other expenses | -$54,920 |
| Total functional expenses | $230,500 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $109,885 |
| Savings and temporary cash investments | $1,279,857 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,450 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,244,647 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,706,370 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $429,645 |
| Total assets | $5,790,854 |
| Accounts payable and accrued expenses | $8,680 |
| 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 | $890,300 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,523 |
| Total liabilities | $903,503 |
| Net assets without donor restrictions | $99,288 |
| Net assets with donor restrictions | $4,788,063 |
| 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 | $5,790,854 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Ravalli County Economic Development Authority has recieved totaling $17,238.
| Awarding Organization | Amount |
|---|---|
Gallatin Development Corporation Inc Bozeman, MT PURPOSE: ECONOMIC DEVELOPMENT | $10,738 |
Montana Community Foundation Inc Helena, MT PURPOSE: COVID-19 RELIEF | $6,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |
Glacier Country Regional Tourism Commission Inc Missoula, MT | $1,843,193 | $3,815,172 |
South Segment Community Development Corporation Halliday, ND | $18,333,660 | $2,595,332 |
Fargo Moorhead Convention & Visitors Bureau Inc Fargo, ND | $3,704,311 | $2,547,498 |
Four Bands Community Fund Inc Eagle Butte, SD | $19,022,561 | $5,647,220 |
Emerging Prairie Fargo, ND | $1,252,984 | $1,382,080 |
Lake County Community Development Corporation Ronan, MT | $8,061,823 | $2,376,944 |
Big Sky Economic Development Corporation Billings, MT | $3,059,757 | $1,982,472 |
Dakota Business Lending Fargo, ND | $6,874,323 | $2,297,592 |
Bear Paw Development Corp Of North Montana Hill County Courthouse Havre, MT | $10,546,975 | $3,629,842 |
Capital Matrix Inc Boise, ID | $3,302,883 | $1,706,997 |