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Nonprofiteer
← LAWRENCE ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by LAWRENCE ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$5,284,486
Total expenses
$5,128,103
Contributions and grants received
$782,353
Grants paid
$0
Program service revenue
$308,641
Investment income
$694,980
Other revenue
$3,498,512
Total assets, end of year
$65,043,975
Total liabilities, end of year
$13,781,410
Net assets or fund balances, end of year
$51,262,565
Program services expenses (Part IX)
$922,400
Management and general expenses
$4,205,703
Fundraising expenses
$0
Program service expenses (Part III)
$922,400

Program services were 18.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $709,463

  • 1f · All other contributions, gifts and grants

    $72,890

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Motel Tax

    total $205,638 · related or exempt $205,638 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Program Service Income

    total $103,003 · related or exempt $103,003 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $46,011 · related or exempt $0 · unrelated business $0 · excluded $46,011

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $2,910,718 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $2,910,718 · personal property $0

  • 6d · Net rental income or loss

    total $2,910,718 · related or exempt $2,910,718 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $648,969

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $648,969

  • 7d · Net gain or loss

    total $648,969 · related or exempt $648,969 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11a · Other revenue: Miscellaneous Income

    total $587,794 · related or exempt $587,794 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $587,794

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $533,185 · program services $289,802 · management and general $243,383 · fundraising $0

  • 7 · Other salaries and wages

    total $612,600 · program services $416,745 · management and general $195,855 · fundraising $0

  • 11b · Fees: legal

    total $27,917 · program services $0 · management and general $27,917 · fundraising $0

  • 11c · Fees: accounting

    total $32,038 · program services $0 · management and general $32,038 · fundraising $0

  • 12 · Advertising and promotion

    total $20,923 · program services $8,145 · management and general $12,778 · fundraising $0

  • 16 · Occupancy

    total $324,111 · program services $134,484 · management and general $189,627 · fundraising $0

  • 17 · Travel

    total $45,284 · program services $10,716 · management and general $34,568 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $87,830 · program services $34,771 · management and general $53,059 · fundraising $0

  • 20 · Interest

    total $327,621 · program services $0 · management and general $327,621 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $1,095,132 · program services $0 · management and general $1,095,132 · fundraising $0

  • 23 · Insurance

    total $165,258 · program services $0 · management and general $165,258 · fundraising $0

  • 24a · Other expenses: Real Estate Taxes

    total $470,758 · program services $0 · management and general $470,758 · fundraising $0

  • 24b · Other expenses: Contractual

    total $761,700 · program services $3,510 · management and general $758,190 · fundraising $0

  • 24c · Other expenses: Repairs and Maintenance

    total $223,337 · program services $15,629 · management and general $207,708 · fundraising $0

  • 24d · Other expenses: Equipment Expenses

    total $10,042 · program services $2,084 · management and general $7,958 · fundraising $0

  • 24e · All other expenses

    total $390,367 · program services $6,514 · management and general $383,853 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,897,900 · end of year $4,780,376

  • 3 · Pledges and grants receivable

    beginning of year $118,725 · end of year $6,800

  • 4 · Accounts receivable

    beginning of year $345,444 · end of year $655,517

  • 7 · Other notes and loans receivable

    beginning of year $1,699,469 · end of year $2,291,740

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

    $68,295,123

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

    $12,986,168

  • 10c · Land, buildings and equipment, net

    beginning of year $56,674,784 · end of year $55,308,955

  • 15 · Other assets

    beginning of year $1,954,620 · end of year $2,000,587

  • 17 · Accounts payable and accrued expenses

    beginning of year $127,078 · end of year $317,160

  • 18 · Grants payable

    end of year $15,952

  • 25 · Other liabilities

    beginning of year $11,457,682 · end of year $13,448,298

  • 27 · Net assets without donor restrictions

    beginning of year $51,052,696 · end of year $51,195,353

  • 28 · Net assets with donor restrictions

    beginning of year $53,486 · end of year $67,212

Mission and programs · 2023

Mission

To promote economic development in the City of Ironton and the County of Lawrence, Ohio. To act as designated agent for providing governmental assistance to business enterprise and to promote the general economic development of Lawrence County, Ohio

Activities or mission (Part I)

To promote economic development in the City of Ironton and the County of Lawrence, Ohio to act as the designated agent for providing governmental assistance to business enterprise and to promote the general economic development

  • During the FY22/23 program year, SOAPEX conducted 20 small business workshops. SOAPEX worked with 141 active clients during this period. SOAPEX helped its clients win 60 awards during the program year.

    Expenses $374,980

  • LEDC: LEDC completed a $600,000 EPA Grant intended to help local landowners address environmental issues on their property. This program allowed LEDC to complete 20 Phase 1 ESA's, 10 Phase 2 ESA's, 2 vapor intrusion reports, and 1 cleanup planning document over the course of the 4-year project. LEDC welcomed a new addition to the Point Industrial Park with the construction of a 12,000 sq ft facility owned by Cohn Development. LEDC continues to work with a physical rehabilitation healthcare facility to bring high paying jobs to South Point as well as a multinational company aimed at bringing a battery chemical production plant to Lawrence County.

    Expenses $340,253

  • The CVB continues to pull visitors to the area through marketing and events. The CVB has worked tirelessly with several education partners to research 27 potential historical Underground Railroad sites in the region and have them added to the national registry. This is made possible by a $1.5 million grant from Appalachian Regional Commission. The CVB was selected as one of twenty five communities nationwide to take part in a Recreation Economies for Rural Communities assistance initiative. A two-day workshop with 18 federal partners and 50+ community members was help to discuss the assets that the region has to offer and how they can be used to increase tourism to the county.

    Expenses $207,167

As filed on the 2023 return.

Listed in Part VII

  • Bill Dingus

    Executive Director

    Total calculated
    $243,383
    From this org
    $0
    From related orgs
    $243,383
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,383
    Bonus
    $65,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $243,383

  • Jeremy Clay

    Associate Director

    Total calculated
    $182,642
    From this org
    $0
    From related orgs
    $182,642
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,430
    Bonus
    $10,000
    Other
    $43,712
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $185,142

  • Jesse Layne

    CFO

    Total calculated
    $104,660
    From this org
    $0
    From related orgs
    $104,660
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $86,160
    Bonus
    $17,500
    Other
    $1,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $104,660

  • Carl Darling

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • George Moore

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Dan Evans

    President

    Total calculated
    $0
    Hours/week
    2

  • Gordon Waters

    Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Carl Grover

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • D R Gossett

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Dan Jeffries

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Jodi Rowe-Collins

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Matt Manns

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Sandy Blackburn

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Dan Mooney

    Vice President

    Total calculated
    $0
    Hours/week
    2

  • Matt Bell

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Katie McKnight

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Shawn Allen

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Jim Galloway

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Ernie Hall

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Jennifer Hellmich

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Drew Hurst

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Rob Lynch

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Ray Sawyer

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Melissa Clark

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Mike Davis

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Melissa Butterworth

    Chamber President

    Total calculated
    $0
    Hours/week
    2

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
6 August 2024
IRS schema version
2023v5.0
Source object
202433179349306123

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