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Lucas County Economic Development Corporation

Tax-deductible

Toledo, OH501(c)(3)Community Development EIN 42-1711239Revenue $5.1M in FY2024

On file with the IRSworkreadylucascounty.com1 Government Ctr Ste 800, 43604-2259 · Toledo, OHTax-exempt since Oct 2011Publicly supported charity — 170(b)(1)(A)(vi)

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To promote, advance and encourage the Economic, industrial, commercial and civic Development.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Run by 5 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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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 deficit $343K a year · 13% 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
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Plus $41.3M in investments, Pt X · Ln 11–13
Fine: 1.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $25K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$84.2M
96% of total assets
Concern: liabilities are 96% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.1M
+11% vs prior year
Spent
$5.1M
To programs
96%
Net assets
$4.0M
By yearFY2020–FY2024
Revenue
$5.1M
FY2024▲ +11%
Tap a bar for its year
Revenue by fiscal year
FY2020$543K
FY2021$958K
FY2022$2.0M
FY2023$4.6M
FY2024$5.1M
Expenses
$5.1M
FY2024▲ +57%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.8M
FY2021$1.0M
FY2022$1.9M
FY2023$3.2M
FY2024$5.1M
Net assets
$4.0M
FY2024▼ -5%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.7M
FY2021$2.6M
FY2022$2.8M
FY2023$4.2M
FY2024$4.0M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 2011.

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

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $4.9M Management & general 4% · $204K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
Kimberly Cutcher
Vice President
$0Pt VII · Sec A
Lisa Sobecki
Board Member
$0Pt VII · Sec A
Neal Mahoney
Chairman
$0Pt VII · Sec A
Peter Gerken
Board Member
$0Pt VII · Sec A
Teresa Moore
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Jessica Ford
Treasurer
$0Pt VII · Sec A
See Lucas 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 15aNo

Programs and updates

Boosts local economic, industrial, commercial, and civic growth.

Questions for Lucas County Economic Development Corporation

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Provided by the organization

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2 programs · $4.9M · in their own filed words · FY2024
01

As the designated community improvement corporation for the lucas county commissioners, the lucas county economic development corporation (lcedc) works to promote the industrial, economic, commercial, and civic development of lucas county.

$4.1Mprogram expense
02

Toledo jeep fest conducted a community event to promote decades of jeep's partnership with the city of toledo.

$755Kprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2023
American Online Giving Foundation INCFY2023$25K
Total grants receivedfrom 1 funder$25K
Grants paid · 1 grant · $33K · 2020–2020
Toledo Jeep Fest LLCFY2020$32,660

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$5.1M
Ln 12
Investment incomeLn 3$2.3M
Fees for servicesLn 2g$1.7M
Gifts and grantsLn 1h$984K
Money outPt IX
$5.1M
Ln 25
Programscol B$4.9M
Managementcol C$204K
Owns and owesPt X
$4.0M
net assets · Ln 32
Cash and savingsLn 1–2$764K
Total assetsLn 16$88.1M
LiabilitiesLn 26$84.2M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$984K
Government grantsLn 1e$470K
Fees for servicesLn 2g$1.7M
Investment incomeLn 3$2.3M
Other incomeLn 4–11$41K
Total revenueLn 12$5.1M
Assets in detailPt X, end of year
CashLn 1$764K
Cash and savings togetherLn 1–2$764K
InvestmentsLn 11–13$41.3M
Other assetsLn 15$41.4M
Total assetsLn 16$88.1M
LiabilitiesLn 26$84.2M
Net assetsLn 32$4.0M
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
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 FY24End FY24
Cash and savingsLn 1–2$457K$764K
InvestmentsLn 11–13$42.1M$41.3M
Total assetsLn 16$44.4M$88.1M
LiabilitiesLn 26$40.2M$84.2M
Net assetsLn 32$4.2M$4.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$117K$99K$18K
Accounting feesLn 11c$144K$144K
Other fees for servicesLn 11g$661K$656K$4K
Advertising and promotionLn 12$47K$47K
Office expensesLn 13$9K$7K$2K
Information technologyLn 14$2K$2K
OccupancyLn 16$1.6M$1.6M
InterestLn 20$2.3M$2.3M
InsuranceLn 23$18K$18K
Other expenses (24a–d)Ln 24$74K$59K$15K
All other expensesLn 24e$1K$1K
Total functional expensesLn 25$5.1M$4.9M$204K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $5.1M$5.1M$62K$4.0M 990 PDF
FY2023 $4.6M$3.2M$1.4M$4.2M 990 PDF
FY2022 $2.0M$1.9M$166K$2.8M 990 PDF
FY2021 $958K$1.0M−$44K$2.6M 990 PDF
FY2020 $543K$3.8M−$3.3M$2.7M 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 FY2024 990 (6 parts)
Part I · Summary $5,120,679 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,904,105$983,690
I-9 Program service revenuePrior year $437,969$1,746,400
I-10 Investment incomePrior year $2,260,894$2,349,240
I-11 Other revenuePrior year $5,844$41,349
I-12 Total revenuePrior year $4,608,812$5,120,679
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$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,228,643$5,059,011
I-18 Total expensesPrior year $3,228,643$5,059,011
I-19 Revenue less expensesPrior year $1,380,169$61,668
Part VI · Governance 6 of 6 board members independent, 4 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $5,120,679 across 6 lines filed
Lines not itemized here account for $41,349 of total revenue; see the IRS return.
VIII-1e Government grants$470,000
VIII-1f All other contributions, gifts and grants$513,690
VIII-1h Total contributions, gifts and grants$983,690
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,746,400$1,746,400
VIII-3 Investment incomeRelated to mission $2,349,240$2,349,240
VIII-12 Total revenueRelated to mission $4,136,989 · Unrelated business $0 · Excluded from tax $0$5,120,679
Part IX · Statement of functional expenses $5,059,011 across 11 lines filed
IX-11b Legal feesPrograms $99,182 · Management $17,813$116,995
IX-11c Accounting feesManagement $144,471$144,471
IX-11g Other fees for servicesPrograms $656,255 · Management $4,500$660,755
IX-12 Advertising and promotionPrograms $47,371$47,371
IX-13 Office expensesPrograms $7,105 · Management $1,616$8,721
IX-14 Information technologyPrograms $1,526$1,526
IX-16 OccupancyPrograms $1,635,999$1,635,999
IX-20 InterestPrograms $2,349,240$2,349,240
IX-23 InsuranceManagement $18,395$18,395
IX-24 Other expenses (24a–d)Programs $58,822 · Management $15,316$74,138
IX-24e All other expensesManagement $1,400$1,400
IX-25 Total functional expensesPrograms $4,855,500 · Management $203,511 · Fundraising $0$5,059,011
Part X · Balance sheet $88,129,983 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $457,027$763,916
X-3 Pledges and grants receivableStart of year $42,500$121,000
X-4 Accounts receivableStart of year $1,699,005$4,298,755
X-9 Prepaid expenses and deferred chargesStart of year $66,543$267,812
X-13 Program-related investmentsStart of year $42,109,793$41,319,381
X-15 Other assetsStart of year $0$41,359,119
X-16 Total assetsStart of year $44,374,868$88,129,983
X-17 Accounts payable and accrued expensesStart of year $1,842,770$4,084,606
X-19 Deferred revenueStart of year $54,500$272,380
X-24 Unsecured notes and loans payableStart of year $37,455,000$37,455,000
X-25 Other liabilitiesStart of year $848,901$42,352,698
X-26 Total liabilitiesStart of year $40,201,171$84,164,684
X-27 Net assets without donor restrictionsStart of year $4,173,697$3,965,299
X-32 Total net assets or fund balancesStart of year $4,173,697$3,965,299
X-33 Total liabilities and net assetsStart of year $44,374,868$88,129,983
Part XI · Reconciliation of net assets $3,965,299 net assets at year end
XI-1 Total revenue$5,120,679
XI-2 Total expenses$5,059,011
XI-3 Revenue less expenses$61,668
XI-4 Net assets at start of year$4,173,697
XI-9 Other changes in net assets−$270,066
XI-10 Net assets at end of year$3,965,299

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

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