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Nonprofiteer
← COMMUNITY DEVELOPMENT FOUNDATION

Form 990 for tax year 2024

Filed by COMMUNITY DEVELOPMENT FOUNDATION.

Totals

Total revenue
$8,339,470
Total expenses
$7,333,085
Contributions and grants received
$2,658,665
Grants paid
$0
Program service revenue
$2,795,345
Investment income
$21,052
Other revenue
$2,864,408
Total assets, end of year
$30,104,690
Total liabilities, end of year
$8,718,840
Net assets or fund balances, end of year
$21,385,850
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

    $1,008,394

  • 1e · Government grants (contributions)

    $1,650,271

  • 2a · Program service revenue: ECONOMIC DEVELOPMENT

    total $2,166,688 · related or exempt $2,116,688 · unrelated business $50,000

  • 2b · Program service revenue: MEMBERSHIP EVENTS

    total $628,657 · related or exempt $628,657

  • 3 · Investment income

    total $21,052 · unrelated business $21,052

  • 11a · Other revenue: GAIN ON SALE OF ASSETS

    total $1,556,901 · unrelated business $1,556,901

  • 11b · Other revenue: OTHER REVENUE

    total $1,307,507 · unrelated business $1,307,507

  • 11e · Other revenue, total

    $2,864,408

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $3,228,094

  • 9 · Other employee benefits

    total $885,727

  • 10 · Payroll taxes

    total $163,331

  • 11b · Fees: legal

    total $236,734

  • 12 · Advertising and promotion

    total $9,150

  • 17 · Travel

    total $174,000

  • 20 · Interest

    total $229,264

  • 22 · Depreciation, depletion and amortization

    total $688,196

  • 23 · Insurance

    total $185,147

  • 24a · Other expenses: MISCELLANEOUS

    total $471,076

  • 24b · Other expenses: UTILITIES

    total $281,002

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $213,147

  • 24d · Other expenses: REPAIRS AND MAINTENANCE

    total $180,037

  • 24e · All other expenses

    total $388,180

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $724,901 · end of year $4,733,036

  • 4 · Accounts receivable

    beginning of year $372,186 · end of year $135,054

  • 9 · Prepaid expenses and deferred charges

    beginning of year $555,704 · end of year $116,943

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

    $29,758,729

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

    $7,027,513

  • 10c · Land, buildings and equipment, net

    beginning of year $27,158,078 · end of year $22,731,216

  • 11 · Investments: publicly traded securities

    beginning of year $1,738,506 · end of year $1,846,743

  • 14 · Intangible assets

    beginning of year $89,173

  • 15 · Other assets

    beginning of year $83,459 · end of year $541,698

  • 17 · Accounts payable and accrued expenses

    beginning of year $446,780 · end of year $2,781

  • 19 · Deferred revenue

    beginning of year $1,575,749 · end of year $1,568,000

  • 23 · Secured mortgages and notes payable

    beginning of year $5,340,645 · end of year $4,840,324

  • 25 · Other liabilities

    beginning of year $3,183,342 · end of year $2,307,735

  • 27 · Net assets without donor restrictions

    beginning of year $14,300,121 · end of year $16,917,296

  • 28 · Net assets with donor restrictions

    beginning of year $5,875,370 · end of year $4,468,554

Mission and programs · 2024

Mission

THE ORGANIZATION'S MISSION IS TO DIVERSIFY AND STREGTHEN OUR ECONOMIC MIX THROUGH BUSINESS RETENTION, EXPANSION, AND ATTRACTION. IMPROVE OUR HUMAN CAPITAL THROUGH WORKFORCE SKILLS, AND LEADERSHIP TRAINING. IMPROVE OUR COMMUNICATIONS WITH EXISTING BUSINESSES, LOCAL, STATE AND FEDERAL GOVERNMENTS. FOSTER SMALL BUSINESS AND ENTREPRENEUR DEVELOPMENT. AND TO ENHANCE THE BUSINESS CLIMATE AND QUALITY OF LIFE THROUGH PLANNING, PUBLIC POLICY, AND STRONG PARTNERSHIPS.

Activities or mission (Part I)

TO STRENGTHEN THE TUPELO-LEE COUNTY REGION THROUGH ECONOMIC AND COMMUNITY DEVELOPMENT.

  • THE PLANNING AND PROPERTY MANAGEMENT PROGRAM AIMS TO EMPOWER AND RAISE THE STANDARD OF PUBLIC COMMUNICATION AND PARTNERSHIP FOR REGIONAL PROGRESS. THIS PROGRAM OF WORK AND ITS ELEMENTS IS CREATED TO ADDRESS THE LEE COUNTY NEEDS WHILE BROADENING THE REGIONS DEVELOPMENT EFFORTS.

  • THE LEE COUNTY CHAMBER OF COMMERCE ENHANCES COMMUNITY EDUCATION AND THE BUSINESS ENVIRONMENT IN LEE COUNTY.

  • THE ECONOMIC DEVELOPMENT/FUTURE FOCUS IS A MEANS TO BRING VIBRANT WORKFORCE AND TRAINING TO LEE COUNTY BY RECRUITMENT, RETENTION, AND WORKFORCE TRAINING OF EXISTING AND FUTURE INDUSTRIES.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ASHLEY ELKINS

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BEV CROSSEN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BRENT WALDROP

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BRAIN RIGBY

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CHARLIE KINNEY

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • CHRIS BAGLEY

    PAST CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • GEOFF CARTER

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOSH WEST

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KEVIN CHAPMAN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KIM CRUMBIE

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KURT SHETTLES

    CHAIR-ELECT

    Total calculated
    $0
    Hours/week
    1

  • NORRIS GIZZARD

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SHARON NOBLES

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • SKIPPER HOLLIMAN

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • TOLLIE WHITE

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • WESLEY WEBB

    SUPERVISORS MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DAVID RIMBARGER

    PRESIDENT/CEO

    Total calculated
    $886,148
    From this org
    $886,148
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $886,148
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $886,148

  • SHANE HOMAN

    COO

    Total calculated
    $394,731
    From this org
    $394,731
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $394,731
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $394,731

  • MATT MCCARTY

    CFO

    Total calculated
    $388,067
    From this org
    $388,067
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $388,067
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $388,067

  • JON MILSTEAD

    VP OF PLANNING AND PROPERTY DEVELOPMENT

    Total calculated
    $307,857
    From this org
    $307,857
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $307,857
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $307,857

  • JUDD WILSON

    VP OF CHAMBER OF COMMERCE

    Total calculated
    $155,781
    From this org
    $155,781
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,781
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $155,781

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 · Tax indemnification and gross-up payments
  • 1a · Discretionary spending account
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
DAVID RUMBARGER $30,000

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
11 March 2026
IRS schema version
2024v5.5
Source object
202630759349301378

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