Red River Economic Development
- Assets
- $7.0k
- Revenue
- $63.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Lexington, KY
- Founding
- Data as of
- 12/2022
- EIN
- 83-3014705
Organization Overview
Red River Economic Development is located in Lexington, KY. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Red River Economic Development 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 12/2022, Red River Economic Development generated $63.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (50.4%) each year. All expenses for the organization totaled $57.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (50.9%) per year over the past 3 years. 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
TO PROMOTE THE ECONOMIC, CULTURAL, AND SOCIAL DEVELOPMENT OF EASTERN KENTUCKY
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S FOCUS IS DEDICATED TO CREATING AN ECONOMIC ANCHOR THROUGH A DESTINATION RESORT FOR TOURISM IN THE RED RIVER GORGE AREA OF EASTERN KENTUCKY, AN ECONOMICALLY-DEPRESSED REGION WITH AN ABUNDANCE OF NATURAL RESOURCES AND TOURISTS THAT ARE DRAWN TO THE AREA. THE ORGANIZATION IS CONDUCTING EXTENSIVE RESEARCH AND PLANNING WITH THE GORGE COMMUNITIES AND HAS PURCHASED AN OPTION ON 891 ACRES OF PROPERTY FOR A TARGET SITE FOR THE RESORT. THE ORGANIZATION IS WORKING TO FIND A DEVELOPER FOR THE CONSTRUCTION OF THE RESORT. THE ORGANIZATION WILL NOT RETAIN ANY OWNERSHIP IN THE RESORT OR CONDUCT OPERATION OF THE RESORT. THE ORGANIZATION'S MAIN GOAL IS TO PROMOTE THE AREA AND CREATE ECONOMIC OPPORTUNITIES FOR THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Judge Chuck Caudill Board Member | Trustee | 0.25 | $0 |
Mr Luther Deaton Board Member | Trustee | 0.25 | $0 |
Ms Jean R Hale Chair | Trustee | 0.25 | $0 |
Mr Bill Allen Board Member | Trustee | 0.25 | $0 |
Mr Allen Halsey Board Member | Trustee | 0.25 | $0 |
Judge Rick Stiltner Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $63,169 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $63,169 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $63,169 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,059 |
| Fees for services: Accounting | $3,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,355 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $865 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $3,228 |
| All other expenses | $0 |
| Total functional expenses | $57,531 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,044 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,044 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $7,044 |
| Total liabilities and net assets/fund balances | $7,044 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Brighton Park Neighborhood Council Chicago, IL | $4,048,275 | $8,262,492 |
Explore Branson Tourism Branson, MO | $1,396,845 | $7,616,014 |
Applied Research Institute Bloomington, IN | $3,329,526 | $9,074,163 |
Mhub Chicago, IL | $5,077,327 | $6,781,086 |
The Center For Kentucky Rural Economic Development Inc Somerset, KY | $52,726,644 | $7,680,890 |
Elevate Ventures Inc Indianapolis, IN | $13,635,821 | $6,541,390 |
Team Neo Foundation Cleveland, OH | $2,982,756 | $6,381,649 |
Greater Cincinnati Convention & Visitors Bureau Inc Cincinnati, OH | $12,063,911 | $8,787,781 |
Kentucky Highlands Investment Corporation London, KY | $130,461,604 | $9,285,837 |