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Nonprofiteer
← STAFFORD COUNTY ECONOMIC DEVELOPMENT INC

Form 990 for tax year 2023

Filed by STAFFORD COUNTY ECONOMIC DEVELOPMENT INC.

Totals

Total revenue
$1,436,379
Total expenses
$768,180
Contributions and grants received
$1,216,391
Grants paid
$0
Program service revenue
$238,278
Investment income
-$18,290
Other revenue
$0
Total assets, end of year
$6,016,908
Total liabilities, end of year
$1,924,647
Net assets or fund balances, end of year
$4,092,261
Program services expenses (Part IX)
$689,849
Management and general expenses
$78,331
Fundraising expenses
$0
Program service expenses (Part III)
$689,849

Program services were 89.8% 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.

  • 1e · Government grants (contributions)

    $619,324

  • 1f · All other contributions, gifts and grants

    $597,067

  • 1g · Noncash contributions included above

    $1,500

  • 2a · Program service revenue: GROCERY STORE INCOME

    total $212,406 · related or exempt $212,406

  • 2b · Program service revenue: BUSINESS INCUBATOR

    total $15,570 · related or exempt $15,570

  • 2c · Program service revenue: HOUSING RENTS & OTHER INCOME

    total $8,800 · related or exempt $8,800

  • 2d · Program service revenue: MISCELLANEOUS INCOME

    total $1,097 · related or exempt $1,097

  • 2e · Program service revenue: PROCESSING INCOME

    total $405 · related or exempt $405

  • 3 · Investment income

    total $4,517 · excluded $4,517

  • 7a · Gross sales of assets other than inventory

    other assets $49,108

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

    securities $35,337 · other assets $36,578

  • 7c · Gain or loss

    securities -$35,337 · other assets $12,530

  • 7d · Net gain or loss

    total -$22,807 · related or exempt -$22,807

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $33,688 · program services $22,459 · management and general $11,229

  • 7 · Other salaries and wages

    total $68,875 · program services $40,729 · management and general $28,146

  • 8 · Pension plan contributions

    total $3,400 · management and general $3,400

  • 9 · Other employee benefits

    total $6,881 · management and general $6,881

  • 10 · Payroll taxes

    total $9,261 · management and general $9,261

  • 11c · Fees: accounting

    total $11,300 · management and general $11,300

  • 12 · Advertising and promotion

    total $145 · program services $145

  • 13 · Office expenses

    total $2,456 · program services $784 · management and general $1,672

  • 14 · Information technology

    total $7,397 · program services $6,160 · management and general $1,237

  • 17 · Travel

    total $6,139 · program services $6,139

  • 19 · Conferences, conventions and meetings

    total $2,202 · program services $2,202

  • 20 · Interest

    total $50,417 · program services $50,417

  • 22 · Depreciation, depletion and amortization

    total $184,450 · program services $184,450

  • 23 · Insurance

    total $18,364 · program services $16,447 · management and general $1,917

  • 24a · Other expenses: FISCAL SPONSORSHIP USE

    total $258,528 · program services $258,528

  • 24b · Other expenses: HOUSING PROP - MAINT

    total $27,825 · program services $27,825

  • 24c · Other expenses: GRANT EXPENSE

    total $26,100 · program services $26,100

  • 24d · Other expenses: HOUSING PROP - TAXES

    total $25,905 · program services $25,905

  • 24e · All other expenses

    total $24,847 · program services $21,559 · management and general $3,288

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25 · end of year $26

  • 2 · Savings and temporary cash investments

    beginning of year $169,170 · end of year $485,057

  • 7 · Other notes and loans receivable

    beginning of year $33,524 · end of year $277,315

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

    $5,929,068

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

    $744,017

  • 10c · Land, buildings and equipment, net

    beginning of year $5,210,216 · end of year $5,185,051

  • 11 · Investments: publicly traded securities

    beginning of year $34,484 · end of year $69,459

  • 23 · Secured mortgages and notes payable

    beginning of year $1,981,957 · end of year $1,868,225

  • 24 · Unsecured notes and loans payable

    beginning of year $33,020 · end of year $26,811

  • 25 · Other liabilities

    beginning of year $8,380 · end of year $29,611

  • 27 · Net assets without donor restrictions

    beginning of year $2,979,268 · end of year $3,577,133

  • 28 · Net assets with donor restrictions

    beginning of year $444,794 · end of year $515,128

Mission and programs · 2023

Mission

TO OPERATE SOLELY AND EXCLUSIVELY AS A CHARITABLE, SCIENTIFIC, LITERARY AND EDUCATIONAL ORGANIZATION AS DESIGNATED WITHIN THE MEANING OF SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE, INCLUDING FOR SUCH PURPOSES, THE MAKING OF DISTRIBUTIONS AND GRANTS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, OR CORRESPONDING SECTION OF ANY FUTURE TAX CODE.

Activities or mission (Part I)

TO PROMOTE ECONOMIC AND POPULATION GROWTH THROUGHOUT THE COUNTY BY ASSISTING OUR LOCAL BUSINESSES, ENGAGING IN COMMUNITY ACTIVITIES, AND PROMOTING STAFFORD COUNTY AS A GREAT PLACE TO LIVE, WORK AND PLAY.

  • CONSTRUCTION AND MAINTENANCE OF A GROCERY STORE IN ST. JOHN TO PROVIDE THE LOCAL COMMUNITY AND SURROUNDING AREA WITH A GROCERY STORE THAT IS AFFORDABLE AND CONVENIENT TO THE CITIZENS OF STAFFORD COUNTY.

    Expenses $171,063 · Revenue $212,406

  • ADMINISTER HOUSING PROGRAMS TO ADVANCE THE AVAILABILITY OF HOUSING THAT IS AFFORDABLE FOR LOW AND MODERATE INCOME POPULATION. MANAGE THREE RENTAL HOUSING UNITS. ADMINISTER AND MONITOR THE IMPLEMENTATION OF THE MODERATE INCOME HOUSING PROGRAM INCENTIVE FOR STAFFORD COUNTY, WHICH IS USED TO INCENTIVIZE PRIVATE-OWNED DEVELOPMENT OF WORKFORCE HOUSING.

    Expenses $98,831 · Revenue $8,800

  • MAINTAIN A BUILDING FOR USE AS A BUSINESS INCUBATOR TO PROVIDE READILY AVAILABLE SPACE TO START A BUSINESS, AND TO PROVIDE EDUCATION AND SUPPORT SERVICES TO ENTREPRENEURS.

    Expenses $16,554 · Revenue $15,570

  • VARIETY OF OTHER PROGRAM SERVICES THAT ARE A DIRECT BENEFIT TO STAFFORD COUNTY ECONOMIC DEVELOPMENT

    Expenses $403,401 · Revenue $1,502

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • CHARLES RUSSELL

    EXECUTIVE DI

    Total calculated
    $34,619
    From this org
    $33,688
    From related orgs
    $0
    Other
    $931
    Hours/week
    40

  • JEFF BARNEY

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • TRAVIS ALLEN

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    1

  • TYLER AXMAN

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • MATT APPLETON

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • HANNAH BRUMMER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KEITH LAMB

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ANGELA PETERSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

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
1 November 2024
IRS schema version
2023v5.0
Source object
202413179349308276

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