Lemhi County Economic Development Corporation
- Assets
- $408.9k
- Revenue
- $806.5k
- Investments
- $0.0
- Employees
- 13
- Location
- Salmon, ID
- Founding
- 06/2004
- Data as of
- 12/2021
- EIN
- 81-0641530
Organization Overview
Lemhi County Economic Development Corporation is located in Salmon, ID. The organization was established in 2004. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Lemhi County Economic Development Corporation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lemhi County Economic Development Corporation 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 12/2021, Lemhi County Economic Development Corporation generated $806.5k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $813.3k during the year ending 12/2021. While expenses have increased by 11.9% per year over the past 7 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT TO FOSTER NEW, PLUS RETAIN AND EXPAND EXISTING, BUSINESSES THUS ENHANCING WELL-BEING AND QUALITY OF LIFE FOR AREA RESIDENTS INCLUDING RESEARCH, GUIDANCE AND PROGRAMS FOR ECONOMIC GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY DEVELOPMENT - INFRASTRUCTURE IMPROVEMENT INCLUDING TRANSPORTATION, BROADBAND, AND TOURISM. AREA NON-PROFIT FACILITATION AND COORDINATION.
ECONOMIC DEVELOPMENT - BUSINESS STARTUP, INCUBATION, TECHNICAL ASSISTANCE, MANAGEMENT SKILLS SUPPORTING A DIVERSE AND SUSTAINABLE ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Proksch Treasurer | Officer | 1 | $0 |
Fred Waidley Chairman | Officer | 1 | $0 |
Esther England Vice Chairman | Officer | 1 | $0 |
Brett Barsalou Director | Trustee | 1 | $0 |
Leo Marshall Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,897 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $184,127 |
| All other contributions, gifts, grants, and similar amounts not included above | $399,766 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $585,790 |
| Total Program Service Revenue | $63,122 |
| Investment income | $189 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $110,410 |
| 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 | $806,548 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $200,509 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $17,749 |
| 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 | $0 |
| Advertising and promotion | $27,628 |
| Office expenses | $6,667 |
| Information technology | $1,654 |
| Royalties | $0 |
| Occupancy | $45,830 |
| Travel | $7,404 |
| 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 | $425,817 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $12,110 |
| All other expenses | $5,264 |
| Total functional expenses | $813,299 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $345,561 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,453 |
| 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 | $0 |
| Net Land, buildings, and equipment | $48,866 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $408,880 |
| Accounts payable and accrued expenses | $1,193 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,639 |
| Total liabilities | $16,832 |
| 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 | $392,048 |
| Total liabilities and net assets/fund balances | $408,880 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lemhi County Economic Development Corporation has recieved totaling $19.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $19 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Western Organization Of Resource Billings, MT | $7,655,474 | $9,479,621 |
Dubois Community Project Inc Dubois, WY | $25,993 | $2,941 |
New West Community Capital Inc Boise, ID | $45,251,574 | $3,085,847 |
Alliance 2005 Omak, WA | $220,258 | $1,289,298 |
Lemhi County Economic Development Corporation Salmon, ID | $408,880 | $806,548 |
Hopexchange Inc Scio, OR | $468,873 | $942,517 |
The Blessing Projects Moran, WY | $225,465 | $598,592 |
Montana Cooperative Development Center Inc Great Falls, MT | $357,457 | $497,645 |
Food Roots Tillamook, OR | $436,936 | $587,342 |
Strongertowns Port Townsend, WA | $246,235 | $422,479 |
Epicenter Greenriver, UT | $185,562 | $321,200 |
Iaf Northwest Seattle, WA | $144,672 | $327,249 |