Kings County Ecomomic Development Corp
- Assets
- $7.0m
- Revenue
- $404.8k
- Investments
- $0.0
- Employees
- 1
- Location
- Hanford, CA
- Founding
- 05/1978
- Data as of
- 06/2022
- EIN
- 94-2450438
Organization Overview
Kings County Ecomomic Development Corp is located in Hanford, CA. The organization was established in 1978. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kings County Ecomomic Development Corp is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Kings County Ecomomic Development Corp generated $404.8k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $213.4k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (6.5%) per year over the past 7 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
THE CORPORATION PROMOTES ECONOMIC DEVELOPMENT WITHIN KINGS COUNTY THROUGH PARTICIPATION WITH STATE AND FEDERAL PROGRAMS DESIGNED TO FINANCE BUSINESS FACILITIES AND COMMUNITY DEVELOPMENT PROJECTS IN RURAL AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION WORKS TO RETAIN REGIONAL EMPLOYERS, ASSISTING WITH ECONOMIC DEVELOPMENT AND MARKETING FOR LOCAL BUSINESS, SAVING LOCAL JOBS FOR THE LOCAL ECONOMY.
THE CORPORATION ASSISTS IN THE RELOCATION OF NEW BUSINESSES TO THE KINGS COUNTY AREA. IT ALSO ASSISTS SEVERAL BUSINESSES WITH EXPANSIONS, CREATING NEW JOBS IN THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lance Lippincott Prior CEO | Officer | 20 | $0 |
Cobi Revious CFO | Officer | 20 | $0 |
Tim Haydock Vice Chair | Trustee | 1 | $0 |
Dr Kristin Clark Chairman | Trustee | 1 | $0 |
Colby Wells Secretary | Trustee | 1 | $0 |
Jeanette Tackett Treasurer | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $36,250 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $169,237 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $207,987 |
| Total Program Service Revenue | $175,266 |
| Investment income | $3,102 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,422 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $404,777 |
| 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 | $41,813 |
| Pension plan accruals and contributions | $4,181 |
| Other employee benefits | $0 |
| Payroll taxes | $3,352 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,000 |
| Fees for services: Accounting | $13,605 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $2,570 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $138 |
| Insurance | $4,818 |
| All other expenses | -$70,918 |
| Total functional expenses | $213,400 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,003,307 |
| Savings and temporary cash investments | $2,885,544 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,743 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,062,390 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,782 |
| Net Land, buildings, and equipment | $27,003 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $48,384 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,039,153 |
| Accounts payable and accrued expenses | $1,632 |
| Grants payable | $0 |
| Deferred revenue | $17,500 |
| 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 | $200,143 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $219,275 |
| Net assets without donor restrictions | $1,022,100 |
| Net assets with donor restrictions | $5,797,778 |
| 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 | $7,039,153 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hawaii Community Lending Honolulu, HI | $8,660,806 | $18,228,333 |
Southern Arizona Land Trust Inc Tucson, AZ | $20,281,486 | $2,439,910 |
Door Of Faith Ministries Inc Salinas, CA | $315,718 | $1,297,630 |
Cobiz Richmond Inc Richmond, CA | $437,785 | $787,520 |
Community Agroecology Network Santa Cruz, CA | $2,331,013 | $676,339 |
Hopexchange Inc Scio, OR | $468,873 | $942,517 |
Northwest California Resource Conservation & Development Council Weaverville, CA | $188,582 | $512,558 |
Camptonville Community Partnership Camptonville, CA | $244,958 | $638,266 |
Food Roots Tillamook, OR | $436,936 | $587,342 |
North Shore Evp Waialua, HI | $31,467 | $0 |
Rebuild Superior Inc Superior, AZ | $211,956 | $326,542 |
Kings County Ecomomic Development Corp Hanford, CA | $7,039,153 | $404,777 |