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Franklin Development Corporation FY2020 filing

Tax-deductible

Franklin, IN501(c)(3)Community Development EIN 26-3993888Revenue $108K in FY2020

On file with the IRS70 E Monroe St, 46131-2358 · Franklin, INTax-exempt since Oct 2010Publicly supported charity — 170(b)(1)(A)(vi)

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The mission of the Franklin Development Corporation is community betterment primarily through economic Development.

501(c)(3) charity; gifts are tax-deductible.
77¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
0 of 5
filings with a surplus
Average deficit $134K a year · 153% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
77%
of spending
Looks good: 77% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
56 mo
of spending, in cash
Looks good: 55.7 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
$108K
Spent
$255K
To programs
77%
Net assets
$2.2M
By yearFY2020–FY2024
Revenue
$108K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$108K
FY2021$140K
FY2022$158K
FY2023−$43K
FY2024$77K
Expenses
$255K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$255K
FY2021$171K
FY2022$245K
FY2023$180K
FY2024$259K
Net assets
$2.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$2.2M
FY2021$2.1M
FY2022$2.0M
FY2023$1.8M
FY2024$1.6M

From the FY2020 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 2010.

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

Where the money goes

77 cents of each dollar spent went to programs.

Program services 77% · $198K Management & general 23% · $58K

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

11 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Tina Gross
Director
$0Pt VII · Sec A
Lisa Jones
Treasurer
$0Pt VII · Sec A
Krista Linke
Director
$0Pt VII · Sec A
Kim Minton
President
$0Pt VII · Sec A
Dana Monson
Director
$0Pt VII · Sec A
Amanda Ott
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
See Franklin 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 15aNo
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Improves communities by fostering economic growth and development.

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Provided by the organization

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3 programs · $198K · in their own filed words · FY2020
01

Provide dollar for dollar matching grants to commercial property owners in a selected area of downtown franklin to renovate buildings and increase the street appeal.

$125Kprogram expense
02

Provide grants to new and existing businesses to rehabilitate downtown franklin and encourage investment in the city of franklin.

$54Kprogram expense
03

Provide low interest rate loans to residential or commercial property owners to encourage and aid in the REHABILITATION/RENOVATION of historic AND/OR underutilized homes and buildings located within the integrated economic development area of historic franklin. Portions of the residential loans may also be forgiven in the form of a grant.

$19Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 5 grants · $967K · 2020–2024
Unitemized GrantFY2024$228,548
Unitemized GrantFY2023$167,385
Unitemized GrantFY2022$222,868
Unitemized GrantFY2021$150,992
Unitemized GrantFY2020$197,355

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$108K
Ln 12
Other incomeLn 4–11$80K
Fees for servicesLn 2g$28K
Money outPt IX
$255K
Ln 25
Programscol B$198K
Managementcol C$58K
Owns and owesPt X
$2.2M
net assets · Ln 32
Cash and savingsLn 1–2$1.2M
Total assetsLn 16$2.2M
LiabilitiesLn 26$0
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$28K
Other incomeLn 4–11$80K
Total revenueLn 12$108K
Assets in detailPt X, end of year
CashLn 1$922K
SavingsLn 2$262K
Cash and savings togetherLn 1–2$1.2M
Land, buildings, equipmentLn 10c$267K
Total assetsLn 16$2.2M
LiabilitiesLn 26$0
Net assetsLn 32$2.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderDecember
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 FY20End FY20
Cash and savingsLn 1–2$1.3M$1.2M
Land, buildings, equipmentLn 10c$274K$267K
Total assetsLn 16$2.4M$2.2M
LiabilitiesLn 26$965K$0
Net assetsLn 32$1.4M$2.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$197K$197K
Other salaries and wagesLn 7$375$375
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$9K$9K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$43K$315$43K
Total functional expensesLn 25$255K$198K$58K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $77K$259K−$183K$1.6M 990 PDF
FY2023 −$43K$180K−$223K$1.8M 990 PDF
FY2022 $158K$245K−$88K$2.0M 990 PDF
FY2021 $140K$171K−$30K$2.1M 990 PDF
FY2020 Viewing $108K$255K−$147K$2.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $108,106 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $300,000$0
I-9 Program service revenuePrior year $15,587$27,694
I-10 Investment income$0
I-11 Other revenuePrior year $28,278$80,412
I-12 Total revenuePrior year $343,865$108,106
I-13 Grants and similar amounts paidPrior year $555,972$197,355
I-14 Benefits paid to members$0
I-15 Salaries and benefits$375
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $14,673$57,530
I-18 Total expensesPrior year $570,645$255,260
I-19 Revenue less expensesPrior year −$226,780−$147,154
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 $108,106 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $27,694$27,694
VIII-6 Net rental income or lossExcluded from tax $19,768$19,768
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $60,644$60,644
VIII-12 Total revenueRelated to mission $88,338 · Excluded from tax $19,768$108,106
Part IX · Statement of functional expenses $255,260 across 6 lines filed
IX-2 Grants to domestic individualsPrograms $197,355$197,355
IX-7 Other salaries and wagesManagement $375$375
IX-11b Legal feesManagement $3,525$3,525
IX-11c Accounting feesManagement $9,314$9,314
IX-23 InsuranceManagement $1,666$1,666
IX-24 Other expenses (24a–d)Programs $315 · Management $42,710$43,025
IX-25 Total functional expensesPrograms $197,670 · Management $57,590 · Fundraising $0$255,260
Part X · Balance sheet $2,155,411 assets, 9 lines filed
Asset lines not itemized here account for $704,448; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,039,916$922,187
X-2 Savings and temporary cash investmentsStart of year $250,000$261,969
X-10c Land, buildings and equipment, netStart of year $274,105$266,807
X-16 Total assetsStart of year $2,360,749$2,155,411
X-26 Total liabilitiesStart of year $965,184$0
X-27 Net assets without donor restrictionsStart of year $1,395,565$1,292,123
X-28 Net assets with donor restrictions$863,288
X-32 Total net assets or fund balancesStart of year $1,395,565$2,155,411
X-33 Total liabilities and net assetsStart of year $2,360,749$2,155,411
Part XI · Reconciliation of net assets $2,155,411 net assets at year end
XI-1 Total revenue$108,106
XI-2 Total expenses$255,260
XI-3 Revenue less expenses−$147,154
XI-4 Net assets at start of year$1,395,565
XI-8 Prior period adjustments$907,000
XI-10 Net assets at end of year$2,155,411

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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