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Nonprofiteer
← LAWRENCE ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by LAWRENCE ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$5,238,055
Total expenses
$4,448,554
Contributions and grants received
$1,187,166
Grants paid
$0
Program service revenue
$406,258
Investment income
$169,110
Other revenue
$3,475,521
Total assets, end of year
$62,690,942
Total liabilities, end of year
$11,584,760
Net assets or fund balances, end of year
$51,106,182
Program services expenses (Part IX)
$1,927,087
Management and general expenses
$2,521,467
Fundraising expenses
$0
Program service expenses (Part III)
$1,927,087

Program services were 43.3% 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)

    $852,117

  • 1f · All other contributions, gifts and grants

    $335,049

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Motel Tax

    total $261,734 · related or exempt $261,734 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Program Service Income

    total $144,524 · related or exempt $144,524 · 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 $1,984 · related or exempt $0 · unrelated business $0 · excluded $1,984

  • 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 $2,799,376 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $2,799,376 · personal property $0

  • 6d · Net rental income or loss

    total $2,799,376 · related or exempt $2,799,376 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $167,126

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $167,126

  • 7d · Net gain or loss

    total $167,126 · related or exempt $167,126 · unrelated business $0 · excluded $0

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

    $0

  • 11a · Other revenue: Miscellaneous Income

    total $676,145 · related or exempt $676,145 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $676,145

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $520,222 · program services $283,700 · management and general $236,522 · fundraising $0

  • 7 · Other salaries and wages

    total $462,870 · program services $433,547 · management and general $29,323 · fundraising $0

  • 11b · Fees: legal

    total $9,423 · program services $0 · management and general $9,423 · fundraising $0

  • 11c · Fees: accounting

    total $1,579 · program services $1,579 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $8,542 · program services $4,648 · management and general $3,894 · fundraising $0

  • 13 · Office expenses

    total $36,497 · program services $83 · management and general $36,414 · fundraising $0

  • 16 · Occupancy

    total $231,369 · program services $121,132 · management and general $110,237 · fundraising $0

  • 17 · Travel

    total $36,538 · program services $4,876 · management and general $31,662 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $38,930 · program services $7,651 · management and general $31,279 · fundraising $0

  • 20 · Interest

    total $376,251 · program services $0 · management and general $376,251 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $1,046,219 · program services $1,046,219 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $133,236 · program services $0 · management and general $133,236 · fundraising $0

  • 24a · Other expenses: Real Estate Taxes

    total $425,413 · program services $0 · management and general $425,413 · fundraising $0

  • 24b · Other expenses: Repairs and Maintenance

    total $168,444 · program services $17,129 · management and general $151,315 · fundraising $0

  • 24c · Other expenses: Contractual

    total $511,706 · program services $0 · management and general $511,706 · fundraising $0

  • 24d · Other expenses: Janitorial

    total $10,757 · program services $5,513 · management and general $5,244 · fundraising $0

  • 24e · All other expenses

    total $430,558 · program services $1,010 · management and general $429,548 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,546,084 · end of year $1,897,900

  • 3 · Pledges and grants receivable

    beginning of year $1,252,788 · end of year $118,725

  • 4 · Accounts receivable

    beginning of year $373,757 · end of year $345,444

  • 7 · Other notes and loans receivable

    beginning of year $1,854,080 · end of year $1,699,469

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

    $68,624,985

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

    $11,950,201

  • 10c · Land, buildings and equipment, net

    beginning of year $55,252,246 · end of year $56,674,784

  • 15 · Other assets

    beginning of year $2,060,285 · end of year $1,954,620

  • 17 · Accounts payable and accrued expenses

    beginning of year $31,236 · end of year $127,078

  • 25 · Other liabilities

    beginning of year $11,991,323 · end of year $11,457,682

  • 27 · Net assets without donor restrictions

    beginning of year $50,238,214 · end of year $51,052,696

  • 28 · Net assets with donor restrictions

    beginning of year $78,467 · end of year $53,486

Mission and programs · 2022

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

  • Southern Ohio APEX Accelerators (Formerly Procurement Technical Assistance Center): During the FY21/22 year, our SOAA participated in/sponsored 22 small business workshops. SOAA worked with over 162 active clients this year. The total number of contracts awarded for the program year was over 80. This includes 79 prime contracts and 3 subcontract awards.

    Expenses $329,808

  • LEDC: LEDC completed a new 60,000 square foot speculative building in the Point Industrial Park. LEDC has completed leasing the 5-unit shopping center in South Point. The center will host a medical facility that will serve the community. LEDC, in partnership with the Lawrence County Port Authority received a 3.2million dollar grant from the Ohio Department of Development as part of the Ohio Brownfield Program. These funds are for the cleanup of contaminated properties in the industrial park. This will open additional acreage for development.

    Expenses $1,403,767

  • Convention and Visitor's Bureau: 2022 saw increased traffic in the CVB social media platforms. The CVB gave a presentation at the statehouse on the state of travel and tourism in Lawrence County. It discussed how tourism affects our economy and the importance of investing in tourism. On the same day, it happened to be Tourism Day in Ohio and Lawrence County was able to set up an information booth along with other destinations across the state to inform the public of what we have to offer. In late 2022, CVB received a $1.5 million ARC POWER Grant. This grant will be utilized to develop the Appalachian Freedom Heritage Tourism Initiative.

    Expenses $193,512

As filed on the 2022 return.

Listed in Part VII

  • Bill Dingus

    Executive Director

    Total calculated
    $241,667
    From this org
    $0
    From related orgs
    $236,521
    Other
    $5,146
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $171,521 related
    Bonus
    $0 + $65,000 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $5,146 related
    Filer's total
    $0 + $241,667 related

  • Jeremy Clay

    Associate Director

    Total calculated
    $198,642
    From this org
    $0
    From related orgs
    $190,855
    Other
    $7,787
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $126,375 related
    Bonus
    $0 + $64,480 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $7,787 related
    Filer's total
    $0 + $198,642 related

  • Jesse Layne

    CFO

    Total calculated
    $95,332
    From this org
    $0
    From related orgs
    $92,846
    Other
    $2,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $82,846 related
    Bonus
    $0 + $10,000 related
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $2,486 related
    Filer's total
    $0 + $95,332 related

  • 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

  • Mike Haas

    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

  • Shane Finster

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Shawn Allen

    Board Member

    Total calculated
    $0
    Hours/week
    2

  • Anthony DeBord

    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

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
2022
Filed
1 August 2023
IRS schema version
2022v5.0
Source object
202323069349300537

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