Form 990 for tax year 2023
Filed by LENAWEE ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $3,488,446
- Total expenses
- $3,403,745
- Contributions and grants received
- $3,230,245
- Grants paid
- $0
- Program service revenue
- $54,463
- Investment income
- $204,090
- Other revenue
- -$352
- Total assets, end of year
- $8,197,330
- Total liabilities, end of year
- $7,084,264
- Net assets or fund balances, end of year
- $1,113,066
- Program services expenses (Part IX)
- $2,345,226
- Management and general expenses
- $877,162
- Fundraising expenses
- $181,357
- Program service expenses (Part III)
- $2,345,226
Program services were 68.9% 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.
-
1c · Fundraising events
$20,750
-
1d · Related organizations
$140,552
-
1e · Government grants (contributions)
$2,876,343
-
1f · All other contributions, gifts and grants
$192,600
-
2a · Program service revenue: Contractual Income
total $37,100 · related or exempt $37,100
-
2b · Program service revenue: Training Income
total $17,363 · related or exempt $17,363
-
3 · Investment income
total $244,758 · related or exempt $244,758
-
7b · Less cost or other basis and sales expenses
other assets $40,668
-
7c · Gain or loss
other assets -$40,668
-
7d · Net gain or loss
total -$40,668 · related or exempt -$40,668
-
8a · Fundraising events: gross income
$5,017
-
8a · Fundraising events: contributions included on line 1c
$20,750
-
8b · Fundraising events: direct expenses
$7,569
-
8c · Net income from fundraising events
total -$2,552 · excluded -$2,552
-
11a · Other revenue: Miscellaneous
total $2,200 · related or exempt $2,200
-
11e · Other revenue, total
$2,200
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $420,455 · program services $290,268 · management and general $107,754 · fundraising $22,433
-
8 · Pension plan contributions
total $12,200 · program services $8,307 · management and general $3,417 · fundraising $476
-
9 · Other employee benefits
total $2,809 · program services $1,931 · management and general $610 · fundraising $268
-
10 · Payroll taxes
total $33,070 · program services $22,831 · management and general $8,475 · fundraising $1,764
-
11b · Fees: legal
total $7,460 · program services $5,150 · management and general $1,912 · fundraising $398
-
11c · Fees: accounting
total $8,109 · program services $5,598 · management and general $2,078 · fundraising $433
-
11g · Fees: other
total $2,720,568 · program services $1,880,267 · management and general $694,989 · fundraising $145,312
-
12 · Advertising and promotion
total $72,578 · program services $50,105 · management and general $18,600 · fundraising $3,873
-
13 · Office expenses
total $30,716 · program services $14,498 · management and general $15,097 · fundraising $1,121
-
14 · Information technology
total $7,219 · program services $4,984 · management and general $1,850 · fundraising $385
-
16 · Occupancy
total $15,550 · program services $10,735 · management and general $3,985 · fundraising $830
-
17 · Travel
total $8,574 · program services $5,919 · management and general $2,197 · fundraising $458
-
19 · Conferences, conventions and meetings
total $25,137 · program services $17,841 · management and general $5,712 · fundraising $1,584
-
20 · Interest
total $1,338 · program services $1,301 · management and general $31 · fundraising $6
-
22 · Depreciation, depletion and amortization
total $1,270 · program services $877 · management and general $326 · fundraising $67
-
23 · Insurance
total $4,427 · program services $2,340 · management and general $1,859 · fundraising $228
-
24a · Other expenses: Cleaning
total $3,163 · program services $2,184 · management and general $811 · fundraising $168
-
24b · Other expenses: Telephone
total $13,943 · program services $9,626 · management and general $3,573 · fundraising $744
-
24c · Other expenses: Repair and maintenance
total $2,463 · program services $1,700 · management and general $631 · fundraising $132
-
24d · Other expenses: Equipment lease
total $4,126 · program services $2,848 · management and general $1,058 · fundraising $220
-
24e · All other expenses
total $8,570 · program services $5,916 · management and general $2,197 · fundraising $457
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,946,902 · end of year $7,441,553
-
4 · Accounts receivable
beginning of year $79,657 · end of year $226,929
-
7 · Other notes and loans receivable
beginning of year $291,611 · end of year $244,444
-
9 · Prepaid expenses and deferred charges
beginning of year $28,440 · end of year $27,000
-
10a · Land, buildings and equipment: cost or other basis
$22,982
-
10b · Land, buildings and equipment: accumulated depreciation
$20,807
-
10c · Land, buildings and equipment, net
beginning of year $3,445 · end of year $2,175
-
13 · Investments: program-related
beginning of year $260,816 · end of year $255,229
-
17 · Accounts payable and accrued expenses
beginning of year $47,840 · end of year $33,910
-
19 · Deferred revenue
beginning of year $1,413,620 · end of year $6,934,543
-
24 · Unsecured notes and loans payable
beginning of year $121,046 · end of year $115,811
-
27 · Net assets without donor restrictions
beginning of year $1,020,715 · end of year $1,113,066
-
28 · Net assets with donor restrictions
beginning of year $7,650
Mission and programs · 2023
Mission
to stimulate economic development, attract new businesses, grow established businesses and support entrepreneurial endeavors in Lenawee County
-
to promote and advance the commercial industrial moral and civic welfare of Lenawee County to promote new economic development in Lenawee County and assist Lenawee County businesses and industries to develop plans for growth and expansion
Expenses $2,345,226 · Revenue $54,463
As filed on the 2023 return.
Listed in Part VII
-
Ken Prior
Director
- Total calculated
- $0
- Hours/week
- 1
-
Jed Engle
Director
- Total calculated
- $0
- Hours/week
- 1
-
James Kapnick
Director
- Total calculated
- $0
- Hours/week
- 1
-
Rick Gurdjian
Director
- Total calculated
- $0
- Hours/week
- 1
-
Arell Chapman
Director
- Total calculated
- $0
- Hours/week
- 1
-
Jim Williams
Director
- Total calculated
- $0
- Hours/week
- 1
-
Julie Yaroch
Director
- Total calculated
- $0
- Hours/week
- 1
-
Mindy Bradish-Orta
Chair
- Total calculated
- $0
- Hours/week
- 1
-
Mark Haag
Director
- Total calculated
- $0
- Hours/week
- 1
-
Patrick Farver
Executive Director
- Total calculated
- $0
- Hours/week
- 40
-
Jason Hess
Vice Chair
- Total calculated
- $0
- Hours/week
- 1
-
Kathryn Mohr
Secretary Treasurer
- Total calculated
- $0
- Hours/week
- 2
-
Timothy Robinson
Director of Operations
- Total calculated
- $0
- Hours/week
- 40
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 6 March 2024
- IRS schema version
- 2023v5.0
- Source object
- 202420829349300207
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