Ravalli County Economic Development Authority
- Assets
- $5.8m
- Revenue
- $383.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Hamilton, MT
- Founding
- 07/1998
- Data as of
- 06/2023
- 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 06/2023, Ravalli County Economic Development Authority employed 5 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 06/2023, Ravalli County Economic Development Authority generated $383.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (11.5%) each year. All expenses for the organization totaled $349.4k during the year ending 06/2023. 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
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 | $56,112 |
Robert Whalen Chair | OfficerTrustee | 1.5 | $0 |
Michael Bradt Vice Chair | OfficerTrustee | 0.8 | $0 |
Doug Davis Treasurer | OfficerTrustee | 0.8 | $0 |
Wayne Rusk 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 | $142,471 |
| All other contributions, gifts, grants, and similar amounts not included above | $44,870 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $187,341 |
| Total Program Service Revenue | $185,871 |
| Investment income | $10,132 |
| 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 | $383,902 |
| 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. | $58,192 |
| Compensation of current officers, directors, key employees. | $11,638 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $90,442 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,495 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,293 |
| Advertising and promotion | $0 |
| Office expenses | $3,213 |
| Information technology | $225 |
| Royalties | $0 |
| Occupancy | $35,922 |
| Travel | $4,667 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,935 |
| Interest | $12,151 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $62,795 |
| Insurance | $0 |
| All other expenses | -$13,637 |
| Total functional expenses | $349,359 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $146,373 |
| Savings and temporary cash investments | $1,504,747 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,721 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,031,363 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,643,574 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $433,981 |
| Total assets | $5,774,759 |
| Accounts payable and accrued expenses | $7,921 |
| Grants payable | $0 |
| Deferred revenue | $2,608 |
| 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 | $841,793 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $543 |
| Total liabilities | $852,865 |
| Net assets without donor restrictions | $115,673 |
| Net assets with donor restrictions | $4,806,221 |
| 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 | $5,774,759 |