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Lakeland Economic Development FY2022 filing

Lakeland, FLUnknown exempt organizationEIN 45-4919549Revenue $1.3M in FY2022

On file with the IRSlakelandedc.com502 E Main Street · Lakeland, FL

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The Lakeland Economic Development council (ledc) is a private, non-profit organization with approximately 135+ member companies. The ledc's primary role is to help create jobs and capital investment by attracting new companies as well as facilitating the expansion of existing companies in the Lakeland area.

84¢ of each $1 spent went to programs.
$616K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
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
4 of 5
filings with a surplus
Average surplus $112K a year · 9% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$616K
to officers and key staff · 51% of spending
Concern: pay to officers and key staff is 51% of spending; over 30%.
Pt VII · Sec A
Cash reserves
4 mo
of spending, in cash
Looks good: 3.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$216K
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.3M
+0.4% vs prior year
Spent
$1.2M
To programs
84%
Net assets
$1.4M
By yearFY2020–FY2024
Revenue
$1.3M
FY2022+0.4%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.3M
FY2021$1.3M
FY2022$1.3M
FY2023$1.4M
FY2024$1.4M
Expenses
$1.2M
FY2022▲ +16%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.1M
FY2021$1.0M
FY2022$1.2M
FY2023$1.4M
FY2024$1.2M
Net assets
$1.4M
FY2022▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.1M
FY2021$1.3M
FY2022$1.4M
FY2023$1.3M
FY2024$1.5M

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $1.0M Management & general 16% · $189K

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; $616K paid to officers and key staff.

Part VII, Section A · reportable compensation
$372,226Pt VII · Sec A
Laura Taylor
VP Operation
$126,050Pt VII · Sec A
$117,857Pt VII · Sec A
Karen Turner
Director
$0Pt VII · Sec A
Wesley Beck
Past Chairma
$0Pt VII · Sec A
Cory Petcoff
Vice Chairma
$0Pt VII · Sec A
$0Pt VII · Sec A
Mark Cabrera
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Steven J Scruggs$426,726$689,035$372,226$372,329$373,403
Katie W Decker$165,005————
Katie Worthington Decker—$155,704$117,857——
Laura Taylor$136,550$131,512$126,050——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Lakeland Economic Development 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

Attracts companies and helps existing ones grow to create jobs and investment.

Questions for Lakeland Economic Development

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Provided by the organization

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3 programs · $1.0M · in their own filed words · FY2022
01

Existing industry visits the president, SVP, mayor and city manager embarked on a round of existing industry visits that began in march 2022 and were completed in august 2022. They met with 68 executives from the 14 companies below which represent 26,114 employees and 15.4m SF in lakeland.

$489Kprogram expense
02

Regular Meetings

Ledc was an early adopter of in-person meetings following covid, starting in january 2022, returning to meeting schedule of every month, with summer months having a hiatus. Highlights of meetings include: -new MEMBER/MEMBER rep presentations - adena, prime meridian, criterion calibration, baycare bartow regional, farm credit, rodda…

$323Kprogram expense
03

Ledc staff in january 2022, the ledc brought on senior VP, katie worthington decker. In her role she manages special projects and the business development team, while working closely with the president on government and investor relations.

$216Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.3M
Ln 12
Gifts and grantsLn 1h$1.1M
Fees for servicesLn 2g$261K
Investment incomeLn 3−$101K
Money outPt IX
$1.2M
Ln 25
Programscol B$1.0M
Managementcol C$189K
Owns and owesPt X
$1.4M
net assets · Ln 32
Cash and savingsLn 1–2$400K
Total assetsLn 16$1.6M
LiabilitiesLn 26$216K
PeoplePt VI, VII
11
listed · VII A
PaidVII A3
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.1M
Fees for servicesLn 2g$261K
Investment incomeLn 3−$101K
Gains on assetsLn 7$13K
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$400K
Cash and savings togetherLn 1–2$400K
InvestmentsLn 11–13$1.1M
Land, buildings, equipmentLn 10c$14K
Total assetsLn 16$1.6M
LiabilitiesLn 26$216K
Net assetsLn 32$1.4M
OperationsPt I, VI
EmployeesI 57
VolunteersI 665
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 FY22End FY22
Cash and savingsLn 1–2$873K$400K
InvestmentsLn 11–13$640K$1.1M
Land, buildings, equipmentLn 10c$17K$14K
Total assetsLn 16$1.6M$1.6M
LiabilitiesLn 26$258K$216K
Net assetsLn 32$1.3M$1.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$735K$588K$147K
Other employee benefitsLn 9$73K$58K$15K
Payroll taxesLn 10$41K$33K$8K
Legal feesLn 11b$61$49$12
Advertising and promotionLn 12$590$472$118
Office expensesLn 13$25K$20K$5K
OccupancyLn 16$37K$30K$7K
Depreciation, depletion and amortizationLn 22$2K$2K$479
InsuranceLn 23$8K$6K$2K
Other expenses (24a–d)Ln 24$294K$290K$4K
Total functional expensesLn 25$1.2M$1.0M$189K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.4M$1.2M$178K$1.5M 990 PDF
FY2023 $1.4M$1.4M−$56K$1.3M 990 PDF
FY2022 Viewing $1.3M$1.2M$45K$1.4M 990 PDF
FY2021 $1.3M$1.0M$208K$1.3M 990 PDF
FY2020 $1.3M$1.1M$184K$1.1M 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 $1,262,320 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,174,739$1,089,904
I-9 Program service revenue$260,899
I-10 Investment incomePrior year $82,272−$88,483
I-11 Other revenue$0
I-12 Total revenuePrior year $1,257,011$1,262,320
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $810,419$849,309
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $238,193$367,801
I-18 Total expensesPrior year $1,048,612$1,217,110
I-19 Revenue less expensesPrior year $208,399$45,210
Part VI · Governance 8 of 8 board members independent, 3 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,262,320 across 7 lines filed
VIII-1b Membership dues$1,059,904
VIII-1f All other contributions, gifts and grants$30,000
VIII-1h Total contributions, gifts and grants$1,089,904
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $260,899$260,899
VIII-3 Investment incomeRelated to mission −$101,475−$101,475
VIII-7 Net gain or loss on sales of assetsRelated to mission $12,992$12,992
VIII-12 Total revenueRelated to mission $172,416$1,262,320
Part IX · Statement of functional expenses $1,217,110 across 10 lines filed
IX-7 Other salaries and wagesPrograms $588,138 · Management $147,035$735,173
IX-9 Other employee benefitsPrograms $58,157 · Management $14,539$72,696
IX-10 Payroll taxesPrograms $33,152 · Management $8,288$41,440
IX-11b Legal feesPrograms $49 · Management $12$61
IX-12 Advertising and promotionPrograms $472 · Management $118$590
IX-13 Office expensesPrograms $20,314 · Management $5,078$25,392
IX-16 OccupancyPrograms $29,561 · Management $7,390$36,951
IX-22 Depreciation, depletion and amortizationPrograms $1,917 · Management $479$2,396
IX-23 InsurancePrograms $6,383 · Management $1,596$7,979
IX-24 Other expenses (24a–d)Programs $290,268 · Management $4,164$294,432
IX-25 Total functional expensesPrograms $1,028,411 · Management $188,699 · Fundraising $0$1,217,110
Part X · Balance sheet $1,568,909 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $872,569$399,768
X-4 Accounts receivableStart of year $36,500$52,844
X-10c Land, buildings and equipment, netStart of year $16,833$14,436
X-11 Publicly traded securitiesStart of year $640,344$1,101,861
X-16 Total assetsStart of year $1,566,246$1,568,909
X-17 Accounts payable and accrued expensesStart of year $62,616$8,599
X-19 Deferred revenueStart of year $195,612$202,633
X-25 Other liabilities$4,450
X-26 Total liabilitiesStart of year $258,228$215,682
X-27 Net assets without donor restrictionsStart of year $1,308,018$1,353,227
X-32 Total net assets or fund balancesStart of year $1,308,018$1,353,227
X-33 Total liabilities and net assetsStart of year $1,566,246$1,568,909
Part XI · Reconciliation of net assets $1,353,227 net assets at year end
XI-1 Total revenue$1,262,320
XI-2 Total expenses$1,217,110
XI-3 Revenue less expenses$45,210
XI-4 Net assets at start of year$1,308,018
XI-9 Other changes in net assets−$1
XI-10 Net assets at end of year$1,353,227

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

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