Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $807,839

• 1f · All other contributions, gifts and grants

  $432,069

• 2a · Program service revenue: ECONOMIC DEVELOPMENT

  total $681,969 · related or exempt $681,969

• 11a · Other revenue: OTHER REVENUE

  total $1,735,800 · related or exempt $1,735,800

• 11e · Other revenue, total

  $1,735,800

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $640,465 · program services $618,583 · management and general $21,882

• 9 · Other employee benefits

  total $47,485 · program services $45,863 · management and general $1,622

• 10 · Payroll taxes

  total $49,045 · program services $47,369 · management and general $1,676

• 11b · Fees: legal

  total $1,733 · program services $1,439 · management and general $294

• 11c · Fees: accounting

  total $146,192 · program services $121,417 · management and general $24,775

• 11g · Fees: other

  total $385,467 · program services $320,127 · management and general $65,340

• 12 · Advertising and promotion

  total $2,411 · program services $2,002 · management and general $409

• 13 · Office expenses

  total $56,862 · program services $47,224 · management and general $9,638

• 14 · Information technology

  total $1,345 · program services $1,117 · management and general $228

• 16 · Occupancy

  total $522,776 · program services $434,165 · management and general $88,611

• 17 · Travel

  total $4,905 · program services $4,074 · management and general $831

• 20 · Interest

  total $1,381,370 · program services $1,147,228 · management and general $234,142

• 22 · Depreciation, depletion and amortization

  total $308,700 · program services $256,375 · management and general $52,325

• 23 · Insurance

  total $109,020 · program services $90,541 · management and general $18,479

• 24a · Other expenses: MEMBERSHIPS, PERIODICAL

  total $74,358 · program services $61,754 · management and general $12,604

• 24b · Other expenses: BAD DEBTS

  total $51,356 · management and general $51,356

• 24c · Other expenses: MISCELLANEOUS EXPENSES

  total $35,850 · program services $29,773 · management and general $6,077

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,567,041 · end of year $1,016,816

• 2 · Savings and temporary cash investments

  beginning of year $117,562 · end of year $17,709

• 3 · Pledges and grants receivable

  beginning of year $1,219,002 · end of year $762,424

• 4 · Accounts receivable

  beginning of year $450,772 · end of year $454,686

• 7 · Other notes and loans receivable

  end of year $200,600

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,143 · end of year $0

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

  $26,897,997

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

  $3,000,994

• 10c · Land, buildings and equipment, net

  beginning of year $23,788,474 · end of year $23,897,003

• 12 · Investments: other securities

  beginning of year $644,440 · end of year $644,440

• 17 · Accounts payable and accrued expenses

  beginning of year $179,660 · end of year $63,697

• 23 · Secured mortgages and notes payable

  beginning of year $15,982,925 · end of year $14,470,468

• 25 · Other liabilities

  beginning of year $4,240,824 · end of year $5,228,152

• 27 · Net assets without donor restrictions

  beginning of year $7,393,025 · end of year $7,231,361

The filer's explanations (Part III)

PART I, LINE 3

ALL SENIOR MANAGEMENT COMPENSATION IS PAID THROUGH A RELATED ORGANIZATION. VOLUNTEER BOARD MEMBERS WHO ARE INDEPENDENT EVALUATE THE SENIOR MANAGEMENT'S COMPENSATION AS REQUIRED. MANY BOARD MEMBERS SIT ON VARIOUS BOARDS AND ARE FAMILIAR WITH FAIR COMPENSATION FOR A NON-PROFIT EXECUTIVE AND IT IS MODERATE TO LOW. ALL COMPENSATION IS EVALUATED BY MANAGEMENT AND THE FINANCE COMMITTEE.