Form 990 for tax year 2023
Filed by FULTON ECONOMIC DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $707,523
- Total expenses
- $726,887
- Contributions and grants received
- $691,963
- Grants paid
- $0
- Program service revenue
- $8,557
- Investment income
- $0
- Other revenue
- $7,003
- Total assets, end of year
- $1,822,082
- Total liabilities, end of year
- $344,678
- Net assets or fund balances, end of year
- $1,477,404
- Program services expenses (Part IX)
- $631,829
- Management and general expenses
- $95,058
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $631,829
Program services were 86.9% 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.
-
1e · Government grants (contributions)
$287,286
-
1f · All other contributions, gifts and grants
$404,677
-
2a · Program service revenue: OLINGER IT
total $30 · related or exempt $30
-
2b · Program service revenue: BOARS HEAD
total $1,030 · related or exempt $1,030
-
2c · Program service revenue: GRASS CREEK CATTLE CO
total $464 · related or exempt $464
-
2d · Program service revenue: NEWBY SERVICES
total $908 · related or exempt $908
-
2e · Program service revenue: OTHER PSR INTEREST
total $2,613 · related or exempt $2,613
-
2f · All other program service revenue
total $3,512 · related or exempt $3,512
-
6a · Gross rents
real property $5,950
-
6b · Less rental expenses
real property $118
-
6c · Rental income or loss
real property $5,832
-
6d · Net rental income or loss
total $5,832 · related or exempt $5,832
-
11a · Other revenue: MISC NON RECURRING
total $1,171 · related or exempt $1,171
-
11e · Other revenue, total
$1,171
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $67,406 · program services $60,665 · management and general $6,741
-
7 · Other salaries and wages
total $111,699 · program services $111,699
-
9 · Other employee benefits
total $16,485 · program services $16,485
-
10 · Payroll taxes
total $13,856 · program services $9,145 · management and general $4,711
-
11b · Fees: legal
total $2,075 · management and general $2,075
-
11c · Fees: accounting
total $9,638 · management and general $9,638
-
11g · Fees: other
total $39,172 · management and general $39,172
-
12 · Advertising and promotion
total $1,209 · program services $1,209
-
13 · Office expenses
total $3,930 · program services $3,361 · management and general $569
-
16 · Occupancy
total $13,860 · program services $9,148 · management and general $4,712
-
17 · Travel
total $1,157 · program services $1,157
-
20 · Interest
total $272 · program services $272
-
22 · Depreciation, depletion and amortization
total $80 · management and general $80
-
23 · Insurance
total $12,908 · program services $10,483 · management and general $2,425
-
24a · Other expenses: SPLASH PAD EXPENSES
total $15,989 · program services $15,989
-
24b · Other expenses: GRANT EXPENSES
total $6,250 · program services $6,250
-
24c · Other expenses: AHEC EXPENSES
total $295,797 · program services $295,797
-
24d · Other expenses: PICKLEBALL COURT EXPENSES
total $1,284 · program services $1,284
-
24e · All other expenses
total $113,820 · program services $88,885 · management and general $24,935
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $480,396 · end of year $612,100
-
4 · Accounts receivable
beginning of year $38,422 · end of year $18,359
-
7 · Other notes and loans receivable
beginning of year $106,501 · end of year $235,643
-
10a · Land, buildings and equipment: cost or other basis
$981,345
-
10b · Land, buildings and equipment: accumulated depreciation
$25,365
-
10c · Land, buildings and equipment, net
beginning of year $883,332 · end of year $955,980
-
15 · Other assets
beginning of year $854
-
17 · Accounts payable and accrued expenses
beginning of year $5,855
-
23 · Secured mortgages and notes payable
end of year $270,000
-
25 · Other liabilities
beginning of year $6,883 · end of year $74,678
-
27 · Net assets without donor restrictions
beginning of year $1,085,140 · end of year $1,321,255
-
28 · Net assets with donor restrictions
beginning of year $411,627 · end of year $156,149
Mission and programs · 2023
Mission
TO DEVELOP BUSINESS AND INDUSTRY WITHIN FULTON COUNTY.
-
TO ASSIST IN THE DEVELOPMENT AND EXPANSION OF SMALL BUSINESS AND INDUSTRY IN FULTON COUNTY, INDIANA IN ORDER TO REDUCE UNEMPLOYMENT AND UNDER-EMPLOYMENT.
Expenses $631,829 · Revenue $15,560
As filed on the 2023 return.
Listed in Part VII
-
Michael LaddMICHAEL LADD
EXECUTIVE DIRECTOR
- Total calculated
- $79,826
- From this org
- $64,167
- From related orgs
- $0
- Other
- $15,659
- Hours/week
- 40
-
Tiffany FutrellTIFFANY FUTRELL
FORMER DIRECTOR
- Total calculated
- $4,061
- From this org
- $3,240
- From related orgs
- $0
- Other
- $821
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $3,240
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $821
- Filer's total
- $4,061
-
Lisa ReffettLISA REFFETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael RichMICHAEL RICH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Orville HaneyORVILLE HANEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jana VanceJANA VANCE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Alan FisherALAN FISHER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
David HeydeDAVID HEYDE
PAST PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Brian GoodmanBRIAN GOODMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jillian SmithJILLIAN SMITH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jason GrubeJASON GRUBE
PRESIDENT
- Total calculated
- $0
- Hours/week
- 3
-
Michelle MillionMICHELLE MILLION
SECTREASURER
- Total calculated
- $0
- Hours/week
- 12
-
Andrew HorstmanANDREW HORSTMAN
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Randy GundrumRANDY GUNDRUM
EX OFFICIO
- Total calculated
- $0
- Hours/week
- 1
-
Mark McCallMARK MCCALL
EX OFFICIO
- Total calculated
- $0
- Hours/week
- 1
-
David HeydeDAVID HEYDE
EX OFFICIO
- 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. 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
Itemized on Schedule J with no Part VII listing of the same name on this return:
-
David HeydeDAVID HEYDE
EX OFFICIO
Schedule J breakdown
- Base
- not reported
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- not reported
Answered yes
- 3 · Compensation committee
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
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.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 30 September 2024
- IRS schema version
- 2023v5.1
- Source object
- 202422779349301522
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