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Nonprofiteer
← CONWAY DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by CONWAY DEVELOPMENT CORPORATION.

Totals

Total revenue
$2,436,864
Total expenses
$2,501,725
Contributions and grants received
$118,000
Grants paid
$0
Program service revenue
$630,746
Investment income
$805,093
Other revenue
$883,025
Total assets, end of year
$31,676,136
Total liabilities, end of year
$11,965,805
Net assets or fund balances, end of year
$19,710,331
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $118,000

  • 2a · Program service revenue: CHAMBER AGREEMENT

    total $250,000 · related or exempt $250,000

  • 2b · Program service revenue: HP INCOME

    total $214,689 · related or exempt $214,689

  • 2c · Program service revenue: ECONOMIC DEVELOPMENT MGMT SVC

    total $100,000 · related or exempt $100,000

  • 2d · Program service revenue: MANAGEMENT FEE

    total $47,000 · related or exempt $47,000

  • 2e · Program service revenue: GAINWELL PROJECT REVENUE

    total $19,057 · related or exempt $19,057

  • 3 · Investment income

    total $286,088 · excluded $286,088

  • 6a · Gross rents

    real property $1,907,727

  • 6b · Less rental expenses

    real property $1,030,177

  • 6c · Rental income or loss

    real property $877,550

  • 6d · Net rental income or loss

    total $877,550 · related or exempt $877,550

  • 7a · Gross sales of assets other than inventory

    other assets $1,150,000

  • 7b · Less cost or other basis and sales expenses

    other assets $630,995

  • 7c · Gain or loss

    other assets $519,005

  • 7d · Net gain or loss

    total $519,005 · excluded $519,005

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $5,475 · related or exempt $5,475

  • 11e · Other revenue, total

    $5,475

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $763,336

  • 11b · Fees: legal

    total $31,253

  • 12 · Advertising and promotion

    total $25,998

  • 13 · Office expenses

    total $123,485

  • 16 · Occupancy

    total $14,994

  • 17 · Travel

    total $52,915

  • 22 · Depreciation, depletion and amortization

    total $33,296

  • 23 · Insurance

    total $84,861

  • 24a · Other expenses: HP EXPENSES

    total $1,172,014

  • 24b · Other expenses: LAKE CONWAY STUDY

    total $87,586

  • 24c · Other expenses: MEADOWS EXPENSE

    total $38,349

  • 24d · Other expenses: MEMBERSHIP AND STAFF DE

    total $23,379

  • 24e · All other expenses

    total $50,259

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,390,944 · end of year $2,434,344

  • 2 · Savings and temporary cash investments

    beginning of year $5,186,456 · end of year $3,591,941

  • 4 · Accounts receivable

    beginning of year $175,846 · end of year $43,542

  • 10a · Land, buildings and equipment: cost or other basis

    $36,832,184

  • 10b · Land, buildings and equipment: accumulated depreciation

    $11,225,875

  • 10c · Land, buildings and equipment, net

    beginning of year $26,472,252 · end of year $25,606,309

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,609,618 · end of year $125,549

  • 19 · Deferred revenue

    beginning of year $150,875 · end of year $105,998

  • 23 · Secured mortgages and notes payable

    beginning of year $12,587,109 · end of year $11,734,258

  • 27 · Net assets without donor restrictions

    beginning of year $17,191,893 · end of year $19,710,331

  • 28 · Net assets with donor restrictions

    beginning of year $2,686,003 · end of year $0

Mission and programs · 2024

Mission

ENHANCE INDUSTRY OPPORTUNITIES IN CONWAY, AR THROUGH ECONOMIC DEVELOPMENT

  • THE CONWAY DEVELOPMENT CORPORATION RESPONDED TO SITE SELECTION AND EXPANSION REQUESTS MONTHLY ON BEHALF OF THE CITY OF CONWAY AND FAULKNER COUNTY. THE CDC MANAGED ITS LAND PORTFOLIO AND ASSETS FOR THE BENEFITS OF THE COMMUNITY AND FUTURE ECONOMIC DEVELOPMENT OPPORTUNITIES. CDC STAFF REPRESENTED THE ORGANIZATION AND COMMUNITY IN A NUMBER OF SETTINGS FACILITATING ECONOMIC GROWTH FOR CONWAY AREA RESIDENTS.

As filed on the 2024 return.

Listed in Part VII

  • Brad Lacy

    SECRETARY/TREASURER

    Total calculated
    $328,250
    From this org
    $320,811
    From related orgs
    $0
    Other
    $7,439
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,043
    Bonus
    $107,500
    Other
    $3,268
    Deferred
    $0
    Nontaxable benefits
    $7,439
    Filer's total
    $328,250

  • John-Lewis J Gates

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $248,201
    From this org
    $240,762
    From related orgs
    $0
    Other
    $7,439
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,880
    Bonus
    $69,000
    Other
    $882
    Deferred
    $0
    Nontaxable benefits
    $7,439
    Filer's total
    $248,201

  • Laura Grimes

    CHIEF FINANCIAL OFFICER

    Total calculated
    $168,342
    From this org
    $160,903
    From related orgs
    $0
    Other
    $7,439
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,687
    Bonus
    $32,000
    Other
    $2,216
    Deferred
    $0
    Nontaxable benefits
    $7,439
    Filer's total
    $168,342

  • Corey Parks

    CHIEF ECONOMIC DEVELOPMENT OFFICER

    Total calculated
    $162,797
    From this org
    $155,358
    From related orgs
    $0
    Other
    $7,439
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,633
    Bonus
    $28,000
    Other
    $2,725
    Deferred
    $0
    Nontaxable benefits
    $7,439
    Filer's total
    $162,797

  • Bill Adkisson

    PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • Jerry Adams

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    10

  • Brad Hegeman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Bret Carroll

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Bunny Adcock

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Dr Houston Davis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Drew Gainor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Eddie Glover

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Bart Castleberry

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Jeff Standridge

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Jim Rankin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Johnny Adams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Karen Garrett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Mark Ferguson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Mary Ward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Ronnie Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Scotty Bell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE ORGANIZATION PROVIDES GYM MEMMBERSHIP AS A FRINGE BENEFIT FOR THE CEO.
PART I, LINE 1B
THERE IS NO WRITTEN POLICY REGARDING THIS FRINGE BENEFIT BUT THE BOARD OF DIRECTORS HAS APPROVED IT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
2 September 2026
IRS schema version
2024v5.5
Source object
202622479349301137

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