Form 990 for tax year 2023
Filed by CONWAY DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $11,009,680
- Total expenses
- $6,857,882
- Contributions and grants received
- $111,000
- Grants paid
- $0
- Program service revenue
- $1,239,079
- Investment income
- $9,163,595
- Other revenue
- $496,006
- Total assets, end of year
- $34,225,498
- Total liabilities, end of year
- $14,347,602
- Net assets or fund balances, end of year
- $19,877,896
- Program services expenses (Part IX)
- $5,644,163
- Management and general expenses
- $1,213,719
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $5,644,163
Program services were 82.3% 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.
-
1b · Membership dues
$111,000
-
2a · Program service revenue: GAINWELL PROJECT REVENUE
total $745,114 · related or exempt $745,114
-
2b · Program service revenue: CHAMBER AGREEMENT
total $250,000 · related or exempt $250,000
-
2c · Program service revenue: ECONOMIC DEVELOPMENT MGMT SVC
total $100,000 · related or exempt $100,000
-
2d · Program service revenue: MANAGEMENT FEE
total $92,000 · related or exempt $92,000
-
2e · Program service revenue: MISCELLANEOUS INCOME
total $51,965 · related or exempt $51,965
-
3 · Investment income
total $62,177 · related or exempt $62,177
-
6a · Gross rents
real property $1,940,118
-
6b · Less rental expenses
real property $1,443,385
-
6c · Rental income or loss
real property $496,733
-
6d · Net rental income or loss
total $496,733 · related or exempt $496,733
-
7a · Gross sales of assets other than inventory
other assets $9,101,418
-
7b · Less cost or other basis and sales expenses
other assets $0
-
7c · Gain or loss
other assets $9,101,418
-
7d · Net gain or loss
total $9,101,418 · related or exempt $9,101,418
-
11a · Other revenue: INVESTMENT IN CANTRELL FIELD DEVE
total -$727 · related or exempt -$727
-
11e · Other revenue, total
-$727
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $731,138 · management and general $731,138
-
9 · Other employee benefits
total $122,214 · management and general $122,214
-
10 · Payroll taxes
total $59,990 · management and general $59,990
-
11b · Fees: legal
total $62,339 · management and general $62,339
-
12 · Advertising and promotion
total $6,224 · program services $6,224
-
13 · Office expenses
total $14,322 · program services $8,913 · management and general $5,409
-
16 · Occupancy
total $11,899 · management and general $11,899
-
17 · Travel
total $53,852 · program services $53,852
-
19 · Conferences, conventions and meetings
total $177,918 · management and general $177,918
-
20 · Interest
total $247,644 · program services $247,644
-
22 · Depreciation, depletion and amortization
total $34,308 · program services $34,308
-
23 · Insurance
total $15,215 · management and general $15,215
-
24a · Other expenses: COST OF LAND SOLD
total $3,529,317 · program services $3,529,317
-
24b · Other expenses: GAINWELL PASS-THROUGH E
total $766,408 · program services $766,408
-
24c · Other expenses: BAD DEBT - CANTRELL FIE
total $587,091 · program services $587,091
-
24d · Other expenses: COST OF LAND - IMPROVEM
total $106,140 · program services $106,140
-
24e · All other expenses
total $331,863 · program services $304,266 · management and general $27,597
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $393,842 · end of year $2,390,944
-
2 · Savings and temporary cash investments
beginning of year $3,562,458 · end of year $5,186,456
-
4 · Accounts receivable
beginning of year $662,504 · end of year $175,846
-
10a · Land, buildings and equipment: cost or other basis
$36,961,798
-
10b · Land, buildings and equipment: accumulated depreciation
$10,489,546
-
10c · Land, buildings and equipment, net
beginning of year $29,475,663 · end of year $26,472,252
-
17 · Accounts payable and accrued expenses
beginning of year $176,384 · end of year $1,609,618
-
19 · Deferred revenue
beginning of year $150,875 · end of year $150,875
-
23 · Secured mortgages and notes payable
beginning of year $18,218,950 · end of year $12,587,109
-
27 · Net assets without donor restrictions
beginning of year $13,139,507 · end of year $17,191,893
-
28 · Net assets with donor restrictions
beginning of year $2,408,751 · end of year $2,686,003
Mission and programs · 2023
Mission
ENHANCE INDUSTRY OPPORTUNITIES IN CONWAY, AR THROUGH ECONOMIC DEVELOPMENT
-
THE CONWAY DEVELOPMENT CORPORATION RESPONDED TO SITE SELECTION AND EXPANSION REQUESTS MONTHLY ON BEHALF OF THE CITY OF CONWAY AND FAULKNER COUNTY. THE CDC MANAGED ITS LAND PORTFOLIO AND ASSETS FOR THE BENEFIT OF THE COMMUNITY AND FUTURE ECONOMIC DEVELOPMENT OPPORTUNITIES. CDC STAFF REPRESENTED THE ORGANIZATION AND COMMUNITY IN A NUMBER OF SETTINGS FACILITATING ECONOMIC GROWTH FOR CONWAY AREA RESIDENTS.
Expenses $5,644,163
As filed on the 2023 return.
Listed in Part VII
-
Bill AdkissonBILL ADKISSON
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 10
-
Jerry AdamsJERRY ADAMS
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 10
-
Ronnie WilliamsRONNIE WILLIAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Mark FergusonMARK FERGUSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Eddie GloverEDDIE GLOVER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Brad HegemanBRAD HEGEMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Johnny AdamsJOHNNY ADAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Bret CarrollBRET CARROLL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Jeff StandridgeJEFF STANDRIDGE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Bunny AdcockBUNNY ADCOCK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Jim RankinJIM RANKIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Scotty BellSCOTTY BELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Bart CastleberryBART CASTLEBERRY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Mary WardMARY WARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Drew GainorDREW GAINOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Karen GarrettKAREN GARRETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Dr Houston DavisDR HOUSTON DAVIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Brad LacyBRAD LACY
SECRETARY/TREASURER
- Total calculated
- $316,704
- From this org
- $316,704
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $316,704
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $316,704
-
John-Lewis J GatesJOHN-LEWIS J GATES
EXECUTIVE VICE PRESIDENT
- Total calculated
- $224,504
- From this org
- $224,504
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $224,504
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $224,504
-
Laura GrimesLAURA GRIMES
CHIEF FINANCIAL OFFICER
- Total calculated
- $157,369
- From this org
- $157,369
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $157,369
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $157,369
-
Corey ParksCOREY PARKS
CHIEF ECONOMIC DEVELOPMENT OFFICER
- Total calculated
- $152,975
- From this org
- $152,975
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,975
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $152,975
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 · Health or social club dues or initiation fees
- 3 · Compensation committee
- 3 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 1B
- PART I, LINE 1A - FRINGE OR EXPENSE EXPLANATION THE ORGANIZATION PROVIDES GYM MEMMBERSHIP AS A FRINGE BENEFIT FOR THE CEO. PART I, LINE 1B - WRITTEN REIMBURSEMENT POLICY EXPLANATION THERE IS NO WRITTEN POLICY REGARDING THIS FRINGE BENEFIT BUT THE BOARD OF DIRECTORS HAS APPROVED IT.
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
- 2023
- Filed
- 2 July 2024
- IRS schema version
- 2023v5.1
- Source object
- 202402829349301655
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