Harrison County Economic Development Corporation

Tax-deductible

Corydon, IN501(c)(3)Community DevelopmentEIN 20-1076473Revenue $737K in FY2024

On file with the IRShcedcindiana.org245 Atwood St Ste 100c, 47112-2700 · Corydon, INTax-exempt since Dec 2004Publicly supported charity — 170(b)(1)(A)(vi)

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The Corporation is a public private partnership that works to build a better economic future in Harrison County through effective planning, education, and the growth of quality employers.

501(c)(3) charity; gifts are tax-deductible.
79¢ of each $1 spent went to programs.
Run by 35 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $103K a year · 22% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$109K
to officers and key staff · 26% of spending
Top officer’s pay higher than 78% of similar orgs
Worth a look: pay to officers and key staff is 26% of spending; over 20%.
Pt VII · Sec A
Cash reserves
20 mo
of spending, in cash
Looks good: 20.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$6.1M
65% of total assets
Fine: liabilities are 65% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$737K
+66% vs prior year
Spent
$413K
To programs
79%
Net assets
$3.2M
By yearFY2020–FY2024
Revenue
$737K
FY2024▲ +66%
Tap a bar for its year
Revenue by fiscal year
FY2020$525K
FY2021$286K
FY2022$320K
FY2023$444K
FY2024$737K
Expenses
$413K
FY2024▲ +36%
Tap a bar for its year
Expenses by fiscal year
FY2020$354K
FY2021$384K
FY2022$341K
FY2023$304K
FY2024$413K
Net assets
$3.2M
FY2024▲ +11%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.4M
FY2021$2.3M
FY2022$2.8M
FY2023$2.9M
FY2024$3.2M

From the FY2024 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 2004.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $328K Management & general 21% · $85K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

8 people listed on the 990; $109K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director
$109,180Pt VII · Sec A
President
$0Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Darrell Voelker’s $109K as Executive Director is at the 78th percentile of top reported officer pay among 1708 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Harrison County Economic Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Builds Harrison County's economic future through planning, education, and employer growth.

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Provided by the organization

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3 programs · $328K · in their own filed words · FY2024
01

Business Development. Business development activities are performed to make our community ready for new businesses to locate here. The Corporation is working specifically to develop two business areas in our county and we provide financial assistance to prepare this property for business growth.

$243Kprogram expense
02

Promotion. Promotional projects and programs are conducted for the purpose of attracting new businesses to locate in our community. We are partners with a regional marketing group that promotes our region internationally and all around the United States. The promotional efforts are to try to recruit new businesses to Harrison County.

$57Kprogram expense
03

Education. Small Business Services and training activities were conducted and additional training programs were provided through our Regional Workforce Board, the Locally based Lifelong Learning Program, and the ACT Work Ready Communities Program.

$28Kprogram expense

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$737K
Ln 12
Fees for servicesLn 2g$400K
Other incomeLn 4–11$178K
Investment incomeLn 3$159K
Money outPt IX
$413K
Ln 25
Programscol B$328K
Managementcol C$85K
Owns and owesPt X
$3.2M
net assets · Ln 32
Cash and savingsLn 1–2$694K
Total assetsLn 16$9.3M
LiabilitiesLn 26$6.1M
PeoplePt VI, VII
8
listed · VII A
PaidVII A1
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$400K
Investment incomeLn 3$159K
Other incomeLn 4–11$178K
Gains on assetsLn 7$152K
Total revenueLn 12$737K
Assets in detailPt X, end of year
CashLn 1$53K
SavingsLn 2$642K
Cash and savings togetherLn 1–2$694K
Land, buildings, equipmentLn 10c$6.7M
Total assetsLn 16$9.3M
LiabilitiesLn 26$6.1M
Net assetsLn 32$3.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 635
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$616K$694K
Land, buildings, equipmentLn 10c$6.7M$6.7M
Total assetsLn 16$9.2M$9.3M
LiabilitiesLn 26$6.3M$6.1M
Net assetsLn 32$2.9M$3.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$109K$69K$40K$0
Other employee benefitsLn 9$12K$0$12K$0
Payroll taxesLn 10$9K$0$9K$0
Management feesLn 11a$21K$0$21K$0
Advertising and promotionLn 12$33K$33K$0$0
OccupancyLn 16$1K$0$1K$0
InsuranceLn 23$2K$0$2K$0
Other expenses (24a–d)Ln 24$225K$225K$0$0
Total functional expensesLn 25$413K$328K$85K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $737K$413K$324K$3.2M 990 PDF
FY2023 $444K$304K$141K$2.9M 990 PDF
FY2022 $320K$341K−$22K$2.8M 990 PDF
FY2021 $286K$384K−$98K$2.3M 990 PDF
FY2020 $525K$354K$171K$2.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $736,705 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $426,947$400,000
I-10 Investment incomePrior year −$179,479$158,524
I-11 Other revenuePrior year $196,774$178,181
I-12 Total revenuePrior year $444,242$736,705
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$130,129
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $303,527$282,664
I-18 Total expensesPrior year $303,527$412,793
I-19 Revenue less expensesPrior year $140,715$323,912
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $736,705 across 8 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $400,000 · Unrelated business $0 · Excluded from tax $0$400,000
VIII-3 Investment incomeRelated to mission $6,032 · Unrelated business $0 · Excluded from tax $0$6,032
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $176,200 · Unrelated business $0 · Excluded from tax $0$176,200
VIII-7 Net gain or loss on sales of assetsRelated to mission $152,492 · Unrelated business $0 · Excluded from tax $0$152,492
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,981 · Unrelated business $0 · Excluded from tax $0$1,981
VIII-12 Total revenueRelated to mission $736,705 · Unrelated business $0 · Excluded from tax $0$736,705
Part IX · Statement of functional expenses $412,793 across 8 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $69,180 · Management $40,000 · Fundraising $0$109,180
IX-9 Other employee benefitsPrograms $0 · Management $12,359 · Fundraising $0$12,359
IX-10 Payroll taxesPrograms $0 · Management $8,590 · Fundraising $0$8,590
IX-11a Management feesPrograms $0 · Management $20,755 · Fundraising $0$20,755
IX-12 Advertising and promotionPrograms $33,457 · Management $0 · Fundraising $0$33,457
IX-16 OccupancyPrograms $0 · Management $1,349 · Fundraising $0$1,349
IX-23 InsurancePrograms $0 · Management $1,795 · Fundraising $0$1,795
IX-24 Other expenses (24a–d)Programs $225,308 · Management $0 · Fundraising $0$225,308
IX-25 Total functional expensesPrograms $327,945 · Management $84,848 · Fundraising $0$412,793
Part X · Balance sheet $9,295,195 assets, 11 lines filed
Asset lines not itemized here account for $1,947,837; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $35,208$52,900
X-2 Savings and temporary cash investmentsStart of year $580,373$641,543
X-10c Land, buildings and equipment, netStart of year $6,698,765$6,652,915
X-16 Total assetsStart of year $9,249,691$9,295,195
X-17 Accounts payable and accrued expenses$1,668
X-24 Unsecured notes and loans payableStart of year $6,331,506$6,053,566
X-26 Total liabilitiesStart of year $6,331,506$6,055,234
X-27 Net assets without donor restrictionsStart of year $2,918,185$3,239,961
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $2,918,185$3,239,961
X-33 Total liabilities and net assetsStart of year $9,249,691$9,295,195
Part XI · Reconciliation of net assets $3,239,961 net assets at year end
XI-1 Total revenue$736,705
XI-2 Total expenses$412,793
XI-3 Revenue less expenses$323,912
XI-4 Net assets at start of year$2,918,185
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets−$2,136
XI-10 Net assets at end of year$3,239,961

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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