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McKean County Industrial

IRS exemption revoked

Smethport, PAUnknown exempt organizationEIN 23-7319951Revenue $8K in FY2022

On file with the IRS17137 Route 6 · Smethport, PA

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To promote development and expansion of businesses, industry, and commerce within McKean County, pennsylvania.

22¢ of each $1 spent went to programs.
Run by 4 volunteers.
Mission: Form 990 Part I, line 1 · Programs: Part IX · People: Part I, lines 5–6

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2022
latest Form 990
Worth a look: the latest return is for FY2022, 4 tax years back; more than 3 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 4
filings with a surplus
Average surplus $4K a year · 26% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
22%
of spending
Concern: 22% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
259 mo
of spending, in cash
Looks good: 259.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
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
$8K
-63% vs prior year
Spent
$10K
To programs
22%
Net assets
$366K
By yearFY2019–FY2022
Revenue
$8K
FY2022▼ -63%
Tap a bar for its year
Revenue by fiscal year
FY2019$16K
FY2020$16K
FY2021$21K
FY2022$8K
Expenses
$10K
FY2022▼ -9%
Tap a bar for its year
Expenses by fiscal year
FY2019$10K
FY2020$15K
FY2021$11K
FY2022$10K
Net assets
$366K
FY2022▼ -0.5%
Tap a bar for its year
Net assets by fiscal year
FY2019$356K
FY2020$358K
FY2021$368K
FY2022$366K

From the FY2022 Form 990 (year ending June 2022) · see the original

Form 990 (PDF) Claim
IRS revoked this organization's tax-exempt status on November 15, 2025

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2022.

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

Where the money goes

22 cents of each dollar spent went to programs.

Program services 22% · $2K Management & general 78% · $8K

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

7 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Rick Fry
Member
$0Pt VII · Sec A
See McKean County Industrial 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 15aNo

Programs and updates

Helps businesses grow and expand commerce in McKean County, Pennsylvania.

Provided by the organization

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1 program · in their own filed words · FY2021
01

To promote the development and expansion of business, industry, and commerce within mckean county, pennyslvania by offering low interest rate loans to area businesses.

Pt IX · col B

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$8K
Ln 12
Fees for servicesLn 2g$5K
Gifts and grantsLn 1h$2K
Investment incomeLn 3$752
Money outPt IX
$10K
Ln 25
Programscol B$2K
Managementcol C$8K
Owns and owesPt X
$366K
net assets · Ln 32
Cash and savingsLn 1–2$212K
Total assetsLn 16$366K
LiabilitiesLn 26$0
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2K
Government grantsLn 1e$2K
Fees for servicesLn 2g$5K
Investment incomeLn 3$752
Total revenueLn 12$8K
Assets in detailPt X, end of year
SavingsLn 2$212K
Cash and savings togetherLn 1–2$212K
Land, buildings, equipmentLn 10c$7K
Total assetsLn 16$366K
LiabilitiesLn 26$0
Net assetsLn 32$366K
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$190K$212K
Land, buildings, equipmentLn 10c$9K$7K
Total assetsLn 16$371K$366K
LiabilitiesLn 26$3K$0
Net assetsLn 32$368K$366K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$50$50
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$2K$2K
Depreciation, depletion and amortizationLn 22$2K$2K
InsuranceLn 23$2K$2K
Total functional expensesLn 25$10K$2K$8K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2022 Latest Viewing $8K$10K−$2K$366K 990 PDF
FY2021 $21K$11K$11K$368K 990 PDF
FY2020 $16K$15K$1K$358K 990 PDF
FY2019 $16K$10K$6K$356K 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 FY2022 990 (6 parts)
Part I · Summary $7,827 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $16,947$2,500
I-9 Program service revenuePrior year $3,746$4,575
I-10 Investment incomePrior year $738$752
I-11 Other revenue$0
I-12 Total revenuePrior year $21,431$7,827
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $10,790$9,837
I-18 Total expensesPrior year $10,790$9,837
I-19 Revenue less expensesPrior year $10,641−$2,010
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $7,827 across 5 lines filed
VIII-1e Government grants$2,500
VIII-1h Total contributions, gifts and grants$2,500
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,575$4,575
VIII-3 Investment incomeExcluded from tax $752$752
VIII-12 Total revenueRelated to mission $4,575 · Excluded from tax $752$7,827
Part IX · Statement of functional expenses $9,837 across 5 lines filed
IX-11b Legal feesManagement $50$50
IX-11c Accounting feesManagement $3,420$3,420
IX-11g Other fees for servicesPrograms $2,208$2,208
IX-22 Depreciation, depletion and amortizationManagement $2,364$2,364
IX-23 InsuranceManagement $1,795$1,795
IX-25 Total functional expensesPrograms $2,208 · Management $7,629 · Fundraising $0$9,837
Part X · Balance sheet $366,148 assets, 8 lines filed
Asset lines not itemized here account for $146,294; see the IRS return.
X-2 Savings and temporary cash investmentsStart of year $189,756$212,461
X-9 Prepaid expenses and deferred chargesStart of year $888$888
X-10c Land, buildings and equipment, netStart of year $8,869$6,505
X-16 Total assetsStart of year $371,463$366,148
X-26 Total liabilitiesStart of year $3,305$0
X-27 Net assets without donor restrictionsStart of year $368,158$366,148
X-32 Total net assets or fund balancesStart of year $368,158$366,148
X-33 Total liabilities and net assetsStart of year $371,463$366,148
Part XI · Reconciliation of net assets $366,148 net assets at year end
XI-1 Total revenue$7,827
XI-2 Total expenses$9,837
XI-3 Revenue less expenses−$2,010
XI-4 Net assets at start of year$368,158
XI-10 Net assets at end of year$366,148

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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